SOURCE: Nordic American Tankers Limited

Nordic American Tankers Limited

March 14, 2013 09:05 ET

Press Release From Nordic American Tankers Limited (NYSE: NAT) -- Detention Matter Solved -- No Charges Lodged Against NAT

HAMILTON, BERMUDA--(Marketwire - Mar 14, 2013) - Nordic American Tankers Limited (NYSE: NAT) ("NAT" or "Nordic American") today announced that aspects in connection with the detention matter in October, 2012, now have been dealt with. One of the Nordic American 20 Suezmax tankers had to stay in a US port about 10 days longer than planned following a detention.

In the press release of December 6, 2012, NAT announced that it was working closely with US authorities to provide the information that they requested. NAT is pleased that it has been confirmed now that no charges have been lodged or will be lodged against NAT in connection with this incident. The ship has been trading all the time and continues to do so. This process is coming to an end.

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.

Press Release (PDF): http://hugin.info/201/R/1685321/552076.pdf

Contact Information

  • Contacts:
    Scandic American Shipping Ltd
    Manager for:
    Nordic American Tankers Limited
    P.O Box 56, 3201 Sandefjord, Norway
    Tel: + 47 33 42 73 00
    E-mail: nat@scandicamerican.com

    Jacob Ellefsen,
    Manager, Investor Relations and Research, Monaco
    Nordic American Tankers Limited
    Tel: + 377 93 25 89 07
    or + 33 678 631 959

    Rolf Amundsen
    Advisor, Norway
    Nordic American Tankers Limited
    Tel: +1 800 601 9079
    or + 47 908 26 906

    Turid M. Sørensen
    EVP & CFO, Norway
    Nordic American Tankers Limited
    Tel: +47 33 42 73 00
    or +47 90 57 29 27

    Gary J. Wolfe
    Seward & Kissel LLP, New York, USA
    Tel: +1 212 574 1223