1. MOSVOLD SHIPPING LTD Results 1Q 2001
PRESENTATION IN OSLO ON 25 APRIL 2001

2. PROFIT AND LOSS ACCOUNT (figures in 1 000 USD)

3. BALANCE SHEET (figures in 1 000 USD)

4. EARNINGS ON T/C BASIS (USD per vessel)

5. DAILY OPERATING AND DRY-DOCKING EXPENSES (USD per vessel)

6. QUARTERLY OFF HIRE (days per vessel)

7. FLEET

8. FLEET INFORMATION - the VLCCs Moscliff and Mosocean
Sister ships, about 256,000 dwt delivered 1974
High CAP-rating - good technical standard and low bunker consumption
Built for and formerly operated by Exxon
Acquired 11/93 and 11/96 respectively
Converted in 1999 using the ”Protective Location Method”
Next intermediate DD Moscliff 05/01 and Mosocean 02/02
To be phased out within Jan 2004 according to the proposed new IMO rules
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9. T/T Moscliff and T/T Mosocean
Compliance with Marpol 13G4 by fitting longitudinal bulkheads.
256,000 MT cargo deadweight ideal from AG to Singapore, Philippines, China, Korea, Thailand, South Africa and from West Africa to LOOP.
Significant (30%) protection of cargo area by water ballast tanks and void spaces
Approved by class (DNV for Moscliff and GL for Mosocean)
Slop 4 3 2
W/B 1 5
W/B
W/B
Slop 3 2
W/B 1
Fuel 4
W/B 4 3 2 1
W/B
Fuel
Slop 4 3 2
W/B 1
W/B 5
W/B
= Added protective void space
= Existing water ballast
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10. FLEET INFORMATION VLCC Newbuilding contracts
Three 308,000 dwt to be delivered November 2001, August 2002 and July 2003
8 sister vessels built for Chevron, SK , BP
12 sister vessels under construction

11. CORPORATE STRUCTURE

12. FIXTURE POSITION as per 23 April 2001

13. MARKET DESCRIPTION 1Q 2001
Somewhat weaker than last quarter at about USD 55,000 for new and USD 32,000 for vintage VLCCs
OPEC cutbacks leading to a drop in production in the Middle East of about 2.5%
The share of Middle East crude going to short haul eastern destinations increased at the expense of long haul western trades
However, USA consumed 4.4% more crude than same quarter last year
And global oil consumption was up 2.5%
7 VLCCs were delivered, 2 were sold for scrapping and 3 were converted for other purposes

14. EARNING CAPACITY SAMSUNG NEWBUILDINGS vs MOSCLIFF/MOSOCEAN (AG-SINGAPORE)
EARNINGS ON T/C USD
Bunker price
USD 115 per ton
M.CLIFF/OCEAN
WS 80
M.CLIFF/OCEAN WS40

15. EARNING CAPACITY MOSCLIFF/MOSOCEAN vs SAMSUNG NEWBUILDINGS (USD)

19. TRADING ROUTES FOR VL/ULCCs
THE TABLE SHOWS THE NUMBER OF REPORTED VL/ULCC FIXTURES
SOURCE: JOHAN G.OLSEN SHIPBROKERS AS

22. CATEGORIES OF TANKERS
Pre-MARPOL tankers (Category 1): Delivered prior to 1 June Single hull without SBT and PL (Protective Location)
MARPOL tankers (Category 2): Delivered prior to 6 July Single hull with SBT and PL (Protective Location)
Double hull tankers (Category 3): Contracted since 6 July 1993

25. MOSEAGLE INVEST KS - Owner of VLCC newbuilding contract 1384
Contract price USD 72 million including USD 2 million Mosvold up-grading
Delivery November 2001
Instalments to the yard: 3x10% and 70% on delivery (6/00, 11/00, 2/01, 11/01)
Partnership capital USD 24.3 million
Mosvold participation 52.8%
Sale of the ship to follow if and when:
The market value appreciates to USD 83 million
Partners representing 30% or more decides to sell the vessel

26. MOSFALCON INVEST KS - Owner of VLCC newbuilding contract 1402
Contract price USD 72.5 million including USD 2 million Mosvold up-grading
Delivery August 2002
Instalments to the yard: 3x10% and 70% on delivery (8/00, 4/01, 11/01, 8/02)
Partnership capital USD 7.25 million
Mosvold participation 100%

27. MOSHAWK INVEST KS - Owner of VLCC newbuilding contract 1412
Contract price USD 73.8 million including USD 2 mill Mosvold up-grading
Delivery July 2003
Instalments to the yard: 3x10% and 70% on delivery (11/00, 11/02, 01/03, 07/03)
Partnership capital USD 7.4 million
Mosvold participation 100%

28. MOSVOLD SAMSUNG NEWBUILDINGS Upgrading of yard specification
Mild steel increased from 30% to 65%
Coating of ballast tanks and bottom/top of cargo tanks
Remote control of cargo and ballast systems from cargo control room
Two 45 tons auxiliary boilers instead of one 80 tons
All three generator sets upgraded from 950 kW to 1150 kW
The bridge redesigned and fully integrated

29. TAXATION §15 B Company as from 17 December 1999
Subject to ordinary 28% taxation on taxable profits in accordance with the Norwegian Taxation Act
Tax positions as per 31 December 2000 (unaudited figures):
Tax losses brought forward NOK 61 million
Timing differences NOK 42 million

30. MSL SHAREPRICE as per 23 April 2001 Actual/Adjusted for NOK 1
MSL SHAREPRICE as per 23 April 2001 Actual/Adjusted for NOK 1.50 distribution in 1Q 2000

31. SENSITIVITY based on 76.65 million shares
T/C RATE MOSCLIFF/MOSOCEAN +/- USD 5,000 PER DAY +/- USD 3,500,000 per year (350 days) in cash flow: +/- NOK 0.41 per share
VALUE OF MOSCLIFF AND MOSOCEAN +/- USD 5.0 million per vessel +/- NOK per share
VALUE OF SAMSUNG NEWBUILDING CONTRACTS USD 5 million each (about 7%) NOK 1.49
NOK/USD = 9.05

32. THE COMPANY’S 10 LARGEST SHAREHOLDERS as per 23 April 2001

33. PROSPECTS 2001
Based on a weak growth in world economy and high oil prices it is generally expected that oil production will increase with 1 mbpd and that OPEC production will be 28 mbpd (same as last year)
15 mill dwt will be added to the 285 mill dwt tanker fleet during 2001
But scrapping is expected to remove 10 million dwt
And conversions could add 2-3 million dwt to this number
The result is a modest 1-2% increase in the tanker fleet
On this basis the Company expects a continued healthy market for the remainder of 2001