Duplicate - Nordic American Tankers Limited (NYSE:NAT) - Declaration of Dividend for the 80th time. The position of NAT is ve...
July 21 2017 - 10:51AM
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 91www.nat.bm
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/15d99f17-3cc8-496c-b4d2-785ceb06a8b4
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