Adjustment of the NAT fleet, Good contracts for Suezmaxes

(Image Courtesy: Marine Traffic)

Nordic American Tankers has sold two of its 1999 built tankers, Nordic Aurora and the Nordic Sprite at a price of about USD10 million per unit. The company had announced about the sale of these vessels on November 22 and the sales are now in the process of being finalised.

30 % of the price was paid by the buyer on Friday (December 7). The ships are scheduled to be delivered to the new owners later this month when the balance of the purchase price will be paid.  The contracts contain provisions related to the Hong Kong Convention (2009) for ships, NAT said.

Since the summer of 2018, 10 ships have been sold by NAT.  The total gross sales proceeds are USD 98.8 million including inventories and before costs of the transactions.  “The sales are a part of our commercial strategy and represent an important modernization of the fleet, which now stands at 23 units. The NAT fleet has an average age of about 10 years,” the company added.

“The tanker market for our suezmaxes is strong.  The payment of dividend will continue to remain a key element in NAT.  Our fleet is well positioned to benefit from the buoyant conditions,” NAT stated in a note issued on Friday.

Sea News, December 10

Baibhav Mishra
Author: Baibhav Mishra