1. MOSVOLD SHIPPING LTD
Results
4Q and year 2000

2. CORPORATE STRUCTURE

3. MAJOR EVENTS YEAR 2000
Distribution to shareholders of NOK 1.50 per share totalling NOK 75 million (March)
Contracting of three VLCCs with Samsung at USD million (May/July/November)
Issue of 15,000,000 shares in a 1:3.444 Rights Issue at NOK 2.00 each (June) and a Private Placement of 10,000,000 shares at NOK 4.00 (August)
Refinancing of mortgage loan on Moscliff/Mosocean from USD 6.75 to USD 12 million
Entered into a NOK 50 million three year non-negotiable convertible loan with strike price NOK 5.50 a share (Dec)
Administration expenses reduced from USD 2.2 to USD 1.2 million on an annual basis

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

5. BALANCE SHEET (figures in 1 000 USD)

6. FLEET

7. 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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8. FLEET INFORMATION VLCC Newbuilding contracts
Three 308,000 dwt to be delivered Nov 2001, August 2002 and July 2003
8 sister vessels built for Chevron, SK , BP
11 sister vessels under construction

9. EARNINGS ON T/C BASIS per vessel 2000 (USD)

10. DAILY OPERATING AND DRY-DOCKING EXPENSES per vessel 1998-2000 (USD)

11. OFF HIRE DURING 2000 (Days per ship)

12. FIXTURE POSITION as per 13 February 2001

13. MARKET DESCRIPTION LARGE TANKERS
Year The strongest tanker market since 1973
Utilization rate for the tanker fleet rose from 84% in 1999 to 90% in 2000
New IMO regulations will most likely phase out 88 million dwt before 2006, or 17.6 million dwt per year as an average
68 U/VLCCs will be 25 years in 2001 and 2002

15. 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

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

27. 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 to be paid in three instalments prior to delivery
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

28. MOSFALCON INVEST KS - Owner of VLCC newbuilding contract1402
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%

29. 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
Mosvold participation 100%

30. 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 55 million
Timing differences NOK 44 million

31. MSL SHAREPRICE Actual/Adjusted for NOK 1.50 distribution

32. 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 0.40 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 1.46
NOK/USD = 8.85

33. SUMMARY
If scrapping remains at the same level as second half 2000, the active tanker fleet will increase by 1.5% from 2000 to 2001 on an average basis
Subject to a soft landing in the US it may be assumed that transportation of crude oil on a ton/mile basis will increase with more than the increase in tanker fleet
Mosvold has a VLCC newbuilding program with deliveries 11/01, 8/02 and 7/03
Two 1974 built 256,000 dwt vessels that have passed 5th special survey and been successfully converted with Protective Location. Phase out within January 2004 according to IMO proposal