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NATURE OF BUSINESS | 12 Months Ended
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Dec. 31, 2018
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 23 Suezmax tankers. During 2018 the Company has sold ten pre-2000 built vessels and taken delivery of three newbuildings. The Company expects to expand the fleet over time despite the disposal of older tonnage during 2018. The 23 vessels the Company operated per December 31, 2018, average approximately 156,000 dwt each. In 2018, 2017 and 2016, the Company chartered its operating vessels primarily in the spot market. Through its subsidiary Scandic American Shipping Ltd. (“Scandic”), NAT receives administrative and technical operations services, and through NAT Chartering Ltd (“NATC”), commercial management services. 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 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.
Vessel | Built in | Deadweight Tons | Delivered to NAT in
Nordic Freedom | 2005 | 159,331 | 2005
Nordic Moon | 2002 | 160,305 | 2006
Nordic Apollo | 2003 | 159,998 | 2006
Nordic Cosmos | 2003 | 159,999 | 2006
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 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
Nordic Tellus | 2018 | 157,000 | 2018
Nordic Aquarius | 2018 | 157,000 | 2018
Nordic Cygnus | 2018 | 157,000 | 2018

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e5967-108592 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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