Duplicate - Nordic American Tankers Limited (NYSE:NAT) - Declaration of Dividend for the 80th time. The position of NAT is very strong.
(Thomson Reuters ONE) -
Hamilton, Bermuda, July 21, 2017
Nordic American Tankers Limited ("NAT") today announced that the 80th quarterly
dividend of NAT (for 2Q2017) is expected to equal $0.15 per share. We commented
on the NAT situation in our message of May 29. Going forward, dividend payments
are expected to remain a matter of priority. This time the dividend is expected
to consist of two parts:
A cash dividend expected to be $0.10 per common share and a partial distribution
of shares held by NAT in Nordic American Offshore Ltd. ("NAO"), expected to be
equivalent to about $0.05 per NAT share. The basis for the above numbers is the
stock price of NAO at the close of NYSE trading on Thursday July 20, 2017.
The record date for the cash dividend and distribution of shares is planned for
August 14, 2017. The payment and distribution of shares are expected to take
place on or about August 31, 2017. Further details on the distribution of the
NAO shares will be announced later.
The Chairman & CEO of NAT, Herbjorn Hansson and his immediate family have
recently increased their ownership in NAO to 10.8 %, expressing confidence in
NAO. The Hansson family is also one of the largest shareholders of NAT, having
bought NAT shares recently.
Herbjorn Hansson, Chairman and Chief Executive Officer said: "The strategic,
financial and commercial position of NAT is very strong. The net debt of NAT is
low compared with other listed shipping companies. Our objective is to have an
equity ratio of minimum 80% as measured by the market capitalization of the
company as the basis."
Going forward, NAT wishes to establish a more sophisticated capital structure.
Bond financing could be one element in such a structure.
NAT also has under review a borrowing arrangement for the three 2018 suezmax new
buildings to be delivered in June, September and October next year. An amount
equivalent to 30% was paid cash on contract signature. The balance for the three
ships will be paid at the time of delivery.
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
www.nat.bm
Press release (PDF):
http://hugin.info/201/R/2122334/809206.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
Unternehmensinformation / Kurzprofil:
Datum: 21.07.2017 - 16:49 Uhr
Sprache: Deutsch
News-ID 553399
Anzahl Zeichen: 6157
contact information:
Town:
Hamilton
Kategorie:
Business News
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