23 September 2020
Dear Shareholders and Investors,
We wish to announce that NAT has entered into two (2) suezmax newbuilding contracts in South Korea, increasing our fleet of suezmaxes to 25 units.
The combination of specifications, quality of yard, price, payment terms and deliveries make this an attractive investment for NAT and is consistent with our strategy to expand and renew our fleet. The scheduled deliveries of the ships are in the first half of 2022.
Through the years we have enjoyed an excellent relationship with the shipbuilding sector in South Korea, and we are happy to conclude further suezmax newbuilding contracts with Samsung Heavy Industries Ltd.
NAT will consider various financing alternatives prior to deliveries.
The payment terms of the newbuildings are 10/10/10/10 with 60% of the building price on deliveries. The two first instalments of the vessels have already been funded.
The main focus of NAT is always to pay quarterly dividends, which we have done every single quarter since the autumn of 1997. In total nearly $ 50 per share has been paid.
Founder, Chairman & CEO
Nordic American Tankers Ltd.
Nordic American Tanker Shipping Ltd., press release