Nordic American Tankers plans fleet expansion

Oslo: In a letter to shareholders, Nordic American Tankers chairman and ceo Herbjorn Hansson revealed that the company is planning vessel acquisitions to take advantage of the “current upswing in the tanker market.”

Hanson said the suezmax specialist will move when its commercially beneficial to do so, and revealed each vessel’s cashflow is significant thanks to low breakeven costs of $12,000 per day in what is a strong market. He also promised shareholders higher dividends than in the recent past, if the current market situation continues.

The higher dividends would suit Hanson nicely, as he revealed that a company he owns with his son had acquired 50,000 shares in the company. Earlier this week the pair bought 50,000 shares in Nordic American Offshore.

Looking forward Hanson was upbeat saying: “The picture looks encouraging, with limited growth in transportation capacity. We are therefore hopeful that tanker markets should remain on a positive note going forward.”

Nordic American Tankers has a fleet of 22 suexmax vessels, with a further 2 on order.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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