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 & CEO
Nordic American Tankers Limited
Tel: +1 866 805 9504 or +47 90 14 62 91
www.nat.bm
Press release (PDF)
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Nordic American Offshore Ltd via
Globenewswire
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