The Audited Twelve Months Financial Results

Ref: COR:MS/EL06024e/ms

21 December 2006

Subject: The Audited Twelve Months Financial Results

To : The President of the Stock Exchange of Thailand

Thoresen Thai Agencies Public Company Limited ("TTA") recorded a consolidated net profit for the twelve-month period that ended on 30 September 2006 of Baht 3,502.44 million, including an exchange gain of Baht 742.09 million, as compared to a net profit of Baht 5,948.65 million, including an exchange gain of Baht 16.17 million, for the twelve-month period that ended on 30 September 2005.

The lower net profit was the result of lower TC rates, lower vessel days, higher vessel operating expenses, and a stronger Thai Baht currency. On the other hand, dry bulk shipping supply and demand remain tightly balanced. In its November 2006 report, R.S. Platou Economic Research A.S. estimated that dry bulk fleet utilisation was around 95%, which is full capacity. TTA expects that dry bulk shipping demand will remain relatively strong in 2007.

At this time, TTA has fixed about 27% of our total available capacity for the current financial year on period time charters and has entered into contracts of affreightment, which cover an additional 2,000 vessel days.

TTA also expects strong contributions from Mermaid Maritime Ltd. in 2007, as demand and pricing for offshore services remains high. Altogether, we believe that TTA is progressing towards another good year of profitability.

Yours faithfully,
Thoresen Thai Agencies Public Company Limited

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