Nordic American Tankers signs deal to finance balance of three Suezmax newbuildings

Nordic American Tankers signs deal to finance balance of three Suezmax newbuildings

Nordic American Tankers (NAT) has signed the main terms with a major financial institution to help meet outstanding commitments on three suezmax newbuildings.

The Hamilton, Bermuda-based shipping company expects the new vessels to be complete by late 2018 at which time it will have to pay the balance of $116m owed. That amount represents 70% of the ships’ total cost.

Full execution of the new financing agreement is expected to be done by the middle of next month, the NYSE-listed company, which focuses on crude oil tankers, said.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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