Monday, November 5, 2007

Nordic American posts third quarter loss

Nordic American to buy two new vessels, posts loss
Nov 5th, 2007

Oil tanker operator Nordic American Tanker Shipping Ltd (NAT) on Monday said it will buy two new vessels for $90 million each.

The company said the two suezmax new-buildings are expected to be delivered in the fourth quarter of 2009 and by April 2010. Nordic American said the transactions will be financed by borrowings under its $500 million credit line.

The company also posted a third-quarter loss of $1.2 million, or 4 cents a share, compared with net income of $20.3 million, or 97 cents a share a year earlier.

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