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May 2, 2016

NAT to acquire four Suezmax tankers for $106m

Nordic American Tankers (NAT) has signed an agreement to purchase four Suezmax sister vessels, developed at a shipyard in Japan.

Nordic American Tankers (NAT) has signed an agreement to purchase four Suezmax sister vessels, developed at a shipyard in Japan.

The total price for the deal is is $106m. NAT expects the vessels to be delivered during May, June and July this year.

From July 2014 to January 2017, a total of ten vessels will be added to the NAT fleet, including the earlier announced two new builds, which are expected to be delivered in August 2016 and in January 2017.

“Members of the NAT management, staff and board have comprehensive experience from Japan.”

A 50% fleet increase is expected to generate increased cash flows and robust dividends compared to a smaller fleet.

With the purchase the company is adding four more ships to its current fleet of 30 units.

The undisclosed seller has been the owner of the four identical sister vessels since they were constructed.

On its website, NAT stated that its vessels are first-class, and that "these four additional tankers only enhance our fleet’s reputation for safety and dependability. We are particularly confident about the technical quality of the vessels. Members of NAT management, staff and board have comprehensive experience from Japan, having concluded business with several of its high quality shipbuilders over decades."

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