Vessel Acquisition

Back Jul 07, 2005 

Ref : COR: MS/EL05013e/st
                                                                                       7  July 2005
Subject :  Vessel Acquisition
To :          The President of the Stock Exchange of Thailand
 
Thoresen Thai Agencies Plc ("TTA") hereby reports the acquisition of M.V. Thor Energy on behalf 
of Thor Energy Shipping Co., Ltd. (the "Company"), a subsidiary company of TTA,  as follows:
 
1.  Details of the Asset Purchase

Name of Vessel
 
Type of Vessel
 
Size of Vessel
 
Year Built
M.V. Athena Sea
 
 
 
 
 
 
(to be renamed "M.V. 
Thor Energy ")
 
Bulk Carrier
 
42,529 DWT
 
1994

2.  The Parties Involved
     2.1) Buyer:      Thor Energy Shipping Co., Ltd.
            The buyer is a subsidiary company of TTA.
     2.2) Seller :      Shipping Index S.A., Panama 
     2.3) Relationship between Buyer and Seller:       None
 
3.   Total Value of the Acquired Asset
      The total cost of the vessel is USD 24,500,000 (United States Dollars Twenty-Four Million Five 
      Hundred Thousand) or approx. Baht 1,023,610,000 (Baht One Billion Twenty-Three Million Six 
      Hundred and Ten Thousand using a USD/THB exchange rate of 41.78), which is the current 
      market price. The transaction equals 5.55% of the total assets of TTA and its subsidiaries as of 
      31 March 2005  (the total assets of TTA and its subsidiaries as of 31 March 2005 amounted to 
      Baht 18,438,381,551). 
 
       After the acquisition of the vessel, the Thoresen fleet will consist of 49 vessels, with an average size 
      of  26,677 DWT.
 
Thoresen Thai Agencies Public Company Limited
Page 2                                                                                            Ref. No.  COR:MS/EL05013e/st
 
4.  Benefit Expected to be Generated from the Transaction
     To enhance market strength of Thoresen Group.
 
5.  Source of Funds
     From existing capital and funds received from TTA for the future share capital increase of the Company. 
 
6.  Date of Acquisition
     7 July 2005
 
7.  General Information of Thor Energy Shipping Co., Ltd.
     Thor Energy Shipping Co., Ltd. is a subsidiary company of TTA, with a registered and paid-up share 
     capital of Baht 100 million, divided into 1,000,000 shares, at par value of Baht 100. By the end of July 
     2005, the Company will increase its registered and paid-up share capital to approximately Baht 1 billion 
     to be in line with the funds received from TTA for its future share capital increase.
 
                                                                              Yours faithfully,       
 
 
                                        ----------------------------------------            ----------------------------------------
                                                              M.R. Chandram S. Chandratat                             M.L. Chandchutha Chandratat
                                                                               Chairman                                                             Managing Director