Nordic American Tankers transports crude oil with a fleet focused on double-hull Suezmax tankers. The company’s updates center on tanker-market conditions, time charter equivalent rates, spot and spot-related charters, vessel operating costs, and customer demand from major energy companies.
Recurring NAT news also covers fleet management, including vessel sales, acquisitions, refinancing, and newbuilding orders, along with quarterly cash dividends and shareholder ownership notifications. Company communications frequently frame results around crude tanker supply and demand, route activity, and the financial flexibility created by asset transactions.
Nordic American Tankers announced the delivery of two new suezmax tankers from Samsung shipyard. The first vessel, Nordic Harrier, was delivered on May 13, 2022, while the Nordic Hunter is set to deliver soon. The latter will shortly commence a six-year contract with ASYAD Shipping Company, generating immediate earnings. Both vessels are financed through Ocean Yield, owned by KKR. The fleet now consists of 20 suezmax tankers, promoting operational reliability and flexibility.
Nordic American Tankers (NAT) highlights the importance of its suezmax tanker fleet amid the ongoing Russia-Ukraine crisis, which is reshaping global energy flows. With OPEC increasing oil production by 648,000 barrels in July and August, demand for NAT's tankers is expected to rise. The EU's ban on Russian oil will lead to longer shipping distances, further benefiting NAT. Additionally, limited new tanker capacity until 2026 creates favorable conditions for NAT's business. These factors collectively position NAT advantageously in a changing market landscape.
Nordic American Tankers (NAT) announced the sale of its last remaining Suezmax tanker, the Nordic Moon, for approximately $16 million. The vessel will be delivered to its new owners in June 2022. Following this, NAT plans to take delivery of a newbuilding from Samsung Shipyard, which will commence a six-year contract upon delivery. The company emphasizes its strong balance sheet, with lower debt compared to peers in the US tanker industry, indicating a positive phase of development.
Nordic American Tankers Limited has scheduled its 2022 Annual General Meeting (AGM) to take place in Monaco on November 17, 2022, at 3 PM local time. Further details, including the record date and agenda, will be provided later. The company emphasizes that the statements in this press release may include forward-looking statements, which are subject to uncertainties that could impact actual results. Investors are advised to consider various factors such as market conditions and operating expenses, which may influence the company's performance.
Nordic American Tankers Ltd (NAT) announces that Alexander Hansson, a board member and son of the founder, purchased 115,000 shares at $2.08 per share. This acquisition adds to his significant holdings, bringing his total to 1,750,000 shares. Recent purchases include 250,000 shares on February 28 and 100,000 shares on both March 23 and March 30. The Hansson family remains the largest private shareholder group, reflecting confidence in the company's future.
Nordic American Tankers Ltd (NAT) reported its 1Q 2022 results, facing a net loss of $27 million, with an EPS of -$0.14. Despite this, the company's outlook is positive due to favorable market conditions. The average time charter equivalent (TCE) rate for the fleet increased significantly, projecting $20,000 per day for 70% of vessels booked in 2Q 2022. NAT's low debt levels enhance financial flexibility, and the company continues its dividend payments, marking the 99th consecutive payment. The company sold older vessels, using proceeds to reduce debt, and is set to deliver new tankers by June 2022.
This press release announces that Nordic American Tankers (NAT) will publish its Q1 2022 results before the NYSE opens on May 31, 2022. The company reports a time-charter equivalent (TCE) rate of approximately USD 20,000 per day for the second quarter, having booked about 70% of the quarter's capacity. The press release underscores the impact of the ongoing Russian/Ukrainian conflict on the shipping market and emphasizes the company's commitment to prioritizing dividends.
On May 13, 2022, Nordic American Tankers took delivery of a newbuilding suezmax tanker, named Nordic Harrier, from Samsung Heavy Industries. The vessel, weighing approximately 150,000 tons, will commence a six-year contract with ASYAD Shipping Company in Oman, generating immediate earnings and cashflow. A second newbuilding from Samsung is expected by the end of June, also under a six-year contract with Oman. The company expresses confidence in Samsung's timely delivery, enhancing its financial stability in the region.
Nordic American Tankers announced updates on its suezmax vessels, each capable of loading one million barrels. In April, the company secured contracts at an average daily rate of USD 65,800 for 12 days and USD 60,000 for 38 days, affirming strong demand despite current market rates of USD 50,000. The company highlighted customer appreciation for its services. The communication also included caution regarding forward-looking statements, emphasizing the inherent uncertainties affecting future performance.
Nordic American Tankers announced the delivery of a new Suezmax vessel from Samsung Heavy Industries on May 13, 2022. This vessel, weighing 157,000 deadweight tons and capable of carrying one million barrels, will operate under a six-year time charter with a reputable company in Oman. This strategic addition aims to secure stable cash flow for the company, reinforcing its commitment to prioritize dividend payments.