Nordic American Tankers to Add Four Suezmaxes

  • Business & Finance

Bermuda-based tanker owner Nordic American Tankers (NAT) has inked a deal with an undisclosed party to acquire four 150,000 dwt Suezmax vessels for a price of USD 106 million.

The company expects that the crude oil tankers, which were built at a Japanese shipyard, will be delivered during May, June and July 2016.

Two ships from the batch were built in 2004, while the other two were built in 2003 and 2000, respectively.

With these vessels, the company’s fleet will increase from 26 to 30 vessels.

Between July 2014 and January 2017, a total of 10 vessels will have been added to the NAT fleet, including the previously announced two newbuildings due for delivery in August 2016 and in January 2017.

Due to a strong tanker market seen in 2015, Nordic American Tankers (NAT) saw its operating cash flow jump by 16 percent to USD 57.2 million in the fourth quarter of 2015, compared to USD 24.5 million a year earlier.

The company’s full year operating cash flow was at USD 212 million, representing “the strongest year in NAT’s history.”

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