Nordic American Tankers Limited (NYSE:NAT) Announces Acquisition of its Twentieth Vessel
(Thomson Reuters ONE) -
Hamilton, Bermuda, September 5, 2011
Nordic American Tankers Limited ("NAT" or the "Company") today announced that
the Company has agreed to acquire its twentieth vessel, a double-hull suezmax
tanker built at Samsung Heavy Industries, Korea. The agreed purchase price is
$24.45 million. This first class vessel is expected to be delivered to us no
later than October 5, 2011. The acquisition will be financed from the financial
resources of the Company.
Nordic American has a modern fleet of vessels at an average age of about 9.5
years. The newly acquired vessel is built in the same year and at the same yard
as the sister vessel, the Nordic Sprite (1999). It is of significant importance
to have sister vessels in the fleet as operational and cost synergies can be
realized. The vessel was built at high technical specifications. Our focus on
safety for crew, vessels and the environment will never cease. NAT is a company
built on quality in all respects.
At the end of 2010, Nordic American had 15 vessels employed in the spot market.
Including the delivery of the current acquisition and the delivery of the second
newbuilding from Samsung this October, Nordic American is expected to have a
fleet of 20 vessels at that time - an increase of 33.3% in less than a year -
bolstering our dividend and earnings capacity going forward.
The acquisition represents a natural step in the further development of Nordic
American. The Company is seeking to increase its dividend and earnings capacity
through further expansion, but we are in no rush. We believe that our strong
balance sheet, well defined and transparent operating model provide the Company
with a solid competitive position going forward.
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:
Scandic American Shipping Ltd
Manager for:
Nordic American Tankers Limited
P.O Box 56, 3201 Sandefjord, Norway
Tel: + 47 33 42 73 00 E-mail: nat(at)scandicamerican.com
Rolf Amundsen, Head of Investor Relations, Norway
Nordic American Tankers Limited
Tel: +1 800 601 9079 or + 47 908 26 906
Jacob Ellefsen, Head of Research, United Kingdom
Nordic American Tankers Limited
Tel: + 44 20 31 78 58 20 or + 44 78 27 92 94 11
Gary J. Wolfe
Seward & Kissel LLP, New York, USA
Tel: +1 212 574 1223
Herbjørn Hansson, Chairman and Chief Executive Officer
Nordic American Tankers Limited
Tel: +1 866 805 9504 or + 47 901 46 291
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nordic American Tankers Limited via Thomson Reuters ONE
[HUG#1544004]
Unternehmensinformation / Kurzprofil:
Datum: 05.09.2011 - 12:25 Uhr
Sprache: Deutsch
News-ID 62240
Anzahl Zeichen: 6575
contact information:
Town:
Hamilton HM 12
Kategorie:
Business News
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