rss icon Subscribe
desktop mobile

NAT Extends TC for Suezmax Vessel

Pic: Nordic American Tankers Limited

Shailaja A. Lakshmi

Nordic American Tankers Limited (NAT) has fixed a one year or more time charter (TC) for one of the NAT suezmax vessels.

NAT's Samsung built suezmax, the Nordic Zenith, has obtained a term contract. The new contract is expected to commence on expiration of the present spot employment and it could last 12 to 15 months.

The contract was entered into with the first-class charterer, Equinor, an energy company headquartered in Norway. Equinor is a major stocklisted company and one of the largest of its type worldwide.

"Last year we entered into a term contract with the same user for a period of minimum 3 years," said a press release from the Bermuda-based tanker company.

Over the years, NAT has bought several vessels built at Samsung Shipyard in South Korea, including the Nordic Zenith. The vessels of NAT consist of suezmaxes. The NAT fleet is trading all over the world.

The contract has a value between USD 9 mill and USD 11 mln depending upon the detailed scheduling of the vessel. The contract is producing positive cashflow and earnings for NAT, cementing the relationship with Equinor.

Major energy and gas companies, including oil traders both in the West and the East, are prioritized customer groups for NAT, said the release.

"Going forward, we sense a strong upward trend for the tanker industry. NAT is in a positive phase of development," it said.

Historically, all contracts of the tanker industry and of the NAT fleet (now 23 vessels), over a certain length, as a standard need the approval of the technical management arrangement associated with all our contracts. At this time almost all NAT vessels are trading in the spot market.

May 30, 2019

 

Contracts

Baltic Index at 4-week Peak on Broad Support

AdobeStock / © Lucasz Z

The Baltic Exchange's main sea freight index rose to its highest in more than four weeks on

Shell Charters LNG-Powered Tanker Fleet

World’s first LNG-powered crude oil tanker (courtesy of SCF Group)

Shell Tankers (Singapore) Private Ltd has agreed a long-term deal to charter a fleet of 10 LNG

Baltic Index Down on Lower Capesize, Panamax Rates

File Image: AdobeStock / © lidian Neeleman

The Baltic Exchange's main sea freight index fell for the second straight session on Tuesday

Tanker

Iranian Tanker Not Heading to Greece

An Iranian tanker which the United States wants seized is not heading towards Greece as it sails through the Mediterranean, Greek Prime Minister Kyrikos Mitsotakis told France 24

Stena Impero Owner Met Iran's Zarif to Urge Release of UK-flagged Ship

©Tommy Chia/ MarineTraffic.com

The owner of a British-flagged tanker detained in Iran has met the country's foreign minister

Diamond S Shipping Sells Two Vessels

Pic: Diamond S Shipping

Connecticut-headquartered Diamond S Shipping Group Inc. (DSG) announced that it has agreed to sell

Maritime Apps