Nordic American Tankers said Wednesday it signed two time-charter arrangements with Shell Oil for a period of 18 months for each vessel, commencing August/September this year. Shares climbed more than 2% intraday. The terms of the confidential contracts include upside for both parties as well as downside protection, the company claimed in a statement.
Nordic now has three time-charter deals with Shell and six such pacts with large oil companies, with a duration of three months to up to 18 months. Nordic “is also doing work in India, which is becoming increasingly more important,” CEO Herbjorn Hansson said.