Nordic American Tankers signs deal to finance balance of three Suezmax newbuildings

Nordic American Tankers (NAT) has signed the main terms with a major financial institution to help meet outstanding commitments on three suezmax newbuildings.

The Hamilton, Bermuda-based shipping company expects the new vessels to be complete by late 2018 at which time it will have to pay the balance of $116m owed. That amount represents 70% of the ships’ total cost.

Full execution of the new financing agreement is expected to be done by the middle of next month, the NYSE-listed company, which focuses on crude oil tankers, said.