Nordic American Tankers Limited (NYSE:NAT) - Solid financial position
18 June 2018 - 7:13PM
Hamilton, Bermuda, June 18, 2018
To shareholders and investors,
In the course of the last nine months, the financial position of
NAT has changed much to the better. It is worth noting that the
expected improvement in the tanker market is becoming clearer. We
also brought this up in our February 2018 report.
We have now decided that it is not in the best interest of NAT
shareholders to conduct a bond offering.
NAT has financial flexibility through a large suezmax fleet and
a long standing cooperation with our customers; oil and energy
companies, including oil traders.
Our lending and investment banks in the US and Europe play key
roles in NAT. The debt per ship of NAT is low - below the
scrap value of each ship.
When conditions change, it is the NAT policy to retain its
expansionary business model that has been rewarding over many
years. Over time expansion is the objective. However, sales
and acquisitions of vessels do not necessarily take place at the
same time. It can be expected that NAT will immediately reap
the benefits of an upswing in the tanker market. Going
forward, dividend is an important element of the NAT strategy.
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: |
|
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 |
|
|
|
Web-site:
www.nat.bm |
|
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