Nordic American Tanker Shipping Ltd. (NAT)-(NYSE:NAT) Announces Public Offering to Provide for Furth
(Thomson Reuters ONE) - Hamilton, Bermuda, January 21, 2010Nordic American Tanker Shipping Limited (the "Company") today announced anunderwritten public offering of 4,000,000 common shares. The common shares arebeing offered pursuant to the Company's effective shelf registrationstatement. The proceeds of the offering are expected to be used to fund futureacquisitions and for general corporate purposes.As of January 20, 2010, the Company owned or agreed to acquire 18 moderndouble-hull Suezmax tankers, including one secondhand vessel that we have agreedto acquire and expect to take delivery of no later than March 1, 2010 and twonewbuildings that we expect to take delivery of in 2010. The proceeds of theoffering announced today, together with other financing sources available to theCompany, are expected to enable the Company to make accretive acquisitions,based on present asset prices, of at least four additional vessels.Morgan Stanley is acting as the bookrunning manager for the offering and DnB NORMarkets, Inc. is acting as co-manager of the offering. The Company has grantedthe underwriters a 30-day option to purchase up to 600,000 additional shares tocover over-allotments.The common shares purchased by the underwriters are expected to be offered forresale from time to time in negotiated transactions or otherwise, at marketprices on the New York Stock Exchange prevailing at the time of sale, at pricesrelated to such prevailing market prices or otherwise. On January 20, 2010, theclosing price of the Company's common shares on the New York Stock Exchange was$33.74per share.The Company also announced that it expects its dividend per share in respect ofthe fourth quarter of 2009 to be in the region of $0.23 per share compared to adividend of $0.10 per share for the the third quarter of 2009. This estimate isbased on fourth quarter 2009 charter rates for the Company's vessels andestimated levels of operating costs. The estimated dividend per share in respectof the fourth quarter of 2009 is calculated based on a weighted average of42,204,904 common shares outstanding during the fourth quarter of 2009. TheCompany expects to pay the same dividend per share in respect of the fourthquarter of 2009 for the shares sold in this offering.Please see "Cautionary Statement Regarding Forward Looking Statements" foradditional assumptions on which these estimates are based.The average spot market rate for modern Suezmax tankers as reported by IMAREXwas $13,012 per day in the third quarter of 2009 and was $23,682 per day duringthe fourth quarter of 2009. Generally, there is a certain time lag between theactual rates earned by the Company's vessels and those rates quoted by IMAREX. The average spot market rates so far in 2010 are well above the rates for thefourth quarter of 2009.This press release does not constitute an offer to sell or the solicitation ofan offer to buy securities and shall not constitute an offer, solicitation orsale in any jurisdiction in which such offer, solicitation or sale is unlawful.The offering is being made by means of a prospectus and related prospectussupplement. A prospectus supplement related to the offering will be filed withthe Securities and Exchange Commission. When available, copies of the prospectusand prospectus supplement relating to the offering may be obtained from theoffices of Morgan Stanley at 180 Varick Street, Second Floor, New York, New York10014, Attention: Prospectus Department or by emailatprospectus(at)morganstanley.com .About the CompanyThe Company is an international tanker company that owns 15 modern double-hullSuezmax tankers and has agreed to acquire an additional three double-hullSuezmax tankers, of which two are newbuilding Suezmax tankers and one is anexisting Suezmax tanker. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSMatters discussed in this press release may constitute forward-lookingstatements. The Private Securities Litigation Reform Act of 1995 provides safeharbor protections for forward-looking statements in order to encouragecompanies to provide prospective information about their business.Forward-looking statements include statements concerning plans, objectives,goals, strategies, future events or performance, and underlying assumptions andother statements, which are other than statements of historical facts.The Company desires to take advantage of the safe harbor provisions of thePrivate Securities Litigation Reform Act of 1995 and is including thiscautionary statement in connection with this safe harbor legislation. The words"believe," "anticipate," "intend," "estimate," "forecast," "project," "plan,""potential," "will," "may," "should," "expect," "pending" and similarexpressions identify forward-looking statements.The forward-looking statements in this press release are based upon variousassumptions, many of which are based, in turn, upon further assumptions,including without limitation, our management's examination of historicaloperating trends, data contained in our records and other data available fromthird parties. Although we believe that these assumptions were reasonable whenmade, because these assumptions are inherently subject to significantuncertainties and contingencies which are difficult or impossible to predict andare beyond our control, we cannot assure you that we will achieve or accomplishthese expectations, beliefs or projections. We undertake no obligation toupdate 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 differmaterially from those discussed in the forward-looking statements include thestrength of world economies and currencies, general market conditions, includingfluctuations in charter rates and vessel values, changes in demand in the tankermarket, as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, includingbunker prices, drydocking and insurance costs, the market for our vessels,availability of financing and refinancing, changes in governmental rules andregulations or actions taken by regulatory authorities, potential liability frompending or future litigation, general domestic and international politicalconditions, potential disruption of shipping routes due to accidents orpolitical events, vessels breakdowns and instances of off-hires and otherimportant factors described from time to time in the reports filed by theCompany with the Securities and Exchange Commission, including the prospectusand related prospectus supplement, our Annual Report on Form 20-F, and ourreports on Form 6-K.The Company has filed a registration statement (including a prospectus) with theSecurities and Exchange Commission (SEC) for the offering to which thiscommunication relates. Before you invest, you should read the prospectus in thatregistration statement, the preliminary prospectus supplement relating to thisoffering and other documents the Company has filed with the SEC for morecomplete information about the Company and this offering. You may get thesedocuments for free by visiting EDGAR on the SEC Web site atwww.sec.gov. Alternatively, the Company, any underwriter or any dealerparticipating in the offering will arrange to send you the prospectus if yourequest it by calling toll-free 1-866- 803-9204. You may also request a copy ofthese documents by sending an e-mail to ir(at)nat.bm or byaccessing the Company's website at www.nat.bm and clickingon "Investor Relations." Contacts: Scandic American Shipping Ltd Manager for: Nordic American Tanker Shipping Limited P.O Box 56, 3201 Sandefjord, Norway Tel: + 47 33 42 73 00 E-mail:nat(at)scandicamerican.com Web site: www.nat.bm Rolf Amundsen, Investor Relations Nordic American Tanker Shipping Limited Tel: +1 800 601 9079 or + 47 908 26 906 Gary J. Wolfe Seward & Kissel LLP, New York, USA Tel: +1 212 574 1223 Turid M. S?sen, CFO Nordic American Tanker Shipping Limited Tel: + 47 33 42 73 00 or + 47 905 72 927 Herbj?Hansson, Chairman and Chief Executive Officer Nordic American Tanker Shipping Limited Tel: +1 866 805 9504 or + 47 901 46 291SK 01318 0002 1065483[HUG#1375855]
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Datum: 21.01.2010 - 16:31 Uhr
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