The First Quarter Financial Results
Ref. No. COR:MS/EL05004e/py
14th February 2005
Subject : The First Quarter Financial Results
To : President to the Stock Exchange of Thailand
Thoresen Thai Agencies Public Company Limited recorded a consolidated net profit for the three month
period ended 31 December 2004 of Baht 2,153.34 million, including an exchange gain of Baht 393 million,
as compared to a net profit of baht 514.44 million, including an exchange gain of Baht 33.50 million, in the
corresponding period last year.
The improved operating result was the direct result of a much improved freight market, combined with a
larger and better equipped fleet, resulting from investments made over the last 18 months.
The Company had a total of 4,177 vessel days available in the three months period ended 31 December
2004, as compared to 3,167 vessel days in the corresponding period of the year before, an increase of
32%. The average vessel size also increased during the period, from 23,015 DWT in the first quarter of the
2004 financial year, to 25,580 in the first quarter of the 2005 financial year, an increase of 11%.
The most important factor behind the improved operating result was however the much improved freight
market, with an average TC rate, including contributions from charter-in tonnage, being USD 15,979 per
vessel per day in the three month period ended 31 December 2004, as compared to USD 8,304 per vessel
per day in the corresponding period last year, an increase of 92%.
The market environment continues to be very positive, and we feel confident that the Company will record
very healthy results also in the coming quarters.
Yours faithfully,
Thoresen Thai Agencies Public Company Limited
M.R. Chandram S. Chandratat Mr. Ole Teigen
Chairman Director