Nordic American Tankers Continued to Fall in 3Q17

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Part 3
Nordic American Tankers Continued to Fall in 3Q17 PART 3 OF 5

Nordic American Tankers’ Fleet and the Global Fleet

Nordic American Tankers’ fleet

In this part, we’ll look at Nordic American Tanker’s (NAT) fleet and the global fleet.

Nordic American Tankers&#8217; Fleet and the Global Fleet

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Currently, Nordic American Tankers has an active fleet of 30 vessels. The company only has Suezmax vessels in its fleet. Nordic American Tankers has three newbuilds in the pipeline. The company is scheduled to take the delivery of these newbuilds in June, August, and October next year.


It’s important to note that 30% of the newbuilds’ building price was paid in October 2016 during the contract signature. Nordic American Tankers financed the remaining 70% through a financing arrangement with a major financial institution.

Peers’ fleet

  • DHT Holdings (DHT) operates 26 VLCCs (very large crude carriers) and two Aframaxes.
  • Euronav (EURN) owns and operates 65 double hulled vessels.
  • Teekay Tankers’ (TNK) fleet has a total of 46 vessels, which include crude tankers and product tankers.
  • Navios Maritime Midstream Partners (NAP) operates six VLCCs.
  • Gener8 Maritime Partners’ (GNRT) fleet is comprised of 22 VLCCs, six Suezmax, one Aframax, and two Panamax tankers.

Global fleet

Nordic American Tankers stated that at the end of 3Q17, the total Suezmax fleet in the industry stood at 488 vessels after an increase of 15 vessels in the third quarter. The company expects that ten vessels will be added to the global fleet in 4Q17. It will bring the total vessels added in 2017 to 56. So far, 2017 has been the peak year for vessel deliveries. Going forward, the vessel deliveries are expected to slow down. The company expects 33 vessels in 2018 and seven vessels in 2019. Tanker markets are impacted negatively by a rise in supply due to newbuilds entering the markets.


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