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M/T NCC Madinah Collision Update

Maritime Activity Reports, Inc.

August 1, 2005

M/T NCC MADINAH COLLISION - UPDATE OnJuly 5, the M/T NCC Madinah, a chemical tanker operated by Norwegian ship managers Odfjell ASA, was involved in a collision with an Indonesian tanker, the M/T MR-I, at the port of Gresik, Surabaya, Indonesia. Both ships had local harbour pilots onboard. Although both ships were damaged during the accident, there was no pollution. Tragically, however, one person onboard MR-I is missing and three others were injured as a result of the collision. Odfjell are conducting a full and urgent investigation into the circumstances of the accident, which took place in the busy entrance channel to the port. Meanwhile, yesterday the Court of Maritime Affairs at Surabaya issued their initial opinion on the collision, based on the local authorities' preliminary examination of the incident. The Court found that the accident was caused by faults in the navigation of both ships. It is too early to determine fully the causes of the collision. However, Odfjell are considering the Court's findings very carefully, as part of the company's overall investigation into the accident. M/T NCC MADINAH has an international crew of 32 persons, including three Norwegians. M/T NCC MADINAH is a 28,053 tonne deadweight chemical tanker built in Poland in 1976. The ship is registered in Norway and classed by Det Norske Veritas (DNV). M/T NCC MADINAH is owned by National Chemical Carriers Ltd of Saudi Arabia, and operated by Odfjell ASA in Bergen, Norway.

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