Suezmax specialist Nordic American Tankers (NAT) has planned several sale-and-purchase projects as part of its fleet renewal process.
The New York-listed owner said it would sell at least two aged ships and acquire two or more younger vessels.
“We have concrete projects to sell at least two ships built in 2000 and 2002,” founder, chairman and chief executive Herbjorn Hansson said in a recent statement.
“These sales are a part of a process to increase the fleet by purchasing at least two or more additional ships of a more recent vintage than the ones that will be sold. These strategic moves will strengthen NAT substantially.”
He said that as one of the largest tanker companies listed on New York's stock markets, NAT must focus on shareholders and investors.
“Thus, at this time we shall renew and expand our fleet,” the executive said.
No further details on the planned transactions were disclosed.
NAT’s sale candidates are the 150,183-dwt Nordic Sirius (built 2000), and the 149,921-dwt Nordic Grace, 160,305-dwt Nordic Moon, 164,236-dwt Nordic Mistral and 164,274-dwt Nordic Passat (all built 2002), according to its fleet list.
At the peak, NAT owned 33 suezmaxes. The company now has a fleet of 23 vessels with an average age of 13 years in operation.
NAT has also ordered two 157,000-dwt ships from Samsung Heavy Industries due for delivery in 2022.
In the same statement, Hansson promised to keep his company’s low-debt, high-dividend payout model.
“It is an important objective for NAT to prioritise dividend. This policy is steadfast,” he said.
NAT recorded a net loss of $25m in the first quarter amid weak spot rates. But the company still declared a dividend of $0.02 per share, its 95th consecutive quarterly payout.
“In a strong tanker market, higher dividends will be produced than in a weak market,” Hansson added.
NAT, which has a large retailer investor base, is also planning to keep a large free float in the stock.
“An investor wishing to buy the NAT stock should be able to do so easily,” Hansson said. “Conversely, an investor wishing to sell his NAT portfolio — partly or wholly — should have the opportunity to do so.”
