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NEW SUEZMAX DELIVERY FOR NORDIC AMERICAN

Saturday, October 27, 2018 

Bermuda-based Nordic American Tankers has taken delivery of the third vessel in its recent order from Samsung Shipbuilding of Korea, bringing the NAT Suezmax crude fleet up to 25-strong, which the company says makes it the largest independent Suezmax operator.

The new ship, named Nordic Tellus, with capacity for 1 million barrels of crude oil, follows two sisterships delivered in July and August 2018.

Nordic Tellus will be employed in worldwide trading. This third newbuilding has been financed via a Aker Group company Ocean Yield, with close to 80% in debt of the delivered price of about $54 million.

NAT believes that conditions are improving in the tanker sector, and that it is well positioned to take advantage of the perceived market upswing. The company says that rates for the fourth quarter are three to four times as high as for the first nine months of 2018; rate indexes for Suezmax tankers are now in excess of $20,000 per day on a TC basis, which is a good indication of the level of the market.

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