Summary of the year 1999

The Group's revenue amounted to SEK 773.6 (1,102.9) million. The result after financial items was SEK -72.0 (114.0) million. The result after tax was SEK -62.5 (117.3) million, corresponding to a result per share after tax of SEK -2.30 (4.38) and after full conversion SEK -0.96 (2.79).

Compared with the previous year, both sales and result were negatively affected by lower freight rates in 1999. The average freight rate during the year was USD 19,300 (33,700) per day for the ULCCs and USD 13,300 (24,400) for the VLCCs. The joint charter business with Stena Bulk diminished during the year with two Aframax tankers redelivered during the year and one VLCC due to be delivered in January, 2000. This leaves one profitable multi-year freight contract providing employment for one VLCC.

Voyages in progress at year-end, where the operating expense was higher than the revenue, are charged to 1999. SEK 5 million has thereby been charged to 1999 instead of 2000. Accordingly, the result is lower than the forecast of SEK -65 million published earlier.