Nordic American Tankers readies suezmax newbuilds in South Korea

Nordic American Tankers (NAT) is set to enhance its fleet with a new agreement for two suezmax newbuilds, each valued at approximately $86 million. The company, led by Herbjørn Hansson, has signed a letter of intent for these vessels, which are expected to be delivered in the latter half of 2028. A formal shipbuilding contract is anticipated to be finalized by early 2026.

Strategic Expansion and Recent Acquisitions

This latest order marks NAT’s first foray into newbuildings since 2020, when it commissioned two suezmax tankers from Samsung Heavy Industries. Those vessels were successfully delivered in 2022 as part of a sale-and-leaseback arrangement with Ocean Yield. The company has been actively expanding its fleet, not only through newbuilds but also by acquiring secondhand vessels.

Earlier this year, NAT bolstered its operations by purchasing two 2018-built suezmaxes from Ocean Yield lease agreements. Additionally, the company acquired two 2016-built units from Eastern Pacific Shipping for approximately $65.6 million each. These strategic moves have allowed NAT to maintain a robust presence in the market, currently operating a fleet of 20 suezmax tankers.

Crude oil flows from AG to China have been fluctuating at a lower level since the last peak in mid-April​

As the shipping industry continues to evolve, NAT’s proactive approach to fleet expansion positions it well for future opportunities. The planned newbuilds and recent acquisitions reflect the company’s commitment to enhancing its operational capabilities and meeting growing market demands.