NAT to Increase Fleet with Suezmax Trio

Bermuda-based tanker owner Nordic American Tankers Limited has decided to up its fleet to 33 vessels as it signed agreements for three new Suezmax tankers with South Korea’s shipbuilder Samsung Heavy Industries.

Featuring 157,000 deadweight tons each, the new vessels are scheduled for delivery to NAT during the second half of 2018.

“This is another large step forward for Nordic American,” Herbjørn Hansson, the Chairman & CEO of the company, said.

“By adding these ships, we substantially 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 NAT,” he added.

NAT said that the transaction will be in part financed by the USD 120 million stock issue completed on September 30.

The company offered up to 11 million common shares at a price of USD 10 per share, and a 30-day option for underwriters to purchase up to an additional 1.65 million common shares.

The company currently owns 30 double-hull Suezmax tankers, one of which is to be delivered in the first quarter of 2017.