Nordic American Tankers Ltd (NYSE: NAT) - A busy period and good prospects.
June 12 2019 - 08:23AM
Bermuda June 12, 2019
Dear shareholders and investors,
The last 12 months have been the busiest period
for Nordic American Tankers ever.
Sale of 10 suezmax vessels and delivery of 3 new
suezmax units took place in the last six months of 2018 and ensured
a renewal of our fleet which count suezmaxes only. The operating
costs for the NAT fleet came down further.
Maximizing dividend is our strategy. We also
aim at reducing the debt level and thereby lowering the cash break
even further. The new 5-year loan of $306 million that we announced
in February this year, is a key element in this strategy of
maximizing dividend and reducing debt.
In 2Q2019, we have seen the normal seasonal
downturn in that quarter. We expect a significantly improved tanker
market ahead. Recent contracts for 3Q2019 loading confirm this,
showing a clear strengthening trend for our vessels. We must
remember that political unrest is often good for the tanker
market. We now see increased oil exports from the US, which
is a new trend.
The operational transition of our offshore
business to a new group during the first half of 2019 will allow
NAT to fully concentrate on the tanker business.
With the important changes taking place in NAT
during the last year, we are positive on the outlook. The
prospects for NAT are good.
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. Wolfe
Seward & Kissel LLP
New York, USA
Tel: +1 212 574 1223
|
|
Bjørn
Giæver, CFO
Nordic American Tankers Limited
Tel: +1 888 755 8391 or +47 91 35 00 91 |
|
Herbjørn Hansson, Chairman & CEO
Nordic American Tankers Limited
Tel: +1 866 805 9504 or +47 90 14 62 91 |
|
Press Release (PDF)
This
announcement is distributed by West Corporation on behalf of West
Corporation 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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