Bermuda-based Nordic American Tanker Shipping Ltd. (NAT) has agreed to acquire its 18th vessel - a double-hull suezmax tanker built in a Far Eastern shipyard in 2002 - for $51.5 million.

The vessel is expected to be delivered to the company no later than March 1, 2010. The acquisition will be financed from cash on hand. The new vessel is expected to be operated in the spot market or on spot market-related charters.

Herbjørn Hansson, Nordic's chairman and CEO, said: "We are confident that this, our 18th suezmax vessel, will be accretive both to dividends and earnings per share.

"Therefore, dividends and earnings per share can be expected to be higher than had this vessel not been acquired. Nordic American Tanker is committed to continuing to build upon its successful operating model in which the elements of full dividend payout and accretive growth are central."