Nordic American Tankers Ltd (NYSE: NAT) – Comments on the market – Founder, Chairman & CEO is buying stock again

Rhea-AI Summary

Nordic American Tankers Ltd. released its 2020 financial results on February 26, 2021, highlighting a solid year overall, despite a weak fourth quarter. The company secured significant spot contracts for its Suezmax tankers, with rates climbing to approximately USD 20,000 and USD 15,000 per day, up from USD 4,000. This is well above operating costs of USD 8,000 per day. CEO Herbjorn Hansson also purchased 50,000 shares at USD 3.13, indicating confidence as he remains one of the largest shareholders.

Positive

• Achieved strong spot contract rates of USD 20,000 and USD 15,000 per day.
• Improved market conditions for Suezmaxes after low rates previously.
• CEO's share purchase reflects confidence in the company.

Negative

• Fourth quarter results were weak compared to the first three quarters.

March 1, 2021

Dear Shareholders and Investors, 

We released our 2020 numbers last Friday, February 26, 2021. 2020 was a good year.

We achieved excellent results for three quarters, whilst the fourth quarter was weak.

At this time we clearly see a positive turn in the market for the NAT Suezmaxes. Last week we concluded a spot contract at about
USD 20,000 a day and another spot contract at about USD 15,000 a day. A week ago the comparable number was about USD 4,000 a day. Operating costs are covered at USD 8000/day.

I would also like to advise you that today I have bought 50,000 shares at USD 3.13.

My son, Alexander Hansson and I are among the largest shareholders of NAT.

Sincerely,

Herbjorn 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 or +47 90 14 62 91       

 

 

FAQ

What were Nordic American Tankers' 2020 financial results?

The company reported solid results for three quarters, but the fourth quarter was weak.

What spot contract rates did Nordic American Tankers achieve recently?

They secured spot contracts at USD 20,000 and USD 15,000 per day.

What are the operating costs for Nordic American Tankers?

The operating costs are covered at approximately USD 8,000 per day.

Who is the CEO of Nordic American Tankers?

Herbjorn Hansson is the CEO and founder.

Did any insider buy shares of Nordic American Tankers recently?

Yes, the CEO purchased 50,000 shares at USD 3.13 each.

What is the stock symbol for Nordic American Tankers?

The stock symbol is NAT.