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NATURE OF BUSINESS | 12 Months Ended
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Dec. 31, 2024
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 20 Suezmax tankers as of December 31, 2024. In 2023, the Company acquired one 2016-built vessel, to its fleet. No changes to the fleet have occurred in 2024. The vessels in the fleet are considered homogeneous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo. The fleet of 20 Suezmax tankers are predominantly employed in the spot market, with some vessels chartered out on longer term time charter contracts. The two vessels built in 2022 are chartered out on six-year time charter agreements that expire in 2028, one vessel built in 2016 is chartered out on a five-year contract that commenced in late 2024 and one 2018-built vessel is chartered out on a two-year contract that also commenced in late 2024. Occasionally the Company also charters out vessels on shorter-term time-charter agreements. The Company’s Fleet The Company’s fleet as of December 31, 2024, consists of 20 Suezmax crude oil tankers of which the vast majority have been built in Korea.
Vessel | Built in | Deadweight Tons
Nordic Apollo | 2003 | 159,998
Nordic Pollux | 2003 | 150,103
Nordic Castor | 2004 | 150,249
Nordic Luna | 2004 | 150,037
Nordic Freedom | 2005 | 159,331
Nordic Skier | 2005 | 159,089
Nordic Sprinter | 2005 | 159,089
Nordic Cross | 2010 | 158,475
Nordic Light | 2010 | 158,475
Nordic Vega | 2010 | 163,940
Nordic Breeze | 2011 | 158,597
Nordic Zenith | 2011 | 158,645
Nordic Hawk | 2016 | 158,594
Nordic Star | 2016 | 157,738
Nordic Space | 2017 | 157,582
Nordic Aquarius | 2018 | 157,338
Nordic Cygnus | 2018 | 157,526
Nordic Tellus | 2018 | 157,407
Nordic Harrier | 2022 | 157,094
Nordic Hunter | 2022 | 157,037

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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 -Name Accounting Standards Codification -Topic 275 -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1 + Details
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