| Nordic American Tanker Shipping Ltd. |  | Nordic American Tanker Shipping Ltd. ("NAT") was incorporated in Bermuda in 1995. In September 1995 NAT sold securities to the public in the US and in Europe. The shares are today trading at the New York Stock Exchange ("NYSE"). The proceeds from the first offering (and subsequent exercise of warrants) were used to acquire 3 new suezmax double hull crude oil tankers (151,000 dwt) built at Samsung Heavy Industries Co. Ltd. to very high specifications. The three vessels ("Nordic Hawk", "Nordic Hunter" and "Gulf Scandic") were all delivered during the autumn of 1997 and commenced a seven-year bareboat charters to British Petroleum ("BP") immediately after delivery. The charter was based on the spot market rates at all times; with a minimum guaranteed rate. NAT's bye-laws restricted the company from acquiring additional vessels or concluding other business during the charter to BP. As the charters were close to expiry, an Extraordinary General Meeting was called for in March 2004 to decide if NAT should be wound up, or continue as an active operating company in October 2004. An overwhelming majority of the shareholders voted to continue, and in October 2004 the charter to BP expired, the restricting bye-laws were effectively changed and NAT became an active operating company. | | Visit Website | | Office Address | LOM Building, 27 Reid St.,
Hamilton, , HM11 Bermuda | | Phone | +1-441-292-7202 | | Fax | +1-441-292-5962 | | Send Enquiry
| | Executives | Herbjorn Hansson, Chairman, President and CEO; President, CEO and Director Sc | | Turid M. Sorensen, CFO, CFO, Scandic American Shipping |
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