Nordic American Tankers Limited signed a letter of intent with a South Korean shipyard to build two new Suezmax tankers, each priced at USD 86 million. The vessels are scheduled for delivery in the second half of 2028, with the final contract expected to be signed in early 2026.
The order adds two modern Suezmaxes to NAT’s fleet of 20 vessels, reinforcing the company’s strategy of maintaining a homogeneous fleet of under‑20‑year‑old tankers. The newbuildings will replace older ships, improve operational efficiency, and increase cargo capacity in a market where supply is tight and charter rates remain high.
NAT’s recent financial results show a net income of USD 46.64 million for the twelve months ending December 31, 2024, a 52.75% decline year‑over‑year, and Q2 2025 revenue of USD 40.15 million, below analyst estimates. The company plans to finance the newbuildings through a combination of debt, equity, and internal cash reserves, with potential bond issuance to support the capital outlay.
CEO Herbjørn Hansson highlighted the company’s confidence in the tanker market, citing low global oil inventories and geopolitical uncertainties that are driving demand for Suezmax vessels. He emphasized that the new order positions NAT to capture the high charter rates currently prevailing in the sector.
NAT’s fleet of 20 Suezmaxes is among the largest in the industry, but it represents a small share of the global market. The addition of two new vessels will strengthen the company’s competitive position and support its focus on a single vessel type, which is expected to yield cost savings and operational synergies.
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