small text size medium text size large text size print this article mail this article  

Nordic American Tankers Limited (NYSE:NAT) - The NAT Suezmax fleet is expanding

22 June 2016

In our press release May 2, 2016 Nordic American Tankers Limited ("NAT" or "the Company") announced that it had entered into an agreement to acquire four top quality Suezmax tankers built in Japan. The second of these four vessels, the Nordic Castor, was delivered to us today. The third vessel is expected to be delivered within the end of June 2016 or in early July and the fourth vessel soon thereafter. The vessels will be immediately employed in the tanker market, impacting the cash flow positively.

Following the delivery of these four vessels, the Company will have a fleet of 30 Suezmax vessels, including two newbuildings from Korea, scheduled for delivery in August 2016 and January 2017. The NAT fleet of Suezmaxes has a substantial earnings capacity. We have no plans to issue equity in connection with this expansion to 30 vessels.

We believe that our solid balance sheet and our well defined and transparent operating model, including quarterly dividend payments, is giving NAT a strong competitive position.