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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

Asia Tankers-VLCC Rates Soar

Middle East VLCC rates hit $69,500 a day; daily VLCC rates average $51,000, highest since 2008 (Clarkson). Rates for very large crude carriers (VLCCs) on a key

Finance

Oil Price Shock Soon to be Positive Overall for Canada

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday.

Total Eyes Sale of its Fuel Retailing Business in Turkey

Total aims to exit its fuel distribution business in Turkey and has asked Societe Generale to lead the sale, sources said on Friday, as the French oil producer

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Winch
rss | archive | history | articles | privacy | 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: 0.1141 sec (9 req/sec)