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Second Quarter Report 2012

Operating expenses per operating day3) 5,781 6,721 6,133 5,976 7,001 21% 6,458

LR1 (Panamax 75-85,000 DWT)

Available earning days 2,164 2,208 2,081 2,076 1,879 -13%

Spot rates1) 15,174 9,841 7,678 12,515 11,237 -26%

TCE per earning day2) 14,962 9,467 9,020 12,977 11,747 -21% 10,758

Operating days 637 644 644 637 637 0%

Operating expenses per operating day3) 6,135 6,481 6,419 6,389 5,798 -5% 6,272

MR (45,000 DWT)

Available earning days 4,373 4,511 4,477 4,681 4,362 0%

Spot rates1) 15,315 11,749 14,080 14,363 11,510 -25%

TCE per earning day2) 15,867 12,910 13,335 14,082 11,418 -28% 12,959

Operating days 3,549 3,496 3,496 3,557 3,549 0%

Operating expenses per operating day3) 6,629 6,732 5,929 6,743 6,756 2% 6,540

Handysize (35,000 DWT)

Available earning days 996 992 978 989 981 -2%

Spot rates1) 13,403 10,582 9,483 12,823 10,939 -18%

TCE per earning day2) 11,983 12,020 9,809 13,122 12,189 2% 11,790

Operating days 1,001 1,012 1,012 1,001 1,001 0%

Operating expenses per operating day3) 5,183 5,436 6,919 5,577 5,686 10% 5,904

12 month

avg.

Tanker Division Q2 11 Q3 11

1) Spot rates = Time Charter Equivalent Earnings for all charters with less than 6 months duration = Gross freight income less bunker, commissions and port expenses.

2) TCE = Time Charter Equivalent Earnings = Gross freight income less bunker, commissions and port expenses.

3) Operating expenses are related to owned vessels.

Announcement no. 30 / 21 August 2012 Second quarter report 2012 6 of 22

Bulk Division

The bulk market experienced positive freight rate movements in April 2012 as a result of the South American grain season, which was replaced by a negative market sentiment due to the macroeconomic uncertainty and events like the Indonesian commodity export ban.

In the Pacific spot market, the Cape market continued its dismal performance as a result of continued tonnage inflow, high iron ore prices and high stock levels in the Chinese ports with freight rates dropping to USD/day 3-4,000. Freight rates in the Panamax segment were about USD/day 7-10,000 throughout the period. The reduced trade volumes from the Indonesian export ban especially affected the Handymax segment where freight rates temporarily dropped to USD/day 3-4,000 and later increased to USD/day 8-9,000.

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