Bermuda based Nordic American Tanker Shipping is to buy two Suezmax, for delivery in Q4 of 2009 and by end April 2010, from subsidiaries of First Olsen for USD 90 million per vessel, including calculated pre delivery interests and supervision expenses. Bohai Shipbuilding in China. The vessels were contracted in September 2006 USD 73.7 million per ships.

Nordic American said that “The acquisitions will be financed by borrowings under the Company's USD 500 million Credit Facility. There are no plans to have a stock issue in connection with these transactions. The outlays during construction will not impact earnings and dividends. The delivery of the newbuildings will increase the Company's fleet to 14 modern double hulled Suezmax tankers and enhance the Company's earnings and dividend capacity.”