Nordic American Tankers reports a busy period and good prospects

Nordic American Tankers reports a busy period and good prospects


In a letter to its shareholders and investors, Nordic American Tankers reported that the last 12 months have been its busiest period ever.

Sale of 10 suezmax vessels and delivery of 3 new suezmax units took place in the last six months of 2018 and ensured a renewal of its fleet which count suezmaxes only. The operating costs for the NAT fleet came down further.

“Maximizing dividend is our strategy,” it said. “We also aim at reducing the debt level and thereby lowering the cash break even further. The new 5-year loan of $306 million that we announced in February this year, is a key element in this strategy of maximising dividend and reducing debt.”

In 2Q2019, it experienced the “normal seasonal downturn” in that quarter and expects a significantly improved tanker market ahead. Recent contracts for 3Q2019 loading confirm this, showing a clear strengthening trend for its vessels. 

“We must remember that political unrest is often good for the tanker market. We now see increased oil exports from the U.S., which is a new trend.”

The operational transition of its offshore business to a new group during the first half of 2019 will allow NAT to fully concentrate on the tanker business.

With the important changes taking place in NAT during the last year, it is positive on the outlook. “The prospects for NAT are good.”

For more information visit www.nat.bm

1st July 2019