To: Terry Whitman who wrote (4724 ) 9/28/2001 12:43:55 PM From: John Pitera Read Replies (2) | Respond to TW, the chart action in NAT is "iffy" at best. NAT and VLCCF are incorporated in Bermuda and as we know laws of the Islands of Bermuda for the purpose of acquiring, disposing, owning, leasing, and chartering three double hull Suezmax oil tankers (the Vessels). Each of the Company's Vessels is a 1997-built, 151,459 dwt (dead-weight tons) double hull Suezmax oil tanker. The Vessels were delivered between August and December 1997 and have been designed according to the specifications set forth in the shipbuilding contracts between the Builder and the Company (the Shipbuilding Contracts). The Vessels were built at Samsung Heavy Industries Co. Ltd. in South Korea. Each Vessel is registered on Isle of Man and flies the British flag. September 30, 1997 and will end approximately seven years after such date, subject to extension at the option of the Charterer for up to seven successive one-year periods. Under each Charter, the Charterer is required to provide the Company with at least 12 months' prior notice of each such extension. a fixed minimum rate of charterhire of $13,500 per Vessel per day (the Base Rate) , paid quarterly in advance, and additional charterhire (which will be determined and paid quarterly in arrears and may equal zero), which would equal the excess, if any, of a weighted average of the daily time charter rates for two round-trip trade routes traditionally served by Suezmax tankers (Bonny, Nigeria to/from the Louisiana Offshore Oil Port, and Hound Point, U.K. to/from Philadelphia, Pennsylvania), over the sum of an agreed amount of $8,500 representing daily operating costs and the Base Rate.
