Q2 2011 financial report

Saga Tankers ASA reports a net loss for the second quarter 2011 of USD -26.8 million. Net loss adjusted for the impairment charge was USD -0.9 million. The impairment charge is a non-cash item. Please see Note 2 in the enclosed financial report.

Gross freight revenues for the second quarter were USD 18.1 million.

Operating revenues for the second quarter were USD 8.4 million.

EBITDA for the second quarter was USD 4.2 million.

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

Earnings per share (EPS) for the second quarter were USD -0.31. EPS adjusted for the impairment charge was USD -0.01.

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 23,166 per day in the quarter.

Average TCE for the three spot trading vessels was USD 19,484 per day in the quarter.

Average OPEX per vessel was USD 10,224 per day.

The Company's condensed unaudited financial statements for the second quarter of 2011 and the slides from the presentation held at Shippingklubben today are enclosed.

This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.