Nordic American Q4 profit up to US$17.2 m
Bermuda-based Nordic American Tanker Shipping made a Q4 net profit of US$17.2 m, or $0.50 per share (EPS) compared to net income of $1.7m, or $0.06 per share for the Q4, 2007.
A Nordic statement says: “In 4Q08 the spot suezmax tanker market was well above the corresponding quarter in 2007. The present instability in the international financial markets is continuing to be challenging for the shipping industry. NAT has a very strong position in this environment. The Company has no debt, and at the time of this writing, an undrawn revolving credit facility of $500mwith a term up to September 2013. The Company received approximately $107m in cash on January 15, 2009 from a follow-on offering of common shares of the Company. This provides NAT with enhanced financial flexibility going forward.”
The company operates a fleet of 12 suezmax tankers, up from just three five years ago. It says in a statement: “The Company has further acquisitions under evaluation and expects to continue to strengthen its position compared with that of its competitors.”
It says: “We estimate that our average cash breakeven for our trading fleet of 12 vessels is below $10,000 per day per vessel. When the freight market is above this level, the Company can be expected to pay a dividend. .......In the midst of the international financial instability, it is our policy to keep our simple, transparent and predictable operating model. Going forward, we believe that our Company is well positioned.”
A Nordic statement says: “In 4Q08 the spot suezmax tanker market was well above the corresponding quarter in 2007. The present instability in the international financial markets is continuing to be challenging for the shipping industry. NAT has a very strong position in this environment. The Company has no debt, and at the time of this writing, an undrawn revolving credit facility of $500mwith a term up to September 2013. The Company received approximately $107m in cash on January 15, 2009 from a follow-on offering of common shares of the Company. This provides NAT with enhanced financial flexibility going forward.”
The company operates a fleet of 12 suezmax tankers, up from just three five years ago. It says in a statement: “The Company has further acquisitions under evaluation and expects to continue to strengthen its position compared with that of its competitors.”
It says: “We estimate that our average cash breakeven for our trading fleet of 12 vessels is below $10,000 per day per vessel. When the freight market is above this level, the Company can be expected to pay a dividend. .......In the midst of the international financial instability, it is our policy to keep our simple, transparent and predictable operating model. Going forward, we believe that our Company is well positioned.”