Nordic American Tanker Shipping Ltd. - (NYSE: NAT) Announces Delivery
of its 16th Vessel- Bolstering
Nordic American Tanker Shipping Ltd. - (NYSE: NAT) Announces Delivery of its 16th Vessel- Bolstering the Company's Dividend Capacity
(Thomson Reuters ONE) - Hamilton, Bermuda, July 7, 2009Nordic American Tanker Shipping Ltd. (the "Company") today tookdelivery of the suezmax vessel that the Company announced in May thisyear it had agreed to acquire. The double hull suezmax vessel hasbeen named Nordic Grace. Including the Nordic Grace, the fleet of theCompany consists of 16 suezmax vessels of which two are newbuildings.The vessel will be employed in the Company's cooperative arrangementwith the Stena Group of Gothenburg, Sweden.Herbjorn Hansson, the Company's Chief Executive Officer, commented:"Our policy is to grow when it is profitable and accretive to do so.That is, after the acquisition of a vessel, the Company should beable to pay a higher dividend per share compared to the situation inwhich an acquisition had not taken place - irrespective of the levelof the spot market, and so long as we remain above our average cashbreakeven which is currently less than $10,000 per day per ship. Webelieve that the purchase of this vessel is an example of such anaccretive acquisition. Over time, the Company's fleet continues togrow faster than its share count."This transaction is in line with the Company's growth strategy. Thepurchase of this vessel is financed by cash on hand. Having one ofthe strongest balance sheets in the industry, the Company iscommitted to continuing its full dividend policy and transparentoperating model.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSMatters discussed in this press release may constituteforward-looking statements. The Private Securities Litigation ReformAct of 1995 provides safe harbor protections for forward-lookingstatements in order to encourage companies to provide prospectiveinformation about their business. Forward-looking statements includestatements concerning plans, objectives, goals, strategies, futureevents or performance, and underlying assumptions and otherstatements, which are other than statements of historical facts.The Company desires to take advantage of the safe harbor provisionsof the Private Securities Litigation Reform Act of 1995 and isincluding this cautionary statement in connection with this safeharbor legislation. The words "believe," "anticipate," "intend,""estimate," "forecast," "project," "plan," "potential," "may,""should," "expect," "pending" and similar expressions identifyforward-looking statements.The forward-looking statements in this press release are based uponvarious assumptions, many of which are based, in turn, upon furtherassumptions, including without limitation, our management'sexamination of historical operating trends, data contained in ourrecords and other data available from third parties. Although webelieve that these assumptions were reasonable when made, becausethese assumptions are inherently subject to significant uncertaintiesand contingencies which are difficult or impossible to predict andare beyond our control, we cannot assure you that we will achieve oraccomplish these expectations, beliefs or projections. We undertakeno obligation to update any forward-looking statement, whether as aresult of new information, future events or otherwise.Important factors that, in our view, could cause actual results todiffer materially from those discussed in the forward-lookingstatements include the strength of world economies and currencies,general market conditions, including fluctuations in charter ratesand vessel values, changes in demand in the tanker market, as aresult 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 marketfor our vessels, availability of financing and refinancing, changesin governmental rules and regulations or actions taken by regulatoryauthorities, potential liability from pending or future litigation,general domestic and international political conditions, potentialdisruption of shipping routes due to accidents or political events,vessels breakdowns and instances of off-hire, failure on the part ofa seller to complete a sale to us and other important factorsdescribed from time to time in the reports filed by the Company withthe Securities and Exchange Commission, including the prospectus andrelated prospectus supplement, our Annual Report on Form 20-F, andour Reports on Form 6-K.Contacts:Scandic American Shipping LtdManager for:Nordic American Tanker Shipping LimitedP.O Box 56, 3201 Sandefjord, NorwayTel: + 47 33 42 73 00 E-mail: nat(at)scandicamerican.comRolf Amundsen, Investor RelationsNordic American Tanker Shipping LimitedTel: +1 800 601 9079 or + 47 908 26 906Gary J. WolfeSeward & Kissel LLP, New York, USATel: +1 212 574 1223Turid M. Sørensen, CFONordic American Tanker Shipping LimitedTel: + 47 33 42 73 00 or + 47 905 72 927Herbjørn Hansson, Chairman and Chief Executive OfficerNordic American Tanker Shipping LimitedTel: +1 866 805 9504 or + 47 901 46 291http://hugin.info/201/R/1327518/312768.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 07.07.2009 - 12:02 Uhr
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