NAT Enters Into Time Charter Contract With Equinor

(Image Courtesy: Bunker Ports News Worldwide)

Nordic American Tankers has entered into a long term charter contract with Norway-based energy company Equinor for one of its Suezmaxes, Nordic Zenith. The new contract is expected to commence on expiration of the present spot employment and it could last 12 to 15 months, NAT said.

The contract has a value between USD 9 million and USD 11 million depending upon the detailed scheduling of the vessel. “The contract is producing positive cashflow and earnings for NAT, cementing the relationship with Equinor. In 2018, we entered into a term contract with the same user for a period of minimum 3 years,” NAT said.

Over the years, NAT has bought several vessels built at Samsung Shipyard in South Korea, including the Nordic Zenith.

“Going forward, we sense a strong upward trend for the tanker industry. NAT is in a positive phase of development. Historically, all contracts of the tanker industry and of the NAT fleet (now 23 vessels), over a certain length, as a standard need the approval of the technical management arrangement associated with all our contracts,” stated NAT in a communique released on Thursday (May 30, 2019).

Sea News, May 31