Share Capital Increases of Subsidiaries
Ref: COR:MS/EL07031e/ms
19 December 2007
Subject: Share Capital Increases of Subsidiaries
To: The President of the Stock Exchange of Thailand
Thoresen Thai Agencies Public Company Limited ("TTA") hereby confirms that Thoresen Shipping Singapore Pte. Ltd. ("TSS"), a wholly owned subsidiary of TTA, and Thor Friendship Shipping Pte. Ltd., a wholly owned subsidiary of TSS, have increased their share capital as follows:
| Name of Company | Thoresen Shipping Singapore Pte. Ltd. | Thor Friendship Shipping Pte. Ltd. |
| Registered & paid-up share capital before capital increase | SGD 53,600,000 | SGD 5,000,000 |
| No. of shares before share capital increase | 53,600,000 shares | 5,000,000 shares |
| Registered & paid-up share capital after share capital increase | SGD 58,900,000 | SGD 10,300,000 |
| No. of shares after share capital increase | 58,900,000 shares | 10,300,000 shares |
| Par value per share | SGD 1 | SGD 1 |
| Source of funds | From working capital of TTA | From share capital of TSS |
| Value of Investment by TTA and TSS | SGD 5,300,000 or Baht 123,384,000.00, using a SGD/THB exchange rate of 23.28 | SGD 5,300,000 or Baht 123,384,000.00, using a SGD/THB exchange rate of 23.28 |
| Purpose of share capital increase | For share subscription of newly issued shares of TSS | For 2nd instalment payment of new build vessel to Oshima Shipbuilding Co., Ltd. Ltd., which was reported to the SET on 20 December 2006 ref: COR:MS/EL06022e/ms |
| Percentage of shareholdings before and after share capital increase | 100% held by TTA | 100% held by TSS |
| Date of share capital increase in Singapore | 17 December 2007 | 18 December 2007 |
Please be informed accordingly.
Yours faithfully,
Thoresen Thai Agencies Public Company Limited
| ------------------------------ M.L. Chandchutha Chandratat Managing Director | ------------------------------ Ms. Nuch Kalyawongsa Director, Group Finance/Accounting |