NAT Secures Another Time Charter Deal

NAT Bermuda-based Nordic American Tankers (NAT) has reached a time charter agreement for one of its Suezmax vessels with an oil major British Petroleum (BP). The company informed that the deal was signed for a period of two years, adding that the contracts minimum rate is well above our cash break-even level with an index linked formula providing for upside potential to NAT. The parties did not reveal the name of the vessel in question, nor the agreed charter rate for the period. NATs ship is set to start working under the contract in mid-September. The latest charter contract come only weeks after the company reached separate time charter agreements with Shell, ExxonMobil and other major oil companies both in the West and in the East. NAT has now five vessels on longer term contracts with major oil companies worldwide. In addition, the company has shorter contracts with other major energy companies in the East and in the West.