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Nordic American Tanker Shipping Limited (NAT)-(NYSE: NAT) Announces Public Offering
(Marketwire Via Acquire Media NewsEdge) HAMILTON, BERMUDA, May 12 / MARKET WIRE/ --
Nordic American Tanker Shipping
Limited (the "Company") today
announced that it has commenced an offering of 4,000,000 common
shares. On May 12, 2008, the closing price of the Company's common
shares on the New York Stock Exchange was $40.08 per share. The
common shares are being offered pursuant to the Company's effective
shelf registration statement. Morgan Stanley is acting as the
bookrunning manager for the offering, and Dahlman Rose & Company is
acting as a co-manager for the offering. The Company expects to
close the sale of the common shares on May 16, 2008, subject to
customary closing conditions. The Company has granted the
underwriters a 30-day option to purchase up to 600,000 additional
shares to cover over-allotments.
The net proceeds of the offering are expected to be used to prepare
the Company for further expansion and, in the meantime, the Company
intends to repay borrowings under its credit facility, and for
working capital.
The offering is being made only by means of a prospectus and related
prospectus supplement. A prospectus supplement related to the
offering will be filed with the Securities and Exchange Commission.
When available, copies of the prospectus and prospectus supplement
relating to the offering may be obtained from the offices of Morgan
Stanley at 180 Varick Street, Second Floor, New York, New York 10014,
Attention: Prospectus Department or by telephone to (212) 761-6775.
About the Company
The Company is an international tanker company that owns fourteen
modern double-hull Suezmax tankers including two newbuilding Suezmax
tankers that the Company has agreed to acquire.
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," "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-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, including the prospectus and
related prospectus supplement, our Annual Report on Form 20-F, and
our Reports on Form 6-K.
Copyright ? Hugin AS 2008. All rights reserved.
Contacts:
Scandic American Shipping Ltd
Manager for:
Nordic American Tanker Shipping Limited
P.O Box 56, 3201 Sandefjord, Norway
Tel: + 47 33 42 73 00
E-mail: Email Contact
Rolf Amundsen, Investor Relations
Nordic American Tanker Shipping Limited
Tel: +1 800 601 9079 or + 47 908 26 906
Gary J. Wolfe
Seward & Kissel LLP, New York, USA
Tel: +1 212 574 1223
Herbj?rn Hansson, Chairman and Chief Executive Officer
Nordic American Tanker Shipping Limited
Tel: +1 866 805 9504 or + 47 901 46 291
Copyright ? 2008 Marketwire
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