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Consolidation in the suezmax sector

  16.12.2008    

Nordic American Tanker (NAT) announced that it is pleased to see that consolidation is taking place in the suezmax tanker sector as Frontline will enter the Gemini Pool, a suezmax tanker pool serving customers around the globe.  
Commented Herbjorn Hansson, Chairman and CEO of Nordic American Tanker Shipping Ltd:
We have for several years had a positive cooperative chartering arrangement with Frontline. We expect this to continue within the new framework for the six NAT suezmax vessels which currently are in the Frontline cooperation mentioned above. NAT will thereby indirectly take part in this consolidation to achieve synergies. 
The positive cooperative chartering arrangement that NAT has for five of its suezmax vessels with Stena Bulk of Sweden is expected to continue as in the past.  
The twelfth NAT suezmax vessel is on long term charter to Middle East interests. Additionally, NAT has agreed to purchase two suezmax newbuildings which are expected to enter the NAT fleet by the end of 2009 and by the end of April 2010.
 



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