Enclosed is a Notice of the Annual General Meeting of Shareholders (“Notice”) of
Nordic American Tanker Shipping Limited (the “Company”) which will be held at the office of
the Company at Cedar House, 41 Cedar Avenue, Hamilton HM EX, Bermuda on May 30, 2003,
at 10:30 a.m., Bermuda time, and related materials.
At this Annual General Meeting (the “Meeting”), the shareholders of the Company will
consider and vote upon proposals:
1. To elect a total of 5 directors to serve until the next Annual General Meeting of the
shareholders (“Proposal One”);
2. To approve the novation from Ugland Nordic Shipping ASA, the Manager of the
Company (the “Manager”), of the management agreement for the Company to
Scandic American Shipping Ltd., and to make related changes to the Bye-Laws
3. To ratify and approve the appointment of Deloitte & Touche as the Company’s
independent auditors for the fiscal year ending December 31, 2003 (“Proposal
4. To transact other such business as may properly come before the meeting or any
adjournment or postponement thereof.
Adoption of Proposals One and Three requires the affirmative vote of a majority of the
holders of the Common Shares present and voting at the Meeting. Adoption of Proposal Two
requires the affirmative vote of not less than two-thirds of the Company’s issued and outstanding
The Board of Directors has fixed the close of business on April 14, 2003, as the record
date for determination of the shareholders entitled to receive notice and vote at the Meeting or
any adjournment or postponement thereof.
The Manager, which owns approximately 10.31% of the Company’s common shares, has
indicated that it will vote in favor of each of the proposals.
Tanker Shipping Limited
You are cordially invited to attend the Meeting in person.
Whether or not you plan to
attend the Meeting, please sign, date and return as soon as possible the enclosed proxy in the
enclosed stamped, self-addressed envelope. If you attend the Meeting, you may revoke your
proxy and vote your shares in person.
WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL GENERAL
MEETING, PLEASE COMPLETE, DATE, SIGN AND RETURN THE ENCLOSED PROXY
IN THE ENCLOSED ENVELOPE, WHICH DOES NOT REQUIRE POSTAGE IF MAILED
IN THE UNITED STATES. THE VOTE OF EVERY SHAREHOLDER IS IMPORTANT
AND YOUR COOPERATION IN RETURNING YOUR EXECUTED PROXY PROMPTLY
WILL BE APPRECIATED.
ANY SIGNED PROXY RETURNED AND NOT COMPLETED WILL BE VOTED BY
MANAGEMENT IN FAVOR OF ALL PROPOSALS PRESENTED IN THE PROXY
Very truly yours,
Chairman and Chief Executive Officer
The press release can be downloaded from the enclosed link: