Nordic American Tankers Ltd (NYSE: NAT) - A busy period and good prospects.
June 12 2019 - 7:24AM
Bermuda June 12, 2019
Dear shareholders and investors,
The last 12 months have been the busiest period for Nordic
American Tankers ever.
Sale of 10 suezmax vessels and delivery of 3 new suezmax units
took place in the last six months of 2018 and ensured a renewal of
our fleet which count suezmaxes only. The operating costs for the
NAT fleet came down further.
Maximizing dividend is our strategy. We also aim at
reducing the debt level and thereby lowering the cash break even
further. The new 5-year loan of $306 million that we announced in
February this year, is a key element in this strategy of maximizing
dividend and reducing debt.
In 2Q2019, we have seen the normal seasonal downturn in that
quarter. We expect a significantly improved tanker market ahead.
Recent contracts for 3Q2019 loading confirm this, showing a clear
strengthening trend for our vessels. We must remember that
political unrest is often good for the tanker market. We now
see increased oil exports from the US, which is a new trend.
The operational transition of our offshore business to a new
group during the first half of 2019 will allow NAT to fully
concentrate on the tanker business.
With the important changes taking place in NAT during the last
year, we are positive on the outlook. The prospects for NAT
are good.
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 worldwide 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: |
|
Gary J. WolfeSeward &
Kissel LLPNew York, USATel: +1 212 574 1223 |
|
Bjørn Giæver, CFONordic American
Tankers LimitedTel: +1 888 755 8391 or +47 91 35 00
91 |
|
Herbjørn
Hansson, Chairman & CEONordic American Tankers LimitedTel:
+1 866 805 9504 or +47 90 14 62 91 |
|
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