Nordic American Tanker Shipping Provides Update on Delayed Delivery of Suezmax Newbuilding

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jul 2010

Nordic American Tanker Shipping yesterday announced that the delivery of its newbuilding suezmax -- the first of two scheduled for this year -- continues to be delayed. The Company has mentioned this in previous quarterly reports and has advised the seller, a company in the Fred Olsen group, that we will not take delivery of the vessel until it is completed in accordance with the contract.
Herbjorn Hansson, Chief Executive Officer, stated: "If this situation with the sellers is not resolved, we are prepared to take the matter to arbitration, although we prefer an amicable and fair resolution."
Mr. Hansson added: "Under our expansion program we continue to be active in the market to acquire further vessels. We expect to have minimum 20 suezmax vessels by the end of next year."
The dividend report for the second quarter 2010 will be released before the opening of New York Stock Exchange Friday August 6, 2010.
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.

Source: Nordic American Tanker Shipping Ltd