26 May 2005

Subject:   Establishment of a New Subsidiary Company

To:          The President of the Stock Exchange of Thailand

Pursuant to the Board of Directors meeting held on 26 May 2005, the Board has approved an investment

in a newly established subsidiary company. Details of this investment are as follows:

1. Date of Transaction	Around beginning of June 2005
2. Name of the Subsidiary Company	Thor Energy Shipping Co., Ltd. (the "Company")
3. Type of Business	International Maritime Transportation
4. Registered and Paid-up Capital	At the initial stage, the registered and paid up share capital will be Baht 100,000,000 (One Hundred Million), divided into 1,000,000 (One Million) shares with a par value of Baht 100 (One Hundred) per share. The registered and paid-up share capital will be later increased when the Company acquires a vessel.
5. Major Shareholder	Thoresen Thai Agencies Plc ("TTA"), holding 99.9%
6. Source of Fund	From the working capital of TTA
7. Rationale	To prepare for the future purchase of a vessel in line with TTA's increasing shipping volume.

                                                                               Yours faithfully,

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

                                                     Chairman                                   Managing Director