Nanette Real Estate N.V (LSE:NAT)
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Nordic American Tanker Shipping Ltd. (NAT) - (NYSE: NAT)
Announces Vessel Acquisition
HAMILTON, Bermuda, Jan. 21 /PRNewswire-FirstCall/ -- Nordic American Tanker
Shipping Ltd. (the "Company") today announced that the Company has agreed to
acquire a double hull suezmax tanker. The well maintained tanker was built by
a first class yard in the Far East.
Following this acquisition, the Company will have five environmentally friendly
modern suezmax oil tankers. The acquired vessel was built in 1998 and the
other four vessels in the NAT fleet in 1997. All the tankers have double hull.
The Chairman & CEO of NAT, Herbjorn Hansson, commented: "I am pleased that we
have been able to do this business which represents an important step in the
further expansion of our company -- a process that we expect will continue.
This transaction is in line with the growth strategy of accretive acquisitions
to bolster dividend and earnings per share".
The acquisition price for the ship of USD 68.25m will be financed with a credit
facility of USD 300m that the Company has established with an international
banking syndicate.
NAT completed the transformation from a financial lease company into an
operating company in mid October 2004, and the Company has expanded its fleet
by two vessels after that point in time.
The Company is expected to take over the acquired ship at the end of March,
whereafter the ship is expected to be employed in the spot market.
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.
Contacts:
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, 1-800-601-9079, or
+47-908-26-906, or Herbjorn Hansson, Chairman & CEO, 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, +1-212-574-1223, for Nordic American
Tanker Shipping Ltd.