Nordic American Tankers seals suezmax tanker financing with Ocean Yield

Herbjorn Hansson-led Nordic American Tankers (NAT) has signed a financing agreement to fund 80% of the newbuilding price of two suezmax tankers, ordered at Samsung Heavy Industry last month.

The financing is being provided by Norway’s Ocean Yield, who will take ownership of the vessels and bareboat charter them to NAT for a period of ten years. NAT also has options to buy through the charter period.

In a release on Oslo Bors, Ocean Yield revealed the net purchase price will be up to $44m per vessel after seller’s credits of minimum 20%.

The vessels are due for delivery in the first half of 2022.

“It is an advantage to secure the long term financing for these two newbuildings at an early stage and with an existing lender,” NAT said in a statement, adding: “One objective of NAT is to become a debt free company.”