Vessel Acquisitions- Nectar and Nerus

Ref : COR: MS/EL04026e/st

                                                                                    15 July 2004

Subject    :         Vessel Acquisitions

To           :         The President of the Stock Exchange of Thailand

Thoresen Thai Agencies Plc hereby reports the purchase of M.V. Beate Oldendorff and M.V. Maria 

Oldendorff on behalf of Thoresen & Co., (Bangkok) Ltd., or wholly owned subsidiary companies to be 

nominated. Details of which are as follows:

1.   Details of the Assets Purchased :

Name of Vessel	Type of Vessel	Size of Vessel	Year Built
M.V. Beate Oldendorff
(to be renamed "Thor  Nectar")	General Cargo Vessel	20,430 DWT	1990
M.V. Maria Oldendorff
(to be renamed "Thor  Nerus")	General Cargo Vessel	20,430 DWT	1988

2.   Date of the Transaction : Thoresen & Co., (Bangkok) Ltd. has signed a Memorandum of 

Agreement (MOA.) with the Seller on 15 July 2004, and the delivery of vessels are expected 

within September to October 2004.

3.   The Parties Involved

3.1) The buyer : Thoresen & Co., (Bangkok) Ltd., or the companies to be nominated

 The buyer is a subsidiary company of Thoresen Thai Agencies Plc and it will later 

 nominate newly established subsidiary companies as buyers of such vessels.

3.2) The seller of the vessels : Oldendorff Carriers GmbH & Co. KG, Germany

3.3) Relationship between buyer and seller : None

4.   Total Value of the Acquired Asset

The total cost of the two vessels are USD 20,850,000 (United States Dollars Twenty Million Eight 

Hundred and Fifty Thousand) or approx. Baht 849,846,000 (Baht Eight Hundred Forty-Nine Million 

Eight Hundred and Forty-Six Thousand), which is the current market price. The transaction is equal to 

8.40% of the total value of the assets of the Company and its subsidiaries as of 31 March 2004.  

(The total assets of Thoresen Thai Agencies Plc and its subsidiaries as of 31 March 2004 amounted 

to Baht 10,118,821,866). 

After the acquisition of the two vessels, the Thoresen Fleet will consist of 46 vessels.

Thoresen Thai Agencies Public Company Limited

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5.   Benefit Expected to be Generated from the Transaction

To enhance market strength of the Company

6.   Source of Fund

      Internal source of fund and local financial institutions.

                                                                                      Yours faithfully,       

                                          ----------------------------------              -----------------------

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

                                                        Chairman                                           Managing Director