NYSE-listed Nordic American Tankers (NAT) has signed preliminary contracts with an undisclosed South Korean shipyard for the construction of two Suezmax tankers.

The contracts are now firm, bringing the NAT fleet to 24 Suezmax crude oil tankers, being able to transport one million barrels of oil each.

The purchase price of the two newbuilding vessels is in the region of US$65 million each, which is expected to be financed by the internal resources of NAT.

NAT said that the stage payments to the yard during construction will be guaranteed by a ”first class bank,”  without disclosing the name of the bank.

The vessels are planned for delivery in the third quarter of 2016 and the first quarter of 2017.