Nordic American Tankers Signs At-The-Market Issuance Agreement

natIllustration. Image Courtesy: Pexels under CC0 Creative Commons license

Bermuda-based tanker shipping company Nordic American Tankers (NAT) has inked a new agreement that allows the company to sell up to USD 40 million worth of its common shares.

On March 29, 2019, NAT entered into an At-The-Market Issuance Agreement (ATM) with B. Riley FBR, an investment banking firm headquartered in Los Angeles, Califonia, as the sales agent.

Under the new agreement and over a period of about three years, the shipping company may, at its discretion during the term of the ATM, sell up to a maximum of USD 40 million of common shares.

The ATM sales, if any, will be made at market prices, according to NAT.

As explained, the establishment of the ATM arrangement is in harmony with the conservative financial policy of NAT and the company is not obliged to dispose of its shares under the agreement.

“The ATM arrangement is a tool for NAT to ascertain that we have financial flexibility at all times,” the company said in a statement.

NAT’s fleet currently comprises 23 Suezmax tankers with an aggregate cargo capacity of 23 million barrels of crude oil and an average age of 10.8 years.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >