Even though the roots of the company that still exists under the name of DEN?Z NAKL?YATI T.A.?. dates back to 1843, with the privatization of D.B Deniz Nakliyat? T.A.?, 2000, the actual foundation of which was made formal in 1955, it was reborn from its ashes.
The shares were transferred as a block to the company that we, the shareholders, Omega Replica Watches founded for this purpose, together with the assets, receivables, and debts on 24.03.2000 with the Share Sales Agreement contracted between the R.T. Prime Ministry Directorate of Privatization Administration and the Armat?rler Denizcilik Ve Nakliyat A.? as per the decision of the Privatization High Council dated 03.03.2000 and numbered 2000/16.

In the investigations and assessments made following the transfer, it was revealed that the general condition of the company was entirely different from the information and the data given in the promotion book.

When the company was delivered, it consisted of 29 vessels partly laid-up, partly arrested, partly unworthy of repair, with no repairs, maintenance, or records, with the DD+SS surveys due, and with constructions uncompleted.

The line operations made in every direction, the high-cost time charter vessels, and approximately 8000 TEU container boxes used with leases instead of being purchased were liquidated due to unproductive agency services.

Regarding the land and sea staff, approximately 200 land- and 900 sea employees were employed and, except for the personnel kept out of the scope, the severance, termination, leave, etc. pays were paid in cash for reasons of personnel reduction.

The balance of the foreign credit debt used for the current RO-RO vessels was paid back.

The vessels that have been waiting uncompleted for years were completed with foreign credit; the vessel BAK? of 18.000 dw tons was completed information 2001, her sister A?KABAT in 2002, and the vessel TA?KENT of 76.000 dw tons in 2003; and these were included in the fleet.

Only the purchase expense of the company amounted up to 76.6 million dollars, which was purchased for a price of 59 millions dollars in advance, the debt of which was closed with the repayment of the entire balance and the interest on 18.11.005, five years before the due date, after the portion of 14.750.000.- Dollars was pain in advance.

The purchase cost of the company exceeded one hundred thirty million dollars when evaluated as of today.

Following the transfer, the company became the healthy company that it is today with the improvement of the fleet, the credit used, restructuring, crisis management, the dedicated efforts and additional capital contributions of the shareholders, and the extraordinary freights between the years 2003-2004.

Following the liquidation of the debts, timely payment of the credits and the completion of the uncompleted vessels, with the investments it made, it obtained shares at an amount of 38.6% at Dati Holding A.?., 15% at Ere?li Denizcilik A.?., and 9.05% at Denizciler Turizm ve Denizcilik A.?.

Today, it continues its operation with its fleet consisting of 2 panamax vessels of 76.000 dw tons and 2 bulk freight vessels of 59.000 dw tons, with its affiliates, and the real estate.

For this reason, we thank sincerely to the public and private bodies, organizations, banks, and the employees at every level thereof on behalf of our shareholders and employees.

With regards,
M. G?nd?z Kaptano?lu,
Chairman of the Board