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Nordic American Tankers
First incorporated in Bermuda in 1995, NAT is a pure player in suezmax tankers. The company has expanded rapidly since 2004 to own 31 vessels on the water and on order as of late August. While listed on the NYSE, it is managed from Bermuda and has an office in Norway. NAT has paid dividend for 84 consecutive quarters.
Nordic American Tankers sank into deeper losses in the second quarter amid weaker spot earnings and a shrinking fleet size.
The company posted net losses of $27.2m in the three months, compared with $15.9m in the second quarter of 2017.
Net voyage revenue dropped to $27m from $39.1m.
The TCE earnings of its fleet averaged $10,500 per day in April-June, down from the quarter-ago level of $11,200 and the year-ago level of $16,100.
“In the second quarter of 2018, spot market rates were below our cash break even,” the company said in a quarterly report.
In the reported period, NAT sold a total of eight aged suezmax vessels for $80m. It booked a loss of $1.7m for the disposal of ships during the second quarter.
But NAT raised its second quarter dividend to $0.02 per share from $0.01 in the first quarter.
Latest From Nordic American Tankers
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Herbjorn Hansson’s company has booked one of its 23 suezmax tankers for a time charter equivalent of more than $100,000 per day
NAT expects to benefit from refinery adjustments taking place this year
Nordic American Tankers used the latest ban by Norway to justify its view about not investing in the exhaust gas cleaning systems known as scrubbers
NAT board is focused on further reducing its debt levels
Company sold 10 older vessels and bought three newbuildings in 2018
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