Nordic American Tankers Limited (NAT) announced yesterday that it has entered into two Time Charter arrangements (TCs) with Shell Oil for a period of 18 months for each vessel, commencing in August/September this year.
The terms of the confidential contracts include upside for both parties as well as downside protection. NAT now has three TCs with Shell. NAT has six TC arrangements with large oil companies – from three months up to 18 months. In addition to TCs for ExxonMobil and Shell, Nordic American Tankers do business with major oil companies in the West and in the East.
“We are pleased to announce these important contracts which are examples of the confidence customers and partners in Big Oil have in NAT and our large fleet of Suezmax vessels. More or less all the time, we have ships in China. NAT is also doing work in India which is becoming increasingly more important.” said Herbjørn Hansson, the Chairman & CEO of NAT.