Decreased World Oil Demand News

- Sale of suezmax tanker with a gain of $5.1 million vs. - Sale of suezmax tanker with a gain of $5.1 million. Income for the year ended December 31, 2009 amounted to $47.8 million (before impairment charges of $19.1 million) compared to the record net income of $202.9 million achieved in 2008. Net income in 2009 including impairment charges was $28.7 million. The decrease is attributable primarily to the lower freight market and the higher fleet exposure to the spot market for the fleet. The commensurate decline in vessel values contributed to impairment charges totaling $19.1 million incurred on the values of the three oldest vessels in the fleet. Diluted EPS based on weighted average number of shares outstanding was $0.77 versus diluted EPS of $5.33 achieved in 2008.