Nordic American Tankers Signs TC with Cepsa

Maritime Activity Reports, Inc.

January 16, 2018

Photo: Nordic American Tankers

Photo: Nordic American Tankers

 Nordic American Tankers has announced that it entered into an one-year term charter with the major Spanish oil company Cepsa for a ship.

The company says  is the 2004 built Nordic Castor is expected to be delivered on the time charter in late February for a contract of up to 15 months.
"She is expected to be delivered on the time charter late February, subject to a satisfactory inspection in next discharge port.  The fact that NAT has only one million barrel suezmax ships allows us to achieve economies of scale.  The agreed rate secures a good cash flow," said a company statement.
"With the conclusion of this deal, we will have 5 our 33 ships (of which three new builds for delivery in 2018), employed on time charters with major oil companies," it added.
In the autumn of 2017, Nordic American Tankers signed  time charter activities with oil companies such as Shell, BP, ExxonMobil and other major oil companies in the West and in the Far East.  
The ExxonMobil time charter for a suezmax recently expired. However, it has an important contract with them involving lube oil for our suezmax fleet.  From time to time it also has shorter contracts (typically up to 60 days) for ships serving as storage space for major companies.
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