Hamilton, Bermuda, July 21, 2017
For the interest it may have, below is a press release from
Nordic American Tankers Limited that was announced today.
-------------------------------------
Nordic American Tankers Limited (NYSE:NAT) - Declaration of
Dividend for the 80th time. The position of NAT is very
strong.
Hamilton, Bermuda, July 21, 2017
Nordic American Tankers Limited ("NAT") today announced that the
80th quarterly dividend of NAT (for 2Q2017) is expected to equal
$0.15 per share. We commented on the NAT situation in our message
of May 29. Going forward, dividend payments are expected to
remain a matter of priority. This time the dividend is expected to
consist of two parts:
A cash dividend expected to be $0.10 per common share and a
partial distribution of shares held by NAT in Nordic American
Offshore Ltd. ("NAO"), expected to be equivalent to about $0.05 per
NAT share. The basis for the above numbers is the stock price of
NAO at the close of NYSE trading on Thursday July 20, 2017.
The record date for the cash dividend and distribution of shares
is planned for August 14, 2017. The payment and distribution of
shares are expected to take place on or about August 31,
2017. Further details on the distribution of the NAO shares
will be announced later.
The Chairman & CEO of NAT, Herbjorn Hansson and his
immediate family have recently increased their ownership in NAO to
10.8 %, expressing confidence in NAO. The Hansson family is also
one of the largest shareholders of NAT, having bought NAT shares
recently.
Herbjorn Hansson, Chairman and Chief Executive Officer said:
"The strategic, financial and commercial position of NAT is very
strong. The net debt of NAT is low compared with other listed
shipping companies. Our objective is to have an equity ratio of
minimum 80% as measured by the market capitalization of the company
as the basis."
Going forward, NAT wishes to establish a more sophisticated
capital structure. Bond financing could be one element in such a
structure.
NAT also has under review a borrowing arrangement for the three
2018 suezmax new buildings to be delivered in June, September and
October next year. An amount equivalent to 30% was paid cash on
contract signature. The balance for the three ships will be paid at
the time of delivery.
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
www.nat.bm
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/a042c298-1cd1-4a12-856b-19f1cb18cdb4
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