Nordic American acquires two tanker orders

Nordic American acquires two tanker orders Nordic American Tanker Shipping Ltd. said it has acquired two new Suezmax tankers that are on order from a shipyard in China.
   The 163,000-deadweight-ton ships are to be delivered in the fourth quarter of 2009 and by the end of April 2010.
   The company said it will pay $90 million for each ship to the sellers, subsidiaries of First Olsen Ltd. The ships will increase the company’s fleet to 14 Suez tankers.
   Meanwhile, the company reported a net third quarter loss of $1.2 million versus net earnings of $20.3 million in the same 2006 period.
   Net voyage revenue for the period ended Sept. 30 was $24.1 million compared to $36.5 million in the same period a year earlier.
   The company said there was a weak spot market in the third quarter and that vessels were off-hire for a total of 117 days during the quarter due to dry dockings and steel replacements.