Nordic American Tankers Ltd (NYSE: NAT) – Two suezmax newbuildings delivered and two long term contracts established
June 29 2022 - 5:12AM
Wednesday, June 29, 2022
Dear Shareholders and Investors,
On May 13, 2022, we took delivery of the first of two recent
suezmax tanker newbuildings from Samsung shipyard in South Korea.
The vessel, which can carry one million barrels of oil, was named
Nordic Harrier. We are always pleased to do business with South
Korean shipbuilders, since their vessels are first-rate and always
delivered on schedule.
The second newbuilding, to be named Nordic Hunter, will be
delivered in a few days and will also commence a contract for six
years to ASYAD Shipping Company of the Sultanate of Oman. The
contract begins promptly upon delivery from the yard, immediately
producing earnings and cash-flow and further strengthening the NAT
position in the crucial Middle East region.
Both newbuildings mentioned in this message are fully financed
via our partner Ocean Yield, a company controlled by Kohlberg
Kravis Roberts (KKR), which is headquartered in the US.
The NAT fleet consists of 20 vessels, all of them suezmax
tankers, thus ensuring us both the reliability and flexibility of a
uniform operation.
For contacts, please see at the end of this communication.
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 Bermuda based company.
Contacts:
Bjørn Giæver, CFO
Nordic American
Tankers Ltd
Tel: +1 888 755
8391
Alexander Kihle, Finance ManagerNordic American Tankers LtdTel:
+47 91 72 41 71
www.nat.bm
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