Nanette Real Estate N.V (LSE:NAT)
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Nordic American Tanker Shipping Ltd. (NAT) - (AMEX: NAT) (OSE:
NAT) Announces Vessel Acquisition
HAMILTON, Bermuda, Nov. 1 /PRNewswire-FirstCall/ -- Nordic American Tanker
Shipping Ltd. (the "Company") today announced that the Company has agreed to
acquire the 149,591 dwt Suezmax tanker M.T. Wilma Yangtze from the Anders
Wilhelmsen group of Norway. This tanker was built in China and has been owned
by Anders Wilhelmsen since it was delivered from the builder. Following this
acquisition, the Company will have four environmentally friendly modern suezmax
oil tankers. All four ships were built in 1997 and they have double hull.
The Company's Chairman and CEO, Herbjorn Hansson, commented: "This transaction
is in line with our growth strategy of accretive acquisitions to bolster
dividends and earnings per share. I am pleased that we have been able to do
this business which, we believe, represents an important step in the further
expansion of our Company -- a process that we expect will continue."
The acquisition price for the ship of USD 66 m will be financed with a
revolving credit facility of USD 300 m that the Company has established with an
international banking syndicate, giving the Company important financial
flexibility in the time to come. The Company will take over the ship at the
end of November and it will be bareboat chartered back to the present owner
until the end of January 2005 at an average rate of approximately $50,000 per
day (time charter equivalent). Thereafter, the vessel is expected to be
employed in the spot market, technically and commercially under the control of
the Company.
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," "except," "anticipate," "intends," "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.
In addition to these important factors, other 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 our Annual Report on Form 20-F.
Scandic American Shipping Ltd
Manager for Nordic American Tanker Shipping Ltd.
P.O Box 56
3201 Sandefjord
Norway
Tel: + 47 33 42 73 00 E-mail:
Web-site: http://www.nat.bm/
Rolf Amundsen
Chief Financial Officer
Nordic American Tanker Shipping Ltd.
Tel: +1 800 601 9079 or + 47 908 26 906
Gary J. Wolfe, Esq.
Seward & Kissel LLP, New York, USA
Tel: +1 212 574 1223
Herbjorn Hansson
Chairman & CEO
Nordic American Tanker Shipping Ltd.
Tel: +1 866 805 9504 or + 47 901 46 291
DATASOURCE: Nordic American Tanker Shipping Ltd.
CONTACT: Rolf Amundsen, Chief Financial Officer, Tel: 1-800-601-9079 or
+47-908-26-906; or Herbjorn Hansson, Chairman & CEO, Tel: 1-866-805-9504 or
+47-901-46-291, both of Nordic American Tanker Shipping Ltd.; or Gary J.
Wolfe, Esq. of Seward & Kissel LLP, Tel: +1-212-574-1223
Web site: http://www.nat.bm/