Thoresen Thai Agencies Public Company Limited recorded a consolidated net profit for the three month period ended on 31 March 2004 of Baht 1,115.876 million, including an  exchange gain of Baht 24.572 million, as compared to a net profit of Baht 222.131 million, including an exchange gain of Baht 18.226 million, in the corresponding period last year.

The improved operating result was mainly the result of an improved freight market, combined with a larger, and better equipped fleet, resulting from investments made over the last 12 months.

The general freight market has recorded substantial rises since the beginning of the year, but due to normal time lags it has taken the Company some time to fully adjust its rate structure. Based on current market conditions, it is therefore the opinion of the Board that the Company will record significant profit increases also in the coming quarters.

Yours faithfully,

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

                                                         Chairman                  Managing Director