Introduction: It is now almost six months ago since I sent you a letter, in early January this year. Since then our companies have been through a very busy period which I would like to talk about. This particular letter is sent to shareholders of
I will point at two things that we see for the first six months of the year. Firstly, NAT is in excellent position to reap immediate financial benefits when the market turns around. Secondly, we have again proven that our fleet is in top technical condition. Furthermore, I am pleased that we, so far this year, have been able to expand our suezmax fleet from 20 to 22 vessels. We shall take delivery of the two new vessels in July and
We are now entering a period in the tanker business during which we can expect that the supply of ships will shrink; i.e. an improved balance between supply and demand may be established. It is many years ago since we had such a position. The recent volatility in the spot market is also indicating a tighter balance between supply and demand.
We will very soon announce the NAT dividend to be paid at the end of August. Furthermore, we shall arrange for the extra dividend (dividend-in-kind) to be distributed to NAT shareholders in the form of shares in NAO. The current plan is that shareholders owing 499 shares or less in NAT will be compensated with cash.
The strategy of
Summary: We are there to serve you in the best possible way. This goes for our friends in
My best wishes for the summer!
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
Scandic American Shipping Ltd
P.O Box 56, 3201 Sandefjord,
Tel: + 47 33 42 73 00 E-mail: firstname.lastname@example.org
Tor-Øyvind BjØrkli, Chief Executive Officer
Tel: +47 21 99 24 81 or +47 90 62 70 14
Manager, Investor Relations and Research,
Tel: + 377 93 25 89 07 or + 33 678 631 959
HerbjØrn Hansson, Executive Chairman
Tel: +1 866 805 9504 or + 47 901 46 291
Press release PDF: http://hugin.info/159489/R/1816230/628087.pdf