Vessel Acquisition

Back Jul 14, 2004 

Ref : COR: MS/EL04025e/st
                                                                           12  July 2004
Subject    :      Vessel Acquisition 
To            :      The President of the Stock Exchange of Thailand
 
Thoresen Thai Agencies Plc hereby reports the purchase of MV. Century Sea on behalf of Thoresen & 
Co., (Bangkok) Ltd., or a wholly owned subsidiary company to be nominated. Details of which are as 
follows:
 
1.   Details of the Asset Purchased :
Name of Vessel
 
Type of Vessel
 
Size of Vessel
 
Year Built
 
M.V. Century Sea
(to be renamed "Thor Integrity") 
 
       Bulk Carrier
 
 
 52,375 DWT
 
 
2001
2.   Date of the Transaction : Thoresen & Co., (Bangkok) Ltd. has signed a Memorandum of 
Agreement (MOA.) with the Seller on 12 July 2004, and the delivery of vessel is expected within 
January 2005.
 
3.   The Parties Involved
      3.1) The buyer : Thoresen & Co., (Bangkok) Ltd., or a company to be nominated
 The buyer is a subsidiary company of Thoresen Thai Agencies Plc and it will later 
 nominate a newly established subsidiary company as buyer of such vessel.
 3.2) The seller of the vessel : Great Support Limited, Hong Kong
 3.3) Relationship between buyer and seller : None
 
4.   Total Value of the Acquired Asset
       The total cost of the vessel is USD 25,000,000 (United States Dollars Twenty-Five Million) or 
       approx. Baht 1,019,250,000 (Baht One Billion Nineteen Million Two Hundred and Fifty Thousand), 
       which is the current market price. The transaction is equal to 10.07% 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). It is not subject to 
        the Notification of the Stock Exchange of Thailand regarding Rules, Procedures and Disclosure of 
        Acquisition or Disposal of Assets dated 22 January 1993.
 
  After the acquisition of the vessel, the Thoresen Fleet will consist of 44 vessels.
 
Thoresen Thai Agencies Public Company Limited
Page 2                                                                                           Ref. No.  COR:MS/EL04024e/st
 
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 a local financial institution.
 
                                                                Yours faithfully,       
  
                          ----------------------------------              -----------------------
                             M.R.Chandram S. Chandratat                      Mr. Arne Teigen
                                           Chairman                                        Managing Director