Nanette Real Estate N.V (LSE:NAT)
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Nordic American Tanker Shipping Ltd. (NAT) - (NYSE: NAT) Expands
the Fleet to Six Vessels
HAMILTON, Bermuda, Feb. 1 /PRNewswire-FirstCall/ -- Nordic American Tanker
Shipping Ltd. (the "Company") today announced that the Company has agreed to
acquire a double hull suezmax vessel presently under construction in Daewoo
shipyard in Korea. The newbuilding is expected to be delivered from the yard at
the end of March this year, after which it is expected that the vessel will be
employed in the spot market.
The Company completed the transformation from a financial lease company into an
operating company in mid October 2004. Since then, the fleet of the Company has
doubled -- from three to six ships -- including the acquisition of this
newbuilding.
MAIN DETAILS OF THE FLEET OF THE COMPANY
Original vessels since the formation of the Company:
Nordic Hunter (1997 - 151,458) - spot related contract
Nordic Hawk (1997 - 151,458) - spot related contract
Gulf Scandic (1997 - 151,458) - long term contract
Ships acquired after the Company became an operating company in October 2004:
Wilma Yangtze (1997 - 149,591) - spot employment as from
February 2005.
Acquired in November 2004
Acquisition (1998 - 153.181) - expected spot employment as
from end March 2005.
Acquisition announced
January 21, 2005
Newbuilding (2005 - 159,500) - expected spot employment as
from end March 2005.
Acquisition announced today
It is important to note that the addition of the top modern newbuilding to the
existing fleet will reduce the average age of the fleet of the Company to 5.7
years -- among the youngest in the tanker industry. The price of the vessel is
USD 81 mill. At this time the Company has an undrawn credit facility of USD 300
mill.
Mr Herbjorn Hansson, Chairman of the Company, noted that this addition to the
fleet represents an important step in the further development of the Company.
He commented that this transaction is in line with the Company's growth
strategy of accretive acquisitions to bolster dividend and earnings per share.
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 and 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 Wolfe
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: Scandic American Shipping Ltd., Manager for Nordic American
Tanker Shipping Ltd., +47-33-42-73-00, ; or Rolf
Amundsen, Chief Financial Officer, Nordic American Tanker Shipping Ltd.,
+1-800-601-9079 or +47-908-26-906; or Gary Wolfe, Seward & Kissel LLP, New
York, USA, +1-212-574-1223; or Herbjorn Hansson, Chairman & CEO, Nordic
American Tanker Shipping Ltd., +1-866-805-9504 or +47-901-46-291
Web site: http://www.nat.bm/