NAT Orders First New Ships in Four Years

Nordic American Tankers (NAT) said it has ordered two suezmax newbuilds from South Korean shipbuilder Samsung Heavy Industries, the shipowner's first newbuild orders in four years as slumping shipbuilders lower prices to attract business.

"The combination of specifications, quality of yard, price, payment terms and deliveries make this an attractive investment for NAT and is consistent with our strategy to expand and renew our fleet," the company said in a letter to shareholders.

The two new tankers, scheduled to be delivered in the first half of 2022, will grow NAT's suezmax fleet to 25 vessels.

NAT said it will consider various financing alternatives prior to delivery.

The payment terms of the newbuildings are 10/10/10/10 with 60% of the building price on deliveries, NAT said, adding the two first instalments of the vessels have already been funded.