Nordic American Tankers Ltd (NYSE: NAT) – In an active period several projects concluded, enhancing NAT earnings and solidity.
Friday, February 18, 2022
Dear Shareholders and Investors,
In our message of July 28, 2021 we advised you of our program going forward.
As a follow up of that message several important developments in NAT have taken place:
Firstly, in October 2021 NAT announced the sale of “Nordic Sirius” built in 2000.
Secondly, we announced earlier this month the sale of “Nordic Mistral” built in 2002. This is to inform you that the vessel was delivered to its new owners today February 18, 2022.
These two transactions have brought in more than USD 30 million in cash to NAT.
Thirdly, a few days ago NAT announced the time charter contracts for the two new vessels we have ordered from Samsung in South-Korea. The vessels will be delivered to us in May and June this year.
The Charters are with Asyad Shipping Co, a company controlled by the Sultanate of Oman. The contracts will start direct from delivery in May and end June this year.
These Time Charter contracts will last for six years, securing earnings and cash flows. Asyad Shipping Co is a first class Charterer. In total well above USD 100 million in freight income to NAT will enhance the earnings, cashflow and solidity of NAT.
Following the above transactions, Nordic American Tankers controls a fleet of 23 Suezmax Tankers which can load one million barrels each.
The way forward is upwards.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Limited www.nat.bm
