NAT Agrees Financing Terms for Suezmax Trio

NAT Bermuda-based Nordic American Tankers (NAT) has signed the main terms for the financing of the outstanding commitments for its three Suezmax newbuildings. Under the terms, reached with a major international financial institution, the commitments are due on delivery of the ships, scheduled to join their owner during the latter part of 2018. We expect the agreement to be fully executed about mid-November 2017 at which time the full financing of the newbuildings will be completed, NAT said. In August 2017, the company informed that an amount equivalent to 30% was paid cash on contract signature, while the balance of USD 116 million for the three ships will be paid at the time of delivery. At the time, NAT has under review a financing arrangement for the three newbuildings.