NAT - Nordic American Tankers reports a vessel sale sees $60.3M in 2021 impairment charges

Nordic American Tankers (NYSE:NAT) announced that until now the company has sold four Suezmaxes, generating a cash injection of ~$60M to the company. The latest vessel, number four was delivered to the new owners on Apr. 12, 2022. The company expects fleet to grow with the target of having ~30 Suezmax vessels the next few years. Also, the company is scheduled to receive two new-buildings – one in May and one at the end June this year; both have achieved contracts of six years each with first class contractual partners, at stable rates creating earnings and strong cash flow. Amid the recent vessel sales, the company has announced a impairment charge of $51.9M (related to vessels built in 2002 and 2003) in 2021. In Q4, the company has reported a YTD impairment charge of $8.4M which will now be adjusted to $60.3M in its 2021 20-F filing. While the company is underway

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Nordic American Tankers reports a vessel sale, sees $60.3M in 2021 impairment charges