Nordic American Tanker
Shipping Ltd. announced that the company has taken delivery of the suezmax vessel that it agreed to acquire in July this year. The 2003 built suezmax tanker has been named Nordic Apollo and was taken over today November 09, 2006. Including the Nordic Apollo the fleet of the Company has increased from three to ten suezmax vessels over the last 24 months.
The vessel is employed in the spot market thus increasing the Company's vessels with spot market exposure from eight to nine units. The Company's remaining vessel is employed on a long term contract.
Later this month the Company expects to take delivery of additionally two suezmax vessels that it also agreed to acquire in July this year.
The increased fleet represents an important step in the further development of the Company. This transaction is in line with the Company's growth strategy with focus on dividend and earnings per share, bolstering the earnings capacity of the Company.