Strong Tanker Market Helps Nordic American Tankers Big Time

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Nordic American Tankers Ltd. (NYSE:NAT) is reaping the benefits of the strong tanker market, says an article published in their website.

Message to investors

Chairman & CEO, Herbjørn Hansson, Nordic American Tankers Ltd, in a January 7, 2020 message to its investors informed about the first fixture of 2020 with a Time Charter Equivalent (TCE) in excess of $100,000 per day.  

For reference, but not for accounting purposes, below is a list of its last spot market fixtures concluded up until the release of this message:

Fixture 1: TCE $50,000 per day for 50 days

Fixture 2: TCE $90,000 per day for 40 days

Fixture 3: TCE $65,000 per day for 35 days

Fixture 4: TCE $75,000 per day for 50 days

Fixture 5: TCE $31,000 per day for 25 days

  • The operating costs of its vessels are about $8,000 per day per ship.
  • The above fixtures illustrate the strong start of the first quarter 2020, that is well above the last quarter of 2019. 
  • It is also good for the tanker market that China and USA seem to be coming to terms on expanding energy cooperation.

Summary

  • The strong tanker market is continuing, far above the numbers for many years. 
  • The company shall publish its 4Q 2019 results February 17, 2020. 
  • Dividend declaration shall be on the same date.
  • Going forward, there is scope for increased dividends compared with the last years.

Contacts:

Gary J. Wolfe

Seward & Kissel LLP

New York, USA

Tel: +1 212 574 1223

 

Bjørn Giæver, CFO

Nordic American Tankers Limited

Tel: +1 888 755 8391 or +47 91 35 00 91

 

Herbjørn Hansson, Chairman & CEO

Nordic American Tankers Limited

Tel: +1 866 805 9504 or +47 90 14 62 91

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Source: Nordic American Tankers

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