NAT cancels agreement to buy Suezmax

NAT stackJUNE 10, 2013 — Back on March 20, Nordic American Tankers Ltd. (NAT) announced that it had entered into an agreement to acquire what it then described as a "a very modern double-hull Suezmax tanker delivered from a top yard in South Korea earlier this year" for an agreed purchase price is in the region of $55 million.

The tanker was to be delivered no later than mid-May 2013. On request of the seller of the vessel, NAT agreed to extend the delivery date until June 15, at the latest. Towards the end of May, NAT was advised by the sellers that the vessel probably would not be ready for delivery June 15.

NAT says it has used its contractual right to cancel the contract. It says the cancellation will not impact the expansion plans it is presently considering

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