Business UpdateApr 13, 2026, 05:40 AM
NAT Secures $75,000/Day Charter, Sells Older Vessels Amid Strong Market
AI Summary
Nordic American Tankers Ltd (NAT) reports a strong market for its services, driven by geopolitical uncertainty. The company recently secured a 1-year Time Charter at approximately $75,000 per day, significantly higher than its operating costs of less than $10,000 per day. NAT has also adjusted its fleet by selling older vessels from 2003-2005, enhancing financial flexibility and strengthening the company.
Key Highlights
- Secured a 1-year Time Charter at approximately $75,000/day.
- Operating costs are less than $10,000/day.
- Sold vessels built in 2003, 2004, and 2005.
- Major customers include Exxon, Shell, BP, Total, and Equinor.
- Geopolitical uncertainty normally increases demand for services.