Nordic American Tankers says 2025 focus is to renew, grow fleet

In a letter to shareholders, CEO Herbjorn Hansson said, “A major project for 2025 is to renew and grow our fleet. We plan to buy two or three ships and to sell two or three. As a first step, last week we agreed to sell one of our suezmaxes, built in 2003, which will net our company $22.5M and thus strengthen our balance sheet. The buyer will take over the vessel in Q1 2025. We are helped in this major project by our two longtime financing partners, Beal Bank bases in Dallas, and Ocean Yield, whose parent company is based in New York. As always, our financing is driven by our main goals of prioritizing dividends and retaining a sturdy balance sheet. Since NAT became stock listed in New York in 1995, we have paid dividends for 109 consecutive quarters. The transactions with Beal Bank and Ocean Yield will increase our liquidity and strongly enhance our financial flexibility. We look forward to a very active year for NAT.”