NAT Orders Suezmax Duo

Nordic American Tankers Limited (NAT) has entered into a preliminary agreement with Korean yard Sungdong Shipbuilding & Marine Engineering Co., Ltd., to build two Suezmax tankers of 158,000 deadweight tons.

The newbuilds are slated for delivery to NAT in the third quarter 2016 and the first quarter 2017 respectively.

NAT said that the purchase price of the two newbuilding vessels was in the region of USD 65 million each, which is expected to be financed by the company’s resources.

“This is an important step forward for Nordic American,” said Herbjørn Hansson, NAT’s Chairman & CEO.“By adding two more ships, we increase the dividend capacity and bolster our earnings potential. We believe that our solid balance sheet as well as our well-defined and transparent operating model are elements supporting the competitive position of the company.”

The company took delivery of the acquisitions Nordic Sprinter and Nordic Skier in July and August, increasing the fleet to 22 vessels.

The latest order will see NAT’s tanker increase to 24 vessels.