Nordic American Tanker Shipping Ltd. (NAT) - (AMEX: NAT) (OSE: NAT) Announces Vessel Acquisition
01 11월 2004 - 11:00PM
PR Newswire (US)
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/
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