It has bagged a $430m facility with DNB, Nordea and Skandinaviska Enskilda Banken stretching into the autumn of 2017.
The new string replaces a $500m loan secured in 2005 which was set to mature next year.
Herbjorn Hansson: "I am pleased that this agreement has been entered into. This tells us that NAT is a preferred borrower.
“It gives NAT a continued solid financial footing and flexibility which will enable the company to grow, based upon both possible vessel acquisitions and newbuildings".
RikardVabo, an analyst at Fearnely Securities, says the outcome it better thanexpected for NAT.
He explained: “Thecompany is well positioned (compared to all peers) to take advantage of theweak market with relatively low cash break-even rates.
“We believe the company willcontinue to grow in this market and will potentially be ‘last man standing’ inthe challenging tanker industry.”
Nordic, which has $80m in cash and $250m drawn on its earlier loan, says it may look for further credit lines if events and opportunities warrant such a move.
The owner has 20 suezmax tankers in the water.
Given the weak spot market the owner has used its cash reserves to support dividends of late.
