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Nordic American Tankers Limited News

07 Jul 2019

NAT to Pass on Scrubbers

Bermuda-based international tanker company Nordic American Tankers Limited (NAT) has reiterated that it believes scrubbers are not a solution for the company based upon a conservative financial policy."NAT does not take on risk it does not have to," it said.An increased number of ports now prohibit or impose strict requirements on the use of scrubbers, which purify emissions from large ships.The scrubber cleans the exhaust from vessels for Sulfur and emit impure water into the sea, and that is what the ports now will put an end to. Therefore, we still do not see that this new requirement is an issue for NAT.Nordic American Tankers points to a Reuters article of July 04 on the potential ban by Norwegian authorities of scrubbers.NAT recalled its statement on  October 24…

12 Jun 2019

NAT Closes Busiest Year!

Bermuda-based Nordic American Tankers Limited (NAT) said in a press release that the last 12 months have been the busiest period for the international tanker company.Sale of 10 suezmax vessels and delivery of 3 new suezmax units took place in the last six months of 2018 and ensured a renewal of its fleet which count suezmaxes only. The operating costs for the NAT fleet came down further, a release said."Maximizing dividend is our strategy. We also aim at reducing the debt level and thereby lowering the cash break even further," NAT said.The new 5-year loan of $306 million that NAT announced in February this year, is a key element in this strategy of maximizing dividend and reducing debt…

30 May 2019

NAT Extends TC for Suezmax Vessel

Nordic American Tankers Limited (NAT) has fixed a one year or more time charter (TC) for one of the NAT suezmax vessels.NAT's Samsung built suezmax, the Nordic Zenith, has obtained a term contract. The new contract is expected to commence on expiration of the present spot employment and it could last 12 to 15 months.The contract was entered into with the first-class charterer, Equinor, an energy company headquartered in Norway. Equinor is a major stocklisted company and one of the largest of its type worldwide."Last year we entered into a term contract with the same user for a period of minimum 3 years," said a press release from the Bermuda-based tanker company.Over the years, NAT has bought several vessels built at Samsung Shipyard in South Korea, including the Nordic Zenith.

25 Oct 2018

Ocean Yield Adds Tankers to its Fleet

Ocean Yield has agreed to acquire two 2015 built 37,000 dwt IMO II chemical tankers with 12-year bareboat charters to companies owned and guaranteed by Ardmore Shipping Corporation. The aggregate purchase price is approximately USD 51 million net of pre-paid charter-hire.The ship owning company with investments in vessels on long -term charters also announced that it has today taken delivery of the newbuilding suezmax crude tanker Nordic Tellus from Samsung Heavy Industries' shipyard in South Korea.The vessels Ocean Yield acquired from Ardmore Shipping Corporation are both built by Hyundai Mipo Dockyard in South Korea and are expected to be delivered to the Company during Q4 2018.

30 May 2018

Nordic American Tankers Confirms Sale of Two Vessels

Nordic American Tankers Limited has confirmed the sale of two vessels, adjusting the fleet from 33 to 31 suezmaxes in the short term. The shipping company focused on Suezmax crude tankers indicated a possible sale of two vessels early this month. The sale of vessels is, however, a part of the company's plan to expand as NAT has three newbuildings coming from a Korean yard. The newbuildings are joining our fleet during the second half of 2018. The commercial life of a suezmax could be 20 years or more. Therefore, such transactions are a natural part of our business. The total cash to NAT from the sale of these two vessels is between $9 million and $10 million per vessel. This message is an indication of the commercial and financial flexibility of NAT.

02 Jan 2018

NAT Optimistic on 2018

Nordic American Tankers Limited (NAT) stated that its 30 more or less identical suezmax tankers are all busy, none of them are unemployed. Currently, 15 of its one million barrel ships are carrying oil East of the Suez Canal and 15 are employed West of the Suez Canal. "Our cooperation with oil companies worldwide is excellent. Together with shareholders, major oil and energy companies are our most important constituency. They are our close partners. Being fully financed, three newbuildings will be delivered to NAT in 2018. Going forward, we focus on the present and the future," the company said in a letter to its Shareholders. The major recapitalization program that NAT has undergone has a scope of $600 million or more.

30 Dec 2017

Ocean Yield to Invest in Modern Vessels

Ocean Yield ASA is currently in negotiations regarding further investments in modern vessels with long term charters, said the company. In a press release, Ocean Yield  said that the investments are still subject to board approval and agreement on documentation. Ocean Yield expects that final decisions with respect to these investments will be made during the next few weeks. Recently, the company announced  that it has agreed to acquire three suezmax crude tankers with 10-year bareboat charters to Nordic American Tankers Limited (NAT). The net purchase price is USD 43.2 million per vessel after seller's credit. The net purchase price constitutes 77.5% of the gross purchase price, which is equal to the yard contract price.

03 Dec 2017

Ocean Yield Invests in 3 NAT Suezmaxes Newbuilds

Ocean Yield ASA has agreed to acquire three suezmax crude tankers with 10-year bareboat charters to Nordic American Tankers Limited (NAT). The net purchase price is USD 43.2 million per vessel after seller's credit. The net purchase price constitutes 77.5% of the gross purchase price, which is equal to the yard contract price. The vessels are scheduled for delivery by the yard, Samsung Heavy Industries, South Korea, in June, August and October 2018. NAT will have options to acquire the vessels after year 5 and 7 in addition to an obligation to repurchase the vessels at the end of year 10. NAT is a crude tanker company listed on the New York Stock Exchange with a fleet of 33 Suezmax tankers, including these three newbuildings.

25 Oct 2017

NAT Closes Newbuilding Loan

Nordic American Tankers Limited (NAT) has announce that it has signed the main terms with a major international financial institution for the financing of the outstanding commitments, due on delivery, for the three Suezmax newbuildings to be delivered during the latter part of 2018. "We expect the agreement to be fully executed about mid-November 2017 at which time the full financing of the newbuildings will be completed," said a company statement. "Recently, we have seen comprehensive discussions about the new sulphur requirements for bunker consumption on ships to be in effect from 2020," it added. "Our 33 Suezmax tankers are fully compliant to run on 0.10% sulphur content or less.

12 Sep 2017

Giaever to Take Over as CFO at NAT, NAO

Bjorn Giaever will take up his position as the new chief financial officer (CFO) at Nordic American Tankers Limited (NAT) and Nordic American Offshore Ltd. (NAO) from October 16, 2017.   Giaever joins NAT/NAO from maritime focused investment bank Fearnley Securities AS, where he served as a director and partner in the Corporate Finance division. Giaever has served as a corporate advisor in the John Fredriksen group in London, top rated Senior Shipping Analyst in DNB Markets and partner in Inge Steensland AS, specializing in gas related maritime matters.    Outgoing NAT/NAO CFO, Turid M. Sorensen, will leave her administrative duties before the end of 2017. She will be suggested as board member of NAT.

05 Sep 2017

NAT Wins TC Contract with BP

Nordic American Tankers Limited (NAT) has entered into a 2 year time charter (TC)  with British Petroleum (BP). This follow's NAT's TC arrangements with Shell, ExxonMobil and other major oil companies both in the West and in the East. "The minimum rate is well above our cash break-even level with an index linked formula providing for upside potential to NAT. Commencement is mid September; i.e. in about 10 days," said a statement from the company. "As an example of the income potential of NAT, if our fleet is achieving about $30,000 per day spread across all the NAT vessels, the dividend potential could be about $2 per share per year. In the past, on occasions, the tanker market has been much higher than that," it added.

09 Aug 2017

NAT Time Charter with Oil Firm

Nordic American Tankers Limited (NAT) announced that it has entered into two Time Charter arrangements (TCs) with Shell Oil for a period of 18 months for each vessel, commencing in August/September this year. The terms of the confidential contracts include upside for both parties as well as downside protection. NAT now has three TCs with Shell. NAT has six TC arrangements with large oil companies - from three months up to 18 months. "We are pleased to announce these important contracts which are examples of the confidence customers and partners in Big Oil have in NAT and our large fleet of Suezmax vessels. More or less all the time, we have ships in China. NAT is also doing work in India which is becoming increasingly more important," said Herbjørn Hansson, the Chairman & CEO of NAT.

07 Aug 2017

NAT Says Tanker Market is Volatile

Nordic American Tankers Limited (NAT) claims to enjoy the advantages of a homogeneous Suezmax fleet. Operationally, strategically and financially, NAT and its worldwide customers and shareholders benefit from having 30 identical vessels on the water with excellent quality. The development of the world economy affects the tanker industry and the demand for oil. A low oil price is positive for the tanker industry. The strength of the Far Eastern economies, including China and India, is often underestimated by observers in the Western world. NAT is active in the Far East and does business with major oil companies in the area. The Suezmax fleet of the world (excl. shuttle tankers) counts 478 vessels at the end of 2Q2017, following an increase of 17 vessels in the 2nd quarter of 2017.

03 Aug 2017

NAO Says Seven PSVs are Operational

Nordic American Offshore (NAO) has ten high-quality Platform Supply Vessels (PSVs) built in Norway in the period 2012-2016.    "Seven of our ten vessels are in operation. Going into the third quarter, an improvement in the PSV market has taken place.  In a volatile market, the longer it lasts, the better," said a statement from the company.   The basic features of NAO are similar to the business model of the NYSE listed Nordic American Tankers Limited (NAT) which is a strong company, it said.   Nordic American Tankers Limited (NAT) holds 22.6% of NAO common shares and the immediate Hansson family, including the Executive Chairman, holds 10.8% of NAO commons shares.

28 Feb 2017

Newbuild Suezmax Tanker Delivered to NAT

Nordic American Tankers Limited (NAT) said it has taken delivery of Nordic Space, its second Suezmax newbuilding tanker of 158,000 deadweight tons, built at Sungdong Shipbuilding & Marine Engineering Co., Ltd., South Korea. The Nordic Space has started on her maiden voyage. NAT now has a fleet of 33 Suezmax vessels, including three newbuildings to be delivered during the second half of 2018.   NAT said the expansion of the fleet is important for increasing its earnings and dividend capacity.

27 Feb 2017

Hanssons Increase Holding in NAT

A company owned by the Nordic American Tankers Limited  (NAT) Chairman & CEO, Herbjorn Hansson, and his son, Alexander, has purchased 75,000 NAT shares last week, adding to the position as one of the largest shareholders of NAT.   The share price was $7.96 per share.

23 Feb 2017

Nordic American Offshore Announces Public Offering

Nordic American Offshore (NAO) has announced an underwritten public offering of 33,333,333 common shares pursuant to the Company’s effective shelf registration statement. Morgan Stanley & Co. LLC, DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as joint bookrunning managers for the offering. The Company also intends to grant the underwriters a 30-day option to purchase 5,000,000 additional common shares. At the Company’s request, the underwriters have reserved common shares to the Company’s largest shareholder and certain members of the Company’s management and certain Company directors and advisors. These include Marianne Lie, Exe23.02cutive Vice Chair and board member, Turid M. Sørensen, Chief Financial Officer, Paul J.

23 Jan 2017

NAT Declares 78th consecutive Dividend

The Board of Nordic American Tankers Limited has declared a cash dividend of $0.20 per share for the fourth quarter of 2016, to shareholders of record February 10, 2017. The dividend is expected to be paid on or about February 24, 2017. The dividend takes into account NAT's future cash outlays, including the purchase of three suezmax newbuilding tankers that NAT has agreed to acquire for delivery during the second half of 2018, increasing the NAT suezmax fleet to 33 vessels.   The 4Q2016 earnings report is expected to be released Monday February 6, 2017 before NYSE opening.

27 Oct 2016

NAT Orders Three Suezmax Tankers

Nordic American Tankers Limited (NAT) said it has entered into agreements with Korean shipyard Samsung Heavy Industries Co., Ltd. for the construction of three Suezmax tankers of about 157,000 deadweight tons each to be delivered during the second half of 2018. “This is another large step forward for Nordic American,” said Herbjørn Hansson, the Chairman & CEO of the Company. “By adding these ships, we substantially increase the dividend capacity and bolster our earnings potential. We believe that our solid balance sheet as well as our well-defined and transparent operating model are elements supporting the competitive position of NAT. The stock issue of about $120m that we completed September 30, will part finance this transaction.

27 Sep 2016

NAT Announces Public Offering

Nordic American Tankers Limited (the "Company") today announced an underwritten public offering of 11,000,000 common shares pursuant to the Company's effective shelf registration statement. At the Company's request, the underwriters have reserved for sale an aggregate of 534,000 common shares to all the members of the Company's board of directors, certain members of the Company's management and all NAT advisors. The 534,000 common shares include approximately 100,000 shares to be purchased by the Company's Chairman and Chief Executive Officer and 400,000 shares to be purchased by the Company's Vice Chairman. Furthermore, during the period August 17 - 22…

08 Sep 2016

Suezmax Delivered to Nordic American Tankers

Nordic American Tankers Limited (NAT) has taken delivery of a Suezmax new build tanker Nordic Star, built at Sungdong Shipbuilding & Marine Engineering Co., Ltd., South Korea.   The 158,000 dwt vessel will be immediately employed in the tanker market, NAT said.   With the latest vessel, NAT now has a fleet of 29 Suezmax vessels on the water, up from 25 Suezmaxes at the end of 2015.   Another vessel, Nordic Space, is under construction at the same yard and is expected to be delivered in January 2017, marking NAT’s 30th Suezmax tanker.   NAT said its 20 percent fleet growth in less than a year significantly enhancing its earnings potential.

30 Aug 2016

NAT Names 2 New Tankers in South Korea

Mr. and Mrs. Yean Sin Kim, Siv Helset, Marianne Lie, Mr. Herbjørn and Mrs. Solveig Hansson. (Photo: ©Thorbjørn Damhaug)

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT). NAT founder and chairman Herbjørn Hansson was present at the naming ceremony, along with the chargé d'affaires a.i. of the Norwegian Embassy Marianne Damhaug, and the ships' two sponsors, Nordic American Offshore Ltd. executive vice chair Marianne Lie and Siv Helset, a Norwegian lawyer with experience with legal counseling in the industry. Ordered by NAT in December 2014, the two ships were built by South Korean shipbuilder Sungdong.

11 Jul 2016

Suexmax Tanker Delivered to NAT

Nordic American Tankers Limited (NAT) has taken delivery of a Suezmax vessel, the Nordic Pollux, built at a Japanese shipyard.   Nordic Pollux is the final of four sister vessels purchased at the aggregate price of $106 million, and delivered to NAT over the course of 41 days.   Following the delivery of these four vessels, NAT will have a fleet of 30 Suezmax vessels, including two newbuildings from Korea, scheduled for delivery in August 2016 and January 2017. NAT’s remaining commitments on the two newbuildings are $64 million.   NAT said its fleet of Suezmaxes has a substantial earnings capacity, and the company has no plans to issue equity in connection with this expansion to 30 vessels, which amounts to a capital outlay of about $170 million.

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