Nordic American Tankers Announces Newbuild Plan

Two new Suezmax newbuilding tankers increase NAT's fleet size to 24 vessels.

Nordic American Tankers Limited (NAT) has announced that it has entered into a preliminary agreement with Sungdong Shipbuilding & Marine Engineering Co., Ltd., ("Sungdong"), a highly-regarded Korean shipyard, to build two Suezmax tankers of 158,000 deadweight tons each to be delivered to NAT in the third quarter 2016 and the first quarter 2017. The purchase price of the two newbuilding vessels is in the region of $65 million each, which is expected to be financed by resources of NAT.