Outline

• Report of the AGM proceedings and resolutions adopted

TO THE MEMBERS

Dear Sirs

ANNUAL GENERAL MEETING

At the Annual General Meeting held on 23rd October 2006 the Report and Accounts as audited and certified for the period ended 20th February 2006 were adopted by the Meeting.

The retiring Directors who offered themselves for re-election were all re-elected. In addition, the following were also elected to the Board:

Mrs L. Fønss Schrøder Wallenius Lines A/B

Mr M.R. Itkin Overseas Shipholding Group, Inc

Mrs K. Siggins Bermuda Resident

Mr N.P.Tsakos Tsakos Energy Navigation (TEN) Limited

Mr P. Wogan Teekay Tanker Services

Messrs Moore Stephens & Butterfield were appointed as the Association's auditors.

At the Directors' meeting following the Annual General Meeting, Mr T. Biggi was unanimously elected as Chairman and President of the Association. Mr E. André, Mr C.I. Caroussis and A.K. Olivier were unanimously elected as Deputy Chairmen and Vice-Presidents.

Yours faithfully

THOMAS MILLER (BERMUDA) LTD.