SET Announcements

Ref : COR: MS/EL04048e/st

                                                                            21 December 2004

Subject    :      The Twelve Months Period Financial Results

To           :      The President of the Stock Exchange of Thailand

Thoresen Thai Agencies Public Company Limited recorded a consolidated net profit for the twelve month

period ended 30 September 2004 of baht 4,326.09 million, including an exchange loss of baht 248.79

million as compared to a net profit of baht 1,002.80 million, including an exchange gain of baht 224.17

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 has already fixed about 45% of the total available capacity of the next financial year on time

charters, and entered into contracts of affreightments which cover an additional 9%, all at very high rates.

With an additional 30% of the total available capacity of the next financial year planned to be utilised in the

Company's liner services, where rates tend to be relatively stable, as compared to the tramp market, we feel

very confident that the Company's financial results will further improve in the coming quarters.

                                                                           Yours faithfully,

                                              (M.R. Chandram S. Chandratat)   (Mr. Arne Teigen)

                                                 Chairman             Managing Director