Nordic American Tankers Limited (NYSE: NAT) - New vessel delivered to NAT today - impacting earnings capacity positively
10 July 2018 - 8:13PM
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. WolfeSeward &
Kissel LLPNew York, USATel: +1 212 574 1223 |
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Bjørn Giæver, CFONordic
American Tankers LimitedTel: +1 888 755 8391 or
+47 91 35 00 91 |
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Herbjørn
Hansson, Chairman & CEONordic American Tankers LimitedTel:
+1 866 805 9504 or +47 90 14 62 91 |
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Web-site:
www.nat.bm |
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