Nordic American Tankers Enters Six-Year Time Charters For Two Suezmax New Buildings

• Nordic American Tanker Ltd (NYSE:NAT) has concluded two six-year Time Charters for two Suezmax newbuildings for delivery in May and June this year.
• The company's contracts with ASYAD Shipping Company will commence upon delivery of the two NAT suezmaxes from the shipyard in South Korea.
• The time charter rates concluded will secure a stable revenue stream over the six years and generate an aggregate revenue of more than $100 million during these charters. The cumulative cash flow, after operating expenses, will equal over 60% of the original price of the vessels.
• ASYAD Shipping is owned by the government of the Sultanate of Oman through Asyad Group S.A.O.C.
• Price Action: NAT shares are trading higher by 2.84% at $1.45 during the premarket session on Wednesday.