Dear Shareholder

Having just joined the company as CEO on February 1st, my first month has been busy but also very exciting and challenging. I have so far been very impressed with professionalism of the Board of Directors, the spirit of the staff and the dedication through which the daily tasks are approached. Please remember that many of our competitors in this industry are companies with a history reaching more than 100 years back and are founded within the history of a certain country. This is not the case with Gulf Navigation Holding. Here we have a relative new company, operating in a truly international environment, composed of Board Members, Management Team and Staff from many different nationalities. This will be part of our strength in the future, we expect to make full use of it and I am proud to be part of this.

The financial result for 2008 speaks for itself, but in addition I would like to mention two particular milestones from 2008 which strategically will play an important role for the company over the years to come:

The business relationship with International Shipping, a SABIC subsidiary, was further strengthened through the delivery of our 3 new buildings, Gulf Fanatir, Gulf Huwaylat and Gulf Deffi. These 3 vessels were delivered from Hyundai Mipo Shipyard one of the world's leading shipyards in South Korea and are of a very high quality. A fourth vessel will be delivered during 2009 and further strengthen the ties between the two companies.

A 50/50 Joint Venture with Stolt Nielsen Ocean Middle East Service, a wholly owned subsidiary of Stolt Nielsen S.A. one of the world's leading Chemical Tanker Owner and Operator was signed. The company will jointly own and operate a number of first class Chemical Tankers.

As for 2009 this will in many ways be a very challenging year. We will from our side, with an immediate effect, commence the following initiatives:-

· Our Vision and Mission statements and subsequent internal policies will be enhanced and improved in order to create a clearer direction for all stakeholders of our organization.

· We shall commence an internal branding process with special emphasis towards our seagoing staff. This part of an organization is equally important and we must, and will, ensure that the quality of our production facility, namely our vessels, and the people operating them, will be at the highest international standard.

· We will have a strong commitment towards controlling and optimizing our expenses. Regardless of any economic climate, this issue will remain in place for the years to come

· Asset prices in general and asset prices for vessels without fixed employment in particular, are presently under pressure. This situation will be monitored closely and provided the price and timing of an acquisition is considered correct and can predominantly be combined with fixed employment, an increase of the size of the fleet may be considered.

As you will see from the financial results presented at this AGM, Gulf Navigation Holding is strongly positioned towards the future. International shipping is a cyclical business and the current economic climate of the world creates uncertainties and with financial institutions becoming more careful than ever one must walk firmly but carefully through the year and this is exactly what we will do in Gulf Navigation Holding.

Thank you.

Per Wistoft Kristiansen

Chief Executive Officer