NAT announces acquisition of its sixteenth vessel

Nordic American Tanker Shipping Ltd. (NAT) announced that the company has agreed to acquire its sixteenth suezmax vessel, a 150,000 dwt double-hull tanker built in a first class Far Eastern shipyard in 2002, for a purchase price of $57.0 million. The vessel is expected to be delivered from the seller no later than July 15, 2009. This acquisition will be financed from the company's capital resources.
The new vessel will be operated in the spot market or on spot market-related charters.
Herbjørn Hansson, the company's Chairman and Chief Executive Officer, stated: Weare confident that this, our sixteenth vessel, will be accretive both to dividends and earnings per share. Therefore, dividends and earnings per share can be expected to be higher than had this vessel not been acquired. NAT is committed to continuing to build upon its successful operating model in which the elements of full dividend payout and accretive growth are central.

Source: Transportweekly