Nordic American Tanker Shipping Limited (NYSE:NAT) Provides Update on Delayed Delivery of Suezmax Newbuilding. Fleet Expansion Program Continues.
Hamilton, Bermuda, July 30, 2010.
Nordic American Tanker Shipping Limited (NYSE:NAT), today announced that the
delivery of its newbuilding suezmax - the first of two scheduled for this year -
continues to be delayed. The Company has mentioned this in previous quarterly
reports and has advised the seller, a company in the Fred Olsen group, that we
will not take delivery of the vessel until it is completed in accordance with
the contract.
Herbjorn Hansson, Chief Executive Officer, stated:Â "If this situation with the
sellers is not resolved, we are prepared to take the matter to arbitration,
although we prefer an amicable and fair resolution."
Mr. Hansson added: "Under our expansion program we continue to be active in the
market to acquire further vessels. We expect to have minimum 20 suezmax vessels
by the end of next year."
The dividend report for the second quarter 2010 will be released before the
opening of New York Stock Exchange Friday August 6, 2010.
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," "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-hire, failure on the
part of a seller to complete a sale to us 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:Â nat@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:Â + 47 33 42 73 00 or + 47Â 905Â 72 927
Herbjørn Hansson, Chairman and Chief Executive Officer
Nordic American Tanker Shipping Limited
Tel:Â +1 866 805 9504 or + 47 901 46Â 291
[HUG#1435007]
Press release (PDF): http://hugin.info/201/R/1435007/380512.pdf
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Source: Nordic American Tanker Shipping Ltd. via Thomson Reuters ONE