Nordic American Tankers Ltd. (NYSE: NAT) entered into an agreement to sell a 2005-built ship for approximately $40 million, the company announced March 17.

The Bermuda-based tanker company did not disclose the identity of the buyer or provide additional details about the vessel being sold.

Chairman and CEO Herbjorn Hansson stated in the announcement that the company expects its fleet to increase in the coming years, though no specific expansion plans were detailed.

The information was provided in a statement from Nordic American Tankers.