SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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NORDIC AMERICAN TANKERS LIMITED
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(registrant)
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Dated: September 30, 2022
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By:
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/S/ HERBJØRN HANSSON
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Herbjørn Hansson
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Founder, Chairman and Chief Executive Officer
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EXHIBIT 1
NORDIC AMERICAN TANKERS LIMITED (NYSE:NAT)
As used herein, “we,” “us,” “our” and “the Company” all refer to Nordic American Tankers Limited, together with its subsidiaries. This management’s discussion and analysis of financial condition and results of
operations should be read together with the discussion included in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on May 11, 2022.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2022
GENERAL
Nordic American Tankers Limited (“NAT”) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company’s shares trade under the symbol “NAT” on the New York Stock Exchange.
The Company is an international tanker company that currently has a fleet of 20 Suezmax tankers.
In 2022, the Company has sold four 2002-built vessels; Nordic Mistral, Nordic Grace, Nordic Passat and Nordic Moon. Further, we have taken delivery of two newbuildings, Nordic Harrier and Nordic Hunter, delivered May 13, 2022 and June 30, 2022,
respectively.
The vessels in our fleet are homogeneous and have approximately the same freight capacity. We have three vessels currently on a longer term time charter agreements, including our two newbuildings that have been chartered out on six-year time
charter agreements.
Our Fleet
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Vessel
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Yard
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Built
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Nordic Moon (1)
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Samsung
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2002
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Nordic Apollo
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Samsung
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2003
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Nordic Cosmos
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Samsung
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2003
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Nordic Pollux
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Universal
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2003
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Nordic Luna
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Universal
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2004
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Nordic Castor
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Universal
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2004
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Nordic Freedom
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Daewoo
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2005
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Nordic Sprinter
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Hyundai
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2005
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Nordic Skier
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Hyundai
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2005
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Nordic Vega
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Bohai
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2010
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Nordic Light
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Samsung
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2010
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Nordic Cross
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Samsung
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2010
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Nordic Breeze
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Samsung
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2011
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Nordic Zenith
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Samsung
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2011
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Nordic Star
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Sungdong
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2016
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Nordic Space
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Sungdong
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2017
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Nordic Aquarius
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Samsung
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2018
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Nordic Cygnus
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Samsung
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2018
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Nordic Tellus
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Samsung
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2018
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Nordic Hunter
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Samsung
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2022
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Nordic Harrier
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Samsung
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2022
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(1) |
Presented as Held for Sale as of June 30, 2022, and delivered to new owners in July 2022.
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Recent Developments
On June 30, 2022, we took delivery of our second Suezmax newbuilding this year. The first newbuilding was delivered to us from Samsung shipyard on May 13, 2022. Both newbuildings have been chartered out and commenced
their six-year time charter agreements with interests in Oman immediately after delivery from the shipyard. The vessels are fully financed. We refer to further information below in the section Our Borrowing Activities.
On July 15, 2022, our vessel Nordic Moon was delivered to its new owners, as announced on June 7, 2022.
On August 30, 2022, we declared a dividend of $0.03 cent per share in respect of the results for the second quarter of 2022, which is payable on October 12, 2022.
On September 29,
2022, we announced the sale of a Suezmax tanker built in 2003. The vessel will be delivered to its new owner in the fourth quarter of 2022.
The Tanker Market – First Six Months of 2022
The tanker market rates for the first six months ended June 30, 2022, was stronger than in the same period in 2021. Brokers report earnings of about $25,000 per day in 2022 against about $7,000 per day in the same
period in 2021. From the time a voyage is booked and the rate is reported to the market until the vessel loads the cargo and commences the voyage there can be a delay of up to 30 days. As such, from an accounting perspective, a voyage booked at the
end of a quarter may see the majority of its revenues being recorded in the following quarter’s results. The earnings for vessel operators are, for this reason, not necessarily expected to fluctuate in an identical manner as the indicative rates
reported by brokers on a quarter by quarter basis. The average Suezmax earnings reported by brokers for the first six months of 2022 were in particular impacted by the conflict in Ukraine with peak freight rates reported in the period from end
February to end April 2022 and with significant geographical differences in freight rates achieved in that period.
For the six months ended June 30, 2022, the global conventional Suezmax fleet consisted of 562 vessels. The Suezmax orderbook stood at 13 conventional Suezmax vessels, which represents 2.3% of the world conventional
Suezmax fleet. This is a historic low orderbook and encouraging for the market balance going forward.
OPERATING AND FINANCIAL REVIEW
Results of operations
Our fleet currently consists of 20 Suezmax crude oil tankers. The fleet as of June 30, 2022, consisted of 21 vessels, where one vessel was classified as Held for Sale and delivered to its new owners in July 2022. We
have sold four vessels in total in 2022, including the vessel presented as Vessels Held for Sale as of June 30, 2022, and taken delivery of two newbuildings from Samsung shipyard. The majority of our vessels are employed in the spot market. Three
vessels are currently on longer term time charter agreements, including the two 2022 Newbuildings that are employed on six-year time charter agreements.
SIX MONTHS ENDED JUNE 30, 2022 COMPARED TO SIX MONTHS ENDED JUNE 30, 2021 (UNAUDITED)
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All figures in USD ‘000
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Six months ended June 30,
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2022
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2021
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Variance
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Voyage Revenues
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124,179
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100,393
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23.69
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%
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Voyage Expenses
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(73,908
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)
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(64,835
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)
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13.99
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%
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Vessel Operating Expenses
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(33,383
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)
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(34,053
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)
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(1.97
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)%
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Impairment and Loss on Disposal of Vessels
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(1,146
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)
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-
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N/A
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Depreciation Expense
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(25,389
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)
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(34,479
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)
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(26.36
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)%
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General and Administrative Expenses
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(9,355
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)
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(7,168
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)
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30.51
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%
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Net Operating Income (Loss)
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(19,002
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)
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(40,142
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)
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(52.66
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)%
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Interest Expense
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(11,713
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)
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(13,321
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)
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(12.07
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)%
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Other Financial Income (Expense)
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(225
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)
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(255
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)
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(11.76
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)%
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Net Income (Loss)
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(30,940
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)
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(53,718
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)
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(42.40
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)%
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The following table reconciles our net voyage revenues to voyage revenues and the corresponding number of revenue (TCE) days.
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All figures in USD ‘000 except TCE rate per day
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Six months ended June 30,
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2022
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2021
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Variance
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Voyage Revenue
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124,179
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100,393
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23.69
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%
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Less Voyage Expenses
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(73,908
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)
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(64,835
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)
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13.99
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%
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Net Voyage Revenue (1)
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50,271
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35,558
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41.38
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%
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Vessel Calendar Days (2)
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3,712
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4,163
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(10.83
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)%
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Less Off-hire Days (3)
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(139
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)
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(109
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)
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27.32
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%
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Total TCE days
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3,573
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4,054
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(11.85
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)%
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TCE Rate per day (1)
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14,068
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8,771
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60.39
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%
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(1) |
Management believes that net voyage revenue, a non-GAAP financial measure, provides additional meaningful information because it enables us to compare the profitability of our vessels which are employed under
bareboat charters, spot related time charters and spot charters. Net voyage revenues divided by the Total TCE days provides the Time Charter Equivalent (TCE) Rate per day. Net voyage revenues and TCE rates are widely used by investors and
analysts in the tanker shipping industry for comparing the financial performance of companies and for preparing industry averages. We believe that our method of calculating net voyage revenue is consistent with industry standards.
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(2) |
Vessel Calendar Days is the total number of days the vessels were in our fleet.
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(3) |
Scheduled off-hire is 52 days out of the total 139 days for the six months ended June 30, 2022 and 21 days out of the total 109 days for the six months ended June 30, 2021.
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Voyage revenues in the six months ended June 30, 2022, increased by $23.8 million to $124.2 million, or 23.69%, compared to $100.4 million in the same period ended June 30, 2021, mainly as a result of an increase in
the Suezmax tanker rates achieved in the market (for further information see the section above entitled “The Tanker Market – First Six Months of 2022”). Our TCE rate per day for the first six months of 2022 came in at $14,068 compared to $8,771 in
the same period ended June 30, 2021, which is an increase of 60.39%. Our average TCE was positively impacted by the increased tanker rates in the first half of 2022, but not to the same extent as the broker rates reported.
Voyage expenses in the six months ended June 30, 2022, increased by $9.1 million to $73.9 million, or 13.99%, compared to $64.8 million in the same period ended June 30, 2021, mainly as a result of an increase in
bunker expenditure of $8.0 million and an increase in commissions of $0.8 million.
Operating Expenses in the six months ended June 30, 2022, decreased by $0.7 million to $33.4 million, or 1.97%, compared to $34.1 million in the same period ended June 30, 2021. The decrease is mainly as a result of
less Vessel Calendar Days in 2022 compared to the same period in 2021. In cooperation with our technical managers we maintain our focus on keeping the fleet in top technical condition whilst keeping costs low.
General and administrative expenses in the six months ended June 30, 2022, increased by $2.2 million to $9.4 million, or 30.51%, compared to $7.2 million in the same period ended June 30, 2021, mainly as a result of
increased staff cost and travel expenses.
Depreciation expense in the six months ended June 30, 2022, decreased by $9.1 million to $25.4 million, or 26.36%, compared to $34.5 million in the same period ended June 30, 2021, mainly as a result of disposal of
four vessels compared to the same period in 2021 and impairment charges recorded as of December 31, 2021, of $60.3 million that lowered the depreciation base for vessels built in 2002 and 2003. The two newbuildings in 2022 have been added to the
fleet in the latter part of the six-month period ending June 30, 2022, and depreciation charges will be fully reflected in the coming periods.
Interest expense in the six months ended June 30, 2022, decreased by $1.6 million to $11.7 million, or 12.07%, compared to $13.3 million in the same period ended June 30, 2021, mainly as a result of reduced interest
bearing debt due to repayments occurring from June 30, 2021 to June 30, 2022.
Cash flows used in operating activities in the six months ended June 30, 2022, improved to $(14.0) million from $(20.9) million used in operating activities for the same period ended June
30, 2021. The change in cash flows used in operating activities is primarily due to increase in freight rates achieved in the first half of 2022 compared to 2021, offset by a negative impact from changes in working capital mainly as a result of an
increase in fuel prices reflected in our balance sheet as Inventory.
Cash flows used in investing activities increased to $(45.5) million for the six months ended June 30, 2022, from $(2.2) million for the six months ended June 30, 2021. The increase of cash flows used in investing
activities is primarily due to an increase in investment in vessels under construction, offset by proceeds from disposal of vessels. The two vessels under construction were completed and delivered to us in May and June 2022, and the construction
costs related to these two newbuildings have in material respects been paid for as of June 30, 2022.
Cash flows provided by financing activities increased to $65.5 million for the six months ended June 30, 2022, from $3.6 million used in financing activities for the six months ended June 30, 2021. The increase of cash
flows provided by financing activities in the period ended June 30, 2022, is primarily due to an increase of $88.0 million in proceeds from the financing arrangements for the two newbuildings delivered in 2022, an increase of $11.6 million from
issuance of common stock and $4.2 million less distributed in dividends, offset by an increase of $42.6 million in repayments of the 2019 Senior Secured Credit Facility in comparison to the applicable amounts for the six months ended June 30, 2021.
Liquidity and Capital Resources
Our main liquidity requirements are related to voyage cost and operating cost for our vessels, repayments of loans and related interest charges, general and administration cost, capital expenditure related to our
vessels including acquisition of vessels and working capital needs.
In September 2020, we announced that we had entered into two Suezmax newbuilding contracts with Samsung shipyard in South Korea for scheduled deliveries in the first half of 2022. These vessels were delivered to us in
May and June 2022.
On a regular basis, we perform cash flow projections to evaluate whether we will be in a position to cover our liquidity needs for the next 12-month period and the compliance with financial and security ratios under
our existing and future financing agreements. In developing estimates of future cash flows, we make assumptions about the vessels’ future performance, market rates, operating expenses, capital expenditure, fleet utilization, general and
administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations. We prepare cash flow projections for different scenarios and a key input factor to the cash flow
projections is the estimated freight rates. We apply an average of several broker estimates in combination with own estimates for the coming 12-months period. Freight rates in the first half of 2022 have improved significantly compared to the average
freight rates achieved in 2021 and have improved further in the period subsequent to June 30, 2022. Based on the current tanker market and outlook, we expect freight rates to stay at higher levels for at least the next 12 months, and we believe that
the current cash, cash equivalents and restricted cash and cash expected to be generated from operations, together with remaining amount available under the $60 million 2022 ATM program, are sufficient to meet the working capital needs and other
liquidity requirements for the next 12 months from the date of this report. We have measures available, as disclosed in the 2021 annual report filed on May 11, 2022, if there are unexpected events occurring in the coming twelve months’ period.
Cash, restricted cash and cash equivalents are predominantly held in U.S. Dollars. Cash and cash equivalents was in total $35.6 million and $34.7 million as of June 30, 2022 and December 31, 2021, respectively.
Restricted cash was $15.1 million and $9.9 million as of June 30, 2022 and December 31, 2021, respectively. The restricted cash deposit is nominated and available for use for drydocking and other capex commitments related to the vessels used as
collateral under the 2019 Senior Secured Credit Facility.
Our Borrowing Activities
On February 12, 2019, we entered into the $306.1 million 2019 Senior Secured Credit Facility using twenty of our vessels at that time built from year 2000 to 2017 as collateral. On December 16, 2020, we entered into a
loan agreement for $30.0 million that is considered an accordion loan under the 2019 Senior Secured Credit Facility loan agreement. In 2021, we disposed of one 2000-built vessel. As of June 30, 2022, we have disposed of three of the collateral
vessels built in 2002 and we have further one vessel presented in our balance sheet as Vessels Held for Sale that was delivered to its new owners on July 15, 2022. Net proceeds from the sale of these five vessels have been used to repay the
outstanding loan.
The three 2018-built Vessels are financed through Ocean Yield ASA.
In September 2020, we announced that we had entered into two Suezmax newbuilding contracts with Samsung shipyard in South Korea for scheduled deliveries in the first half of 2022. In December 2020, we entered into
financing agreements with Ocean Yield ASA for the financing of up to 80% of the newbuilding price for the two newbuildings at similar terms as for the 2018-built Vessels. The two newbuildings were delivered to us in May and June 2022 and we have
fully utilized the associated financing arrangements.
2019 Senior Secured Credit Facility and $30 million Accordion Loan
On February 12, 2019, we entered into a five-year senior secured credit facility for $306.1 million (the “2019 Senior Secured Credit Facility”). Borrowings under the 2019 Senior Secured Credit Facility are secured by
first priority mortgages over our vessels (excluding the three vessels delivered to us in 2018 and the two vessels delivered to us in 2022, see further information below) and assignments of earnings and insurance. The loan is amortizing with a
twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024. Further, the agreement contains a discretionary excess cash mechanism for the lender that equals 50% of the net earnings from the
collateral vessels, less capex provision and fixed loan amortization. The agreement contains covenants that require a minimum liquidity of $30.0 million and a loan-to-vessel value ratio of maximum 70%.
On December 16, 2020, we entered into a new loan agreement for the borrowing of $30.0 million (the “$30 million Accordion Loan”). The loan is considered an accordion loan to the 2019 Senior Secured Credit Facility loan
agreement and has the same amortization profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024. The security of the loan is attached to the security of the 2019 Senior Secured Credit Facility and has equal
priority, same financial covenants and same excess cash flow mechanism as the 2019 Senior Secured Credit Facility.
As of December 31, 2021, we had $223.1 million drawn under our 2019 Senior Secured Credit Facility. We have repaid a total of $51.0 million of the facility in the six months ended June 30, 2022 and the outstanding
balance of the facility was $172.1 million as of June 30, 2022. We have presented $27.9 million, net of deferred financing costs of $1.8 million, under Current Portion of Long-Term Debt that includes $15.8 million in debt associated with a vessel
presented as Vessels Held for Sale. Earnings generated in the second quarter of 2022 did not result in any additional payment related to the excess cash flow mechanism.
Subsequent to June 30, 2022, we have repaid in total $18.0 million and the outstanding balance as of the date of this report is $154.1 million.
Financing of the 2018-built vessels
The three 2018-built vessels were delivered to us in July, August and October 2018, respectively. Upon delivery of each of the vessels, we entered into ten-year bareboat charter agreements. We have obligations to
purchase the vessels for a consideration of $13.6 million for each vessel upon the completion of the ten-year bareboat charter agreements, and also have the option to purchase the vessels after sixty and eighty-four months. The financing agreements
for the three vessels had a total effective interest rate as of June 30, 2022, ranging from 4.75% to 4.82% including a floating 12-month LIBOR element that is subject to annual adjustments that take place at the anniversaries of the vessels in the
third and fourth quarter of the fiscal year. The financing agreement contains certain financial covenants requiring us to on a consolidated basis to maintain a minimum value adjusted equity of $175.0 million and ratio of 25%, minimum liquidity of
$20.0 million; and a minimum vessel value to outstanding lease clause.
The outstanding amount under this financing arrangement was $100.2 million and $104.3 million as of June 30, 2022 and December 31, 2021, respectively, where $8.3 million and $8.1 million, net of deferred financing
costs, have been presented as Current Portion of Long-Term Debt, respectively.
Financing of the 2022 Newbuildings
In 2020, we announced that we had entered into financing agreements for the two Suezmax newbuildings to be delivered to us during 2022. The two vessels, Nordic Harrier and Nordic Hunter, were delivered to us from
Samsung shipyard in May and June 2022 at schedule and agreed cost. Under the terms of the financing agreement, the lender has provided financing of 80.0% of the purchase price for each of the two newbuildings. Upon delivery of each of the vessels, we
entered into ten-year bareboat charter agreements. We have obligations to purchase the vessels for a consideration of $16.5 million for each vessel upon the completion of the ten-year bareboat charter agreements, and also have the option to purchase
the vessels after sixty and eighty-four months. The financing agreements for the two vessels had a total effective interest rate as of June 30, 2022, ranging from 5.79% to 6.53% including a floating 3-month LIBOR element that is subject to quarterly
adjustments. The financing agreements contain certain financial covenants requiring us to on a consolidated basis to maintain a minimum liquidity of $20.0 million and a minimum vessel value to outstanding lease clause.
As of June 30, 2022, we have fully utilized the financing available under these agreements and the outstanding balance as of June 30, 2022, was $87.6 million.
Equity
On September 29, 2021, we entered into a new equity distribution agreement with B. Riley Securities, Inc, acting as sales agent, under which we may, from time to time, offer and sell our common stock through an
At-the-Market Offering (“the $60 million 2021 ATM”) program having an aggregate offering price of up to $60,000,000. The $60 million 2021 ATM was terminated on February 14, 2022, after having utilized gross $39.2 million of the program.
On February 14, 2022, we entered into a new equity distribution agreement with B. Riley Securities, Inc, acting as sales agent, under which the Company may, from time to time, offer and sell common stock through an
At-the-Market Offering (the “$60 million 2022 ATM”) program having an aggregate offering price of up to $60,000,000. As of June 30, 2022, we have raised gross and net proceeds (after deducting sales commissions and other fees and expenses) of $18.9
million and $18.4 million, respectively, by issuing and selling 8,213,676 common shares. Subsequent to June 30, 2022, and up to September 26, 2022, we have raised gross and net proceeds of $14.6 million and $14.3 million, respectively, by selling and
issuing 6,123,582 commons shares with a remaining available balance of $26.4 million under this ATM. Based on the share price of the Company of $3.08 as of September 26, 2022, it would have resulted in 8,585,437 new shares being issued, if fully
utilizing the remaining balance available of the $60 million 2022 ATM.
Contractual Obligations
The following table sets out our long-term contractual obligations outstanding as of June 30, 2022 (all figures in thousands of USD).
| |
|
Total
|
|
|
|
2022*
|
|
|
|
2023 -
2024
|
|
|
|
2025 -
2026
|
|
|
Thereafter
|
|
|
2019 Senior Secured Credit Facility (1)
|
|
|
172,137
|
|
|
|
6,209
|
|
|
|
165,928
|
|
|
|
-
|
|
|
|
-
|
|
|
Interest Payments (2)
|
|
|
22,368
|
|
|
|
7,353
|
|
|
|
15,015
|
|
|
|
-
|
|
|
|
-
|
|
|
Financing of 2018 - built Vessels (3)
|
|
|
100,195
|
|
|
|
4,245
|
|
|
|
17,849
|
|
|
|
19,508
|
|
|
|
58,593
|
|
|
Interest Payments 2018 – built Vessels (4)
|
|
|
31,559
|
|
|
|
3,277
|
|
|
|
12,515
|
|
|
|
9,828
|
|
|
|
5,939
|
|
|
Operating Lease Liabilities (5)
|
|
|
1,708
|
|
|
|
364
|
|
|
|
1,344
|
|
|
|
-
|
|
|
|
-
|
|
|
Financing of 2022 Newbuildings (6)
|
|
|
87,623
|
|
|
|
2,772
|
|
|
|
11,015
|
|
|
|
11,000
|
|
|
|
62,836
|
|
|
Interest Payments 2022 Newbuildings (7)
|
|
|
41,993
|
|
|
|
2,983
|
|
|
|
11,157
|
|
|
|
9,600
|
|
|
|
18,253
|
|
|
Total
|
|
|
457,583
|
|
|
|
27,203
|
|
|
|
234,823
|
|
|
|
49,936
|
|
|
|
145,621
|
|
* Q3 + Q4 2022
Notes:
| (1) |
Refers to our obligation to repay outstanding indebtedness under the 2019 Senior Secured Credit Facility including the Accordion Loan as of June 30, 2022. The facilities contain a
discretionary excess cash amortization mechanism for the lender that equals 50% of the net earnings from the collateral vessels, less capex provision and fixed amortization.
|
| (2) |
Refers to estimated interest payments over the term of outstanding indebtedness of the 2019 Senior Secured Credit Facility including the Accordion Loan as of June 30, 2022. Estimate is based
on applicable interest rate as of August 31, 2022, agreed amortization and amount outstanding as of June 30, 2022.
|
| (3) |
Refers to obligation to repay indebtedness outstanding as of June 30, 2022 for three 2018-built vessels.
|
| (4) |
Refers to estimated interest payments over the term of the indebtedness outstanding as of June 30, 2022 for the financing of the three 2018-built vessels. Estimate based on applicable
interest rates as of August 31, 2022. The LIBOR element included in the interest rates are adjusted annually and take place at the anniversaries of the vessels in the third and fourth quarter of the fiscal year.
|
| (5) |
Refers to the future obligation as of June 30, 2022, to pay for operating lease liabilities at nominal values.
|
| (6) |
Refers to obligation to repay indebtedness outstanding as of June 30, 2022 for the two 2022 newbuildings.
|
| (7) |
Refers to estimated interest payments over the term of the indebtedness outstanding as of June 30, 2022 for the financing of the two 2022 newbuildings. Estimate based on applicable interest
rates as of August 31, 2022. The LIBOR element included in the interest rates are adjusted on a quarterly basis.
|
* * * *
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this report 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,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this report 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 worldwide 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 piracy, accidents or political events, vessels breakdowns and instances of off-hire, failure on the part of a seller to
complete a sale to us and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.
Contact:
Bjørn Giæver, CFO
Nordic American Tankers Limited
Tel: +1 888 755 8391 or +47 91 35 00 91
Herbjørn Hansson, Founder, Chairman & CEO
Nordic American Tankers Limited
Tel: +1 866 805 9504 or +47 90 14 62 91
Web-site: www.nat.bm