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Higher rates push NAT to quarterly profit

The owner of 23 suezmaxes saw a $16.1m improvement in profits from the fourth quarter 2018 as it enjoyed 30% higher average time charter rates in the first quarter. The company said its $5.6m profit this quarter is a strong start to a year it expects to be better than 2018 as the tanker market benefits from refinery adjustments ahead of 2020

NAT expects to benefit from refinery adjustments taking place this year

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