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Nordic American

NAT Initiate Public Offering For Offshore Company Investment

A Nordic American Tanker vessel: Photo courtesy of NAT

Nordic American Tankers Limited announce an underwritten public offering of approximately $65 million aggregate amount of common shares. The company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson is expected to purchase about $2.0 million worth of common shares in the offering on the same terms as other investors. The company says it intends to use the net proceeds of this offering primarily to finance its investment in Nordic American Offshore Ltd. ("NAO"). NAO is an independent company from Nordic American Tankers that will initially own six platform supply vessels built in 2012 and 2013 by the Ulstein Group in Norway. One objective of the NAT investment in NAO is to enable NAT to pay a higher dividend to NAT shareholders than otherwise would be the case. The investors participating in this offering, inform NAT, are entitled to a dividend of $0.16 per share. This dividend was announced October 21, 2013 and is payable on or about December 11, 2013. About Nordic American Tankers The company is an international tanker company that owns 20 double-hull Suezmax tankers.  


Nordic American Tankers Resolve US Detention Issue

One of Nordic American's Suezmax tankers had to stay in a US port about 10 days longer than planned following a detention in December 2012. In the press release of December 6, 2012, Nordic American Tankers (NAT) announced that it was working closely with US authorities to provide the information that they requested.   NAT is pleased that it has been confirmed now that no charges have been lodged or will be lodged against them in connection with this incident.


Nordic American Tanker Shipping Takes Delivery of Suezmax

Nordic American Tanker Shipping Ltd. announced that the company has taken delivery of the suezmax vessel that it agreed to acquire in July this year. The 2003 built suezmax tanker has been named Nordic Apollo and was taken over today November 09, 2006. Including the Nordic Apollo the fleet of the Company has increased from three to ten suezmax vessels over the last 24 months. The vessel is employed in the spot market thus increasing the Company's vessels with spot market exposure from


NAT: Newbuilding Suezmax Tanker Delivered

Nordic American Tankers Limited (NAT) has taken delivery of its second suezmax newbuilding tanker of 158,000 deadweight tons built at Samsung Heavy Industries Co., Ltd., South Korea. The Nordic Zenith was delivered to the Company November 8,  2011. At the end of 2010, Nordic American had 15 vessels employed in the market. Through disciplined financial management and a well-defined operating model, the Company now has a fleet of 20 suezmax vessels including the Nordic Zenith


Nordic American Tankers Offer Shares

The company is to offer $87 million aggregate amount of common shares to the public to help fund its expansion programme. The Company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson is expected to purchase about $1.5 million worth of common shares in the offering on the same terms as other investors. The net proceeds of the offering are expected to be used to pay for acquisitions under our expansion program, including the tankship Nordic Future


Is NAT Approaching Recovery?

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Nordic American Tankers (NAT) published its financial results from 4Q 2013, noting an expected increase in tanker rates that the company expects to play a role in its recovery. NAT’s results are below: In early December 2013 the Suezmax tanker rates increased significantly compared with the average for 2013. A few weeks into 2014 the rates have weakened again. We expect improved results in 1Q 2014. The timecharter results of NAT were slightly lower in 4Q 2013 than in 3Q 2013


NAT to Purchase Two More Tankers

Nordic American Tanker Shipping Ltd. agreed to acquire two Suezmax tankers, bringing its total Suezmax tanker total to 12. These vessels, one built in 2002 and one in 2003 in the Samsung shipyard in South Korea, are sister vessels to the company's 10th vessel (built 2003) whose acquisition was announced on July 17. The aggregate price for the three sister vessels is $246m. All the twelve vessels of the company have double hull


Charter Rates Boost for Tanker Owners

Oil tanker owners are celebrating one of the industry's most notable turnrounds after charter rates for some vessel classes multiplied around seven times in the space of a few weeks. Owners of Very Large Crude Carriers (VLCCs), capable of carrying 2m barrels of oil, have been chartering their vessels for as much as $150,000 a day in the past two weeks, against only just over $20,000 in early November. The spike results mainly from industry fears about the effect on tankers of the strong


NAT Closes Public Offering

Photo: NAT

Nordic American Tankers Limited announced today that, in connection with its previously announced public offering of 12,000,000 common shares at a public offering price of $8.62 per share, the underwriters exercised in full the option granted to them by the company and purchased an additional 1,800,000 common shares on the same terms on which the 12,000,000 common shares were sold to the underwriters. The company also announced that the closing of the follow-on offering and the closing of the


NAT Common Share Offering a Success

Image credit NAT

Nordic American Tankers Limited (NAT) informs that its offering of 12,000,000 common shares, at a public offering price of $8.62 per share, was exercised in full by underwriters, and in accordance with the option granted to them by the Company they purchased an additional 1,800,000 common shares on the same terms. NAT also says that the closing of the follow-on offering and the closing of the option to purchase additional shares took place simultaneously. Morgan Stanley & Co


Vard Orders Parat Electric Steam & Hot Water Boilers

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During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design. Part of and included in PARAT’s scope of supply will be combined electric steam and hot water boilers with capacity each of 1


UK Oil Firm Charters Two NAO Vessels

Nordic American Offshore Ltd (NAO) has entered into two new contracts with a major oil company in the U.K. for one year with a one year option. This will secure employment for two NAO vessels up to the end of 2015


Nordic American Offshore on Track Says Chairman

OSV: Image courtesy of NAO

Herbjørn Hansson, 
Executive Chairman
 of Nordic American Offshore Ltd., informs shareholders as follows after the company's listing on the New York Stock Exchange for about 3 months: "Nordic American Offshore Ltd. (NAO) has now been listed on the New York Stock Exchange for more


NAT Tankship Rescues 150 in Mediterranean

Nordic American Tankship: Photo credit NAT

Nordic American Tankers Limited ("NAT") says the one of its vessels, the 'Nordic Passat' performed a rescue operation, involving 150 people in the Mediterranean last Saturday afternoon, September 27, 2014. Details as follows:


Nordic American Offshore Prices IPO

File photo

Nordic American Offshore Ltd. says it has priced its initial public offering of 5,882,352 common shares at $16.00 per share.  The Company adds that it has granted the underwriters a 30-day option to purchase up to 882,352 additional common shares to cover over-allotments.


Nordic American Tankers AGM Agrees Share Capital Increase

Nordic American Tankship: Photo credit NAT

Nordic American Tankers (NAT) informs it held its Annual General Meeting (AGM) recently in Hamilton Bermuda.  The following resolutions were approved: All of the nominees of the Board of Directors were approved to serve until the next Annual General Meeting of Shareholders;


Vard to Build Two PSVs for NAO

Vard 1 08 design (Courtesy of Vard)

Further to Vard’s announcement on June 2, 2014 that it signed a letter of intent with Nordic American Offshore, Vard Holdings Limited confirmed that the contracts for the design and construction of two Platform Supply Vessels (PSV) have been made effective


NAO Exercises Option to Purchase Shares

Nordic American Offshore Ltd. (NAO) announced that the underwriters of the company's initial public offering, which closed on June 17, 2014, have exercised in full their option to purchase an additional 882,352 common shares. The sale of these common shares isexpected to close on June 26, 2014


NAT Announces 68th Consecutive Cash Dividend

Nordic American Tankers Limited (NAT) announced today that it has declared of a cash dividend for the 68th consecutive quarter, also reporting information about the distribution of the dividend-in-kind of a portion of the NAT shares in Nordic American Offshore Ltd. (NAO).


Suezmax Vessel Delivered to NAT

Nordic American Tankers Limited (NAT) took delivery of its 21st Suezmax vessel, the Nordic Sprinter, built in 2005 at a shipyard in Korea. NAT agreed to purchase the vessel along with its sistership for $36.5 million each. NAT expects the delivery of the second vessel in early August 2014


Nordic American Offshore: Results of Exchange Offer

Nordic American Offshore Ltd. (NAO) have announced the expiration and results of its offer to exchange unregistered common shares that it issued in its prior equity private placement in November 2013. As of 5:00 p.m. New York City time (11:00 p.m


Nordic American Offshore Declares 2Q Dividend

Nordic American Offshore Ltd. announced that its Board of Directors has declared a dividend of $0.45 per common share for the second quarter 2014. This is the same as for the first quarter 2014. The payment of dividend is expected to take place on or about August 29


NAT Takes Delivery of its 22nd Ship

Nordic American Tankers Limited (NAT) announced that it today took delivery of its 22nd Suezmax vessel, the Nordic Skier, built in 2005 at a shipyard in South Korea. NAT agreed to purchase the vessel for the price of $36.5 million, as announced in June, 2014


Nordic American Tankers' 2Q Report

Cash  dividend of $0.12 and dividend-in-kind of NAO shares declared (worth $0.16/sh). Operational performance remains strong as  fundamentals improve.   The strong winter market at the beginning of the year subsided in 2Q2014


Statoil Claims Mokul Nordic for North Sea Charter

Mokul Nordic

Nordic Maritime’s latest fleet addition wins first work with energy giant. Nordic Maritime has announced its newest DP2 vessel, Mokul Nordic, has been contracted for a 30 days firm plus an optional 15 days charter in the North Sea by international energy provider Statoil.  






 
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