Nordic American Tankers Ltd (NYSE: NAT) – Our Tankers are Busy

Rhea-AI Summary

Nordic American Tankers announced updates on its suezmax vessels, each capable of loading one million barrels. In April, the company secured contracts at an average daily rate of USD 65,800 for 12 days and USD 60,000 for 38 days, affirming strong demand despite current market rates of USD 50,000. The company highlighted customer appreciation for its services. The communication also included caution regarding forward-looking statements, emphasizing the inherent uncertainties affecting future performance.

Positive

• Secured contracts at USD 65,800 and USD 60,000 daily rates, indicating strong demand.
• Vessels have potential to generate significant revenue based on current rates.

Negative

• Current market rates are lower than fixed rates, suggesting potential revenue challenges.
• Forward-looking statements carry risks due to market uncertainties.

Tuesday, May 3, 2022

Dear Shareholders and Investors,

 
We wish to update you on activities for our suezmax vessels being able to load one million barrels each.

In early April we fixed a ship over 12 days at USD 65,800 a day. 

In mid April we fixed a ship at USD 60,000 for 38 days.

At the same time a contract was achieved for 22 days at USD 60,000.

When our ships are in good position, rates are currently about USD 50,000 per day.

Our main customers are appreciative of our efforts to deliver first class services.

All the best.

For contacts, please see at the end of this communication.                                           

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:       

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 are the latest contract rates for NAT's suezmax vessels?

NAT secured contracts at rates of USD 65,800 for 12 days and USD 60,000 for 38 days.

What are the current market rates for NAT's vessels?

Current market rates for NAT's vessels are approximately USD 50,000 per day.

What risks are associated with NAT's forward-looking statements?

NAT's forward-looking statements include uncertainties related to market conditions and operational expenses.

How many barrels can each of NAT's suezmax vessels load?

Each of NAT's suezmax vessels can load one million barrels.

When was the latest update from NAT released?

The latest update from NAT was released on May 3, 2022.