Q1 2011 financial report

Saga Tankers ASA reports a net profit for the first quarter 2011 of USD 0.1 million.

Gross freight revenues for the first quarter were USD 20.4 million.

Operating revenues for the first quarter were USD 10.1 million.

EBITDA for the first quarter was USD 5.2 million.

Net financial items for the first quarter were USD - 1.2 million.

Earnings per share (EPS) for the first quarter were USD 0.00.

The average number of shares in the quarter was 86,777,409. As per the end of the period, the outstanding number of shares was 86,777,409.

The company had zero off hire during the quarter.

Average TCE obtained on all four vessels was USD 28,113 per day in the quarter.

Average TCE for the three spot trading vessels was USD 25,960 per day during the quarter.

Average OPEX per vessel was USD 11,973 per day which includes USD 316 per day in expensed tonnage tax for the fiscal year 2010.

The Company's condensed financial statements for the first quarter of 2011 are enclosed.

The Company will host a presentation at Shippingklubben (Oslo) today at 9 AM, and a webcast at 3 PM. Information regarding these two events can be found on the Company's webpage.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)