Nordic American Tankers Ltd (NYSE: NAT) – In the news - Update on the position of our suexmax vessels

Rhea-AI Summary

The press release from Nordic American Tankers highlights the company's resilience amid the ongoing Russia-Ukraine conflict. The fleet has been reduced to about 20 vessels, with plans to grow in the next two to three years. Strengthening ties with markets in Japan, China, Korea, and India is emphasized. The company has robust assets, skilled personnel, and financial access, positioning it well for future growth. Additionally, an increase in dividends is anticipated due to stronger market conditions.

Positive

• Plans to increase fleet size within the next 2-3 years.
• Strong relationships with Asian markets like Japan, China, Korea, and India.
• Expectation of increased dividends as market strengthens.

Negative

• None.

Tuesday, September 6, 2022

 

Dear Shareholders and Investors,

The situation associated with the war between Russia and Ukraine is difficult to assess in detail. However, it is a general experience that uncertain times are good for Nordic American Tankers. Our suezmaxes are well placed to benefit from the situation.

We have reduced our fleet to about 20 vessels. We are now in an upward trend and over the next year, two or three, we expect to increase our fleet.

Our strong links with the Far East are continuing. This above all relate to Japan, China, Korea and India. Over the years we have long experience from these areas.

The main advantage for Nordic American Tankers is that we have good ships, good people and access to finance.  

Being listed in the US, we have to comply with strict and detailed rules. Over the years we have learned to live with that situation.

Going forward, we prioritize to distribute dividend. In a stronger market that we now see, the dividend can be expected to increase.

For further information  please see our website

www.nat.bm

 

Best regards,

Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Limited 

    
 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.

 

Contacts:       

Bjørn Giæver, CFO
Nordic American Tankers Ltd
Tel: +1 888 755 8391                               

Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 72 41 71     

FAQ

What is the current fleet size of Nordic American Tankers?

Nordic American Tankers has reduced its fleet to approximately 20 vessels.

How does Nordic American Tankers plan to grow its business?

The company expects to increase its fleet size in the next 2-3 years.

What markets is Nordic American Tankers targeting for growth?

The company is focusing on markets in Japan, China, Korea, and India.

What is the dividend outlook for Nordic American Tankers?

The company anticipates an increase in dividends due to stronger market conditions.

How does the Russia-Ukraine conflict impact Nordic American Tankers?

The company believes that uncertain times may benefit its operations, particularly its suezmax vessels.