Disposition of an Asset of a Subsidiary Company

Ref. No. COR:MS/EL05015e/ms

                                                                                             9  September 2005

Subject :   Disposition of an Asset of a Subsidiary Company

To        :   The President of the Stock Exchange of Thailand

            Thoresen Thai Agencies Plc. ("TTA") hereby reports the sale of the vessel "M.V. Hermelin" on

behalf of Hermelin Shipping Co., Ltd. (the "Company"), a wholly owned subsidiary company of TTA,

as follows:

1.         The Parties Involved:

            Seller            :        Hermelin Shipping Co., Ltd.

            Buyer            :       Albany Shipping Inc., Majuro, Marshall Islands

            Relationship between Buyer and Seller:  None

2.         Details of the Asset Disposed:

           M.V. "Hermelin" is a general cargo vessel with a rated capacity of 20,709 DWT and was built

           in 1979. The Buyer intends to scrap the vessel, which contains 5,566 lightweight tons of steel.

3.         General Characteristics of the Transaction:

           M.V. Hermelin was sold at the price of USD 2,024,676 (United States Dollars Two Million Twenty

           Four Thousand Six Hundred and Seventy Six) and the Company received Baht 83,071,074 (Baht

           Eighty Three Million Seventy One Thousand and Seventy Four) which is the current market price.

           The transaction equals 0.44% of the total assets of TTA and its subsidiaries as of 30 June 2005 (the

            total assets of TTA and its subsidiaries as of 30 June 2005 amounted to Baht 18,736,574,617).

            After the sale of M.V. Hermelin, the Thoresen fleet will consist of 48 vessels with an average size of

            26,801 DWT.

4.        Net Book Value of M.V. Hermelin as of 9 September 2005 was approximately Baht 67.65 million. 

           After deducting expenses from selling the vessel, including commissions, the accounting gain from the

           sale is approximately Baht 15.42 million.  

5.         Benefit from the Transaction:

            The sale is in line with TTA's policy of gradually lowering the average age of the fleet and increasing

            the average vessel size. The Board of Directors of Hermelin Shipping Co., Ltd. unanimously

            resolved to sell the said vessel and the proceeds from the sale will be used for further investment.

Thoresen Thai Agencies Plc.

6.         Delivery Date:

            9 September 2005.

                                                                         Yours faithfully,      

                                    __________________________       __________________________

                                      (M.R.Chandram S. Chandratat)           (M.L.Chandchutha Chandratat)

                                                      Chairman                                         Managing Director