Announcement No. 8, 2012

Dec 21 2012

Lower EBITDA and write-down as result of impairment

Market developments primarily in dry bulk but also in the product tanker markets have continued to be disappointing, especially during the past few months, leading to further deterioration of freight rates and vessel values. Accordingly, EBITDA for the full year 2012, previously expected to be around USD 100m is currently anticipated to be at approximately USD 90m.

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