Nordic American Tankers Ltd (NYSE: NAT) – Sale of 2002 built Suezmax - the second sale the last few months
Nordic American Tankers has successfully completed the sale of the Suezmax vessel "Nordic Mistral," built in 2002, as part of its fleet adjustment program. This follows the earlier sale of "Nordic Sirius" on October 6, 2021. Both transactions netted approximately $30 million for the company, strengthening its financial position. Following these sales, the company maintains a fleet of 23 Suezmax tankers, which includes two newbuilds scheduled for delivery in May and June 2022.
- Completed the sale of 'Nordic Mistral,' enhancing cash flow with approximately $30 million from two vessel sales.
- Maintains a fleet of 23 Suezmaxes, including two newbuilds, indicating growth and operational stability.
- None.
Wednesday, February 2, 2022
Dear Shareholders and Investors,
On the NAT website, you will see our press release of July 28, 2021, referring to our program to adjust our fleet.
Accordingly, we announced the sale of "Nordic Sirius" (2000 built) on October 6, 2021.
We have now sold one more Suezmax under the program.
The 2002 built "Nordic Mistral" has been sold. This transaction is fixed and firm. The vessel is planned for delivery to the new owner later in February. A price of about
Following the above transactions, Nordic American Tankers controls a fleet of 23 Suezmaxes - including 2 newbuildings for delivery in May and June this year.
Sincerely,
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 Ltd
Tel: +1 888 755 8391 or +47 91 35 00 91
Herbjørn Hansson, Founder, Chairman & CEO
Nordic American Tankers Ltd
Tel: +1 866 805 9504
FAQ
What recent vessel sale did Nordic American Tankers announce?
How much revenue was generated from the sale of 'Nordic Mistral'?
How many vessels does Nordic American Tankers currently have in its fleet?
When are the newbuild vessels scheduled for delivery?
