Nordic American Tankers Enters Six-Year Time Charters For Two Suezmax New Buildings
- Nordic American Tanker Ltd (NYSE: NAT) has concluded two six-year Time Charters for two Suezmax newbuildings for delivery in May and June this year.
- The company's contracts with ASYAD Shipping Company will commence upon delivery of the two NAT suezmaxes from the shipyard in South Korea.
- The time charter rates concluded will secure a stable revenue stream over the six years and generate an aggregate revenue of more than $100 million during these charters. The cumulative cash flow, after operating expenses, will equal over 60% of the original price of the vessels.
- ASYAD Shipping is owned by the government of the Sultanate of Oman through Asyad Group S.A.O.C.
- Price Action: NAT shares are trading higher by 2.84% at $1.45 during the premarket session on Wednesday.
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