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Third Quarter Report 2010

At 30 September, coverage for the remaining part of 2010 was 30% at USD/day 16,173.

               
Tanker Division Q3 09 Q4 09 Q1 10 Q210 Q3 10 Change 12-month
            Q3 09 avg.
            - Q3 10  
 
LR2 (Aframax, 90-110,000 DWT)              
Available earning days  1,190  1,172  1,163  1,122  1,098 -8%  
TCE per earning day from the LR2 Pool  18,401  20,331  19,270  17,185  19,848 8%  
TCE per earning day 1)  17,406  18,356  18,456  15,505  17,672 2%  17,497
Operating days  1,104  1,104  1,080  1,092  1,104 0%  
Operating expenses per operating day 2)  6,496  6,933  6,908  6,301  6,571 1%  6,678
LR1 (Panamax 75-85,000 DWT)              
Available earning days  1,835  2,026  1,748  1,777  2,094 14%  
TCE per earning day from the LR1 Pool  15,036  14,304  16,273  14,903  14,662 -2%  
TCE per earning day 1)  16,514  16,516  16,686  15,509  14,628 -11%  15,835
Operating days  828  828  810  749  714 -14%  
Operating expenses per operating day 2)  6,706  5,986  6,454  5,420  5,729 -15%  5,897
MR (45,000 DWT)              
Available earning days  3,602  3,829  3,755  3,916  4,212 17%  
TCE per earning day from the MR Pool  14,974  11,521  14,179  12,567  13,753 -8%  
TCE per earning day 1)  15,349  12,417  14,700  12,363  14,280 -7%  13,440
Operating days  2,707  2,832  2,790  2,951  3,128 16%  
Operating expenses per operating day 2)  6,621  6,770  6,883  6,053  6,388 -4%  6,524
SR (35,000 DWT)              
Available earning days  1,160  1,103  1,002  979  951 -18%  
TCE per earning day 1)  18,378  16,894  18,034  16,099  13,851 -25%  16,220
Operating days  1,012  1,012  990  1,001  1,012 0%  
Operating expenses per operating day 2)  6,105  6,326  6,041  4,821  6,274 3%  5,866
1) TCE = Time Charter Equivalent Earnings = Gross freight income less bunkers, commissions and port expenses.
2) Operating expenses are related to owned vessels.

Bulk Division

Operating profit for the third quarter of 2010 was USD 4 million, compared to USD 25 million for the third quarter of 2009. Profit for the third quarter of 2009 includes a profit of USD 21 million from sale of vessels.

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