31ST DECEMBER 1949 – INAUGURAL ADDRESS OF CHAIRMAN & CEO MR STANDARD YARDSTICK ON THE OCCASION OF FORMATION OF BENCHMARKCO LTD

Ladies & Gentlemen

Thank you for participating in the capital formation of BENCHMARKCO LTD, and we look forward to your ongoing support. Our strategy is to be completely undifferentiated and commoditised in order to act purely as a humble and unimaginative standard benchmark for current investors and future time travelers. We launch today owning 1% of the world tanker and dry cargo tramp fleet to be operated entirely in the spot market and on short-term charters. We acquired our share of the world fleet in one grand scoop during the fourth quarter of 1949 at prevailing market prices and have entered these vessels in our books at cost. Such an intensive acquisition program, representing over 100% of the normal quarterly S&P transaction activity, was bound to have an impact on the market.

However we have taken care to acquire our fleet through fictitious virtual transactions so as not to alter the course of history.

Our Strategy

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