Aker American Shipping Third Quarter Financials

Aker American Shipping had a positive EBITDA result of U.S. $1.2 million for Q3 2007, whereas U.S. $0.2 million for same quarter last year. Operating revenues were U.S. $4.0 million, compared to U.S. $3.4 million for 3Q 2006.

The second product tanker was put into service on June 26, and revenues represent the first full quarter of bareboat charter rates from OSG for the first two tankers, which are in operation. Third quarter of 2006 had revenues of U.S. $3.4 million.

The net result was minus U.S. $6.3 million for Q3 of 2007, whereas the Q3 result in 2006 was a profit of U.S. $2.7 million. Third quarter net financial items total U.S. $5.3 million, composed of interest income of U.S. $3.3 million and U.S. $1.8 million in realized currency gain offset by an unrealized currency loss of U.S. $3.8 million.

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