Nordic American Tankers Ltd (NYSE:NAT) - New Time Charter with a Major Oil Company
January 16 2018 - 1:02PM
Hamilton, Bermuda, January 16, 2018
Dear Sirs,
In the autumn of 2017, we advised you of our time charter
activities with oil companies such as Shell, BP, ExxonMobil and
other major oil companies in the West and in the Far East.
The ExxonMobil time charter for a suezmax recently
expired. However, we have an important contract with them
involving lube oil for our suezmax fleet. From time to time
we also have shorter contracts (typically up to 60 days) for ships
serving as storage space for major companies.
Expanding our time charter portfolio, we would like to inform
you that we have entered into a one-year term charter with the
major Spanish oil company Cepsa. The ship in question is the
2004 built Nordic Castor. She is expected to be delivered on the
time charter late February, subject to a satisfactory inspection in
next discharge port. The fact that NAT has only one million
barrel suezmax ships allows us to achieve economies of scale.
The agreed rate secures a good cash flow. The
contract may last for 15 months.
With the conclusion of this deal, we will have 5 our 33 ships
(of which three new builds for delivery in 2018), employed on time
charters with major oil companies.
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 worldwide 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 |
Bjørn Giæver, CFO Nordic
American Tankers Limited Tel: +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/a8854037-998c-43f6-a70f-5018a56c8b9b
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