Nordic American Tanker Shipping Announces Expansion

Monday, February 27, 2006
Hamilton, Bermuda, February 27, 2006 Nordic American Tanker Shipping Ltd. has agreed to acquire a double hull Suezmax vessel of 157,332 dwt built in Korea in 1998, for a price of $69 million. The vessel is expected to be delivered from the seller to the Company in early April 2006. This acquisition will increase the NAT fleet to 9 vessels with an aggregate capacity of 1,383,491 dwt. The vessel is expected to be employed in the spot market, thus increasing the number of the Company's ships in the spot market from seven to eight Suezmax tankers. The Company's remaining Suezmax is employed on a long term contract. In conjunction with this acquisition, the Company also announced today that it is commencing a public offering of 3,750,000 common shares pursuant to the Company's effective shelf registration statement. Bear, Stearns & Co. Inc. and UBS Investment Bank will act as joint bookrunning managers and DnB NOR Markets, Inc. will act as a co-manager. The Company will grant the underwriters an option to purchase an additional 562,500 common shares to cover any over-allotments, exercisable within 30 days. The net proceeds of this offering are expected to be used to finance the acquisition of the Company's ninth Suezmax tanker and an additional tanker that the Company is presently planning to acquire later this year in line with the Company's policy of accretive growth and of maintaining indebtedness in the region of $15 million per vessel in the current market conditions.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Nigeria's Tanker Ban Underscores Local Industry Disarray

The Nigerian president's sudden, unexpected and seemingly unilateral decision to ban nearly 100 oil tankers from the country's waters has sown confusion in the

Asia to Northern Europe Shipping Rates Jump 177%

Asia to Northern Europe shipping freight rates for transporting containers jumped by 177.3 percent to $1.109 per 20-foot container (TEU) in the week ended on Friday,

Koole Expands Rotterdam Operations

Koole Terminals has begun operations at the storage facility for petrol and diesel in Pernis that it recently acquired from BP.   The companies have a long-standing relationship.

Vessels

CMA CGM Takes Second Guyanamax Boxship

The CMA CGM Group Informed that the CMA CGM MARSEILLE – 2nd vessel of its GUYANAMAX 3 - vessels series – was delivered in South Korea on July 29th. This 2,

Australia's Massive Shipbuilding Plan Announced

The Australian Government has thrown domestic shipbuilders an A$89 billion (US$ 66 billion) lifeline. It plans to deliver a long-term plan for a strong and sustainable naval shipbuilding industry.

Matson Declares 2Q EPS Of $0.23

  Matson, Inc., a U.S. carrier in the Pacific, reported net income of $9.9 million, or $0.23 per diluted share for the quarter ended June 30, 2015. 

 
 
Maritime Careers / Shipboard Positions Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1947 sec (5 req/sec)