Nordic American Tanker Shipping Ltd. (NAT) - (NYSE: NAT) Now Six Vessels are in Service
April 05 2005 - 9:04AM
PR Newswire (US)
Nordic American Tanker Shipping Ltd. (NAT) - (NYSE: NAT) Now Six
Vessels are in Service HAMILTON, Bermuda, April 5
/PRNewswire-FirstCall/ -- Nordic American Tanker Shipping Ltd. (the
"Company") today announced that the Company has taken delivery of
the two suezmax vessels that it agreed to acquire earlier this
year, thereby increasing the fleet from 4 to 6 vessels. The 1998
suezmax Nordic Fighter was taken over on March 21st and the suezmax
newbuilding on March 29th. Both vessels are in the spot market. Mr
Herbjorn Hansson, Chairman & CEO of the Company, noted that the
increased 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 with focus on dividend
and earnings per share. During the whole 2nd quarter of 2005 NAT is
expected to have 5 vessels in the spot market as against 3 vessels
in the spot market during most of the 1st quarter of 2005. The
addition of these two vessels to the fleet is bolstering the
earnings capacity of the Company. One of the six vessels in the NAT
fleet is on long term contract. 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, ; Rolf Amundsen, Chief Financial Officer, Nordic
American Tanker Shipping Ltd., 1-800-601-9079, +47-908-26-906; Gary
Wolfe, Seward & Kissel LLP, New York, USA, +1-212-574-1223;
Herbjorn Hansson, Chairman & CEO, Nordic American Tanker
Shipping Ltd., +1-866-805-9504, +47-901-46-291 Web site:
http://www.nat.bm/
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