Nordic American Tankers Announce Public Offering

MarineLink.com
Tuesday, April 02, 2013

Nordic American Tankers Limited announced commencement of a public offering of $87 million aggregate amount of common shares pursuant to the Company's effective shelf registration statement.

The company then announced a follow-on offering of 9.75 million common shares has been priced at $9.60 per share. The common shares are being offered pursuant to the Company's effective shelf registration statement. The Company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson purchased 156,250 common shares in the offering on the same terms as other investors. Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and DNB Markets Inc., Skandinaviska Enskilda Banken AB and Pareto Securities Inc. are acting as co-managers of the offering. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,462,500 common shares.  The Company expects to close the sale of the common shares on April 5, 2013, subject to customary closing conditions.

The net proceeds of the offering are expected to be used to pay for acquisitions under our expansion program, including the Nordic Future, and for general corporate purposes.  The company's current fleet consists of 20 double-hull Suezmax tankers. In addition we have entered into a preliminary agreement to acquire a modern double-hull Suezmax tanker, the Nordic Future, which is expected to be delivered no later than May 2013.  The company is reviewing other possible acquisitions of vessels which could take place in the near future.

www.nat.bm

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Oil Traders Say OPEC May Be Heading for Price War

Saudi Arabia's decision to slash the official selling price for its oil has sparked trader talk of an emerging OPEC price cutting war, as members of the producer

MOL, Osaka Gas’s Newbuild LNG Carrier Named

Mitsui O.S.K. Lines, Ltd. (MOL) announced that a naming ceremony for the LNG Venus, a newbuilding liquefied natural gas (LNG) carrier, was held at the Nagasaki Shipyard of Mitsubishi Heavy Industries,

Frontline & TI form new VLCC Company

Frontline Management (Bermuda) Ltd. and Tankers International LLC (TI) today announced the formation of a new company, VLCC Chartering Ltd ('the Company').

Finance

Oil Traders Say OPEC May Be Heading for Price War

Saudi Arabia's decision to slash the official selling price for its oil has sparked trader talk of an emerging OPEC price cutting war, as members of the producer

Yara Completes Acquisition of OFD Holding

Yara International ASA has obtained relevant regulatory approvals and closed the acquisition of OFD Holding Inc. (OFD) allowing the integration process to start.

Vallianz Acquires OER Holdings for $28m

Vallianz Holdings Limited, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has today announced that it is acquiring OER Holdings Pte.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1242 sec (8 req/sec)