Nordic American Tankers refinances suezmax fleet

Nordic American Tankers refinances suezmax fleet

Nordic American Tankers (NAT) has extended and refinanced its current credit facility up to the end of 2020, which will cover its 26-vessel suezmax tanker fleet.

The new non-amortising facility from DNB Bank, Nordea and Skandinaviska Enskilda Banken will be increased from $430m to $500m “based on improved terms”, the NYSE-listed company said.

“Nordic American has a very strong balance sheet compared with other stock-listed tanker companies. The high equity gives NAT a continued solid financial footing and flexibility which will strengthen the company for further growth,” the company said in a filing today.

This March, NAT’s chairman and CEO Herbjorn Hansson revealed plans for a vessel acquisition spree. The company bought two suezmaxes for $122m in July this year.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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