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Nordic American Tanker Capsizes on 12-Million Share Offering

Nordic American Tanker is in for a choppy trading session after announcing and pricing its secondary offer. The deep sea freighter increased its previously-announced offering by 2 million to 12 million shares due to strong demand, significantly diluting the current 75.4 million shares outstanding. The Bermuda-based company said it will use net proceeds to expand its current fleet of vessels, potentially adding two to four tankers. Nordic currently owns 20 double-hull Suezmax tankers.