Nordic American Tankers Expands Fleet with New Suezmax Orders
Nordic American Tankers, a New York-listed shipping company, has solidified its commitment to fleet modernization by signing contracts for two new Suezmax tankers in South Korea. The company, led by Herbjørn Hansson, announced that the preliminary agreements have now transitioned into firm contracts with Daehan Shipbuilding as the designated builder. Each of the new crude tankers is priced at $86 million and is expected to be delivered in 2028. This strategic move is part of the company’s ongoing efforts to reshape its fleet and enhance its operational capabilities.
Recent Sales and Fleet Strategy
In conjunction with the newbuild orders, Nordic American Tankers has also completed the sale of two older Suezmax vessels, built in 2004 and 2005. Both ships have already been transferred to their new owner, generating approximately $50 million in net cash for the company. These transactions highlight a significant period of activity for Nordic American, which has recently refinanced parts of its fleet, sold four ships, and acquired two new vessels. The company emphasized its goal of reducing the average age of its fleet while simultaneously strengthening its financial position.
Daehan Shipbuilding confirmed the contracts, noting that it secured four out of five Suezmax crude tanker orders placed globally in January. The shipyard inked deals with a Bermuda-based owner for two units, followed by contracts for two additional vessels with a Liberia-based owner. For Nordic American, this order marks a continued focus on fleet renewal, as the company replaces aging tonnage with modern Suezmax tankers. This strategic shift positions Nordic American Tankers for the next phase of the tanker market cycle, ensuring it remains competitive in an evolving industry landscape.
Looking Ahead: A Focus on Modernization
The recent developments at Nordic American Tankers underscore the company’s proactive approach to fleet management. By investing in newbuildings while divesting older vessels, the company aims to maintain a modern and efficient fleet. This strategy not only enhances operational efficiency but also aligns with broader industry trends favoring newer, more environmentally friendly vessels. As the tanker market continues to evolve, Nordic American’s commitment to fleet renewal positions it well for future opportunities and challenges in the maritime sector.
