Nordic American Tankers Ltd (NYSE: NAT) – Presidential CITATION and strong prospects for the Tanker Market

Rhea-AI Summary

Nordic American Tankers received an Award from the President of South Korea for promoting the country, presented by the Korean Ambassador in Oslo. Despite a temporary slowdown in Q4, NAT anticipates a strong 2020 due to rapid recovery in Asian economies. The company emphasizes its ongoing trading activities in the East and expresses optimism for a robust tanker market in 2021. This recognition underlines NAT's commitment to enhancing relationships in Asia, particularly South Korea.

Positive

• Award from South Korean President highlights NAT's promotion efforts.
• Expectation of a strong performance in 2020 due to recovering Asian economies.

Negative

• Temporary slowdown in trading activities during Q4.

 

December 15, 2020

Dear Shareholders and Investors, 

 

Last week, the undersigned received an Award from the President of the Republic of Korea (South Korea) for our promotion of the country over the years.

Because of the Covid-19 situation, I was unable to visit the Palace of the President in Seoul. Instead, I received the Award at a ceremony in the South Korean Embassy in Oslo, Norway. The Korean Ambassador to Norway, Her Excellency Mrs. Youngsook NAM, presented the Award. A recording of the ceremony is on our website www.nat.bm

Our relationship with South Korea and other countries in Asia has always been important for NAT. We see this Award as a token of our work in the region. We are actively trading our ships in the East.

Despite a temporary slowdown in the fourth quarter, we expect that 2020 will become a very good year for NAT. We see that the Asian economies are recovering rapidly. 

In particular to all our friends in the US, on behalf of Nordic American Tankers, I would like to take this opportunity to wish you all the best for Christmas and for a strong Tanker Year in 2021!

Best regards,

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 Limited
Tel: +1 888 755 8391 or +47 91 35 00 91       

Herbjørn Hansson, Chairman & CEO
Nordic American Tankers Limited
Tel: +1 866 805 9504 or +47 90 14 62 91 

FAQ

What recent award did NAT receive?

NAT received an Award from the President of South Korea for its promotion of the country.

How is NAT performing in 2020?

Despite a Q4 slowdown, NAT expects 2020 to be a strong year due to recovering Asian economies.

What is NAT's trading focus?

NAT is actively trading its ships in the East, particularly in Asian markets.

What does the award signify for NAT?

The award signifies NAT's successful promotion and strengthening of relationships in Asia.

Who presented the award to NAT?

The award was presented by the Korean Ambassador to Norway, Her Excellency Mrs. Youngsook NAM.