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Benzinga
Benzinga
Business
Akanksha Bakshi

Nordic American Tankers Reveals Sale Of 2002-Built Vessel

Nordic NAT (Organization) NYSE
  • Nordic American Tanker Ltd (NYSE:NAT) has agreed to sell a 2002 built vessel to an undisclosed buyer. The company plans to deliver the vessel to its new owners before the end of March.
  • As per its plan to adjust its fleet, the company sold the 2000-built Nordic Sirius in October 2021 and the 2002-built Nordic Mistral in February 2022.
  • The net price for the company is $15 million per vessel, in total $45 million. The sales reduce the debt.
  • The company noted its position further enhanced through two long-term contracts for two newbuildings for delivery by mid-2022. The value of these contracts is more than $100 million, improving the company's cash flow, profitability, and solidity.
  • Price Action: NAT shares are trading lower by 4.05% at $2.13 on the last check Friday.
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