(Operator Instructions) Welcome to our Q1 2009 presentation. As you’ll be able to hear already, it has been a rather busy quarter. The program for this presentation will be that our CFO Inger Klemp will go through the Q1 major transactions and highlights, thereafter a financial review, update on our newbuildings program which now has been reduced, and thereafter I will give a quick rundown on the markets in Q1 as well the outlook on how we see things, and thereafter there will be time for questions.

I will guide you quickly through the highlights and the financial review in the first quarter 2009 together with a run through of the newbuildings program. Moving to slides four and five, January 8, 2009, we took delivery of our first newbuilding Front Kathrine from Waigaoqiao shipyard and on May 18th we took deliver of our second newbuilding from the same yard called Front Queen. In January 2009 we chartered out the Genmar Phoenix and Genmar Harriet G both Suezmax tankers to Shell for the balance of the period of existing charters. In the first quarter 2009 the OBO from Striver time charter party with shipping was terminated prematurely. [Inaudible] has raised a claim which will proceed to arbitration and after consultation of the drydock in May the vessel has been fixed for five to seven months time charters. In April 2009 Frontline entered into agreement with the charter with Front Lady and Front Highness to amend the time charter agreements to bareboat agreements and extend the contracts for one additional year from single hull face off date of 2010 to around April 2011 and August 2011 respectively. These vessels will be operated as storage units and will cease to trade at the regular time period. In May 2009 Frontline has reached mutual agreements with two shipyards to cancel four Suezmax and two VLCC newbuilding contracts representing a total contract cost of $556 million or 33% of our newbuilding program. Installments already paid on the cancelled newbuildings will be applied to and set off against duty payments on remaining newbuildings. The company has further secured long term pre and post delivery newbuilding financing in an amount of $146.4 million representing 70% of the contractual cost of the last two newbuildings being built at Waigaoqiao shipyard. Moving down to slide six,…

We are now at slide number 18, the earnings. We came out a few rather unwelcome on the Contango at the height of the quarter was had 12 VLCCs doing storage at rates higher then the spot market. Clarkston’s market index for Q1 was around $53,000 per day for VLCCs and $40,000 for Suezmax. Otherwise, positive factors in Q1 being storage as mentioned, delays in the newbuilding program mainly on the Suezmax and the surprising rise in crude oil imports in China. In April, China actually imported 13% more year on year. Other factors which obviously negative factors was that the OPEC crew cuts were implemented quite well. There was a general build up in crude oil stocks, and the falling demand for crude oil. Slide 19, the VLCC orderbook, no VLCCs has been ordered in the quarter and actually the last VLCC order was in October 2008. Note that numerous talks out there were up and owners for both cancellations but also postponement from 2010 to 2011 and even into 2012 and we hope we can report further on that in our Q2 report. Scrapping has finally commenced and as mentioned before, the remaining single hull fleet which is around 108 ships will likely match the orderbook for 2009 and 2010 combined. Interesting times ahead. The Suezmax fleet and orderbook, the number of Suezmax supposed to be delivered in the first quarter did not happen and we have seen only a modest fleet increase in the first quarter. We expect that trend to carry into Q2 and we’ve also seen recently Suezmax being scrapped. Further cancellation and delays are also going to happen to the Suezmax fleet and we see potential going forward for Suezmax. Slide number 21 and 22, as mentioned, nothing has been ordered in large crude…

(Operator Instructions) Your first question comes from Jon Chappell – JP Morgan Jon Chappell – JP Morgan: A couple questions on the newbuild cancellations. In the last quarter conference call I think a question was asked about your desire to cancel some newbuilds and I thought your answer was that you wanted to take on these new ships for replacement for your single hulls that will be scrapped over the next couple years as well as growth. Just wondering what was the thought process in the cancellation of these six vessels? Was it a function of the tanker market outlook worsening significantly over the last three months or was it just a function of the financing not being as available as you might have thought.

To give you an easy reply would be a combination of what you just said. We still need to renew our fleet, as you mentioned, that’s still the case. We thought that being able to make a reduction in the fleet now was in cooperation with the shipyards better to do that now and then hopefully see some better opportunities going forward. Jon Chappell – JP Morgan: In the last presentation there was a newbuilding chart that had the 10 VLCC delivery dates and the eight Suezmax. Can you help us which of the four Rongsheng Suezmax what delivery dates were the ones that were cancelled and which of the VLCC delivery dates were the ones that were cancelled?

The last four Rongsheng Suezmax have been cancelled, the two first VLCC from Waigaoqiao has been cancelled. Jon Chappell – JP Morgan: So you’re still going to get all three 2009 deliveries from Rongsheng.

Maybe. Jon Chappell – JP Morgan: Is the delivery schedule the same or how much has it changed?

The total delays to the program, that’s of course why we have been able to come with, we believe and so, do the shipyards, a solution that fits both them and ourselves whereby we have given them delayed delivery time of the ships we keep and they have agreed to cancel the later ships. Jon Chappell – JP Morgan: On the cost side you had the same amount of drydocks in the fourth quarter as in the first quarter but your operating costs per day were down significantly. Can you help explain that a little bit more? Also, I know you have five drydocks in the second quarter; do you have a schedule for the third and fourth quarters of 2009?

What has happened is of course there’s been a reduction in the steel price and that has of course helped when you dock all the tankers we are seeing. Some of the dockings have almost been reduced by 40% to 50%. Combine that with lesser complicated drydocks in the quarter has given a reduction. What we have been doing in the second quarter we have taken some ships in which we are supposed to dock in the third quarter because of the lower market on the VLCC side at present so that’s why we’ll be docking five ships in the second quarter. We have not finalized the exact number for Q3 or Q4.

Your next question comes from Scott Burk – Oppenheimer Scott Burk – Oppenheimer: If you look at the rest of the fleet outside of the newbuildings you were able to cancel you’re talking about seeing a third of those newbuilding orders cancelled. What vintage would those be, in other words, where are we going to see those cancellations, in 2009 or more likely in 2010, 2011, and 2012.

I don’t think you’ll see many cancellations in ’09, you’ll probably see some ships supposed to be delivered in fourth quarter this year pushed into next year for mainly financial and impossible to raise finance for the last installment. I think the main drive for cancellations will be for the middle of 2010 of course then into 2011 and 2012. I think that’s where you’ll see the big changes in the orderbook. Scott Burk – Oppenheimer: I wanted to ask about the chart you had waiting versus worldscale rates. When you look at the amount of time your single hulls are waiting to try to capture the higher rates, what’s the average wait time between voyages for your single hull fleet?

We only have one single hull on the spot market. We have been fairly good at keeping that only ship going all the time. Normally what are pushing more hard on the double hull ships whereas we have seen be able to hold back a little bit, we have actually got a better result by absolving some waiting days. Of course one thing is if you can put the market up higher and still get the same return but also they will take the fleet utilization down. Voluntary waiting days are sometimes good for the market and good for everybody.

Your next question comes from Gregory Lewis – Credit Suisse Gregory Lewis – Credit Suisse: Could you discuss two single hull vessels that were put on floating storage first? Where are they going to be located? Second, the opportunities for more single hull vessels being used as floating storage? Third, could you guide to what sort of variable rate they were going to be at?

The two ships we have agreed with the present those ships have been on time charter, to the same charter for four years. This company engaged in a fuel and crude oil storage around Singapore and Malaysia where these ships will be utilized. The bareboat rate for these two ships is about $19,000 a day. One of the ships, the Front Lady which has a drydock due here in May the charters have assumed the drydocking of these vessel and the cost. You will have to calculate that into the rate if you want to compare.

Your next question comes from [Alarick Nidscale] – Bloomberg [Alarick Nidscale] – Bloomberg: I was just wondering given the economics of scrapping that you outlined in the presentation whether you’re considering scrapping your own single hull VLCC?

As I just mentioned, we only have one ship on the spot market but of course we looking at this, I wouldn’t say all the time, but we believe I would say luckily the ship we are operating on the spot market is a ‘93 build ships and we actually see some interest now from conversion buyers for this vintage of single hull which is of course on of the latter single hulls being built. We hope we don’t have to scrap the ships but of course if we have to face the market with these economics I don’t think you’d have had to go to more than high school to calculate its better to scrap it.

Your next question comes from Jon Chappell – JP Morgan Jon Chappell – JP Morgan: On slide 17 where you have the time charter coverage, does that include the short term floating storage contracts that some of your double hull ships are on?

On that chart only one ship is included. That ship is on an almost 12 month charter. Otherwise the other ships are not. Jon Chappell – JP Morgan: If you can just give us a range of maybe what rates the shorter term contracts are on.

At present we have anything from 30 to seven months coverage. We have presently six ships doing storage, which is not included in these figures. Jon Chappell – JP Morgan: Roughly the rates that those have been signed up on?

Excess the spot market I should say. Jon Chappell – JP Morgan: On the storage, on slide 23, its look that up until 2009 the amount of ships on storage were well below what they’ve been tracking here. If the oil market does return to backordation or the Contango continues to narrow and there is a return to more normalized storage levels between 10 and 30 vessels, what type of impact do you think that would have?

Obviously certainly 30 ships are coming back to the market that could be another pressure down. We think it’s unlikely to happen that fast. As the double hull ships are coming back you will see escalation of single hulls being moved out. They should hopefully neutralize each other. Jon Chappell – JP Morgan: You would expect greater than historical average storage due to the 2009 and then a return to normalcy next year?

Yes

Your next question comes from C.J. Baldoni – Evergreen Investments C.J. Baldoni – Evergreen Investments: Can you say what you expect for profit share expense this year?

No, we normally don’t make any predictions of our earnings or anything like that. We can’t do that. C.J. Baldoni – Evergreen Investments: You mentioned the time charter was cancelled for Front Striver, what happens there with that vessel?

That’s normal shipping matter. The charters were prematurely terminated the charter as ship owner we have raised a claim which they have not responded to within time so we have put the matter to arbitration. That will proceed accordingly. Of course we have to mitigate our position on this ship. We have decided to drydock her early which was due in September anyways and after that we have fixed out five to seven months charter. The claim will be dealt with in arbitration or claims situation and we of course have to see the outcome what it will be. I think we believe it’s a positive case but that remains to be seen.

As we have no further questions at this time, I would like to turn the conference back over for any additional or closing remarks.

I would like to just say think for dialing in. I think we all agree that interesting times are here. I would like to say thank you for everybody in Frontline for their good and dedicated work in the first quarter this year.

That will conclude today’s conference call. Thank you for your participation. You may now disconnect.