Nordic American Tankers Obtains 3-Year TC for Suezmax Newbuilding

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(Image Courtesy: VesselFinder)

Nordic American Tankers (NAT) on Wednesday announced that one of its three Samsung suezmax newbuildings, scheduled for delivery in August 2018, has obtained a TC contract.  “We have entered into a 3-year fixed time charter contract with the first-class charterer, Equinor (formerly; Statoil) of Norway,” the company said.

The contract is expected to commence in the autumn of 2018.  Over the years, NAT has taken delivery of several newbuildings from Samsung Shipyard in South Korea.

The contract has a base rate of USD 21,000 per day, producing positive cashflow and earnings.  The time charter includes two optional periods that could extend the TC contract into 2023.

Major oil and gas companies, including oil traders both in the West and the East, are prioritised customer groups for NAT. Over the last two weeks, 5 suezmax tankers of 20 years or more have been sold.  These transactions generate a total cashflow of about USD 50 million for the company.

“Going forward, we sense an upward trend for the tanker industry as there is a clear expectation for improvement.  NAT is in a positive phase of development,” the company added.

Sea News, June 14