Bermuda-based Nordic American Tanker Shipping Ltd. is to sell four million shares to fund future acquisitions and for general corporate purposes.

As of this week, Nordic owned or had agreed to acquire 18 modern double-hull Suezmax tankers, including one second-hand vessel that it agreed to acquire and expects to take delivery of no later than March 1, 2010 and two new-builds that it expects to take delivery of this year.

The proceeds of the offering announced yesterday, together with other financing sources available to the company, are expected to enable it to make accretive acquisitions, based on present asset prices, of at least four more vessels.

Morgan Stanley is acting as the bookrunning manager for the offering and DnB NOR Markets Inc. is acting as co-manager of the offering. The company has granted the underwriters a 30-day option to buy up to 600,000 additional shares to cover over-allotments.

Nordic also announced that it expects the company’s dividend per share to be about 23 cents per share for the fourth quarter of 2009 compared to 10 cents per share for last year’s third quarter.