NAT Initiate Public Offering For Offshore Company Investment
Nordic American Tankers Limited announce an underwritten public offering of approximately $65 million aggregate amount of common shares. The company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson is expected to purchase about $2.0 million worth of common shares in the offering on the same terms as other investors. The company says it intends to use the net proceeds of this offering primarily to finance its investment in Nordic American Offshore Ltd. ("NAO"). NAO is an independent company from Nordic American Tankers that will initially own six platform supply vessels built in 2012 and 2013 by the Ulstein Group in Norway. One objective of the NAT investment in NAO is to enable NAT to pay a higher dividend to NAT shareholders than otherwise would be the case. The investors participating in this offering, inform NAT, are entitled to a dividend of $0.16 per share. This dividend was announced October 21, 2013 and is payable on or about December 11, 2013. About Nordic American Tankers The company is an international tanker company that owns 20 double-hull Suezmax tankers.
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
Nordic American Tanker Shipping Takes Delivery of Suezmax
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
NAT: Newbuilding Suezmax Tanker Delivered
Nordic American Tankers Limited (NAT) has taken delivery of its second suezmax newbuilding tanker of 158,000 deadweight tons built at Samsung Heavy Industries Co., Ltd., South Korea. The Nordic Zenith was delivered to the Company November 8, 2011. At the end of 2010, Nordic American had 15 vessels employed in the market. Through disciplined financial management and a well-defined operating model, the Company now has a fleet of 20 suezmax vessels including the Nordic Zenith
Nordic American Tankers Resolve US Detention Issue
One of Nordic American's Suezmax tankers had to stay in a US port about 10 days longer than planned following a detention in December 2012. In the press release of December 6, 2012, Nordic American Tankers (NAT) announced that it was working closely with US authorities to provide the information that they requested. NAT is pleased that it has been confirmed now that no charges have been lodged or will be lodged against them in connection with this incident.
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
Nordic American Tankers Offer Shares
The company is to offer $87 million aggregate amount of common shares to the public to help fund its expansion programme. The Company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson is expected to purchase about $1.5 million worth of common shares in the offering on the same terms as other investors. The net proceeds of the offering are expected to be used to pay for acquisitions under our expansion program, including the tankship Nordic Future
Is NAT Approaching Recovery?
Nordic American Tankers (NAT) published its financial results from 4Q 2013, noting an expected increase in tanker rates that the company expects to play a role in its recovery. NAT’s results are below: In early December 2013 the Suezmax tanker rates increased significantly compared with the average for 2013. A few weeks into 2014 the rates have weakened again. We expect improved results in 1Q 2014. The timecharter results of NAT were slightly lower in 4Q 2013 than in 3Q 2013
Hanssons Increase Stake in NAT
Tanker shipping firm Nordic American Tankers Limited (NAT) announced that chairman and CEO, Herbjorn Hansson, and his family have increased their holding in the company. According to NAT, a company owned by Herbjorn Hansson and his son, Alexander, yesterday bought 100,000 shares in NAT worth $1.4 million, adding to their position as one of the tanker shipper’s largest shareholders.
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.
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.
NAT CEO Hansson Buys 180,000 Company Shares
Nordic American Tanker (NAT) says a company owned by chairman and CEO Herbjorn Hansson and his immediate family on August 31 bought 180,000 shares in NAT at an average price of $4.61 per share. As of August 31, immediate Hansson family holds 3.6 million common shares of NAT. Nordic American Tankers is a shipping company focused on Suezmax crude tankers, each of which can carry up to 1 million barrels of oil.
Nordic American Appoints New CFO
Nordic American Tankers (NAT) and Nordic American Offshore (NAO) has appointed Bjørn Giaever (50) as Chief Financial Officer (CFO). He is expected to join us later this year and as early as possible. Giaever joins NAT/NAO from the well reputed firm of Fearnley Securities AS with main office in Oslo, Norway. This is an investment bank with special focus on the maritime sectors, where he served as a director and partner in the Corporate Finance division
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.
Hanssons Scoop up More NAO Shares
Nordic American Offshore Ltd. (NAO) announced that Alexander Hansson, the son of the company’s chairman, Herbjorn Hansson, today bought 100,000 shares in NAO. The share price was $3.65 share.
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
Nordic American Tankers Expands Fleet to 33 Vessels
Armed with $120m from the placement, Nordic American Tankers (NAT) has contracted to increase its fleet from 30 to 33 vessels, enhancing its potential for both higher earnings and dividends. The Company will have a fleet of 30 trading vessels in early 2017. By way of comparison, in the autumn of 2004, the Company had three vessels. NAT is focused on maintaining top technical quality of the fleet
Low Oil Price to Stimulate Tanker Market: NAT
The development of the world economy affects the tanker industry. A low oil price is stimulating the world economy which is positive for the tanker market, says a report by Nordic American Tankers. The drybulk and container sectors are weak. Therefore, some owners are unable to expand into the crude tanker sector, which is currently strong. The yard industry is struggling with low orders over the last years
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.
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.
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
Public Offering Fetches $47.7mln for Nordic American
Nordic American Offshore (NAO) has closed the follow-on offering of 40,000,000 common shares at a public offering price of $1.25 per share resulting in aggregate net proceeds of approximately $47.7 million. The proceeds could be slightly in excess of $50 million, provided the over-allotment option is wholly or partly exercised (maximum about $7 million). Following the offering, the Company has 60,686,847 common shares outstanding as against 20,686
Hanssons Increase Stake in Nordic American Offshore
The executive chairman of Nordic American Offshore Ltd. (NAO) and his family have increase their holding in the company, now holding shares equivalent to 5.4 percent of NAO. On Wednesday a company owned by the NAO executive chairman, Herbjorn Hansson, and his son, Alexander, bought 500,000 shares in NAO at an average price of $1.18 per share. They also bought 500,000 NAO shares on Tuesday.
Hanssons Up Stake in NAO – Again
Nordic American Offshore Ltd. executive chairman, Herbjorn Hansson and his son, Alexander, have accumulated 1,681,007 shares in the New York listed NAO at an average price of $1.12 per share. Following the the last purchase of 181,007 NAO shares on Friday, May 12, the Hansson family together with its previous holding now hold shares equivalent to 6.5 percent of NAO.
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