Ref : COR: MS/EL05010e/st 13th May 2005 Subject : The Second Quarter Financial Results To : President of the Stock Exchange of Thailand Thoresen Thai Agencies Public Company Limited ("TTA") recorded a consolidated net profit for the three-month period that ended on March 31, 2005 (the "2005 Second Quarter") of Baht 1,413.41 million, including an exchange gain of Baht 7.42 million. During the three month period that ended on March 31, 2004 (the "2004 Second Quarter"), TTA recorded a consolidated net profit of Baht 1,115.88 million, including an exchange gain of Baht 24.57 million. Net profit increased 26.66% on a quarter on quarter basis. The net profit increase was achieved by a combination of different factors, including an improved freight market and a larger and better-equipped fleet due to investments made over the past 24 months. The most important factor behind the improved operating results was the strengthening freight market. The average TC rate, including contributions from chartered in tonnage, rose 25.48% from USD 12,514 per vessel per day in the 2004 Second Quarter to USD 15,703 per vessel per day in the 2005 Second Quarter. TTA had a total of 4,230 vessel days available in the 2005 Second Quarter, as compared to 3,601 vessel days available in the 2004 Second Quarter. The average vessel size also increased 10% from 23,717 DWT in the 2004 Second Quarter to 26,020 DWT in the 2005 Second Quarter. The market environment continues to be positive, and we feel confident that TTA will record very healthy results in the coming quarters. Yours faithfully, ------------------------------------------------------------------------------- M.R. Chandram S. Chandratat M.L. Chandchutha Chandratat Chairman Managing Director