Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Nordic American Tankers Ltd News

21 Sep 2022

NAT Suexmax Starts Time Charter

Nordic American Tankers Ltd (NAT) announced on Wednesday that one of its Suexmax tankers commenced a one-year time charter contract.The 2010-built tanker has gone to work with "one of the world’s largest energy companies" at a rate in excess of $ 30,000 per day, NAT said. The company did not reveal the name of the vessel."This is one example showing that NAT is well placed for the significant upswing we now see in rates for our ships," said Herbjorn Hansson, founder, chairman and CEO of Nordic American Tankers.The NAT fleet currently consists of 20 suezmax vessels, the company said, noting that the operating expenses of its vessels average $8,000 per day.

17 Jun 2016

Nordic American Tankers Fixes Suezmax on Timecharter

Nordic American Tankers Ltd. (NYSE:NAT) entered into a 30 months charter contract with a subsidiary of ExxonMobil (EM) for one of the NAT suezmaxes. The firm period is 18 months with an option of further 12 months. The gross revenue from the contract of 30 months is about $25 million, reflecting a time charter rate between $25,000 and $30,000 per day. The charter is scheduled to commence in a few days. The cash breakeven level of NAT, including all G&A costs and financial items, is now about $11,000 per day per vessel, spread across 30 units. This type of a solid employment base strengthens NAT and is sustaining our dividend distribution policy. This new contract supplements the contract of affreightment we already have with a subsidiary of EM.

22 Dec 2014

Shipbuilding: NAT Finalizes Deal for Two New Tankers

On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction of two suezmax tankers to be delivered in the third quarter 2016 and first quarter 2017. The final documents were signed December 19, 2014. The contracts are now firm, bringing the NAT fleet to 24 suezmax crude oil tankers, being able to transport one million barrels of oil each. The purchase price of the two newbuilding vessels is in the region of $65 million each, which is expected to be financed by the internal resources of NAT. The stage payments to the yard by NAT during construction will be guaranteed by a bank.

28 Nov 2013

NAT's New Offshore Subsidiary to Seek NYSE Listing

Tankship photo courtesy of NAT

Nordic American Tankers Ltd. (NAT) inform that they have created a new offshore supply vessel company, Nordic American Offshore Ltd. that has completed a $250m private placement. Earlier this month the investor market was informed that NAT was coordinating the establishment of Nordic American Offshore Ltd. (NAO). NAO, an offshore supply ship company, has now been established and NAT is its largest shareholder (26%) with an investment of $65 mill. Furthermore, NAO has agreed to buy six platform supply vessels (PSVs) from Ulstein engineering and shipbuilding group of Norway that holds 4% of NAO.

22 Nov 2013

Nordic American Tankers Announces Pricing of Follow-On Offering

Nordic American Tankers Ltd. announced the pricing of its previously announced underwritten public offering. The company agreed to sell 8,125,000 common shares at a public offering price of $8 per share. The common shares are being offered pursuant to the company's effective shelf registration statement. The company's Chairman and Chief Executive Officer, Mr. Herbjorn Hansson is expected to purchase 250,000 common shares in the offering on the same terms as other investors. Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and DNB Markets Inc. and Pareto Securities Inc. are acting as co-managers of the offering. The company has granted the underwriters a 30-day option to purchase up to an additional 1,218,750 common shares.

09 Jul 2013

Nordic American Tankers: Declaration of Dividend

Nordic American Tankers Ltd. has announced that its Board of Directors has declared a dividend of $0.16 for the 2nd quarter of 2013, the same as for the 1st quarter of 2013. The record date is July 31, 2013 and the payment of dividend is expected to take place on or about August 13, 2013.

10 Jun 2013

Nordic American Cancels Tanker Order

Nordic American Tankers Ltd. announced that it has cancelled the purchase of a suezmax tanker.  In a press release of March 20, Nordic American Tankers Ltd. (NAT) announced that it had entered into an agreement to acquire a suezmax tanker. The tanker was to be delivered no later than mid-May 2013. On request of the Seller of the vessel, NAT agreed to extend the delivery date until June 15, at the latest. Towards the end of May, we were advised by the Sellers that the vessel probably would not be ready for delivery June 15. Thereafter, NAT has used its contractual right to cancel the contract. This cancellation will not impact the expansion plans presently under consideration by NAT.

16 Apr 2013

Nordic American Tankers Ltd. - Declaration of Dividend

Nordic American Tankers Ltd. announced that its Board of Directors has declared a dividend of $0.16 for the first quarter of 2013, the same as for the 4th quarter of 2012.   The level of the declared dividend should be seen in the context of planned fleet expansion. Expansion is essentially the same as investing in the future. However, also yield is a priority as demonstrated by this payment of dividend for the 63rd consecutive quarter since the autumn of 1997. The record date is expected to be April 30, 2013 and the payment of dividend is expected to take place on or about May 14, 2013.

18 Jan 2013

Nordic American Tankers Mull Expansion Plans

Nordic American Tankers Ltd. is considering expanding its fleet by ordering new vessels or buying second-hand. The company's Board of Directors has declared a dividend of $0.16 for the fourth quarter of 2012. They are assessing expansion plans including ordering of new vessels from shipyards or buying second hand vessels at historically low prices. The level of the declared dividend should be seen in the context of a planned fleet expansion. Expansion is essentially the same as investing in the future. However, also yield is a priority as demonstrated by this payment of dividend for the 62nd consecutive quarter since the autumn of 1997. The record date is expected to be January 30, 2013 and the payment of dividend is expected to take place on or about February 13, 2013.

11 Jan 2013

Nordic American Tankers Acquires Scandic American Shares

Nordic American Tankers Ltd. ("NAT") Completes Acquisition of Scandic American Shipping Ltd., the Business Manager of NAT. On December 17, 2012 NAT (NYSE: NAT) announced that it had acquired 100% of the shares of Scandic American Shipping Ltd. ("Scandic"), its management company since 2004. This transaction has now been completed. The Company acquired Scandic from a company controlled by Herbjørn Hansson, NAT's Chairman and CEO, and his closest family. As part of the consideration payable to the seller, the Company issued an aggregate of 1,910,112 common shares of the Company, which are subject to a one-year lock up agreement. Following this transaction, Mr. Hansson and members of his family own about 5.6% or 3.1 million shares of the Company's outstanding shares. Mr.

30 Aug 2011

Nordic American Tankers Ltd. Reachs Out to Shareholders

Nordic American Tankers Ltd. Letter to Shareholders From the Chairman and CEO - NAT Is Different. It is time to update you on recent developments in the Company and our industry. As we have stated before, it is at times of difficulty for the industry that NAT in particular improves its position relative to its peers. We believe that important factors differentiate NAT from other tanker companies. A professional management and board with wide experiences and complementary skill sets…