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NATURE OF BUSINESS | 12 Months Ended
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Dec. 31, 2017
NATURE OF BUSINESS [Abstract] |
NATURE OF BUSINESS |
1. | NATURE OF BUSINESS
Nordic American Tankers Limited ("NAT") 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. The Company was formed for the purpose of acquiring and chartering out double-hull tankers. The Company is an international tanker company that currently has a fleet of 33 Suezmax tankers, including three newbuildings expected to be delivered in 2018, an increase from the three vessels owned in the autumn of 2004. The Company expects to expand the fleet over time despite the short-term plan of disposing of certain vessels. The 30 vessels the Company operated per December 31, 2017, average approximately 156,000 dwt each. In 2017, 2016 and 2015, the Company chartered its operating vessels primarily in the spot market. NAT has the subsidiaries Scandic American Shipping Ltd. ("Scandic"), providing administrative and operational services, and NAT Chartering Ltd ("NATC"), providing services as commercial manager. Accordingly, these financial statements are presented on a consolidated basis for NAT and its subsidiaries ("the Company"). 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. The Company's Fleet Including three newbuildings, the Company's current fleet consists of 33 Suezmax crude oil tankers of which 31 were built, or are under construction, in Korea.
Vessel | Built |  | Deadweight Tons |  |  | Delivered to NAT |
Nordic Harrier | 1997 |  |  | 151,459 |  |  |  | 1997 |
Nordic Hawk | 1997 |  |  | 151,475 |  |  |  | 1997 |
Nordic Hunter | 1997 |  |  | 151,401 |  |  |  | 1997 |
Nordic Voyager | 1997 |  |  | 149,591 |  |  |  | 2004 |
Nordic Fighter | 1998 |  |  | 153,328 |  |  |  | 2005 |
Nordic Freedom | 2005 |  |  | 159,331 |  |  |  | 2005 |
Nordic Discovery | 1998 |  |  | 153,328 |  |  |  | 2005 |
Nordic Saturn | 1998 |  |  | 157,331 |  |  |  | 2005 |
Nordic Jupiter | 1998 |  |  | 157,411 |  |  |  | 2006 |
Nordic Moon | 2002 |  |  | 160,305 |  |  |  | 2006 |
Nordic Apollo | 2003 |  |  | 159,998 |  |  |  | 2006 |
Nordic Cosmos | 2003 |  |  | 159,999 |  |  |  | 2006 |
Nordic Sprite | 1999 |  |  | 147,188 |  |  |  | 2009 |
Nordic Grace | 2002 |  |  | 149,921 |  |  |  | 2009 |
Nordic Mistral | 2002 |  |  | 164,236 |  |  |  | 2009 |
Nordic Passat | 2002 |  |  | 164,274 |  |  |  | 2010 |
Nordic Vega | 2010 |  |  | 163,940 |  |  |  | 2010 |
Nordic Breeze | 2011 |  |  | 158,597 |  |  |  | 2011 |
Nordic Aurora | 1999 |  |  | 147,262 |  |  |  | 2011 |
Nordic Zenith | 2011 |  |  | 158,645 |  |  |  | 2011 |
Nordic Sprinter | 2005 |  |  | 159,089 |  |  |  | 2014 |
Nordic Skier | 2005 |  |  | 159,089 |  |  |  | 2014 |
Nordic Light | 2010 |  |  | 158,475 |  |  |  | 2015 |
Nordic Cross | 2010 |  |  | 158,475 |  |  |  | 2015 |
Nordic Luna | 2004 |  |  | 150,037 |  |  |  | 2016 |
Nordic Castor | 2004 |  |  | 150,249 |  |  |  | 2016 |
Nordic Sirius | 2000 |  |  | 150,183 |  |  |  | 2016 |
Nordic Pollux | 2003 |  |  | 150,103 |  |  |  | 2016 |
Nordic Star | 2016 |  |  | 159,000 |  |  |  | 2016 |
Nordic Space | 2017 |  |  | 159,000 |  |  |  | 2017 |
Newbuilding(1) | 2018 |  |  | 157,000 |  |  |  | 2018(2 | )
Newbuilding(1) | 2018 |  |  | 157,000 |  |  |  | 2018(2 | )
Newbuilding(1) | 2018 |  |  | 157,000 |  |  |  | 2018(2 | )
(1) | Vessel under construction per December 31, 2017.
(2) | Expected delivery during the July, August and October 2018, respectively

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- Definition The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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