Nordic American Tankers Ltd. (NAT) is currently experiencing a highly active phase of development, marking one of its most significant periods in recent years. From the end of 2024 through early 2025, the company has been focused on strategic acquisitions and divestitures, with an emphasis on maintaining dividends as a priority.
In line with its growth strategy, NAT is in the process of acquiring two or three new vessels while also selling select ships from its fleet. Recently, the company has added two new vessels to its operations, exercised purchase options on two lease-financed ships, and successfully refinanced these assets.
Additionally, two older vessels from early builds have been sold as part of the company’s plans. Key developments since the beginning of 2025 include:
On January 22, 2025, NAT announced the exercise of a purchase option for the 2018-built Suezmax tanker Nordic Aquarius, with a purchase price of $24 million.
The refinancing of this vessel, reflecting a notable appreciation in market value, was arranged with finance partner Ocean Yield. On the same day, the company revealed the sale of its 2003-built Suezmax tanker, Nordic Apollo, for $22.9 million.
On February 6, 2025, NAT secured a five-year financing agreement with Beal Bank/CLMG, which replaced a previous facility. This agreement amounts to $150 million and is secured by seven of the company’s Suezmax vessels.
Later that month, the company purchased a 2016-built Suezmax tanker, Nordic Galaxy, for $66 million, financed through a 50% lease with Ocean Yield. Further acquisitions included the purchase option declaration for another 2018-built Suezmax tanker, Nordic Cygnus, on February 28, followed by the acquisition of a second 2016-built Suezmax, Nordic Moon, in March.
The latter was also financed with lease terms similar to its sister vessel. As of May 2, 2025, NAT has agreed to sell the 2004-built tanker Nordic Castor for $22.5 million.
Overall, Nordic American Tankers is in a robust position, capitalizing on a period of heightened activity and strategic growth.