Nordic American Tankers plans to open its wallet for new ships amid expectations the suezmax market could turn quickly in the favour of owners.
According to Chief Executive Herbjorn Hansson, the company is considering newbuilding investment while prices are down and rates are low in the third quarter.
He said, “By the end of next year, fleet growth will virtually come to a standstill."
Added, “seen in the context of potentially growing oil demand, this would suggest that a recovery in spot rates for our vessels could be on the horizon; the markets often turn quickly.”