2020 October 18 14:11

Nordic American Tankers says full financing of Suezmax duo is in place

Further to NAT's message of September 23, 2020, when the Company announced two Suezmax newbuilding contracts with Samsung Heavy Industries for delivery during the first half of 2022, NAT entered into a financing agreement with Ocean Yield ASA.

"We now wish to announce that NAT has entered into a financing agreement with a subsidiary of Ocean Yield ASA for the two vessels. It is an advantage to secure the long term financing for these two newbuildings at an early stage and with an existing lender," Herbjorn Hansson, Founder, Chairman & CEO

The financing is for up to 80% of the newbuilding price. The agreements are based on a 10-year bareboat charter for each vessel. NAT has certain options to buy or sell the vessels during the charter period.

Ocean Yield ASA, a company in the Aker sphere, is listed on Oslo Stock Exchange (OSE). One objective of NAT is to become a debt free company.