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

Tanker Trends

HSH Bank to Split Off Bad Shipping Loans

German lender HSH Nordbank could split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, according to a person familiar with the matter.

Gail to Sell LNG Supplies from US to Shell?

GAIL (India) Ltd has signed a preliminary deal with Royal Dutch Shell for the potential sale of liquefied natural gas (LNG) supply sourced from its portfolio, made up of US production,

How Do You Lose 100 Million Barrels of Oil?

Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices.

Vessels

Torqeedo Introduces New Deep Blue Inboard

Torqeedo now offers a shaft drive version of its 40 and 80 horsepower Deep Blue motor. An electric drive designed for marine use from the ground up, the Deep Blue inboard shares the safety,

HMAS Anzac Visits Portsmouth, UK

The Royal Australian Navy’s helicopter frigate HMAS Anzac has arrived in Portsmouth, England, as part of her NORTHERN TRIDENT 2015 deployment.   Anzac departed Sydney in March 2015,

SCI Back in the Black after 3 Yrs

The Shipping Corporation of India Ltd (SCI), India’s largest shipping company and a Government of India Public Sector Undertaking having reported losses for

 
 
Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1018 sec (10 req/sec)