Nordic American Tankers Expands Suezmax Fleet

Nordic American Tankers Limited (NAT) has taken delivery of Suezmax tanker Nordic Luna, the first of four secondhand sister vessels purchased as part of the company’s plans for fleet expansion.

 

The second vessel is expected to join the NAT fleet in mid-June, and the remaining two vessels are expected to be delivered soon thereafter. The four tankers were built in Japan between 2000 and 2004. The aggregate price is $106 million.

 

Following the delivery of these four vessels, the company will have a fleet of 30 Suezmax vessels, including two newbuildings from Korea, scheduled for delivery in August 2016 and January 2017. NAT expects to add a total of 10 vessels between July 2014 and January 2017, including the two newbuilds.

 

NAT said it expects this fleet increase to produce significantly increased cash flows and solid dividends within a short time span.