Monday, Nordic American Tanker Shipping Ltd. (NAT) agreed to acquire its seventeenth vessel, a double-hull suezmax tanker built in a first class Far Eastern shipyard in 2002 for a purchase price of $51.5 million. The vessel is expected to be delivered to us no later than November 30, 2009. This acquisition will be financed from cash on hand. No equity offering is being planned in connection with this acquisition. The new vessel is expected to be operated in the spot market or on spot market-related charters.
Nordic American Tanker Shipping Ltd., an international tanker company, owns and operates crude oil tankers. It operates its vessels in the spot market, on time charters, or on bareboat charters. As of December 31, 2008 the company owned 15 double hull Suezmax tankers.
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