Business Context and Reporting Period
This Form 6-K filing by Nordic American Tankers Ltd. (NYSE: NAT), a Bermuda-based foreign private issuer, was submitted on May 16, 2013. The filing serves to announce the date of the Company's 2013 Annual General Meeting of Shareholders and the availability of its 2012 Annual Report on Form 20-F. The Company operates in the tanker shipping sector.
Key Financial Metrics
The filing text does not provide specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity for the period ended May 31, 2013, or the fiscal year ended December 31, 2012. The document explicitly states that the Company's complete 2012 audited financial statements are included in the Annual Report on Form 20-F, which is available on the SEC website and the Company's website.
Share Capital: As of the record date of May 3, 2013, the Company had 66,038,251 common shares outstanding with a par value of $0.01 per share.
Material Changes
The filing does not disclose material changes in financial condition or operations compared to prior periods. It focuses on corporate governance events, specifically the scheduling of the Annual General Meeting and the re-election of the Board of Directors.
Guidance, Outlook, and Risks
Forward-Looking Statements: The filing includes a cautionary statement regarding forward-looking statements, noting that actual results may differ due to uncertainties.
Risk Factors: The Company identifies several factors that could materially affect results, including:
- Strength of world economies and currencies.
- Fluctuations in charter rates and vessel values.
- Changes in demand in the tanker market, OPEC production levels, and global oil consumption.
- Operating expenses, including bunker prices, drydocking, and insurance costs.
- Availability of financing and refinancing.
- Governmental regulations and political conditions.
- Disruption of shipping routes due to accidents or political events.
- Vessel breakdowns and off-hires.
Management Commentary: The Board unanimously recommends a vote in favor of the proposed directors and the appointment of Deloitte AS as independent auditors.
Important Facts for Investors to Verify
- Meeting Details: The Annual General Meeting is scheduled for June 25, 2013, at 10:00 a.m. Bermuda time in Hamilton, Bermuda.
- Record Date: The record date for voting eligibility is May 3, 2013.
- Proposals: Shareholders will vote to elect seven directors and approve the appointment of Deloitte AS as independent auditors.
- Financial Data Source: Detailed financial results for 2012 are not in this filing; investors must refer to the Form 20-F Annual Report.
- Board Composition: The Board consists of seven directors, including Chairman and CEO Herbjørn Hansson.