Nordic American Tankers Extends Freight Contract with Major Oil Company

Orion Tankers Ltd., a 100% owned subsidiary of Nordic American Tankers Limited (NAT), and acting as agents for NAT, has recently renewed its commercial agreement with a subsidiary of ExxonMobil Corporation.

Cementing a long-term relationship between the parties, the contract provides for a firm two-year extension to the initial one year agreement that took effect May 2012.

The contract, which is based upon spot suezmax rates at any given time, has provisions for a world wide service. Given the present market conditions, it is of utmost importance that NAT continues to enjoy access to cargoes as outlined in the agreement.