Nordic American Tankers Ltd (NYSE: NAT) – Crews on our ships deserve assistance

Rhea-AI Summary

On June 25, 2021, Nordic American Tankers (NAT) expressed strong support for BIMCO's appeal to governments to eradicate piracy and facilitate crew changes amidst the pandemic. With 400,000 seafarers stranded at sea and 135 kidnapped in 2020, BIMCO, representing 60% of the world's commercial fleet, urges immediate action for the safety and support of seafarers. NAT, as a BIMCO member, emphasizes the critical role of seafarers in global supply chains and encourages collective governmental action.

Positive

• Support for government action to eradicate piracy.
• Highlighting the urgent need for crew changes to maintain global supply chains.

Negative

• Significant number of crew members stranded and kidnapped, indicating risks in the shipping industry.

Friday, June 25, 2021

Dear Shareholders and Investors, 

The international shipping association BIMCO has members representing 60% of the world’s commercial fleet measured in lightweight. BIMCO is based in Denmark. It has publicized a strong appeal to governments, saying that  “Governments need to take action to eradicate piracy and allow us to change crews so that we can keep the world supplied and get them home safely”.

There are more than one million men and women working on ships sailing across the globe.

In September 2020, an estimated 400,000, requiring repatriation were stranded at sea due to the pandemic.

The same year, 135 members of crew were kidnapped from their ships.

BIMCO says that governments need to act now. The seafarers deserve support.

Nordic American Tankers is a member of BIMCO, which has about 2,000 members in 120 countries.

As Founder, Chairman and CEO of NAT, I strongly support this important appeal on behalf of all the men and women on our ships who are doing such an important job.

You can watch this important video on our webpage www.nat.bm

  

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 is Nordic American Tankers' stance on piracy?

Nordic American Tankers supports BIMCO's appeal for governments to take action against piracy.

How many seafarers were stranded at sea in 2020?

In 2020, approximately 400,000 seafarers were stranded at sea due to the pandemic.

What organization represents 60% of the world's commercial fleet?

BIMCO represents 60% of the world's commercial fleet.

How many crew members were kidnapped in 2020?

In 2020, 135 crew members were reported kidnapped from their ships.

What is the urgency expressed by BIMCO regarding seafarers?

BIMCO emphasizes immediate government action for the safety and support of seafarers.