Nordic American Tankers Limited (NYSE: NAT) - New vessel delivered to NAT today - impacting earnings capacity positively
July 10 2018 - 5:12AM
Hamilton, Bermuda, July 10, 2018
Dear shareholders,
We have previously advised you of the new
buildings coming from Samsung shipbuilding in South Korea in 2018,
the first one now in July. The second ship is scheduled for
delivery at the end of August and the third one at the end of
October.
We are pleased to inform you that the delivery of
the first new building took place today exactly as planned. The
vessel has the name of Nordic Aquarius.
Over the years we have received several new
buildings from Samsung. All transactions have been performed in a
flawless way. The ship is 156,900 DWT being able to load one
million barrels of crude oil.
The Nordic Aquarius will be employed in worldwide
trading. The first voyage is expected to be from the Singapore area
to Western Europe. As informed you earlier, as with the two others,
the first new building has been financed by a sale/lease back
arrangement.
Including the new buildings of 2018, NAT has now
an industry leading suezmax age fleet profile along with the best
balance sheet in the tanker industry. We have decided against going
for a bond offering for reasons as informed you earlier. The three
new buildings this year will reduce the average age of the NAT
fleet substantially, to about 10 years per ship.
There is optimism in the tanker industry.
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press
release may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other
than statements of historical facts.
The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intend," "estimate," "forecast,"
"project," "plan," "potential," "will," "may," "should," "expect,"
"pending" and similar expressions identify forward-looking
statements.
The forward-looking statements in
this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections. We
undertake no obligation to update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Important factors that, in our
view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of
world economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values, changes
in demand in the tanker market, as a result of changes in OPEC's
petroleum production levels and world wide oil consumption and
storage, changes in our operating expenses, including bunker
prices, drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessels breakdowns and instances of off-hires and other important
factors described from time to time in the reports filed by the
Company with the Securities and Exchange Commission, including the
prospectus and related prospectus supplement, our Annual Report on
Form 20-F, and our reports on Form 6-K.
Contacts: |
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Gary J.
Wolfe
Seward & Kissel LLP
New York, USA
Tel: +1 212 574 1223 |
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Bjørn
Giæver, CFO
Nordic American Tankers Limited
Tel: +1 888 755 8391 or +47 91 35 00 91 |
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Herbjørn Hansson, Chairman & CEO
Nordic American Tankers Limited
Tel: +1 866 805 9504 or +47 90 14 62 91 |
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Web-site: www.nat.bm |
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Press release (PDF)
This
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Nordic American Tankers Limited via
Globenewswire
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