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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.

Recent performance

 



North American Tankers

NYSE: NAT

Chairman & CEO: Herbjørn Hansson

View fleet data | View share price

Recent performance

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.

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Nordic American Tankers says market outlook is ‘promising’

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Norway may extend scrubber ban

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

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Nordic American Tankers secures new five-year loan

NAT board is focused on further reducing its debt levels

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Nordic American Tankers sells two more ships

Company sold 10 older vessels and bought three newbuildings in 2018

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