Nordic American Tankers Ltd (NYSE: NAT) – Firm contracts concluded
July 19 2021 - 4:59AM
Monday, July 19, 2021
Dear Shareholders and Investors,
Rates for our suezmax ships may change very quickly as
communicated in the message below.
1) A few days ago we signed a contract for one of our suezmax
vessels going via the Suez Canal from the West to the East –
with planned discharge in China.The net TC rate to us is
about USD 17,000 per day for 40 days which could extend to 60
days.2) Last week, we also signed a contract which is lasting for
minimum six or could last for seven months at a net TC rate to us
of about USD 17,000 per day.
The average operating costs for our ships are about USD 8,000
per day per ship. The two ships load the cargoes more or less
immediately. Our contractual partners are first class
companies.
Our rates – 1) & 2) - are strongly up compared with some
reports, indicating rates of USD 4,000 to USD 5,000 a day or even
lower in reports produced by outside parties.
Our two recent contracts are at very different levels (USD
17,000/day), a strong signal for the way forward.
NAT has 25 suezmax vessels, including two newbuildings to be
delivered in 2022.
Sincerely,
Herbjorn HanssonFounder, Chairman & CEO
Nordic 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.
NAT is a New York listed company based in Bermuda.
Contacts:
Gary J. WolfeSeward & Kissel LLPNew York, USATel: +1 212 574
1223
Bjørn Giæver, CFO
Nordic American
Tankers Ltd
Tel: +1 888 755
8391 or +47 91 35 00 91
Herbjørn Hansson, Founder, Chairman & CEONordic American
Tankers LtdTel: +1 866 805 9504 or +47 90 14 62 91
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