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May 16, 2022

NAT takes delivery of suezmax tanker from SHI

The vessel will serve ASYAD Shipping Company of the Sultanate of Oman.

South Korean company Samsung Heavy Industries (SHI) has delivered a newbuild suezmax tanker to Bermuda-based Nordic American Tankers (NAT).

The vessel is nearly 150,000 tonnes in weight and will serve ASYAD Shipping Company of the Sultanate of Oman under a six-year contract.

In a statement, NAT said: “the contract is producing earnings and cashflow as from delivery from the yard, creating financial stability and a further foothold in this important area.”

The newbuild tanker carries the name of Nordic Harrier, which was also the name of NAT’s first vessel to be stocklisted on the New York Stock Exchange in 1995.

Furthermore, NAT will take delivery of another newbuild vessel by the end of next month.

This second vessel will also serve the Sultanate of Oman as part of a six-year contract.

In 1995, NAT sold securities to the public in the US as well as in Europe.

The company used proceeds from the first offering to purchase three new suezmax vessels constructed at SHI.

NAT received three vessels, named Nordic Hawk, Nordic Hunter and Nordic Harrier, from SHI in 1997. They began seven-year bareboat charters to British Petroleum.

Last February, SHI won a $708m contract from an Asian client for five 15,000 twenty-foot equivalent (TEU) liquefied natural gas (LNG)-fuelled boxships.

The vessels, which will be designed as eco-friendly ships, will be delivered in a sequence, beginning next July.

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