Nordic American Tankers Ltd (NYSE: NAT) - Christmas Greetings. Optimism is governing our thoughts.
On December 20, 2021, Nordic American Tankers Ltd. (NAT) shared positive outlooks in a letter to shareholders, noting increasing oil demand and low global inventories. The company highlighted its low debt levels, which provide financial maneuverability. NAT's ships operate globally, enhancing opportunities, and board members have increased their shareholdings, indicating confidence in the company's future. Despite forward-looking statements, the company remains cautious about various market uncertainties, including oil production fluctuations and operating expenses.
- Increasing oil demand signals potential for higher earnings.
- NAT boasts one of the lowest debt levels among publicly listed tanker companies.
- Board members have recently increased their shareholdings, reflecting confidence.
- Market uncertainties include fluctuations in charter rates and vessel values.
- Changes in OPEC production levels could impact demand.
- Operating expenses such as bunker prices and drydocking costs remain a concern.
December 20, 2021
Dear Shareholders,
As we are approaching the end of the year, we would like to extend our best wishes to all our shareholders and their families.
Several fundamentals are now pointing in the right direction. Oil demand is increasing, confirmed by the low oil inventories globally and orders for new tankers at the shipyards are at a low.
NAT has one of the lowest debt levels among publicly listed tanker companies on Wall Street. This low debt gives us room and flexibility to maneuver.
Over years, it is our experience that it is darkest just before dawn. NAT is well positioned when the sun shines on our fleet again.
NAT will always work for the highest possible earnings and dividends.
Our ships continue to visit all corners of the world.
As per previous communication, NAT board members have recently increased their share holdings.
We wish you all the best for the upcoming Holiday Season!
Best regards,
Herbjørn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
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 Ltd
Tel: +1 888 755 8391 or +47 91 35 00 91
Herbjørn Hansson, Founder, Chairman & CEO
Nordic American Tankers Ltd
Tel: +1 866 805 9504
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