Nordic American Tankers Limited (NYSE:NAT) - Strong market improvement for our Suezmax tankers. Insiders buy NAT stock.
September 23 2019 - 4:40AM
Hamilton, Bermuda, September 23, 2019
Dear shareholders and investors,
Spot rates for our Suezmax tankers are on the move.
There is a strong upward pressure on major Suezmax
tanker-routes.
This development continued last week. The market level for our
ships has improved to more than $40,000 per day at the start of
this week - Monday September 23. The level of operating costs
for our ships is about $8,000 per day/per ship.
At this time there is a shortage of available ships, in
particular in the Atlantic basin.
Having a large part of our fleet in the short term voyage
market, we believe that NAT is able to benefit from this
development.
The situation described above bodes well for the time to come.
We have again seen that the market for our tanker ships may move
fast within a short period of time.
As informed you Monday September 16, Middle East politics are
important drivers now, creating more demand for our
vessels.
Board members and management have recently adjusted their
shareholdings in NAT upwards for an aggregate amount of about
$500,000.
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: |
|
Gary J.
WolfeSeward & Kissel LLPNew York, USATel: +1 212 574 1223
|
|
Bjørn Giæver,
CFONordic American Tankers LimitedTel: +1 888 755 8391 or
+47 91 35 00 91 |
|
Herbjørn Hansson, Chairman & CEONordic American Tankers
LimitedTel: +1 866 805 9504 or +47 90 14 62 91 |
|
- Nordic American Tankers Limited. September 23, 2019
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