Nordic American Tankers Limited (NYSE:NAT) - Increasing the fleet to 33 vessels. Agreements entered into with Samsung Heavy I...
October 27 2016 - 5:50AM
Hamilton, Bermuda, October 27, 2016
Nordic American Tankers Limited ("NAT" or the "Company") announced
today that it has entered into agreements with Samsung Heavy
Industries Co., Ltd., a leading Korean shipyard, for the
construction of three Suezmax tankers of about 157,000 deadweight
tons each to be delivered to NAT during the second half of
2018. The commercial parameters are based on standard terms
for the industry.
"This is another large step
forward for Nordic American," said Herbjørn Hansson, the
Chairman & CEO of the Company. "By adding these ships, we
substantially increase the dividend capacity and bolster our
earnings potential. We believe that our solid balance sheet as well
as our well-defined and transparent operating model are elements
supporting the competitive position of NAT. The stock issue of
about $120m that we completed September 30, will part finance this
transaction. A 33 vessel homogenous Suezmax fleet is making NAT
stronger and the Company becomes even more attractive for our
customers."
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 world wide 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: |
|
Herbjørn
Hansson, Chairman & CEO
Nordic American Tankers Limited
Tel: +1 866 805 9504 or +47 90 14 62 91
|
Turid M.
Sørensen, CFO & EVP
Nordic American Tankers Limited
Tel: +47 33 42 73 00 or +47 90 57 29 27
|
Jan H. A.
Moller,
Head of Investor Relations & Financial Manager
Nordic American Tankers Limited
Tel: +47 33 42 73 00 or +47 90 11 53 75 |
Gary J.
Wolfe
Seward & Kissel LLP,
New York, USA
Tel: +1 212 574 1223 |
|
|
Rolf
Amundsen, Advisor
Nordic American Tankers Limited
Tel: +1 800 601 9079 or + 47 908 26 906 |
Web-site: www.nat.bm
|
Press release PDF
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Nordic American Tankers Limited via
Globenewswire
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