Good afternoon everybody listening in. Welcome to Frontline Q4 Presentation. The agenda for this presentation will be that our CFO Inger Klemp will go through the major transactions and highlights in Q4, then after a financial review, some information regarding our newbuilding program. And after that, myself will be talking little bit about the market, and the way we see things going forward. And after that, there should be time for some questions and answers. So Inger, if you could start.

Thanks Jens. I would guide you quickly through the major transactions and the financial highlights in the fourth quarter of 2008 together with a run through of the newbuilding program. Moving down to slide 4; in December 2008, Frontline and Teekey agreed to expand the Gemini Suezmax Pool, and that was bringing the number of vessel into that pool to 36 vessels. To manage the larger fleet and establish chartering presence in Europe to supplement its existing Stanford, Connecticut operation, Gemini has opened an office in Oslo as well in Norway. In addition to the Jensen's plan, Teekey to an extend (ph) is participated in the pool. And for Frontline, we expect that this would improve utilization of our fleet and to reduce the cost basis by entering a large pool. In January 2009, in which we've delivered the first newbuilding Front Kathrine from Shanghai and Waigaoqiao ship yard, and that was more than two months ahead of contract delivery dates. In Q4 2008 and Q1 2009, we have done a number of time charter out agreement, and we have increased on our fixed contract revenues. First of all, we did in November 2008 two contracts, one for Front Energy and one for Front Champion; first for three years and second one for one year; both were delivered in November. Then we did a contract for Front Brabant, three years period commencement in January 2009. And in the first quarter 2009, we further did contracts for Genmar Phoenix and Genmar Harriet G, both Suezmax tankers, which was then chartered out to Shell for balance of period of existing charters. And in early December, we delivered costs to relate (ph) after total length of the charter pat both at 3.5 years. Moving to slide 5, and Frontline reported net income of…

Thank you, Inger. We are now on slide number 17: earnings. Despite operating costs, the economic crisis, decrease in oil demand and high crude oil stocks, Q4 was actually not that bad. The market average earnings according to Imarex TD3 for VLCCs were 61,500, and 66,000 for Suezmaxes. The main taxes keeping the market at healthy positive levels was the oil storage effect, increased delays in the Mediterranean and the Caribbean, which result in a lower fleet utilization, less newbuildings being delivered compared to our original schedule. And increased activity ex Waf (ph) activities on the Suezmax side. Present earnings for VLCCs is around $50,000 per day, and around $37,000 per day for Suezmaxes. Now, we have slide 18. As mentioned, one of the factors that benefited the tanker market is basically the VLCC market positively, was oil storage. This is due to the oil price in Contango. The full lot price is higher than the second price. At present, at Contango for crude oil, three months forward is about $3.5. And if you look at the calculations seen from the charterers' perspective or the oil companies' perspective that means that they should still be able to breakeven on the investment paying up to $63,000 per day. Time charterer; this is including financing costs for the oil they've purchased. The oil is... this movement, Contango movement is still in place as we speak now. Slide 19, VLCC fleet and order book. In Q4, only two VLCCs were ordered, where six were actually cancelled. And we expect further cancellations in the periods going forward due to this financial crisis. The order book for VLCCs is still quite large. But as mentioned in our last quarterly presentation, the fleet growth in 2008 was very limited. And if we take the combined order…

(Operator Instructions). We'll now take our first question from Mr. Jonathan Chappell from JPMorgan. Please go ahead sir you're line is now open.

Thank you, good afternoon. Jens, I was hoping you can give a little bit more insight on the thought process and the chartering of the Genmar Phoenix and the Genmar Harriet G. If the numbers that we've seen in the brokerage reports are correct, you basically lost and loss on those ships given the time charter expense you are paying to General Maritime. Was that just a function of just trying to get the best thing you can get right now in the market. You are a little bit concerned about where the spot market might be heading in the second and third quarters?

The numbers being reported in the various billboards are (ph) incorrect. We have fixed both ships out in time charter for the remaining period, and the rate is of a floating nature, but it's not as any levels being mentioned.

Okay. So it's completely dependent on where the spot is at that time?

To some extent.

Okay. So you just guaranteed utilization, but basically keep the opportunity to maybe make a profit; got it. Also on the Suezmaxes at the Rongsheng yard, five to nine months delivery delay. Is there any parts of the contract in place, where you could back out of those ships... back out of those contracts if the delay reaches a certain period of time? And would you be interested in potentially backing out of some of those contracts?

Every shipbuilding contract has a MX period, where a ship can be delayed. And then of course, it's up to the owner to consider if they want to cancel. But I think it's before we go into that discussion, it's important to remember that while we order these ships, during the last two years, we have actually sold 10 single hull Suezmaxes, and we need replacement. So, we are aware that the ships are being delayed. And we are in a, I will say, constructive discussion with the shipyard. So, to discuss on cancellation is pretty immature.

Okay. Final question and then I'll turn it over, regarding the OSG write down. Do you still own the same percentage of OSG shares that you did during the fourth quarter? So, is there a potential for a further write down in 2009?

We still own the same number of shares, yes.

Okay. And is that roughly... do you have the share count handy, Inger?

It's approximately 1.4 million shares.

Okay. Thank you very much Jens and Inger.

Thank you.

Not at all.

Thank you. We'll now take our next question from Anders Rosenlund from ABG. Please go ahead. Your line is now open.

Thank you. Could you breakdown the almost $300 million in short term debt on the balance sheet?

In 2009?

Yes.

On the balance sheet? Okay.

Because I know a sum that's a sum that's related to ITCL now (ph), is there anything else for fees down that you mentioned?

You are thinking about all the current liabilities then?

Short-term interest paying debt. Which I guess is maturing in the next 12 months?

Short-term interest bearing debt is more than $360 million. I don't know what number you are referring to? I mean, if you look at the balance sheet in the presentation, you have current liability number of $715 million, is that what you are thinking over?

I am thinking of is under short-term debt in current portion of long-term debt, as of December 31, which is 297.999 million.

Short-term debt, yeah, the count for long-term debt, the $298 million in the balance sheet. You want a breakdown on this; is that what you're thinking over?

No. I am thinking some of that is related to ITCL, isn't it.

It is. Just a moment, I'll see if I have a numbers under here.

That was 54 million as of Q3. So, has that changed?

It's a bit lower, because it's now $53.5 million.

Okay, great. And so, the rest or the roughly 250 million that's retirement of different slows in addition, or and of that 250 million, you have 130 million, which is the short-term debt, which is maturing in June. Is that correct?

Yeah. So, that is included of course. And then, you have this 53.5 million on market sale, and then remaining is ordinary installments that we have.

Okay. So, no balloon payments?

No, not apart from the $129.6 million facility that's mentioned.

Okay. Great, very good. Thank you very much.

Thank you.

Thank you. (Operator Instructions). We'll now take our next question from Ron Enrique from Bloomberg (ph). Please go ahead; your line is now open.

Hello. I am just wondering if could elaborate a little bit on how much you are looking for long-term time charters or if there is any kind of proportion that you are seeking anything at all just sort of explain how your strategy might have changed?

Well, if you look at our slide on page 16, as Inger mentioned, we have 39% of our fleet, which is fixed on a fixed time charter. Apart from that we have up to around 50% of the total fleet, which is a related to various market mechanisms that is minimum higher, there is indexes. So we actually have around 50% of the fleet being employed now on various charter and we are looking to expand further, but also we need to have some spot presence to satisfy the customers we have at Rongsheng, (ph) but we are looking at if there is good possibilities to time charter out a few more ships.

Has that 39% and 50% changed over the past year?

We have increased out total utilize, I mean employment with almost 10% during the last quarter.

Right. So you put 10% more on long-term chart you mean either with this kind of marking minimum mechanism or fixed rate going forward, yeah. Okay, thank you very much.

Thank you.

Thank you. And there are no further questions. I would like to turn the call back over to you for any additional or closing remarks.

I would just like to say thank you for everybody for dialing in. 2009 will be an interesting year, and we are looking forward to update you all in that process in the quarters depends. I would like to thank you everybody in Frontline for a very good year 2008, which as Inger mentioned was the second best ever in this company's history. Thank you for dialing in. Thank you.

This concludes this conference, you may now disconnect.