Hamilton, Bermuda, July 27, 2015
Nordic American Tankers Limited (“NAT”) today announced that it has agreed to acquire two Far East built Suezmax tankers at an average age of five years. The total price is about USD 122 mill. The vessels are expected to be delivered to us in September and October 2015. NAT does not plan to issue equity to finance these two vessels.
The acquisition represents a natural step in the further development of Nordic American. By adding two more ships, we increase the dividend capacity and earnings potential. We believe that our strong balance sheet, the dividend policy, well defined and transparent operating model provide NAT with a solid competitive position.