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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2016
SUBSEQUENT EVENTS [Abstract] |
SUBSEQUENT EVENTS |
17. | SUBSEQUENT EVENTS
As of December 31, 2016, the Company was in default with one debt covenant, the required security ratio of vessel value clause. A waiver lowering the covenant requirement to a level at which the Company is in compliance has been obtained from the lenders. This waiver is effective until May 31, 2018. On January 23, 2017 the Company declared a cash dividend of $0.20 per share in respect of the results for the fourth quarter of 2016, which was paid on February 10, 2017. On February 27, 2017, the Company took delivery of Nordic Space, increasing its operating fleet to 30 vessels. On March 28, 2017, NAO announced the completion of a public offering of 41,300,000 common shares, including the exercise of the underwriters’ option of 1,300,000 shares, at a public offering price of $1.25 per share. In the offering NAT acquired 8,000,000 shares at $1.25 per share. On April 19, 2017 the Company declared a cash dividend of $0.20 per share in respect of the results for the first quarter of 2017, which is to be paid on or around June 8, 2017.

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- Definition Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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