HAMILTON, Bermuda, June 1, 2016 (GLOBE NEWSWIRE) -- In our press release May 2, 2016 Nordic American Tankers Limited ("NAT" or
"the Company") announced that it had entered into an agreement to acquire four top quality Suezmax tankers built in Japan. The
first of these four vessels, the Nordic Luna, was delivered to us yesterday. The second vessel is expected to join the NAT fleet in
mid-June. The last two vessels are expected to be delivered soon thereafter.
Following the delivery of these four vessels, the Company will have a fleet of 30 Suezmax vessels, including two newbuildings
from Korea, scheduled for delivery in August 2016 and January 2017. The NAT fleet of Suezmaxes has a substantial earnings
capacity.
We believe that our solid balance sheet and our well defined and transparent operating model, including quarterly dividend
payments, is giving NAT a strong competitive position.
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, our Annual Report on Form 20-F, and
our reports on Form 6-K.
Contacts:
Jan H. A. Moller,
Head of Investor Relations & Financial Manager
Nordic American Tankers Limited
Tel: +1 888 755 8391 or +47 90 11 53 75
Turid M. Sørensen, CFO & EVP
Nordic American Tankers Limited
Tel: +47 33 42 73 00 or +47 90 57 29 27
Rolf Amundsen, Advisor
Nordic American Tankers Limited
Tel: +1 800 601 9079 or + 47 908 26 906
Gary J. Wolfe
Seward & Kissel LLP, New York, USA
Tel: +1 212 574 1223
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