15 March 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 9 March 2005, the Board has approved an investment in

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

1. Date of Transaction	Within April 2005
2. Name of the Subsidiary Company	Thor Endeavour Shipping Co., Ltd.
3. Type of Business	International Maritime Transportation
4. Registered Capital	Baht 310,000,000 (Three Hundred Ten Million), divided into 3,100,000 shares with a par value of Baht 100 per share
5. Major Shareholder	Thoresen Thai Agencies Plc, holding 99.9%
6. Source of Fund	From the working capital of the Company
7. Rationale	To acquire a second hand 42,529 DWT bulk carrier vessel, the M.V. Royal Sea, to meet the Company's increased shipping volume

                                                                        Yours faithfully,

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

                                        Chairman                                       Managing Director