Nordic American Tankers Ltd (NYSE: NAT) – Newbuildings
Rhea-AI Summary
Nordic American Tankers (NYSE: NAT) announced a letter of intent to build two Suezmax tankers at a South Korean shipyard for USD 86 million each, with deliveries planned in the second half of 2028. The company expects to sign the final contract in early 2026. The LOI outlines the vessel type, price and delivery window but is not a final binding contract. The release includes a standard cautionary statement on forward-looking information and lists investor contacts for follow-up.
Positive
- Two Suezmax tankers added to fleet plan
- Price locked in LOI at USD 86 million per vessel
- Delivery window specified: second half of 2028
Negative
- Final contract not yet signed; LOI subject to change
- Capital commitment implied of USD 172 million total
- Long lead time until H2 2028 delays near-term benefit
News Market Reaction
On the day this news was published, NAT declined 1.36%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Monday, November 3, 2025
Dear Shareholders and Investors,
This is to inform you that we have agreed a letter of intent (LOI) involving the construction of two Suezmax tankers at a South Korean shipyard. Deliveries are planned for second half of 2028.
The price of the ships is USD 86 million each. The final contract is expected to be signed in early 2026.
For further details and contacts, please see at the end of this communication.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.
Contacts:
Bjørn Giæver, CFO
Nordic American Tankers Ltd
Tel: +1 888 755 8391
Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 724 171
FAQ
What did Nordic American Tankers (NAT) announce on November 3, 2025 about newbuildings?
Is the NAT order for two Suezmax tankers a binding contract as of November 3, 2025?
How much will Nordic American Tankers (NAT) pay for the two Suezmax vessels?
When will the two Suezmax tankers for NAT be delivered?
What is the shareholder impact of NAT's November 3, 2025 LOI for newbuildings?
Who can investors contact at NAT for more details about the newbuild LOI?
