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”
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The following main elements in our business stand out at this time:
During 2020 we distributed $67.2 million in cash dividends and repaid our existing loans with a gross amount of $75.5 million.
The first half of 2020 was a strong period for NAT
The third quarter of 2020 came out positively with a timecharter equivalent of about $25,000 per day per ship
The fourth quarter of 2020 was weak
We undertook planned technical maintenance of our ships during softer market periods of 2020
At the time of this report the market has improved and we believe that we are close to a significant positive turnaround
The full year 2020 produced a net income of $50 million or an earning per share (EPS) of $0.34. This is an improvement of about $60 million in 2020 compared to 2019, which produced an EPS of -$0.07.
January 19, 2021
Dear Shareholders and Investors,
Information provided by the New York listed Nordic American Tankers Ltd.
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