Bermuda-based shipping company Nordic American Tankers (NAT) has entered into a one-year term charter with Spanish oil company Cepsa for the 2004-built Nordic Castor. 

As informed, the 150,200 dwt vessel is expected to be delivered on the time charter late February, subject to a satisfactory inspection in next discharge port.

The contract may last fifteen months, according to NAT.

“The fact that NAT has only one million barrel suezmax ships allows us to achieve economies of scale. The agreed rate secures a good cash flow,” the company said.

Built at Universal Shipbuilding Corporation in Japan, the Suezmax tanker has a market value of USD 18.22 million, VesselsValue’s data shows. Nordic Castor, previously named Romantic, was bought by NAT from Greece-based Nereus Shipping in 2016.

With the conclusion of this deal, NAT will have five of 33 ships — of which three are newbuilds slated for delivery in 2018 — employed on time charters with major oil companies.

Image Courtesy: Shipspotting/shipjohn

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