NAT finances Suezmax trio

Oct 27 2017

Suezmax champion, Nordic American Tankers (NAT), has signed the main terms for the financing of the outstanding commitments for its three newbuildings.

Under the terms, reached with a major international financial institution, the commitments are due on the delivery of the ships, scheduled for the latter part of 2018.

“We expect the agreement to be fully executed about mid-November 2017, at which time the full financing of the newbuildings will be completed,” NAT said without going into further details.

In August, 2017, the company said that a cash amount equivalent to 30% was paid on the contract signing, while the balance of $116 mill for the three ships will be paid at the time of their delivery.

NAT also stressed that the company’s 33 Suezmaxes are fully compliant to run on 0.1% sulfur fuel content or less.

“Therefore, going forward we do not see that this new requirement is an issue for NAT,”the company said in a statement.  

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