Nordic American Tankers expands fleet providing room for continued dividends

CEO Herbjorn Hansson said, “As previously communicated, we recently acquired a Sungdong (South-Korea) built suezmax tanker from a first-class owner. The vessel is expected to be delivered to NAT at the end of this month (March 2025). Sungdong was controlled by the Samsung group at the time. The vessel has been owned by the same company since it was built in 2016. We have now agreed to acquire a sister vessel, from the same owner, also built in 2016 at the same South-Korean yard. This vessel will be delivered to NAT within April this year. The price to NAT is in the mid/high USD 60s. Both vessels are fully financed and will provide additional earnings and dividend capacity. Following these transactions , the NAT fleet will consist of 21 well maintained suezmax tankers. We follow the plan to acquire ships and sell a few units. 2025 is expected to be an active year for NAT, which is in a strong position.”