Nordic American Tankers Ltd (NYSE: NAT) – Purchase of shares by NAT board member

Rhea-AI Summary

Nordic American Tankers Ltd (NAT) announced that Director Alexander Hansson purchased 55,000 shares at $4.34 each. This transaction reflects confidence in the company's prospects, as Alexander is the son of Herbjørn Hansson, NAT's Chairman & CEO. The purchase comes amid a cautious outlook on market conditions affecting shipping rates, expenses, and regulations. NAT aims to leverage the Private Securities Litigation Reform Act for safe harbor on forward-looking statements, acknowledging uncertainties that could impact future performance.

Positive

• Director Alexander Hansson's purchase of 55,000 shares indicates strong insider confidence.
• Potential positive perception from shareholders regarding management's commitment.

Negative

• Market conditions affecting charter rates and vessel values remain uncertain.
• Operational expenses, including bunker prices and drydocking costs, may impact profitability.
• Dependence on fluctuating demand in the tanker market poses risks.

August 19, 2020

Dear Shareholders and Investors,

Mr Alexander Hansson has today bought 55,000 shares in NAT at $ 4.34.

Alexander Hansson is a Director of the board of NAT. He is son of Herbjørn Hansson, NAT Chairman & CEO.

Best regards,

Herbjørn 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 does Alexander Hansson's share purchase mean for NAT?

Alexander Hansson's purchase of 55,000 shares signals strong insider confidence in NAT's future performance.

How much did Alexander Hansson pay per share for NAT?

Alexander Hansson bought 55,000 shares of NAT at a price of $4.34 each.

What are the potential risks for NAT mentioned in the press release?

The press release highlights uncertainties in market conditions, operational expenses, and fluctuating demand in the tanker market.

Who is Herbjørn Hansson in relation to NAT?

Herbjørn Hansson is the Chairman and CEO of NAT, and the father of Director Alexander Hansson.

What is the significance of the Private Securities Litigation Reform Act for NAT?

The act provides safe harbor provisions for forward-looking statements, helping NAT communicate its future expectations while managing risk.