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Second Quarter Report 2012

LR1 3,290 5,488 4,719 534 365 175

MR 8,899 17,587 17,342 1,182 743 -

Handy size 2,013 3,975 3,944 54 - -

Tanker Division 16,168 30,962 29,997 1,985 1,386 400

Panamax 1,829 3,416 3,740 1,843 79 -

Handymax 307 363 363 693 948 869

Bulk Division 2,136 3,779 4,103 2,536 1,027 869

Total 18,303 34,741 34,100 4,521 2,413 1,269

Coverage rates (USD/day)

LR2 11% 7% 6% 14,838 17,005 17,099

LR1 16% 7% 4% 15,109 15,666 15,666

MR 13% 4% 0% 13,911 13,932 -

Handy size 3% 0% 0% 12,681 - -

Tanker Division 12% 4% 1% 14,300 15,005 16,472

Panamax 101% 2% 0% 12,209 18,065 -

Handymax 226% 261% 239% 11,983 17,403 17,644

Bulk Division 119% 27% 21% 12,148 17,454 17,644

Total 25% 7% 4% 13,093 16,047 17,275

Fair value of f reight rate contracts that are mark-to-market in the income statement (USD million):

Contracts not included above 0.0

Contracts included above 2.5

Notes

Actual no. of days can vary from projected no. of days primarily due to vessel sales and delays of vessel deliveries. T/C in costs do not include potential extra payments from prof it split arrangements.

Covered %

Announcement no. 30 / 21 August 2012 Second quarter report 2012 5 of 22

Tanker Division

The product tanker freight rates continued to be under pressure in the second quarter of 2012, as global economic indicators were sluggish. Most notably, this included the continued European financial crisis and decreasing GDP growth in both China and the USA, which negatively impacted the global oil consumption and subsequently the oil product transportation.

In the West, MR freight rates were negatively affected by the closed gasoline and diesel arbitrage between the European Continent and the USA, weaker US East Coast product demand and higher utilization in the US refineries. In addition, the MR freight rates were hampered by an overall migration of vessels from the East.

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