21 June 2004

Subject : Disposition of an Asset of a Subsidiary Company

To        :  The President of the Stock Exchange of Thailand

            Thoresen Thai Agencies Plc hereby reports the sale of the vessel "M.V. Heritage" owned

by Heritage Shipping Co., Ltd., a subsidiary company of Thoresen Thai Agencies Public Company

Limited. Detail of which is as follows:

1.         The Parties  :

Seller            : Heritage Shipping Co., Ltd. a subsidiary company of Thoresen Thai    

           Agencies Public Company Limited

Buyer            : Noor Maritime Limited, St. Vincent

Relationship between the buyer and the seller :  None

2.         Details of the Asset Disposed :

            M.V. "Heritage" is a general cargo vessel of  20,949 DWT, built in 1976

3.         General Characteristics of the Transaction:

M.V. Heritage is sold at the price of USD 2,250,000. The value of the vessel is approximately

Baht 88,875,000 (Eighty-Eight Million Eight Hundred and Seventy-Five Thousand Baht Only).

It equals to 0.88% of the total 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 Information Concerning the Acquisition

and Disposition of Assets of Listed Companies dated 22 January 1993.

After disposition of the vessel, Thoresen Fleet will consist of 44 vessels, with an average size 

of  25,652 DWT.

4.         The Basis Used to Determine the Value of the Consideration  :

Market price.

5.        Net Book Value of a Vessel as of 21 June 2004 equaled to approximately Baht 38.46 million. 

           After deducting expenses from selling of the vessel, the profit is approximately Baht  36 million.  

Thoresen Thai Agencies Plc.

6.         Benefit from the Transaction:

The sale is in line with the Company's policy of gradually lowering the average age of the fleet,

and to increase the average vessel size. The Board of Directors of Heritage Shipping Co., Ltd.

unanimously resolved to sell the said vessel and the proceed from the sale will be used for

further investment.

7.         Delivery Date:

21^st of June 2004.

                                                                       Yours faithfully,       

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

                                              Mr. Frode Teigen                    Mr. Ole Teigen

                                                    Director                                  Director