Nordic American Tankers Ltd. (NYSE:NAT) - Increased Fleet and Increased Dividend/Earnings Capacity.
Hamilton, Bermuda, July 29, 2011
Nordic American Tankers (the Company) today announced that Nordic Breeze, the first of the two vessels under construction at Samsung Heavy Industries Co., Ltd., is expected to be delivered to the Company August 23, 2011. This is more than one month earlier than expected.
The second vessel, Nordic Zenith, is expected to be delivered to the Company in the latter part of October 2011 which also is well in advance of the original schedule.
Both vessels are fully financed, and no equity offering is under planning.
Following the delivery of Nordic Breeze and Nordic Zenith, the Company has increased its trading fleet by 27% during 2011, from 15 vessels in 4Q2010 to 19 vessels in 4Q2011 - all suezmax vessels of about 150,000 dwt each - thereby bolstering the dividend and earnings capacity correspondingly.
As previously advised the market, the dividend and earnings report (including the dividend amount per share) for the second quarter 2011 will be published Monday August 8, 2011 before the opening of the New York Stock Exchange. Dividend will be paid August 31, 2011 to shareholders of record August 19, 2011.
Herbjørn Hansson, the Company's Chairman & CEO, commented: "Going forward, Nordic American is continuously seeking to expand its dividend and earnings capacity through further acquisitions; when the timing is right. Nordic American has ample financial resources and a strong balance sheet. After the delivery of the two Samsung vessels our net debt will still be very small. I am pleased that we will receive the vessels from Samsung earlier than planned, which is a clear advantage."
Website: http://www.nat.bm/
