Summary of business activities

Sales and result
Consolidated sales amounted to SEK 204.4 (379.5) million. The result after financial items was SEK �46.5 million (100.7). The result per share after tax was SEK �1.02 (2.05) and SEK �0.99 (1.86) after full conversion.

Sales are distributed geographically over the following markets (in %): US 41 (45), UK 27 (8), Saudi Arabia 13 (18), South Africa 8 (11), Japan 5 (4), India 5 (0), Switzerland 0 (8), and hers 1 (6). The distribution of net sales is based on the respective customer�s domicile.

The Parent Company�s sales totalled SEK 4.9 (0.7) million. Intergroup invoicing accounted for SEK 4.8 (0.6) million of this amount.

Freight market
The tanker market continued to weaken during the first three months of the year. In March, the freight rate in Platou�s index for turbine tankers fell to USD 1,300 per day, which is the lowest level since 1982. At the same time, it was estimated that about 110 vessels were waiting for a cargo or due to arrive in the Middle East within 30 days. The market is usually considered to be balanced when the equivalent figure is about 50�60 vessels when, as a rule of thumb, this type of vessel can generate about USD 25,000 per day. Over the last 12 months, OPEC has cut production from 28 million barrels per day to the current level of about 25 million barrels per day with the aim of maintaining the price of oil at

USD 22�26 per barrel, despite lower demand. These production cuts have dramatically reduced the demand for oil transportation from the Middle East.
Despite fewer shipments, stock levels in e.g. the US have increased and are currently 6% higher than 12 months ago.