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Spectrum Shipping Limited - Trading Statement                                   
SPECTRUM SHIPPING LIMITED                                                       
(Registration Number 1998/018118/06)                                            
Share Code:   SUM         ISIN:  ZAE0000347446                                  
(`Spectrum`)                                                                    
TRADING STATEMENT                                                               
Spectrum is expecting a decrease, of between 50% and 70%, in headline earnings  
and earnings per share for financial year ending 31 December 2004 when compared 
to the previous twelve months. The decrease in earnings is due to adverse       
trading conditions and the strength of the rand dollar exchange rate. The       
information in this trading statement has not been reviewed or reported on by   
Spectrum`s auditors.                                                            
Johannesburg                                                                    
14 February 2005                                                                
Sponsor                                                                         
RiverGroup

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