NAT cuts loss in fourth quarter

NAT

Nordic American Tankers Ltd made a loss of $21.9 million, or 20 cents per share, in the fourth quarter.

That was less than the $34.3 million loss reported by the Bermudian-based company in the preceding quarter. However, the result missed analysts expectations by three cents per share.

In a statement the company said the tanker market remains volatile, but it expects an improvement during the year.

The timecharter equivalent per ship per day in the fourth quarter stood at $13,400, which was up on the $10,600 for the third quarter.

Nordic American’s operational cashflow for the quarter was $11.2 million, up from an operating loss of $700,000 in the third quarter.

In a statement, the company said: “Despite the volatility in the stock markets, the world economy is enjoying its strongest upswing since 2010. What is good for the world economy and world trade is positive for the crude oil tanker business.

“Recent upbeat macroeconomic data released by the International Monetary Fund in Washington, are giving further positive signals for the world economy and consequently for the NAT business.”

The company’s net debt at the end of the quarter was $253 million, equal to about $8.4 million per vessel.

A dividend of three cents, unchanged from the third quarter, will be paid to shareholders next month. The company’s shares closed at $2.19, up about 11 per cent.

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