Nordic American Tankers Limited (NYSE:NAT) – Increasing the fleet to 33 vessels. Agreements entered into with Samsung Heavy...
October 27 2016 - 5:49AM
Nordic American Tankers Limited ("NAT" or the "Company") announced
today that it has entered into agreements with Samsung Heavy
Industries Co., Ltd., a leading Korean shipyard, for the
construction of three Suezmax tankers of about 157,000 deadweight
tons each to be delivered to NAT during the second half of
2018. The commercial parameters are based on standard terms
for the industry.
"This is another large step forward for Nordic
American," said Herbjørn Hansson, the Chairman & CEO of
the Company. "By adding these ships, we substantially increase the
dividend capacity and bolster our earnings potential. We believe
that our solid balance sheet as well as our well-defined and
transparent operating model are elements supporting the competitive
position of NAT. The stock issue of about $120m that we completed
September 30, will part finance this transaction. A 33 vessel
homogenous Suezmax fleet is making NAT stronger and the Company
becomes even more attractive for our customers."
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: |
|
Herbjørn Hansson, Chairman
& CEONordic American Tankers LimitedTel: +1 866 805
9504 or +47 90 14 62 91 |
Turid M. Sørensen, CFO
& EVPNordic American Tankers LimitedTel: +47 33 42 73 00 or +47
90 57 29 27 |
|
|
Jan H. A. Moller, Head of
Investor Relations & Financial Manager Nordic American
Tankers LimitedTel: +47 33 42 73 00 or +47 90 11 53 75 |
Gary J. WolfeSeward &
Kissel LLP,New York, USATel: +1 212 574 1223 |
|
|
Rolf Amundsen,
AdvisorNordic American Tankers LimitedTel: +1 800 601 9079 or + 47
908 26 906 |
Web-site: www.nat.bm |
|
|
Press release PDF:
http://hugin.info/201/R/2052113/767983.pdf
Nordic American Tankers (NYSE:NAT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nordic American Tankers (NYSE:NAT)
Historical Stock Chart
From Apr 2023 to Apr 2024