Nordic American Tankers Limited (NYSE:NAT) - Financial Update and Comments on Sulphur Requirements.
October 24 2017 - 5:37AM
Hamilton, Bermuda, October 24, 2017
Financial Update
Nordic American Tankers Limited (NYSE:NAT) would like to
announce that it has signed the main terms with a major
international financial institution for the financing of the
outstanding commitments, due on delivery, for the three Suezmax
newbuildings to be delivered during the latter part of 2018. We
expect the agreement to be fully executed about mid-November 2017
at which time the full financing of the newbuildings will be
completed.
Comments on Sulphur Requirements
Recently, we have seen comprehensive discussions about the new
sulphur requirements for bunker consumption on ships to be in
effect from 2020. Our 33 Suezmax tankers are fully compliant
to run on 0.10% sulphur content or less. Therefore, going
forward we do not see that this new requirement is an issue for
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," "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 |
Bjørn Giæver, CFONordic
American Tankers LimitedTel: +1 888 755 8391 or
+47 91 35 00 91 |
Gary J. Wolfe Seward &
Kissel LLP, New York, USA Tel: +1 212 574 1223 |
www.nat.bm |
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/82ff2641-63d5-4527-be20-d244c14a50b1
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