Q3 2011 financial report

Saga Tankers ASA reports a net loss for the third quarter 2011 of USD -104.3 million. Net loss adjusted for impairment charges, loss on sale of vessels and amortized borrowing costs was USD -2.3 million. The impairment charge, loss on sale of fixed assets and amortized borrowing costs are non-cash items. Please see Note 2 and 3 of the enclosed financial report for further details.

Gross freight revenues for the third quarter were USD 15.1 million.

Operating revenues for the third quarter were USD 6.6 million.

EBITDA for the third quarter was USD 1.9 million.

Net financial items for the third quarter were USD -2.1 million which  includes  expensed amortized borrowing cost of USD 1.1 million due to prepayment of vessel loans following the sale of fixed assets.

Earnings per share (EPS) for the third quarter were USD -1.20. EPS adjusted for the impairment charges, loss on sale of fixed assets and amortized borrowing costs was USD -0.03 per share.

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. Saga Chelsea was sold and delivered to its Buyers on 12 September. Hence, the Company had a total of 350 trading days in the quarter out of 368 days in total.

Average TCE obtained on all four vessels was USD 18,750 per day in the quarter.

Average TCE for the three spot trading vessels was USD 13,031 per day in the quarter.

Average OPEX per vessel was USD 12,027 per day. Average OPEX YTD 2011 is USD 11,408 per day.

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

Oslo, 8 November 2011

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