Nordic American Tanker
Shipping Ltd. has taken delivery of the last of the three suezmax vessels that it agreed to acquire in July this year. The 2003 built suezmax has been named Nordic Cosmos and was taken over today December 6, 2006. Including the Nordic Cosmos the fleet of the Company has increased from three to twelve suezmax vessels since the autumn of 2004. All the vessels of the Company are modern vessels which have double hull.
The vessel is increasing the Company's exposure to the spot market from ten to eleven vessels, whilst the Company's twelfth vessel is employed on a long term contract.
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.
Source: HK Law