Dunga Shipping Lines Ltd. ("DSL") was incorporated in Bermuda in 1995. In September 1995 DSL 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 ("Dunga Shipping Lines Hawk", "Dunga Shipping Lines 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.
