Nordic American Tankers Limited (NAT) announced yesterday that it has entered into agreements with Samsung Heavy Industries Co., Ltd., a leading Korean shipyard, for the construction of three Suezmax tankers of about 157,000 deadweight tons each to be delivered to NAT during the second half of 2018. The commercial parameters are based on standard terms for the industry.
"This is another large step forward for Nordic American," said Herbjørn Hansson, the Chairman & CEO of the Company. "By adding these ships, we substantially increase the dividend capacity and bolster our earnings potential. We believe that our solid balance sheet as well as our well-defined and transparent operating model are elements supporting the competitive position of NAT. The stock issue of about $120m that we completed September 30, will part finance this transaction. A 33 vessel homogenous Suezmax fleet is making NAT stronger and the Company becomes even more attractive for our customers."