Nordic American Tankers Ltd (NYSE: NAT) – NAT is in an expansionary mode based on concrete projects
July 28 2021 - 5:23AM
Wednesday, July 28, 2021
Dear Shareholders and Investors,
A few years ago, NAT winnowed its fleet from 33 vessels to 23
vessels. Last year the company ordered two newbuildings from South
Korea. These two ships will be delivered to NAT in 2022. As
described below the path forward is expansion. We have concrete
projects to sell at least two ships built in 2000 and 2002. These
sales are a part of a process to increase the fleet by purchasing
at least two or more additional ships of a more recent vintage than
the ones that will be sold. These strategic moves will strengthen
NAT substantially.
It is an important objective for NAT to prioritize
dividend. This policy is steadfast. It is linked to the market for
our 25 suezmax tankers. In a strong tanker market higher
dividends will be produced than in a weak market.
A second goal is to facilitate the sale and purchase of the
NAT stock. An investor wishing to buy the NAT stock should be able
to do so easily. Conversely, an investor wishing to sell his NAT
portfolio (partly or wholly) should have the opportunity to do so.
The expert expression is that NAT is providing for a large
free float in the stock.
A third element is the importance of our brand and what we stand
for. We wish to communicate the values of NAT, which include
integrity, reliability, customer focus, sustainablity and a
completely corruption free approach. In the past we have left
trading areas for our ships because conditions in these areas did
not meet our commitment to our values.
The objective for NAT is to become more or less debt free
as was the NAT position in the past. As one of the largest New York
listed tanker companies, NAT’s focus must be on shareholders and on
investors.
Thus, at this time we shall renew and expand our fleet as
explained above. Now, it is a good time to implement these
projects.
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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