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Thursday, September 29, 2016

Nordic American Tankers Mull Expansion Plans

January 18, 2013

Nordic American Tankers Ltd. is considering expanding its fleet by ordering new vessels or buying second-hand.

The company's Board of Directors has declared a dividend of $0.16 for the fourth quarter of 2012.  They are assessing expansion plans including ordering of new vessels from shipyards or buying second hand vessels at historically low prices. 

The level of the declared dividend should be seen in the context of a planned fleet expansion. Expansion is essentially the same as investing in the future. However, also yield is a priority as demonstrated by this payment of dividend for the 62nd consecutive quarter since the autumn of 1997.

The record date is expected to be January 30, 2013 and the payment of dividend is expected to take place on or about February 13, 2013.

Nordic American Tankers Limited (NAT) ("NAT") was incorporated in Bermuda in 1995. In September 1995 NAT sold securities to the public in the US and in Europe. The shares are trading at the New York Stock Exchange.

The record date is expected to be January 30, 2013 and the payment of dividend is expected to take place on or about February 13, 2013.

Nordic American Tankers Limited ("NAT") was incorporated in Bermuda in 1995. In September 1995 NAT sold securities to the public in the US and in Europe. The shares are today trading at the New York Stock Exchange

The proceeds from the first offering (and subsequent exercise of warrants) were used to acquire 3 new suezmax double hull crude oil tankers (151,000 dwt) built at Samsung Heavy Industries Co. Ltd. to very high specifications. The three vessels ("Nordic Hawk", "Nordic Hunter" and "Gulf Scandic") were all delivered during the autumn of 1997 and commenced a seven-year bareboat charters to British Petroleum ("BP") immediately after delivery. The charter was based on the spot market rates at all times; with a minimum guaranteed rate.
 



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