Outlook for 2010

The global economy is growing again in 2010 and the industrial production of chemical products is increasing. Increasing demand gives the possibility for better average rates, but despite the international phase out of older vessels due to new International Maritime Organization (IMO) requirements, the market is expected to remain challenging short-term. The first few months of 2010 are giving cause for optimism for 2010, particularly for the chemical tankers.

2010 will be a difficult year and the Company does not expect a positive Comprehensive Income until 2011. Profitable sale of vessels under the present market condition cannot be expected. Particular uncertainty is related to the development in the rates in the container market, USD currency exchange rate and the price on oil.