HAMILTON, Bermuda, April 2, 2014 (GLOBE NEWSWIRE) — The Board of Nordic American Tankers Limited has declared a cash dividend of $0.23 per share. The record date is May 15, 2014 and the payment date is on or about May 25, 2014.
We have previously informed investors about the dividend in kind (shares in Nordic American Offshore – NAO) that will be awarded to NAT shareholders having NAT shares above a certain threshhold. The dividend is expected to be equivalent to about $0.13 per NAT share. Shareholders owning shares below this threshold can expect to receive this dividend in kind in cash. NAT is the manager, sponsor and largest shareholder of NAO. NAO is in the process of seeking listing on the New York Stock Exchange. We expect this dividend in kind to be distributed after the planned listing on NYSE which we expect will take place soon. Further details on timing of NAO listing and distribution of dividend in kind will be announced later.
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.
Press release (PDF): http://hugin.info/201/R/1773731/604517.pdf
CONTACT: Scandic American Shipping Ltd Manager for: Nordic American Tankers Limited P.O Box 56, 3201 Sandefjord, Norway Tel: + 47 33 42 73 00 E-mail: email@example.com Jacob Ellefsen, Manager, Investor Relations and Research, Monaco Nordic American Tankers Limited Tel: + 377 93 25 89 07 or + 33 678 631 959 Rolf Amundsen, Advisor, Norway Nordic American Tankers Limited Tel: +1 800 601 9079 or + 47 908 26 906 Turid M. Sorensen, CFO & EVP, Norway Nordic American Tankers Limited Tel: +47 33 42 73 00 or +47 90 57 29 27 Gary J. Wolfe Seward & Kissel LLP, New York, USA Tel: +1 212 574 1223