Nordic American Tankers Ltd (NYSE: NAT) – Delivery today of suezmax newbuilding from Samsung shipyard in South Korea
On May 13, 2022, Nordic American Tankers took delivery of a newbuilding suezmax tanker, named Nordic Harrier, from Samsung Heavy Industries. The vessel, weighing approximately 150,000 tons, will commence a six-year contract with ASYAD Shipping Company in Oman, generating immediate earnings and cashflow. A second newbuilding from Samsung is expected by the end of June, also under a six-year contract with Oman. The company expresses confidence in Samsung's timely delivery, enhancing its financial stability in the region.
- Delivery of newbuilding suezmax tanker increases fleet capacity.
- Six-year contract with ASYAD Shipping provides immediate earnings and cashflow.
- Future newbuilding expected to sustain revenue generation.
- None.
May 13, 2022
Dear Shareholders and Investors,
Early this morning, we took delivery of a newbuilding suezmax tanker from Samsung Heavy Industries in South Korea. The vessel is about 150,000 tons and has the name of Nordic Harrier, which was the first NAT ship when becoming stocklisted on the New York Stock Exchange September 15, 1995.
Our new suezmax will commence a contract for six years to ASYAD Shipping Company of the Sultanate of Oman. The contract is producing earnings and cashflow as from delivery from the yard, creating financial stability and a further foothold in this important area.
Another newbuilding from Samsung is coming at the end of June. This vessel also has a contract for six years to the Sultanate of Oman.
Our experience over many years is that everything is on schedule when Samsung shipyard is involved.
For contacts, please see at the end of this communication.
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:
Bjørn Giæver, CFO
Nordic American Tankers Ltd
Tel: +1 888 755 8391
Herbjørn Hansson, Founder, Chairman & CEO
Nordic American Tankers Ltd
Tel: +1 866 805 9504
FAQ
What is the significance of the new tanker delivery for NAT on May 13, 2022?
How much does the new tanker Nordic Harrier weigh?
What is the duration of the contract with ASYAD Shipping for the new tanker?
When is the next newbuilding expected to arrive for NAT?
