Enclosed is a Notice of a Special General Meeting of Shareholders (“Notice”) of Nordic
American Tanker Shipping Limited (the “Company”) which will be held at the offices of Seward
& Kissel LLP, One Battery Park Plaza, 20th Floor, New York, New York on March 15, 2004, at
11:00 a.m. (New York City time) and related materials.
At this Special General Meeting (the “Meeting”), the shareholders of the Company will consider and vote on proposals
(i) to sell the Company’s vessels and distribute the proceeds to the shareholders,
or, in the alternative, to continue the Company in business, and
(ii) if the shareholders vote to continue the Company in business, to amend the
Company’s bye-laws to remove the current restrictions on the Company’s
business activities.
BP Shipping Limited (” BP”) has not exercised its option to extend the bareboat charters
of the Company’s three Suezmax oil tankers, and the charters will expire on September 30, 2004
(subject to extension by BP for up to 30 days). Accordingly, as required by the Company’s byelaws,
the Company’s Board of Directors (the “Board”) is presenting to the shareholders a
proposal to sell the Company’s vessels following termination of the BP charters, together with
the Board’s recommendation as to whether the proposal is in the best interests of the Company or
whether an alternative plan might be of greater benefit to the Company.
The affirmative vote of holders of a majority of the Company’s common shares duly
present and voting at the Meeting is required either to approve the sale of the vessels or to
continue the Company in business.
The press release can be downloaded from the enclosed link: