OSLO, 27TH AUGUST 2010

MARKET COMMENTS

The establishment of Tankers Inc by former Torm executives this week added another boost to Copenhagen's position
as a major shipping capital. The company will have an investment capacity of upto usd 400 mill backed by Barclays
Resource Investments and other private and industrial investors. Tankers Inc will focus on the product tanker segment
and comes amidst strong buying interest for MR's with more vessels expected to be sold soon. 2nd hand values for
modern MR's are moving sideways.

In the presentation of its strong Q2 figures today, Frontline points to a modest fleet growth for VLCC in 2010. The first
six months of the year saw 87.6% utilization for the total tanker fleet with floating storage still of essence. Expectations
for Q3 earnings are far more mooted. Four buyers are reported to have inspected the six year old VLCC Ardenne
Venture and we understand the owners' price ideas are usd 90 mill. All in all no signs of softening prices for modern
tankers despite the dire state of the spot markets and buyers talking down values.

SALE & PURCHASE

TANK
SALES SECONDHAND VALUES (MUSD)

Vessel Dwt Built Buyer $Mill Comments Ppt resale 5 10 15

Insurgentes 47000 2006 Undisl. 43.5 4yrs cp@hi rate VLCC 117 92 64 40
Aegean Glory 45600 1992 Undiscl. 7.6 Suezmax 75 65 46 25
SLS resale 40000 2010 Undiscl. 33.5 Aframax 59 47 32 18
Mount Fuji 40000 2003 Undiscl. 24.0 LR2 61 49 34 n/a
LR1 52 41 32 16
MR 37 28 19 13

BULK
SALES SECONDHAND VALUES (MUSD)

Vessel Dwt Built Buyer $Mill Comments Ppt resale 5 10 15

Good Season 76900 1985 India 10.5 Capesize 70 58 42 26
Qui Shan Hai 57000 2010 Undisl. 34.0 blt China Panamax 45 38 32 22
Golden 9 38000 1982 China. 5.0 Handymax 38 32 26 19
Royal Forest 31700 1998 Turkey 19.7 recommitted Handysize 30 27 19 15
African Challenger 28200 1984 Greece 6.5
Thor Traveller 24155 1985 Singapore 3.4

SHIPS@NORDIC-SHIPPING.NO +47 22 48 21 00 NORDIC-SHIPPING.NO

LPG
SALES SECONDHAND VALUES (MUSD)

Vessel Cbm Type Built Buyer $Mill Comments Ppt resale 5 10 15

Loex 7200 FP 2001 Orkla DIS 16.25 bb 11yrs Prime VLGC 78 62 47 32
MGC 57 46 36 26
20' SR 55 43 34 23
10' ETH 42 35 27 20
3,5 FP 17 13.5 9.5 5.5

NEWBUILDINGS

CONTRACTS

Type Nos Size Yard Owner Delivery $ Mill Comments

LPG 2 82000 cbm HHI Petredec 4q12 / 1q13 76
MT 1 115000 dwt Samsung Uniseas 2012 57

PRICES (MUSD)
"
TANK BULK LPG

Type This Week Last week Type This Week Last week Type This Week Last week
VLCC 108 108 Capesize 61 61 VLGC 76 74
Suezmax 68 68 Panamax 39 39 MGC 54 54
Aframax 57 57 Handymax 36 36 20' SR 54 54
LR2 59 59 Handysize 27 27 10' ETH 38 39
LR1 47 47 3,5 FP 16 16
MR 37 37

SHIPS@NORDIC-SHIPPING.NO +47 22 48 21 00 NORDIC-SHIPPING.NO