Mosvold

Executive Summary
We believe that Mosvold Shipping will depart from its original strategy of owning and operating exclusively 1970s-built, CAP 1 and CAP 2 VLCCs and small ULCCs and will diversify its fleet in the coming months.

It is our opinion that given a lack of suitable crude carrier tonnage available in the market, $27 million of cash on its books (which translates to nearly $40 million of buying power taking into account the company’s conservative gearing ratio of about 30%), Mosvold will look to other segments of the tanker market to purchase the additional vessels needed to reach a critical mass with respect to operations.

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