Nordic American Tankers Limited announce an underwritten public offering of approximately $65 million aggregate amount of common shares. The company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson is expected to purchase about $2.0 million worth of common shares in the offering on the same terms as other investors. The company says it intends to use the net proceeds of this offering primarily to finance its investment in Nordic American Offshore Ltd. ("NAO"). NAO is an independent company from Nordic American Tankers that will initially own six platform supply vessels built in 2012 and 2013 by the Ulstein Group in Norway. One objective of the NAT investment in NAO is to enable NAT to pay a higher dividend to NAT shareholders than otherwise would be the case. The investors participating in this offering, inform NAT, are entitled to a dividend of $0.16 per share. This dividend was announced October 21, 2013 and is payable on or about December 11, 2013. About Nordic American Tankers The company is an international tanker company that owns 20 double-hull Suezmax tankers.
One of Nordic American's Suezmax tankers had to stay in a US port about 10 days longer than planned following a detention in December 2012. In the press release of December 6, 2012, Nordic American Tankers (NAT) announced that it was working closely with US authorities to provide the information that they requested. NAT is pleased that it has been confirmed now that no charges have been lodged or will be lodged against them in connection with this incident.
Nordic American Tanker Shipping Ltd. announced that the company has taken delivery of the suezmax vessel that it agreed to acquire in July this year. The 2003 built suezmax tanker has been named Nordic Apollo and was taken over today November 09, 2006. Including the Nordic Apollo the fleet of the Company has increased from three to ten suezmax vessels over the last 24 months. The vessel is employed in the spot market thus increasing the Company's vessels with spot market exposure from
Nordic American Tankers Limited (NAT) has taken delivery of its second suezmax newbuilding tanker of 158,000 deadweight tons built at Samsung Heavy Industries Co., Ltd., South Korea. The Nordic Zenith was delivered to the Company November 8, 2011. At the end of 2010, Nordic American had 15 vessels employed in the market. Through disciplined financial management and a well-defined operating model, the Company now has a fleet of 20 suezmax vessels including the Nordic Zenith
The company is to offer $87 million aggregate amount of common shares to the public to help fund its expansion programme. The Company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson is expected to purchase about $1.5 million worth of common shares in the offering on the same terms as other investors. The net proceeds of the offering are expected to be used to pay for acquisitions under our expansion program, including the tankship Nordic Future
Nordic American Tankers (NAT) published its financial results from 4Q 2013, noting an expected increase in tanker rates that the company expects to play a role in its recovery. NAT’s results are below: In early December 2013 the Suezmax tanker rates increased significantly compared with the average for 2013. A few weeks into 2014 the rates have weakened again. We expect improved results in 1Q 2014. The timecharter results of NAT were slightly lower in 4Q 2013 than in 3Q 2013
Nordic American Tanker Shipping Ltd. agreed to acquire two Suezmax tankers, bringing its total Suezmax tanker total to 12. These vessels, one built in 2002 and one in 2003 in the Samsung shipyard in South Korea, are sister vessels to the company's 10th vessel (built 2003) whose acquisition was announced on July 17. The aggregate price for the three sister vessels is $246m. All the twelve vessels of the company have double hull
Oil tanker owners are celebrating one of the industry's most notable turnrounds after charter rates for some vessel classes multiplied around seven times in the space of a few weeks. Owners of Very Large Crude Carriers (VLCCs), capable of carrying 2m barrels of oil, have been chartering their vessels for as much as $150,000 a day in the past two weeks, against only just over $20,000 in early November. The spike results mainly from industry fears about the effect on tankers of the strong
Nordic American Tankers Limited announced today that, in connection with its previously announced public offering of 12,000,000 common shares at a public offering price of $8.62 per share, the underwriters exercised in full the option granted to them by the company and purchased an additional 1,800,000 common shares on the same terms on which the 12,000,000 common shares were sold to the underwriters. The company also announced that the closing of the follow-on offering and the closing of the
Nordic American Tankers Limited (NAT) informs that its offering of 12,000,000 common shares, at a public offering price of $8.62 per share, was exercised in full by underwriters, and in accordance with the option granted to them by the Company they purchased an additional 1,800,000 common shares on the same terms. NAT also says that the closing of the follow-on offering and the closing of the option to purchase additional shares took place simultaneously. Morgan Stanley & Co
Nordic American Offshore Ltd. (NAO) informs that it has agreed with the Norwegian based Vard Aukra shipyard to extend the delivery of two platform supply vessel (PSV) newbuildings, originally scheduled to be delivered in mid-2015. Under the new agreement
The board of directors at Nordic American Offshore Ltd. (NAO) has declared a dividend of $0.17 per common share for the first quarter 2015. The payment of dividend is expected to take place on or about May 28, 2015 to shareholders of record as of May 14, 2015, NAO said.
Nordic American Offshore Ltd. executive chairman Herbjorn Hansson weighs in on Mediterranean Sea migrant crisis, stating his company’s PSVs are capable and ready to perform rescue operations, if contracted. We are all too familiar with the tragedy that is unfolding in the
Nordic American Offshore Ltd. (NAO) announced that its board of directors has authorized a share repurchase program under which the company may repurchase up to 2.5 million of NAO's outstanding common stock over the next two years. The authorization is effective immediately
Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014. The payment of dividend is expected to take place on or about November 21
Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters. The record date is November 7, 2014 and the payment of dividend is expected to take place on or about November 21, 2014
Nordic American Tankers Limited Chairman & CEO Herbjørn Hansson addressed the impacts of low oil prices on the tanker business in a letter to shareholders, citing the decrease in oil price as an overall positive for the world tanker market and possible trigger for the recent rate
Veteran Norwegian designer and builder Ulstein will, for the first time, build one of its signature X-Bow hull designs in the U.S., Maritime Reporter has learned. Edison Chouest Offshore’s LaShip shipyard in Louisiana is keen to build, and has found a Norwegian partner to share the risk
Two new Suezmax newbuilding tankers increase NAT's fleet size to 24 vessels. Nordic American Tankers Limited (NAT) has announced that it has entered into a preliminary agreement with Sungdong Shipbuilding & Marine Engineering Co., Ltd
In the NAT press release of December 1, 2014, we informed the investor market that NAT had acquired further shares in Nordic American Offshore Ltd. (NAO), increasing the ownership from 17.1% to 18.0%. Following the weaker stock market environment in the oil sector
The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping. Supertanker rates are already close to five-year highs of over $83
On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction of two suezmax tankers to be delivered in the third quarter 2016 and first quarter 2017. The final documents were signed December 19, 2014
The board of directors at Nordic American Offshore Ltd. have declared a dividend of $0.45 per common share for the fourth quarter of 2014. This is the same as for the first three quarters of 2014 for this newly established company which was stock listed on NYSE June 12, 2014
Nordic American Offshore Ltd. (NAO) informs that it has secured platform supply vessel (PSV) contracts with a major oil company. NAO’s two new contracts with are for four months firm periods, with further options for each vessel.
Nordic American Offshore Ltd. (NAO) executive chairman, Herbjørn Hansson, has increased his ownership in the company, purchasing an additional 50,000 NAO shares with his son, Alexander, yesterday at about $7.83 per share. In a letter to NAO shareholders