Q3 2010 financial report

Saga Tankers ASA reports a net loss for the third quarter of 2010 of USD (5.2)
million.

Gross freight revenues for the third quarter were USD 11.4 million.

Operating revenues for the third quarter were USD 4.8 million.

EBITDA for the third quarter was USD (0.3) million.

Net financial items for the third quarter were USD (1.3) million.

Earnings per share (EPS) for the third quarter were USD (0.07).

The average number of shares in the quarter was 78,888,559 shares. As per the
end of the period, the outstanding number of shares was 78,888,559.

All of the Company's vessels completed their special surveys (drydocking) during
the third quarter. All special surveys were completed within budget. The Company
expects limited CAPEX on the vessels going forward. The Company had a total of
75 off-hire days in connection with the special surveys.

The Company's vessels had a total of 293 trading days out of 368 possible in the
third quarter. The Company's spot trading vessels had a total of 231 trading
days out of 276 days in the quarter. The number of trading days is calculated as
the total number of days in the quarter less the number of days used for the
special surveys.

Average TCE obtained on all four vessels was USD 16,395 per day in the quarter.

Average TCE for the three spot trading vessels was USD 11,969 per day in the
quarter.

Average OPEX per vessel was USD 12,316 per day and reflects preparations for the
special surveys conducted in the quarter.

The Company's condensed financial statements for the third quarter of 2010 are
enclosed.

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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