Hamilton Bermuda May 30, 2018
Dear shareholders and investors,
As announced in our press release of May 3, 2018, the company indicated a possible sale of two vessels. Today, we confirm the sale of two vessels, adjusting the fleet from 33 to 31 suezmaxes in the short term.
The sale of vessels is, however, a part of the company's plan to expand as NAT has three newbuildings coming from a Korean yard. The newbuildings are joining our fleet during the second half of 2018.
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 $9 million and $10 million per vessel.
This message is an indication of the commercial and financial flexibility of NAT. As communicated earlier, further sales of vessels may be expected in the process. 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.
Nordic American Tanker Shipping Ltd., press release