Nordic American Tankers updates shareholders in open letter

Herbjørn Hansson, Nordic American Tankers’ Chairman & CEO has written an open letter to shareholders to outline his predictions for the quarter ahead. In it, he said: “the second quarter of 2020 is continuing in a solid way.”

In the opening to the letter, he said: “In our messages during March we informed you that the dividend for the first quarter of 2020 would be double the dividend of the last quarter of 2019, rising from 7 cent to 14 cent. Dividend is a priority. The start of 2Q is much stronger than 1Q 2020.”

It added that some fixtures in March indicate the following freight level:

14 days – USD 80,000 per day
30 days – USD 50,000 per day
68 days – USD 48,000 per day
25 days – USD 57,000 per day
40 days – USD 43,000 per day
28 days – USD 64,000 per day
40 days – USD 26,000 per day
60 days – USD 89,000 per day
60 days – USD 90,000 per day
60 days – USD 75,000 per day
55 days – USD 90,000 per day
18 days – USD 110,000 per day

He concluded: “please note that NAT has operating costs of USD 8,000/day. We have concluded contracts of longer duration than above. We expect to see a strong market going forward.”

For more information visit www.nat.bm

6th April 2020