New Suezmax Vessel Delivered to Nordic American Tankers

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Nordic American Tankers (NAT) on Friday announced, out of the three suezmax newbuildings ordered from Samsung Shipbuilding in South Korea, the first one was delivered to NAT July 10, 2018.  The second ship was delivered on August 31.

Over the years, NAT has received several newbuildings from Samsung.  The second unit is on time and on budget. The vessel has the name of Nordic Cygnus, which is a star constellation, NAT said.

“All transactions with Samsung have been performed in a flawless way.  A suezmax is able to load one million barrels of crude oil.  At this time NAT has 25 suezmaxes.  Expansion is expected,” the company added.

The Nordic Cygnus will be employed in worldwide trading.  She will enter a time charter contract of 3 to 5 years, commencing in the autumn of this year. The second newbuilding has also been financed with close to 80% in debt of the delivered price of about USD 54 million.

“Including the newbuildings of 2018, NAT has an industry leading suezmax age profile along with one of the best balance sheets in the tanker industry,” NAT added.

Sea News, September 3

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