The two 18 month suezmax time charter contracts with Shell start in August/September this year and run for 18 months. The terms of charters were not disclosed although NAT said they included upside for both parties as well as downside protection.
“We are pleased to announce these important contracts which are examples of the confidence customers and partners in Big Oil have in NAT and our large fleet of suezmax vessels,” said Herbjørn Hansson, the chairman & ceo of NAT.
“More or less all the time, we have ships in China. NAT is also doing work in India which is becoming increasingly more important.”
Following the new contracts NAT has three vessels on time charter to Shell.
Meanwhile NAT which prides itself on its consistent dividend payment denied an analyst report by Evercore that it was likely to miss a dividend payment for first time in 20 years.
It said what was said by the analyst was “unknown by the company”.
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