The first months of 2025 since the end of 2024 has been the most active period in Nordic American (NAT) for several years. The path forward is up. Dividend is a priority.
As per previous communication to the market, we are in the process of acquiring two or three vessels and to sell a few ships.
We have purchased two vessels, declared purchase options on two of our lease financed ships and subsequently refinanced them. As a part of our total plan, two of our early built vessels have been sold.
Below is pertinent information, reflecting the active period since the start of 2025:
January 22nd, 2025, NAT announced that it had declared the purchase option for the 2018 built Suezmax Nordic Aquarius. The purchase option price was $24 mill and a refinancing of the ship, reflecting the strong market value appreciation has been agreed with our finance partner Ocean Yield.
January 22nd, 2025, we also announced the sale of the 2003-built Suezmax tanker, Nordic Apollo, at a price of $22.9 million.
February 6th, 2025, we signed a five-year financing agreement with Beal Bank/CLMG for a Senior Secured Credit Agreement on new terms, referred to as the Amended and Restated Agreement. This arrangement replaces the facility of February 12, 2019, and is in the amount of $150 million. It is a single loan with collateral security in 7 of our suezmax vessels.
February 28th, 2025, NAT announced that it had purchased one 2016-built Suezmax, built in South Korea, which was named Nordic Galaxy. The price was $66 million, and the vessel was financed with 50% lease financing with Ocean Yield. The vessel was delivered to us April 4, 2025.
February 28th, 2025, NAT announced it had declared the purchase option for the 2018-built Suezmax tanker Nordic Cygnus. The purchase option price was $24 mill and a refinancing of the ship, reflecting the strong market value appreciation, has been agreed with Ocean Yield.
March 14, 2025, Nordic American announced that it had agreed to purchase a second 2016-built Suezmax tanker which was named Nordic Moon. This was a sister vessel of the previously purchased vessel and built at the Sungdong South Korean shipyard. The price was $66 million, and this acquisition has also been 50% lease financed with Ocean Yield. The vessel was delivered to us April 28, 2025.
On May 2nd, 2025, NAT entered into an agreement to sell the Nordic Castor (2004), at the price of $22.5 million net to us.
In summary:
Nordic American is in a strong position and is in one of the most active periods for years.
Source: Nordic American Tankers