Q3 2011 RESULT

Operating revenues in Q3 2011 were USD 26.1 million (USD 28.8 million in Q3 2010) with an EBITDA of USD 7.1 million (USD 15.2 million). The EBITDA includes an USD 1.3 million capital loss on the sale of M/T Knock Muir (capital gain USD 1.4 million in Q3 10). After depreciation of USD 7.5 million (USD 8.0 million) the operating loss (EBIT) was USD 0.4 million (profit USD 7.6 million).

The net financial expenses were USD 1.3 million (USD 1.9 million). The loss before tax was USD 1.8 million (profit USD 5.7 million). The loss after tax was USD 3.8 million (profit USD 3.8 million).

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