New Contract for NAT

Monday, May 10, 2004
Nordic American Tanker Shipping Ltd. concluded an agreement to charter to Gulf Navigation Company LLC of Dubai, U.A.E. the first of its modern double-hull Suezmax tankers as of the expiration of the original BP charter in Q4 2004. The five-year bareboat charter agreement, with two optional one-year extensions, provides for a bareboat charter rate of $17,325 per day for the vessel, equivalent to a timecharter rate of approximately $25,000 per day.

Rolf Amundsen, a spokesman for Nordic American, said: "The charter we are announcing today provides a strategic foundation for the future growth of the company. With the fixed income from this ship, we believe that we have significantly reduced the market risks to our company and made it more attractive to operate the rest of our fleet in the spot, or short-term market. As we move ahead in anticipation of the expiration of the present charters in Q4 2004, it is the plan of the Nordic American Board to grow our fleet. We believe that having a portion of our fleet on fixed rate charter reduces the market rates we need to receive on the remainder of the fleet to achieve cash breakeven, and gives us confidence that we can maintain a dividend while chartering the remainder of the fleet at variable or shorter term rates, which, while volatile, may from time to time be much higher. We are very excited about our cooperation with Gulf Navigation and have solid plans to develop further business."

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

People & Company News

Obangame Express 2015 Concludes in the Gulf of Guinea

Maritime forces from Gulf of Guinea nations, Europe, South America, and the United States and several regional and international organizations concluded the multinational maritime exercise,

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

Tanker Trends

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Helios LPG Pool to Start Operating

Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015.  Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte.

Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1442 sec (7 req/sec)