Herbjorn Hansson-led Nordic American Tankers (NAT) has secured six-year time charters with Oman’s Asyad Shipping for a pair of suezmax newbuildings set to deliver in May and June this year.
The New York-listed company said the contracts will commence upon delivery of the ships from the shipyard in South Korea. The charters are expected to generate more than $100m in revenue. NAT added that the cumulative cash flow, after operating expenses, from these contracts will equal more than 60% of the original price of the vessels.
“Our business is expanding in the Middle East, which is an important area for our operations. We regard this cooperation with Oman interests as a substantial step forward to cementing and building out our position in the area. This may only be the beginning,” asserted Hansson, founder, chairman and CEO of NAT.
Dr Ibrahim Al Nadhairi, CEO of Asyad Shipping & Drydock Services, noted that further projects may also be developed between the two companies. NAT has a fleet of 23 suezmax vessels, including two newbuildings. The company recently sold the 2002-built Nordic Mistral to undisclosed buyers for around $15.8m.
