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Nordic American Tankers fixes sale-and-leaseback deal with Ocean Yield

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Nordic American Tankers (NAT) has entered into a sale-and-leaseback agreement with a subsidiary of Ocean Yield for two suezmax newbuildings.

The financing is for up to 80% of the price of the newbuildings, which are being built at South Korea’s Samsung Heavy Industries (SHI) with deliveries scheduled during the first half of 2022.

“The agreements are based on a 10-year bareboat charter for each vessel. NAT has certain options to buy or sell the vessels during the charter period,” NAT stated.

“It is an advantage to secure the long term financing for these two newbuildings at an early stage and with an existing lender,” NAT added.

Ocean Yield is listed on the Oslo Stock Exchange while NAT is listed in New York.

The addition of the two suezmax newbuildings from SHI would boost NAT’s suezmax fleet to 25.

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