Nordic American Tankers Enters Six-Year Time Charters For Two Suezmax New Buildings

Nordic American Tanker Ltd NAT has concluded two six-year Time Charters for two Suezmax newbuildings for delivery in May and June this year.
The company's contracts with ASYAD Shipping Company will commence upon delivery of the two NAT suezmaxes from the shipyard in South Korea.
The time charter rates concluded will secure a stable revenue stream over the six years and generate an aggregate revenue of more than $100 million during these charters. The cumulative cash flow, after operating expenses, will equal over 60% of the original price of the vessels.
ASYAD Shipping is owned by the government of the Sultanate of Oman through Asyad Group S.A.O.C.
Price Action: NAT shares are trading higher by 2.84% at $1.45 during the premarket session on Wednesday.

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