Q2 2010 financial report

Saga Tankers ASA reports a net profit for the second quarter of 2010 of USD 2.8 million.

Gross freight revenues for the second quarter were USD 13.6 million.

Operating revenues for the second quarter were USD 7.7 million.

EBITDA for the second quarter was USD 4.8 million.

Net financial items for the second quarter were USD -0.5 million.

Earnings per share (EPS) for the second quarter were USD 0.04.

The weighted average number of shares in the quarter was 71,717,501 shares. As per the end of the period, the outstanding number of shares was 78,888,559.

The company's vessels had a total of 186 trading days out of 364 possible in the second quarter. The company's spot trading vessels had a total of 143 trading days out of 273 days in the quarter. The number of trading days in the quarter is based on the financial takeover dates for the respective vessels as described under "Vessel operations".

Weighted average time charter equivalent (TCE) obtained on all four vessels was USD 42,796 per day.

Weighted average TCE for the three spot trading vessels was USD 45,219 per day.

Weighted average OPEX per vessel was USD 12,100 per day and reflects start-up costs for the company.

The company's condensed financial statements for the second quarter of 2010 are enclosed.

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