Nordic American Tankers Limited (NYSE:NAT) - Announces acquisition of its twenty-first vessel.
Press release from Nordic American Tankers
Hamilton, Bermuda, March 20, 2013.
Nordic American Tankers Limited ("NAT" or the "Company") today announced that the Company has entered into a preliminary agreement to acquire its twenty-first vessel, a very modern double-hull Suezmax tanker delivered from a top yard in South Korea earlier this year. The agreed purchase price is in the region of $55 million. This first class vessel is expected to be delivered to us no later than May 15, 2013. The acquisition will be financed from the financial resources of the Company.
The vessel was built at high technical specifications. Our focus on safety for crew, vessels and the environment will never cease. NAT is a company built on quality in all respects.
The acquisition represents a natural step in the further development of NAT. The Company is seeking to increase its dividend and earnings capacity through further expansion. We believe that our strong balance sheet, well defined and transparent operating model provide the Company with a solid competitive position going forward.
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 world wide 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.
Rolf Amundsen, Advisor, Norway
Turid M. Sørensen, EVP & CFO, Norway
Gary J. Wolfe