NAT - Nordic American Tankers concludes two time charter contracts contributes $100M to revenue

Nordic American Tankers (NYSE:NAT) concluded two 6-year time charters for its two Suezmax new-buildings for delivery in May and June this year. The time charter rates concluded will secure a stable revenue stream over the six years, and generate total revenue of $100M+ during these charters; cumulative cash flow, after operating expenses, from these contracts will equal in excess of 60% of the original price of the vessels. The contracts have been entered into with ASYAD Shipping Company and will commence on delivery of the two NAT suezmaxes from the shipyard in South Korea. With the recent sales of two vessels, the NAT fleet stands at 23 vessels.

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Nordic American Tankers concludes two time charter contracts, contributes $100M to revenue