Hamilton, Bermuda, April 10, 2006
Expansion of the Fleet Nordic American Tanker Shipping Ltd. (the "Company") today announced that the Company has taken delivery of the suezmax vessel that it agreed to acquire in February this year. The 1998 built suezmax has been named Nordic Jupiter and was taken over today April 10, 2006. Including the Nordic Jupiter the fleet of the Company has increased from three to nine suezmax vessels over the last 15 months.
As from takeover today the vessel is employed as a member vessel in the Gemini Tankers Pool, comprising 18 double-hulled suezmax tankers, operated by OMI Corporation (the seller of the ship), thus increasing the Company's ships with spot market exposure from seven to eight units. The Company's remaining vessel is employed on a long term contract. The increased fleet represents an important step in the further development of the Company. This transaction is in line with the Company's growth strategy with focus on dividend and earnings per share, bolstering the earnings capacity 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," "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: 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: email@example.com
Gary Wolfe Seward & Kissel LLP, New York, USA Tel: +1 212 574 1223
Rolf Amundsen Investor Relations Nordic American Tanker Shipping Ltd. Tel: +1 800 601 9079 or + 47 908 26 906
Herbjørn Hansson Chairman & CEO Nordic American Tanker Shipping Ltd. Tel: +1 866 805 9504 or + 47 901 46 291