In our press release of March 20, Nordic American Tankers Ltd. ("NAT" or the "Company") announced that it had entered into an agreement to acquire a suezmax tanker. The tanker was to be delivered no later than mid-May 2013. On request of the Seller of the vessel, NAT agreed to extend the delivery date until June 15, at the latest. Towards the end of May, we were advised by the Sellers that the vessel probably would not be ready for delivery June 15.
Thereafter, NAT has used its contractual right to cancel the contract. This cancellation will not impact the expansion plans presently under consideration by NAT.