Hamilton, Bermuda, August 31, 2018
We have previously advised you of the three suezmax newbuildings from Samsung Shipbuilding in South Korea in 2018. The first one was delivered to NAT July 10, 2018. The second ship was delivered today, August 31, also this unit on time and on budget.
The vessel has the name of Nordic Cygnus, which is a star constellation.
Over the years, NAT has received several newbuildings from Samsung. All transactions with Samsung have been performed in a flawless way. A suezmax is able to load one million barrels of crude oil. At this time NAT has 25 suezmaxes. Expansion is expected.
The Nordic Cygnus will be employed in worldwide trading. She will enter a time charter contract of 3 to 5 years, commencing in the autumn of this year. The second newbuilding has also been financed with close to 80% in debt of the delivered price of about $54 million.
Including the newbuildings of 2018, NAT has an industry leading suezmax age profile along with one of the best balance sheets in the tanker industry.
There is optimism in the business.