NASA via AFP

A satellite-based image shows Hurricane Michael, right, and Hurricane Leslie, center, churning in the Atlantic Ocean on Thursday.

Updated at 5 p.m. ET -- Hurricane Michael became the first major Atlantic storm of 2012 on Thursday, but by late afternoon had weakened from Category 3 to Category 2. Michael was not expected to make landfall, but Hurricane Leslie was already creating waves in Bermuda.

Michael became a hurricane overnight and quickly grew to Category 3 strength with maximum sustained winds near 115 mph Thursday morning. By late afternoon, the winds had weakened to 110 mph, the National Hurricane Center stated, and further weakening was expected.

No coastal watches or warnings were in effect.

The seventh hurricane of the 2012 Atlantic season, Michael was expected to turn north-northwest with some gradual weakening possible by Friday.

Michael is "well removed from any land interests" and is "not a wave generator for the East Coast," Jonathan Erdman, a meteorologist for The Weather Channel, told NBC News.

Meanwhile, Leslie was basically stalled Thursday afternoon but still expected to pass near Bermuda on Sunday. 

Locals on Thursday were already moving boats out of the water.

"We still expect tropical storm force winds across the region on Saturday afternoon and storm force winds with hurricane force gusts (on Sunday) as the storm moves north and east," Jeff Torgerson of the Bermuda Weather Service told the Bermuda Sun.

"We are still expecting a significant storm," he added, "it’s best to hope for the best and prepare for the worst."

Storm Tracker: Detailed stats on NBCNews.com

A Category 1 hurricane, Leslie had maximum sustained winds of 75 mph, just a mile above hurricane status, and was about 430 miles south-southeast of Bermuda.

Leslie is expected to gradually strengthen over the next 48 hours and could become a Category 2 hurricane.

Current storm projections show Leslie tracking off the Eastern Seaboard to south of Nova Scotia, Canada, but not making landfall, Erdman said.

"Leslie will continue to be a generator of waves along the East Coast, with a rip current threat persisting through Saturday from Florida to New England," Erdman said.

Swells generated by Leslie will also impact Bermuda, Puerto Rico and the Virgin Islands "for the next few days," the hurricane center stated.

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Tropical Storm Leslie gained steam over the Atlantic Ocean and was upgraded to a Category 1 hurricane — the sixth Atlantic hurricane of the season — the National Hurricane Center said Wednesday.

“Maximum sustained winds are now 75 mph” with even higher gusts,  the NHC said in an alert. 

Leslie was about 465 miles southeast of Bermuda on Wednesday morning and was moving north at about 2 mph. "(Its) closest pass to Bermuda would be overnight Saturday night into early Sunday," said Jonathan Erdman, a meteorologist for The Weather Channel.

Current storm projections show Leslie tracking off the Eastern Seaboard to south of Nova Scotia, Canada, but not making landfall. "Leslie will continue to be a generator of waves along the East Coast, with a rip current threat persisting through Saturday from Florida to New England," Erdman said.

Leslie is expected to grow into a Category 2 hurricane by Saturday.

Related: Click here to see our storm tracker

Tropical Storm Michael, meanwhile, continues to churn farther east in the Atlantic. Storm projections show Michael growing into a Category 1 hurricane, perhaps by Wednesday evening, but it is not a threat to land. Michael is "well removed from any land interests," Erdman said, and is "not a wave generator for the East Coast."

The effects of Isaac, the storm that made landfall in Louisiana late last week as a hurricane, are still affecting parts of the United States.

U.S. regulators said about 50 percent of daily oil production and more than a quarter of daily natural gas output in the Gulf remains shut, Reuters reported.

Meanwhile, tar has washed ashore on some Louisiana beaches from Gulf waters churned by Isaac, according to The Associated Press.

Reuters and The Associated Press contributed to this report.

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