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NAT in for Samsung suezmax trio

Nordic American Tankers (NAT) has tapped South Korea’s Samsung Heavy Industries (SHI) to build three suezmax tankers of about 157,000 dwt each to be delivered during the second half of 2018.

“This is another large step forward for Nordic American,” said Herbjørn Hansson, the chairman and CEO of the company. “By adding these ships, we substantially increase the dividend capacity and bolster our earnings potential. We believe that our solid balance sheet as well as our well-defined and transparent operating model are elements supporting the competitive position of NAT.

The stock issue of about $120m that we completed September 30, will part finance this transaction.

A 33 vessel homogenous suezmax fleet is making NAT stronger and the company becomes even more attractive for our customers.”

For SHI which has had a miserable year to date in terms of bagging new orders the order is a huge boost, albeit it will still fall far short of its annual targets.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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