Q4 2010 financial report

Saga Tankers ASA reports a net loss for the fourth quarter 2010 of USD (2.7) million. Net loss YTD is USD (5.1) million.

Gross freight revenues for the fourth quarter were USD 16.0 million. Gross freight revenues YTD is USD 41 million.

Operating revenues for the fourth quarter were USD 8.1 million. Operating revenues YTD is USD 20.6 million.

EBITDA for the fourth quarter was USD 2.4 million. EBITDA YTD is USD 6.9 million.

Net financial items for the fourth quarter were USD (1.2) million.  Net financial items YTD is (3.1) million.

Earnings per share (EPS) for the fourth quarter were USD (0.03). Earnings per share YTD is USD (0.07).

The average number of shares in the quarter was 80,174,785. As per the end of the period, the outstanding number of shares was 86,777,409.

The company had a total of 15 offhire days during the quarter.

Average TCE obtained on all four vessels was USD 22,930 per day in the quarter.

Average TCE for the three spot trading vessels was USD 19,044 per day in the quarter.

Average OPEX per vessel was USD 13,609 per day.

The Company's condensed financial statements for the fourth quarter of 2010 are enclosed.

The Company will host a presentation at Shippingklubben at 0800hrs CET today, and a webcast at 1500hrs CET.

Saga Tankers ASA
Oslo 17 February 2010

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