NAT) – During an active period, several projects were concluded, improving the income and solidity of NAT.
Friday, February 18, 2022
Dear Shareholders and Investors,
In our message of July 28, 2021, we informed you of the rest of our program.
As a result of this message, several important developments in NAT have taken place:
first of allin October 2021, NAT announced the sale of the “Nordic Sirius” built in 2000.
Secondlywe announced earlier this month the sale of the “Nordic Mistral” built in 2002. This is to inform you that the vessel was delivered to its new owners today February 18, 2022.
These two transactions brought in more than $30 million in cash for NAT.
Thirdly, a few days ago, NAT announced the time charter contracts for the two new ships we have ordered from Samsung in South Korea. The ships will be delivered to us in May and June of this year.
Charters are with Asyad Shipping Co, a company controlled by the Sultanate of Oman. The contracts will start directly from delivery in May and end in June this year.
These time charter contracts will last for six years, securing revenue and cash flow. Asyad Shipping Co is a first class charterer. In total, well over $100 million in freight revenue for NAT will improve NAT’s revenue, cash flow and strength.
As a result of the above transactions, Nordic American Tankers controls a fleet of 23 Suezmax Tankers that can load one million barrels each.
The way forward is upwards.
Nordic American Tankers Limited www.nat.bm
CAUTION 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 to encourage companies to provide forward-looking information about their businesses. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements, that are other than statements of historical fact.
The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this disclaimer as part of such safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “anticipate”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.
The forward-looking statements contained in this press release are based on various assumptions, many of which are based, in turn, on other assumptions, including, without limitation, our management’s review of operating trends history, data in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because they are inherently subject to important uncertainties and contingencies which are difficult or impossible to predict and which are beyond our control, we cannot guarantee that we will meet or realize those 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 we believe could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of global economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, due to changes in OPEC oil production levels and global oil consumption and storage, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, the availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability arising from pending or future litigation, national and international political conditions es general, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and non-lease events and other material factors described from time to time in reports filed by the company C 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.
Gary J. Wolfe
Seward & Kissel LLP
New York, United States
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, CEO
Nordic American Tankers Ltd
Tel: +1 866 805 9504