Nordic American Tankers Nordic American Tankers Limited News

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.

In a letter to shareholders Nordic American Tankers Limited Chairman & CEO pointed (amongst other things) to the fleet's fuel-saving measures. NAT has made, and is continuing to make, important investments on our existing fleet to reduce fuel consumption. Depending on the speed we use on a specific voyage, a Suezmax vessel consumes on average about 30 tons to 65 tons per day in ballast and laden condition, respectively. A few years ago, for example, the price of bunker fuel that we use to power our ships cost about $200 per ton. Today, the price is $600 to $700 per ton. We are implementing measures that we think on average can save us minimum about five tons or more of fuel daily per vessel, adjusted for actual operating days.