NAT beefs up its Suezmax tanker fleet with the Nordic Pollux
Nordic American Tankers Limited (NAT) on July 11 took delivery of a Suezmax vessel, the Nordic Pollux, built at a shipyard in Japan, the Company said Monday in its press release.
NAT agreed to purchase four vessels as announced in its press release May 2, 2016. Nordic Pollux is the last one of these four vessels. In the course of 41 days, NAT has taken delivery of four vessels. "The takeover procedures have been carried through excellently in cooperation with the seller who has owned the vessels since they were built," the Company said.
Following the delivery of these four vessels, the Company will have a top quality fleet of 30 Suezmax vessels, including two newbuildings from Korea, scheduled for delivery in August 2016 and January 2017. The NAT fleet of Suezmaxes has a substantial earnings capacity.
The Company says it has no plans to issue equity in connection with this expansion to 30 vessels, which amounts to a capital outlay of about $170m. The total price for the four vessels is $106m and the remaining commitments on the two newbuildings are $64m.
"We believe the increased fleet, our solid balance sheet and our consistent and transparent operating model, including quarterly dividend payments, give NAT a strong competitive position. Our work focus on safety for the crew, the environment and the assets which is a never ending process," NAT said.