Nordic American Tankers Completes Sale of Tanker Duo

TankerIllustration; Image Courtesy: Pixabay

Suezmax owner Nordic American Tankers (NAT) has completed the sale of the two tankers announced earlier this month.

The sale of the two ships is a strategic move for the company as it makes room for the three newbuildings set for delivery from Korean builder in the second half of 2018.

NAT ordered three 157,000 dwt tankers from Samsung Heavy Industries in 2016 in an en bloc transaction. Each tanker cost USD 56.7 million, according to the data from VesselsValue.

“The commercial life of a Suezmax could be 20 years or more. Therefore, such transactions are a natural part of our business. The total cash to NAT from the sale of these two vessels is between USD 9 million and USD 10 million per vessel,” NAT said commenting on the deal.

The company added that further tanker sales may be expected moving forward. Commenting on the market outlook, NAT’s is bullish on the market recovery.

 “We can assure you that we will prioritize dividend payments as in the past.  At the time of this message, there are optimistic views on the tanker market,” NAT further noted.

For the time being NAT’s fleet has been reduced to 31 tanker vessels.

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