SOURCE: Nordic American Tanker Shipping Ltd.

Nordic American Tanker Shipping Ltd.

December 06, 2010 09:23 ET

Nordic American Tanker Shipping Ltd. -- (NYSE: NAT) Further Fleet Expansion; Delivery of Vessel no. 19

HAMILTON, BERMUDA--(Marketwire - December 6, 2010) -  Nordic American Tanker Shipping Ltd. (NYSE: NAT) (the "Company") today took delivery of the Nordic Vega, a suezmax newbuilding, built at a Far Eastern yard. Including the Nordic Vega the fleet of the Company consists of 19 suezmax vessels (approx. 150,000 deadweight tons each) of which two are newbuildings being built at Samsung Heavy Industries Co., Ltd. These vessels are expected to be delivered in 3Q11 and 4Q11, respectively. The Nordic Vega will be employed in the spot market through the Gemini Suezmax cooperation.

Going forward, the Company is continuously seeking to expand its dividend and earnings capacity through further acquisitions. No equity issue is under planning. The Company has ample financial resources -- having no net debt after delivery of the Nordic Vega.


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.

Contact Information

  • Contacts:
    Scandic American Shipping Ltd.
    Manager for:
    Nordic American Tanker Shipping Limited
    P.O Box 56, 3201 Sandefjord, Norway
    Tel: + 47 33 42 73 00
    Web site:

    Rolf Amundsen
    Investor Relations
    Nordic American Tanker Shipping 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

    Turid M. Sorensen
    Nordic American Tanker Shipping Limited
    Tel: + 47 33 42 73 00 or + 47 905 72 927

    Herbjorn Hansson
    Chairman and Chief Executive Officer
    Nordic American Tanker Shipping Limited
    Tel: +1 866 805 9504 or + 47 901 46 291