Nordic American Tanker Shipping Ltd. ("the Company") (NYSE:NAT). Consolidation of Commercial Operations
(Thomson Reuters ONE) -
Press release (PDF)
Hamilton, Bermuda, March 23, 2010
The Company today announced that it has decided to place all its vessels in the
Gemini Suezmax cooperation. So far, the NAT vessels have been in two cooperative
arrangements.
Frontline and Teekay - also world reputed tanker companies - are among other key
members of the Gemini arrangement.
Herbjorn Hansson, the Company's Chairman & CEO, stated: "Our vessels will trade
in the spot market as in the past and this consolidation of our commercial
operations does not mean any deviation from our simple and transparent
operational model with a full dividend payout policy and a strong balance sheet
as key features. Our objective is to place all our ships with Gemini, including
the two 2010 built Suezmaxes scheduled to be delivered later this year.
Following the delivery of these two newbuildings, our fleet will consist of 18
double hull Suezmax vessels if no acquisitions have taken place in the meantime.
We are very pleased to strengthen our participation in Gemini - a cost effective
move to enhance operational and commercial efficiency which will contribute to a
further consolidation in the tanker industry".
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.
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
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. Sørensen, CFO
Nordic American Tanker Shipping Limited
Tel: + 47 33 42 73 00 or + 47 905 72 927
Herbjørn Hansson, Chairman & CEO
Nordic American Tanker ShippingLimited
Tel: +1 866 805 9504 or + 47 901 46 291
[HUG#1396507]
Press release (PDF): http://hugin.info/201/R/1396507/352797.pdf
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