NAT - Nordic American Tanker Declares a .60 Cents Dividend Per Share
Hamilton, Bermuda, August 6, 2010
Nordic American Tanker Shipping Ltd. ("NAT" or "the Company") today announced that the dividend for 2Q10 was $0.60 per share which is the same as for 1Q10. At a time when several shipping companies produce negative results, the Board of Directors is pleased to announce that NAT turned in a solid net income in 2Q10. We expect that the fleet of NAT will reach a minimum of 20 vessels by the end of 2011. We have no plans to tap the equity markets to fund this expansion, since the Company currently has ample financial resources to reach a fleet of 24 vessels.
The Company will pay the dividend on or about September 2, 2010, to shareholders of record as of August 20, 2010. Since the autumn of 1997, when the company's first three vessels were delivered, NAT has always paid a quarterly dividend; the total dividends paid through the second quarter of 2010 amount to $41.34 per share.
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