Nordic American Tankers Limited (NAT) 1999年年度报告「NYSE」.pdf

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1、1999 Annual Report to ShareholdersNordic American Tanker Shipping Ltd.NORDIC AMERICAN TANKERSHIPPING LIMITED1999 ANNUALREPORT TOSHAREHOLDERS1999 Annual Report to ShareholdersNordic American Tanker Shipping Ltd.BUSINESSGeneralNordic American Tanker Shipping Limited(the Company)was incorporated on Jun

2、e12,1995,under the laws of the Islands of Bermuda(Bermuda)for the purpose of acquiring,disposing,owning,leasing,and chartering three double hull Suezmax oil tankers(the Vessels)and engaging in activities necessary,suitable or convenient to accomplish,or in connection withor incidental to,the foregoi

3、ng.The principal executive offices of the Company are located at:Cedar House,41 Cedar Avenue,Hamilton HM EX,Bermuda,telephone number(441)295-2244.In September 1995,the Company offered and sold to the public 11,731,613 warrants(“Warrants”)at the initial public offering price of$5.00 per Warrant.The e

4、xercise price of aWarrant was$10.21.Prior to September 30,1997(the“Exercise Date”),the Company did nothave any operations other than certain limited operations related to the acquisition of the Vessels,of which all three were delivered in the last half of 1997.The Company now owns three moderndouble

5、 hull 150,000 dead-weight tonne(“dwt”)Suezmax tankers(the“Vessels”).The Vesselswere built at Samsung Heavy Industries Co.Ltd.in South Korea(the“Builder”).On September 30,1997,all of the outstanding Warrants of the Company were exercisedat an exercise price of$10.21 per Warrant.The Company received a

6、 total of$119,779,768.73 byissuing a total of 11,731,613 new Common Shares(the“Shares”).At that time there was a totalof 11,813,850 Shares in issue.Expenses in the total amount of approximately$337,000 relatedto the exercise of the Warrants were deducted from the proceeds of the exercise.On October