Breaking News

Sun Hung Kai Says Thomas Kwok Resigns as Chairman After Conviction
Tweet TWEET

Nordic American Tankers Limited : Nordic American Tankers Limited (NYSE:NAT) - Announces acquisition of its twenty-first

Nordic American Tankers Limited : Nordic American Tankers Limited (NYSE:NAT) -
              Announces acquisition of its twenty-first vessel.

Hamilton, Bermuda, March 20, 2013.

Nordic American Tankers Limited ("NAT" or the "Company") today announced  that 
the  Company  has  entered  into  a  preliminary  agreement  to  acquire   its 
twenty-first vessel, a very modern double-hull Suezmax tanker delivered from a
top yard in South Korea earlier this year. The agreed purchase price is in the
region of $55 million. This first class vessel is expected to be delivered  to 
us no later  than May  15, 2013.  The acquisition  will be  financed from  the 
financial resources of the Company.

The vessel was built at high technical specifications. Our focus on safety for
crew, vessels and the environment will never cease. NAT is a company built  on 
quality in all respects.

The acquisition represents a natural step  in the further development of  NAT. 
The Company is seeking to increase its dividend and earnings capacity  through 
further expansion. We believe that our strong balance sheet, well defined  and 
transparent operating  model  provide the  Company  with a  solid  competitive 
position going forward.

          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 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 + 33678 631959

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

Press Release (PDF)

------------------------------------------------------------------------------

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Nordic American Tankers Limited via Thomson Reuters ONE
HUG#1686900
 
Press spacebar to pause and continue. Press esc to stop.