The boss of a Bermuda-based tanker company has told shareholders and investors that it plans to renew and expand its fleet.

Herbjorn Hansson, founder, chairman and chief executive officer of Nordic American Tankers Ltd, said: “A few years ago, NAT winnowed its fleet from 33 vessels to 23 vessels. Last year the company ordered two newbuildings from South Korea. These two ships will be delivered to NAT in 2022.”

He added: “We have concrete projects to sell at least two ships built in 2000 and 2002. These sales are a part of a process to increase the fleet by purchasing at least two or more additional ships of a more recent vintage than the ones that will be sold. These strategic moves will strengthen NAT substantially.”

Mr Hansson also announced plans to prioritise dividend and facilitate the sale and purchase of NAT stock while stressing the importance of the company’s brand.

He said: “It is an important objective for NAT to prioritise dividend. This policy is steadfast. It is linked to the market for our 25 suezmax tankers. In a strong tanker market higher dividends will be produced than in a weak market.

“A second goal is to facilitate the sale and purchase of the NAT stock. An investor wishing to buy the NAT stock should be able to do so easily. Conversely, an investor wishing to sell his NAT portfolio (partly or wholly) should have the opportunity to do so. The expert expression is that NAT is providing for a large free float in the stock.

“A third element is the importance of our brand and what we stand for. We wish to communicate the values of NAT, which include integrity, reliability, customer focus, sustainability and a completely corruption free approach. In the past we have left trading areas for our ships because conditions in these areas did not meet our commitment to our values.

“The objective for NAT is to become more or less debt free as was the NAT position in the past. As one of the largest New York listed tanker companies, NAT’s focus must be on shareholders and on investors.

“Thus, at this time we shall renew and expand our fleet as explained above. Now, it is a good time to implement these projects.”