Nordic American Tankers fixes a one year or more time charter for one of the NAT suezmax vessels

Nordic American Tankers fixes a one year or more time charter for one of the NAT suezmax vessels


Nordic American Tankers (NAT) has announced that one of its Samsung built suezmaxes, the Nordic Zenith, has obtained a term contract. The new contract is expected to commence on expiration of the present spot employment and it could last 12 to 15 months.

The contract is entered into with the first-class charterer, Equinor, an energy company headquartered in Norway. Equinor is a major stocklisted company and one of the largest of its type worldwide. Last year NAT entered into a term contract with the same user for a period of minimum three years.

Over the years, NAT has bought several vessels built at Samsung Shipyard in South Korea, including the Nordic Zenith. The vessels of NAT consist of suezmaxes. The NAT fleet is trading all over the world. The contract has a value between $9 million and $11 million depending upon the detailed scheduling of the vessel. The contract is producing positive cashflow and earnings for NAT, cementing the relationship with Equinor.

Major energy and gas companies, including oil traders both in the West and the East, are prioritised customer groups for NAT.

“Going forward, we sense a strong upward trend for the tanker industry,” the company said in an email. “NAT is in a positive phase of development. Historically, all contracts of the tanker industry and of the NAT fleet (now 23 vessels), over a certain length, as a standard need the approval of the technical management arrangement associated with all our contracts. At this time almost all NAT vessels are trading in the spot market.”

For more information visit www.nat.bm

17th June 2019