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NATURE OF BUSINESS | 12 Months Ended
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Dec. 31, 2021
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 has a fleet of 24 Suezmax tankers (including 2 newbuildings) as of December 31, 2021. The Company ordered two newbuildings in 2020 for delivery in May and June 2022 from Samsung shipyard in South Korea and has disposed of one vessel in 2021. The active fleet of 22 vessels that the Company operated per December 31, 2021, are considered homogeneous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo. The vessels are predominantly employed in the spot market, together with one vessel currently on a longer term time charter agreement expiring in late 2022 or later. The two newbuildings that will be delivered in May and June 2022 will both be chartered out on six-year timecharter agreements commencing upon delivery from the shipyard. The Company’s Fleet The Company’s fleet as of December 31, 2021, consists of 24 Suezmax crude oil tankers (including 2 newbuildings) 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 (1) | 2002 | 149,921 | 2009
Nordic Mistral (1) | 2002 | 164,236 | 2009
Nordic Passat (1) | 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 Pollux | 2003 | 150,103 | 2016
Nordic Star | 2016 | 157,738 | 2016
Nordic Space | 2017 | 157,582 | 2017
Nordic Tellus | 2018 | 157,407 | 2018
Nordic Aquarius | 2018 | 157,338 | 2018
Nordic Cygnus | 2018 | 157,526 | 2018
Newbuilding (2) | 2022 | 156,800 | -
Newbuilding (2) | 2022 | 156,800 | -
(1) | Vessel sold in 2022
(2) | Vessel under construction per December 31, 2021, with expected delivery in 2022

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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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