Duplicate - Nordic American Tankers Limited (NYSE:NAT) - Announces TC arrangements with major oil companies.
August 09 2017 - 1:22PM
Hamilton, Bermuda, August 9, 2017
Dear shareholders and investors,
Nordic American Tankers Limited ("NAT")
announced today that it has entered into two Time Charter
arrangements (TCs) with Shell Oil for a period of 18 months
for each vessel, commencing in August/September this year. The
terms of the confidential contracts include upside for both parties
as well as downside protection. NAT now has three TCs with Shell.
NAT has six TC arrangements with large oil companies - from
three months up to 18 months. In addition to TCs for
ExxonMobil and Shell, we do business with major oil companies in
the West and in the East. "We are pleased to
announce these important contracts which are examples of the
confidence customers and partners in Big Oil have in NAT and
our large fleet of Suezmax vessels. More or less all the time, we
have ships in China. NAT is also doing work in India which is
becoming increasingly more important." said Herbjørn Hansson,
the Chairman & CEO of NAT.
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," "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 the general market conditions of the oil and
natural gas industry which influence charter hire rates and vessel
values, demand in platform supply vessels, our operating expenses,
including bunker prices, dry docking and insurance
costs, governmental rules and regulations or actions taken by
regulatory authorities as well as potential liability from pending
or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, the availability of financing and
refinancing, vessel breakdowns and instances of off-hire and other
important factors described from time to time in the reports filed
by the Company with the Securities and Exchange Commission.
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
Gary J. WolfeSeward & Kissel LLPNew York, USATel: +1 212 574
1223
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/f45361da-8c0a-4389-aecb-aa96f8f664cf
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