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NATURE OF BUSINESS | 12 Months Ended
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Dec. 31, 2011
Nature of business [Abstract] |
NATURE OF BUSINESS |
1. | NATURE OF BUSINESS
Nordic American Tankers Limited (the "Company") was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company's shares trade under the symbol "NAT" on the New York Stock Exchange. We are an international tanker company that owns 20 double-hull Suezmax tankers, which average approximately 156,000 dwt each. We chartered all of our vessels in the spot market pursuant to a cooperative arrangement with Gemini Tankers LLC in 2011, until November 24, 2011, when we entered into a spot market arrangement with Orion Tankers Ltd. ("Orion Tankers"). In 2010, we had chartered two of our 17 operating vessels on bareboat charters that expired in June 2010, and October 2010, respectively. The Nordic Harrier (former Gulf Scandic) was redelivered to the Company in October 2010 and went directly into drydock. The drydock period was completed in late April 2011, and the vessel was employed in the spot market pursuant to cooperative arrangements on May 1, 2011. Tanker markets are typically stronger in the fall and winter months (the fourth and first quarters of the calendar year) in anticipation of increased oil consumption in the northern hemisphere during the winter months. Seasonal variations in tanker demand normally result in seasonal fluctuations in spot market charter rates. Our Fleet Our current fleet consists of 20 double-hull Suezmax tankers and all of our vessels are employed in the spot market pursuant to our cooperative arrangement with Orion Tankers Ltd.
Vessel | Yard | Built | Deadweight Tons | Delivered to NAT
Nordic Harrier | Samsung | 1997 | 151,475 | August 1997
Nordic Hawk | Samsung | 1997 | 151,475 | October 1997
Nordic Hunter | Samsung | 1997 | 151,400 | December 1997
Nordic Voyager | Dalian New | 1997 | 149,591 | November 2004
Nordic Freedom | Daewoo | 2005 | 163,455 | March 2005
Nordic Fighter | Hyundai | 1998 | 153,328 | March 2005
Nordic Discovery | Hyundai | 1998 | 153,328 | August 2005
Nordic Saturn | Daewoo | 1998 | 157,332 | November 2005
Nordic Jupiter | Daewoo | 1998 | 157,411 | April 2006
Nordic Apollo | Samsung | 2003 | 159,999 | November 2006
Nordic Moon | Samsung | 2002 | 159,999 | November 2006
Nordic Cosmos | Samsung | 2003 | 159,998 | December 2006
Nordic Sprite | Samsung | 1999 | 147,188 | February 2009
Nordic Grace | Hyundai | 2002 | 149,921 | July 2009
Nordic Mistral | Hyundai | 2002 | 164,236 | November 2009
Nordic Passat | Hyundai | 2002 | 164,274 | March 2010
Nordic Vega | Bohai | 2010 | 163,000 | December 2010
Nordic Breeze | Samsung | 2011 | 158,597 | August 2011
Nordic Aurora | Samsung | 1999 | 147,262 | September 2011
Nordic Zenith | Samsung | 2011 | 158,645 | November 2011
During 2011, our fleet has increased by three vessels, including two newbuilding vessels that we entered into agreements with Samsung Heavy Industries Co., Ltd. in April 2010.

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- Definition The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Name Statement of Position (SOP) -Publisher AICPA -Number 94-6 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6003-108592 + Details
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