Nordic American Tankers (NAT)’s withdrawal from a planned bond issue via an announcement headlined “solid financial position” appears to leave it bound for an expensive bank loan and possible sale of up to five more tankers.
Herbjorn Hansson’s NAT told shareholders this week that its financial position “has changed much for the better”.
NAT did not mention in this week’s release that as of 1 July it is obligated to accept a $375m “backstop” facility from lender DNB that by NAT’s own analysis may cause it to sell 10 suezmaxes.
