QUARTERLY HIGHLIGHTS:

• Adjusted EBITDA for the quarter of $128.4 million. The net income of $72.2 million equates to $0.49 per basic share. Adjusted for a non-cash change in fair value related to interest rate derivatives of $12.6 million, net income would be $84.8 million, equivalent to $0.58 per basic share.

• In the first quarter of 2020 the Company’s VLCCs operating in the spot market achieved $66,400 per day and the Company’s VLCCs on time-charter earned $54,000 per day achieving combined time charter equivalent earnings for the Company’s VLCCs of $64,400 per day. The result for the Company’s VLCCs operating in the spot market adjusted for the IFRS 15 impact was $65,500 per day for the first quarter of 2020.

• Thus far in the second quarter of 2020, 66% of the available VLCC spot days have been booked at an average rate of $110,400 per day on a discharge to discharge basis (see table I for details).

• In March 2020, the Company prepaid $57.8 million under the ABN Amro Credit Facility. The prepayment was made under the revolving credit facility tranche and may be re-borrowed (see table II for details).

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