Nordic American Tankers completes sale of its fourth suezmax

Herbjorn Hansson-led Nordic American Tankers (NAT) announced it had offloaded its fourth suezmax as part of its fleet adjustment programme, generating a cash injection of about $60m for the company, including the previous sales.

The New York-listed suezmax specialist has already delivered the vessel to undisclosed buyers. The move follows the disposals in March and February this year and the 2002-built Nordic Serius in October last year.

Amid the recent vessel sales, NAT has announced an impairment charge of $51.9m related to vessels built in 2002 and 2003 in 2021. In Q4, the company reported a year-to-date impairment charge of $8.4m, which will now be adjusted to $60.3m in its annual report but should not affect the company’s 2022 numbers, it said.

In February, NAT secured six-year time charters with Oman’s Asyad Shipping for a pair of suezmax newbuildings set to deliver in May and June of this year. The deal is expected to generate more than $100m in revenue.

“The tanker market has grown positively in 2022, and the recent spot voyage contracts will significantly contribute to our cash position and ability to pay dividends. We expect that our fleet will grow with the objective of having about 30 suezmax vessels in the next few years,” the company said in a release. 

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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