Nordic American Tankers Ltd. (NYSE:NAT) - Our company is reaping the benefits of the strong tanker market.
January 16 2020 - 6:05AM
Hamilton, Bermuda, January 16, 2020
Dear Investors, In a January 7, 2020 message we informed you
about our first fixture of 2020 with a Time Charter Equivalent
(TCE) in excess of $100,000 per day.
For reference, but not for accounting purposes, below is a list
of our last spot market fixtures concluded up until the release of
this message:
Fixture 1: TCE $50,000 per day for 50 days Fixture 2: TCE
$90,000 per day for 40 days Fixture 3: TCE $65,000 per day for 35
days Fixture 4: TCE $75,000 per day for 50 daysFixture 5: TCE
$31,000 per day for 25 days
The operating costs of our vessels are about $8,000 per day per
ship.
The above fixtures illustrate the strong start of the first
quarter 2020, that is well above the last quarter of 2019, on which
we have provided guidance earlier.
It is also good for the tanker market that China and USA seem to
be coming to terms on expanding energy cooperation.
In summary, the strong tanker market is continuing, far above
the numbers for many years.
We shall publish our 4Q 2019 results February 17, 2020. Our
dividend declaration shall be on the same date.
Going forward, there is scope for increased dividends compared
with the last years.
Chairman & CEOHerbjørn HanssonNordic American Tankers
Ltd.
www.nat.bm
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 Ltd. January 16, 2020docx
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