Nordic American Tankers Ltd (NYSE: NAT) – Announces Results of its 2020 Annual General Meeting of Shareholders

Rhea-AI Summary

On December 18, 2020, Nordic American Tankers Limited (NYSE: NAT) held its Annual General Meeting in Monaco, where shareholders approved key resolutions. These included the election of five nominees to the Board of Directors and the appointment of KPMG AS as the independent auditors for the Company. The meeting underscored the Company's commitment to governance and transparency. Additionally, the press release includes cautionary forward-looking statements regarding various risk factors that could affect the Company's performance, highlighting uncertainties in market conditions and operational expenses.

Positive

• Approval of five Board of Directors nominees enhances governance structure.
• Appointment of KPMG AS as independent auditors ensures financial integrity.

Negative

• Forward-looking statements highlight significant uncertainties affecting future performance.

December 18, 2020.

Nordic American Tankers Limited (the "Company") (NYSE: NAT) conducted its Annual General Meeting of Shareholders (the "Meeting") on December 18, 2020, in Monaco.

The following resolutions were approved and adopted at the Meeting:

1. Election of the five nominees to the Board of Directors.
   
   
2. Approval of the appointment of KPMG AS as the Company's independent auditors.

 

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.

NAT is a Bermuda based company.

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 

FAQ

What decisions were made at the Nordic American Tankers Annual General Meeting on December 18, 2020?

At the Annual General Meeting, shareholders approved the election of five board nominees and the appointment of KPMG AS as independent auditors.

What is the significance of KPMG AS being appointed as auditors for Nordic American Tankers?

The appointment of KPMG AS as auditors enhances the financial integrity and oversight of Nordic American Tankers, ensuring compliance and transparency.

What risks are associated with Nordic American Tankers according to the December 2020 press release?

The press release discusses risks such as fluctuations in charter rates, operating expenses, and potential disruptions in shipping routes.

What is the ticker symbol for Nordic American Tankers?

The ticker symbol for Nordic American Tankers is NAT.