Log In

Reset Password

NAT expands in the Middle East

The oil tanker company Nordic American Tankers Limited has concluded two six-year time charters for its two Suezmax newbuildings set for delivery in May and June.

The Bermudian-based company said the contracts are with Asyad Shipping Company in Oman and will commence upon delivery of the two NAT Suezmaxes from the shipyard in South Korea.

NAT said the time charter rates concluded will secure a stable revenue stream over the six years, and generate aggregate revenue of more than $100 million during these charters.

The cumulative cash flow, after operating expenses, from these contracts will equal in excess of 60 per cent of the original price of the vessels.

Thanks to the quality of its fleet and its maintenance schedules, the NAT Suezmaxes are able to operate efficiently for more than 25 years, the company said.

Asyad Shipping is owned by the government of the Sultanate of Oman through Asyad Group SAOC. It owns and operates a diversified fleet of about 70 ships.

Herbjorn Hansson, founder, chairman and CEO of NAT, said: “Our business is expanding in the Middle East, which is an important area for our operations. We regard this co-operation with Oman interests as a substantial step forward to cementing and building out our position in the area. This may only be the beginning.”

Nordic American Tankers CEO Herbjorn Hansson (File photograph)

You must be Registered or to post comment or to vote.

Published February 09, 2022 at 4:45 pm (Updated February 09, 2022 at 6:53 pm)

NAT expands in the Middle East

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon