New Vessel Delivered to NAT, Impacting Earning Capacity Positively

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(Image Courtesy: Baltic Shipping Services)

The first among the newbuildings of Nordic American Tankers coming from Samsung shipbuilding in South Korea has been delivered to NAT. The second ship is scheduled for delivery at the end of August and the third one at the end of October.

“We are pleased to inform you that the delivery of the first new building took place today exactly as planned. The vessel has the name of Nordic Aquarius,” the company said.

Over the years NAT received several new buildings from Samsung. All transactions have been performed in a flawless way. The latest ship is 156,900 DWT being able to load one million barrels of crude oil.

The Nordic Aquarius will be employed in worldwide trading. The first voyage is expected to be from the Singapore area to Western Europe. As with the two others, the first new building has been financed by a sale/lease back arrangement.

Including the new buildings of 2018, NAT has now an industry leading suezmax age fleet profile along with the best balance sheet in the tanker industry. “We have decided against going for a bond offering for reasons as informed you earlier. The three new buildings this year will reduce the average age of the NAT fleet substantially, to about 10 years per ship,” the company added.

Sea News, July 11