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Nordic American Tankers Ltd (NYSE: NAT) – Some reflections at the start of the New Year
Wednesday, January 4, 2023
Dear Shareholders & Investors,
I thought I would share with you my thoughts for what I think 2023 holds for our company.
The last days of 2022 are a good harbinger for the future: We concluded four contracts at rate levels of about USD 40,000 to USD 50,000 per day ranging between 30 days to 50 days each.
As we have seen in the past, political uncertainty creates demand for the transport of oil. As a consequence of Russia's invasion of Ukraine and the West's strong reaction, energy security is of paramount concern. Oil will have to be sourced from further away than in the past, creating longer voyages. Uncertain times also encourages hoarding among some buyers, adding to demand for oil and for the NAT tankers.
I also see a longer-term trend, and that is the increased demand for oil, in particular from Asian economies. Over the last decades, hundreds of millions of people have been lifted out of poverty. A strong middle class has taken root and continues to grow rapidly, producing an ever-expanding appetite for oil.
Finally, NAT in particular stands to benefit from the fact that the supply of Suezmax tankers will remain at historic low levels for at least the next two or three years. Environmental regulations, increased steel and production costs, and higher interest rates make investing in new ships quite challenging. A smaller order book for new tankers has always helped our industry.
As the owner of a versatile fleet of Suezmax tankers, NAT is ideally positioned to meet the opportunities and challenges of this year and beyond.
I am highly optimistic about the future, and wish you and your families the best for 2023!
Yours sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd
Nordic American Tankers Ltd (NYSE: NAT) – Update on spot contracts
Friday, December 9, 2022
Dear Shareholders and Investors,
Below are the 5 most recent contracts for our suezmax ships, showing the level of the market. All numbers are approximations.
Vessel fixed to a major oil trader for a voyage from West Africa to the US East Coast. Time Charter Equivalent (TCE) of above $70,000/day over more than 40 days.
Vessel fixed to a Far East energy company for a voyage from Arabian Gulf to the Far East. The TCE is above USD 70,000/day over more than 30 days.
Vessel fixed to an international oil major for a voyage from South America to UK/Continent. TCE above USD 80,000/day over more than 40 days.
Vessel fixed to an international oil major for a voyage from US Gulf to UK/Continent. TCE above USD 70,000/day over more than 45 days.
Vessel fixed to a Far East major oil company for a voyage from the Arabian Gulf to the Singapore area. TCE is above USD 50,000/day over more than 30 days.
The numbers above give a picture of the current market level.
The operating costs for our ships are about USD 8,000 per day.
For contacts, please see at the end of this communication.
Sincerely,
Herbjorn Hansson
Founder Chairman & CEO
Nordic American Tankers Limited
www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – Investor Conference Call Transcript available
Tuesday, December 6, 2022
Dear Shareholders and Investors,
On Friday December 2, 2022, we held an Investor Conference Call about Nordic American Tankers Ltd.
A Transcript of the conference call is now available and can be distributed to interested parties on request.
Please send an e-mail to Liv-Heidi.Henriksen@scandicamerican.com, who will provide the transcript.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
NAT...this shipper is ready to trend...weekly is sweet!!!
Nordic American Tankers Ltd (NYSE: NAT) – Report September 30, 2022 (Third quarter 2022) - Good times for our Suezmax tankers. Increased dividends expected.
Wednesday, November 30, 2022
Dear Shareholders and Investors,
Please see HIGHLIGHTS and the enclosed 3Q 2022 report below.
Highlights:
1) The average Time Charter Equivalent (TCE) for our fleet during the third quarter of 2022 came in at $27,850 per day per ship, up from the second quarter of $20,080 per day per vessel. Rates have risen dramatically during the fourth quarter and so far, 74% of our spot voyage days have been booked at an average TCE of $54,100 per day per ship. Our operating costs are $8,000 per day per ship.
2) The net profit for 3Q 2022 was $10.0 million or an Earnings per share (EPS) of $0.05. The second quarter saw a net loss of -$4 million and an EPS of -$0.02. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 3Q 2022 doubled from the previous quarter and came in with a positive $29.6 million, compared to an EBITDA of $14.2 million in 2Q 2022.
3) As previously announced, the dividend for the third quarter of 2022 will be 5 cents ($0.05) per share and will be payable on December 20, 2022 to shareholders on record as of December 6, 2022. Based on our fourth quarter performance so far, we anticipate the dividend for the fourth quarter could double, compared to the third quarter payout. This dividend is expected to be announced in February 2023 and paid in March 2023.
4) Political uncertainty has always stimulated demand for our ships. Given the geopolitical realities we face now, oil will have to be transported over longer distances than in the past, increasing ton-mile and demand for our tankers.
5) The orderbook for new suezmax tankers scheduled to join the global fleet currently stands at 11 ships (2% of the world suezmax fleet) through 2024. A low orderbook is a leading indicator of improved utilization and earnings for our tankers.
6) The combination of ton-mile expansion and low supply growth is bullish news for our vessels for 2023 and beyond. NAT has 19 one-million barrel suezmax tankers on the water, making money every day, Sundays and Holidays included.
7) The NAT fleet of versatile suezmax tankers offers flexibility in loading and discharging around the world that helps our clients manage their requirements efficiently under quickly changing circumstances.
8) Through careful voyage planning and adjustment of speed of our vessels, the NAT fleet is reducing emissions.
9) NAT has one of the lowest debt levels among publicly listed tanker companies. Our net debt stood at $224 million equal to $11.2 million per ship at September 30, 2022. In the solid tanker market we now see, our debt is reduced by the day. The objective of NAT is to become more or less debt free, which was the case in the past.
10) Financial information for the third quarter of 2022 and for other periods is included in the report attached below.
Nordic American Tankers Ltd (NYSE: NAT) – Investor Conference Call
Monday, November 28, 2022
Dear Shareholders and Investors,
Our 3Q 2022 earnings will be released November 30, 2022, before NYSE opening.
On Friday December 2, 2022, we will host an Investor Conference Call to give an update on the position of Nordic American Tankers Ltd.
Date: Friday, December 2, 2022
Time: 8 AM US Eastern Standard Time (EST) / 2 PM Central European Time (CET)
Dial-in details are enclosed below.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.
$NAT 3.44
Ready to run
Nordic American Tankers Ltd (NYSE: NAT) – 3Q 2022 dividend announcement
Thursday, November 10, 2022
Dear Shareholders and Investors,
Our 3Q 2022 earnings will be released November 30, 2022 before NYSE opening. A guidance for the NAT performance for 4Q 2022 will also be provided in the release.
For 3Q 2022 the Board of NAT is declaring a 5 cent dividend ($0.05) per share. This reflects both favorable markets for our ships and the company's bedrock belief in dividends.
This dividend marks our 101st consecutive quarterly dividend. It will be paid Tuesday, December 20, 2022, to shareholders on record Tuesday, December 6, 2022.
As previously announced, the NAT Annual General Meeting is being held November 17, 2022 and will follow the standard procedures of previous AGMs.
The prospects are good for increased dividends going forward.
For contacts, please see at the end of this communication.
Best regards,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.
Tanker rates are strong.
Insiders are buying.
Nordic American Tankers Ltd (NYSE: NAT) - Last fixtures
Source: GlobeNewswire Inc.?
October 24, 2022
Last three fixtures:
Contract $ 60,000 / day - 14 days
Contract $ 64,000 / day - 37 days
Contract $ 76,000 / day - 42 days
Our operating costs are $8,000 per day.
Best regards
Herbjorn Hansson
Founder, Chairman & CEO
Bought more NAT down here at $3.15
NAT$ 3.31 nice bounce
Nordic American Tankers Ltd (NYSE: NAT) – 2022 Annual General Meeting of Shareholders (AGM) Friday, October 7, 2022
Dear Shareholders and Investors,
In our press release of June 7, 2022, we informed you about the date of the 2022 Annual General Meeting (AGM) in Nordic American Tankers Limited (NAT). The date has been set to November 17, 2022.
Please be informed that the record date is September 26, 2022, for the determination of the NAT shareholders entitled to receive notice of and to vote at the AGM or any adjournment thereof.
The Notice of the Meeting and Proxy Statement will be available with the Securities and Exchange Commission (SEC) on a form 6-K today, October 7, 2022.
The AGM will take place in Monaco.
For contacts, please see at the end of this communication.
Best regards,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.
TOP Ships Announces a 412% Increase in Net Income for the Six Months Ended June 30
September 28 2022 - 08:57AM
TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for six months ended June 30, 2022.
For the six months ended June 30, 2022, the Company reported:
Total revenues of $38.8 million (53% increase from 1st half 2021)
Net Income of $8.6 million (412% increase from 1st half 2021)
Adjusted EBITDA of $26.9 million* (88% increase from 1st half 2021)
Total Assets of $475.4 million (44% increase from December 31, 2021)
Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:
“We are very happy to report a dramatic year-on-year increase in net income for the six months ended June 30, 2022, which represents our highest reported net income for a six month period since 2005. Furthermore, as of June 30, 2022, our fixed revenue backlog is about $278.5 million and our charter coverage is as per below table:
Year Time Charter Coverage
2022 (remainder) 100%
2023 100%
2024 76%
2025 17%
2026+ 10%
”
$3.03. TIME TO NIBBLE
Chart looks like a Double Top, Euro.
Suezmax (1-million-barrel capacity) crude tankers at $45,300 per day, up 163% month on month.
https://www.freightwaves.com/news/commodity-shipping-stocks-are-trouncing-dow-transport-average#:~:text=Tanker%20spot%20rates%20have%20finally%20picked%20up%20in,were%20the%20top%20performers%2C%20earning%20%2452%2C400%20per%20day.
Nordic American Tankers Ltd (NYSE: NAT) – Report June 30, 2022 (Second quarter 2022) – an unbroken string of 100 quarters of dividend payments. Ship values and rates are up
Tuesday, August 30, 2022
Dear Shareholders and Investors,
Please see HIGHLIGHTS and the enclosed 2Q 2022 report below.
Highlights:
The average time charter equivalent (TCE) for our fleet during the second quarter of 2022 came in at $20,080 per day per ship, which is a substantial improvement compared with the first quarter of $8,870 per day per vessel. The third quarter has started at an even stronger pace. This obviously bodes well for our suezmax tankers.
As this year has shown, energy security is at the top of the global agenda. More oil is clearly needed. Given the geopolitical realities, oil will have to be transported over longer distances than in the past. This is positve for our fleet of suezmax tankers, which offer flexibility in the marketplace.
The orderbook for new suezmax tankers scheduled to join the global fleet currently stands at only 13 ships (2% of the world suezmax fleet). This is a historic low by any measure, and major shipyards have limited capacity to deliver more suezmax tankers before 2026. NAT has 20 one million barrel suezmax vessels on the water. Our fleet is in an excellent position to reap the benefits of a tight market.
Adjusted EBITDA for the second quarter improved significantly and came in with a positive $14.2 million. This compares with an EBITDA of -$7.7 million in the first quarter of the year. We recorded a net loss of -$4.0 million or an EPS of -$0.02 for the second quarter 2022 compared to the first quarter, which saw a net loss of -$27 million and an EPS of -$0.14.
Our dividend payment for the second quarter is our one hundreth quarterly payout to our shareholders. We are proud of this achievement, a record that is unmatched by any other public tanker company. In aggregate, more than $49 per share have been distributed over the years. The dividend number 100 will be 3 Cent ($ 0.03) per share and will be payable on October 12, 2022 to shareholders on record as of September 15, 2022. NAT is a dividend-driven company, and with improved earnings, higher dividends can be expected.
NAT has one of the lowest debt levels among publicly listed tanker companies. 15 of our ships are financed through a cooperation with a financial institution in Dallas, Texas, where the current gross borrowing is about USD 10 mill per ship. At the time of this report there are 20 vessels in the NAT fleet. Separate financial arrangements are in place for the other 5 vessels. The value of the NAT fleet has increased strongly in the recent past.
The first of our recent newbuildings was delivered on May 14th and our second newbuilding was delivered on June 30, 2022. Both vessels have commenced six-year time charter contracts, ensuring earnings, cashflow and financial stability.
The sale of our last 2002-built suezmax took place in July at a price of about $16 million. The proceeds from the sale were used to pay down debt.
Financial information for the second quarter of 2022 and for other periods is included in the attached report.
For contacts, please see at the end of this communication.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Limited
21 Suezmax 1,000,000 bbl per tanker ready for delivery to Europe this winter if they want to contract what's left of the fleet, and this one pays a dividend :) glta.
21 Suezmax => * $21,000,000 bbl * < up 10% today and pays a dividend.
This company does best when oil prices are low. Investors lock in the low rates and store it in tankers pending price increases. No need to store when spot prices are sky high. Just sell and get top $$ now...
This company has 21 suezmax tankers on the spot market and you would think this would have a skyrocketing pps but not, however an unknown mystery company like $IMP# pps is skyrocketing?
Go figure, anyways this one also pays a dividend and should have a very strong earnings next quarter.
glta traders & investors
Nordic American Tankers Ltd (NYSE: NAT) – NEWS: The last 2002 built vessel sold
Tuesday, June 7, 2022
Dear Shareholders and Investors,
We wish to inform you that we have sold the last of our originally four 2002 built suezmax tankers, the “Nordic Moon”.
The price is about $16 million net to NAT. The vessel will be delivered to the new owners during June 2022.
We plan to take delivery of a newbuilding from Samsung Shipyard in South Korea at the end of June. It will start on a six year contract as from delivery.
The first newbuilding from Samsung in this round was delivered to us in mid - May. The vessel started on a contract for 6 years when delivered from the yard. A strong balance sheet is essential. The NAT debt is low compared with other US listed tanker companies.
NAT is in a positive phase of development as illustrated in this message.
For contacts, please see at the end of this communication.
Nordic American Tankers Ltd (NYSE: NAT) – Announces the date for its 2022 Annual General Meeting of Shareholders (AGM)
Tuesday, June 7, 2022
Dear Shareholders and Investors,
Nordic American Tankers Limited today announced that it has scheduled the 2022 AGM to be held in Monaco on
November 17, 2022 at 3 pm, Monaco time.
Further documentation, including record date and a normal agenda, will be published later.
For contacts, please see at the end of this communication.
Nordic American Tankers Ltd (NYSE: NAT) – Board Member Alexander Hansson continues to increase his holding of NAT shares
Thursday, June 2, 2022
Dear Shareholders and Investors,
Alexander Hansson, Board Member of Nordic American Tankers Ltd (NAT) and son of Herbjorn Hansson, the NAT Founder, Chairman and CEO, has today bought 115,000 shares in NAT at $ 2.08 per share.
Following this transaction, Monaco based Alexander Hansson privately owns 1,750,000 shares in NAT.
Recent purchases by him are: 250,000 shares 28th of February, 100,000 shares 23th of March and 100,000 shares 30th of March.
As in the past, the Hansson family is the largest private shareholder group in the company.
For contacts, please see at the end of this communication.
www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – Report March 31, 2022 (First quarter 2022) – Daily rates improving
Tuesday, May 31, 2022
Dear Shareholders and Investors,
Please see HIGHLIGHTS and enclosed 1Q 2022 report below.
HIGHLIGHTS:
The future of our business is sound
The uncertainty created by the Russia/Ukraine conflict is reshaping the energy map of the world long term. Oil will have to be sourced from a myriad of places, often involving longer (ton-mile) and thus more lucrative voyages. The NAT fleet of versatile suezmax tankers is ideally situated to take advantage of these changing circumstances. We have not carried Russian oil during the last year.
New oil tankers joining the global fleet are in short supply going forward. Major shipyards are reporting they have little or no capacity to build suezmax tankers before 2026. This is a very bullish data point both for the market over the long run and for NAT.
The average TCE for our active fleet during the first quarter of 2022 came in at $8,870 per day per ship. So far in the second quarter of 2022, 70% of our fleet is booked at an average TCE of about $20,000 per day per vessel (+ 125%). This is the best illustration possible of an advantageous market for our suezmax tankers.
With global oil inventories at critically low levels and the present political uncertainties, the improvement in tanker markets has accelerated.
We recorded a net loss of -$27 million or an EPS of -$0.14 for the first quarter 2022. The same quarter last year saw a net loss of -$25.0 million and a corresponding EPS of -$0.16 based on the average number of shares outstanding in the quarter.
The cash dividend for 1Q 2022 is 2 cent ($0.02) per share, payable on Wednesday July 6, 2022, to shareholders on record Tuesday June 14, 2022. This is our 99th consecutive quarterly dividend payment.
NAT has one of the lowest debt levels among publicly listed tanker companies. The net debt of the company as per March 31, 2022 is $226.9 million or $11.3 million per vessel. This provides the company with financial flexibility. Our objective is to become debt free.
Our newbuilding, The “Nordic Harrier” built by Samsung in South-Korea was delivered on schedule May 13, 2022. The second newbuilding will be delivered at the end of June. Both vessels are commencing six year time charters immediately upon delivery from the yard, ensuring earnings, cashflow and financial stability. The vessels are fully financed.
We have during the first four months of 2022 sold three of our 2002 built vessels. The ships were delivered to new owners on February 18, March 23 and April 12, 2022 respectively. A total of four vessels have been sold since we announced plans to refresh our fleet. The proceeds from these sales, which totalled about $60 million were used to pay down debt. We expect to sell one more 2002 suezmax at about $16 million.
Financial information for the first quarter of 2022 and for other periods is included later in this report - see link below.
For contacts, please see at the end of this communication.
www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – Results are out Tuesday May 31 before NYSE opening - Monday, May 23, 2022
Message to the market:
This is to advise you that the results for the first quarter of 2022 will be published before NYSE opening May 31, 2022.
The market for our ships is dominated by implications caused by the Russian/Ukrainian conflict. Political events are well known to our business.
For the second quarter our TCE is about USD 20,000 per day. We have booked about 70% of the quarter.
We will always prioritize dividend.
For contacts, please see at the end of this communication.
www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – Delivery today of suezmax newbuilding from Samsung shipyard in South Korea
May 13, 2022
Dear Shareholders and Investors,
Early this morning, we took delivery of a newbuilding suezmax tanker from Samsung Heavy Industries in South Korea. The vessel is about 150,000 tons and has the name of Nordic Harrier, which was the first NAT ship when becoming stocklisted on the New York Stock Exchange September 15, 1995.
Our new suezmax will commence a contract for six years to ASYAD Shipping Company of the Sultanate of Oman. The contract is producing earnings and cashflow as from delivery from the yard, creating financial stability and a further foothold in this important area.
Another newbuilding from Samsung is coming at the end of June. This vessel also has a contract for six years to the Sultanate of Oman.
Our experience over many years is that everything is on schedule when Samsung shipyard is involved.
For contacts, please see at the end of this communication.
www.nat.bm
Where can I find suezmax daily tanker rates
Nordic American Tankers Ltd (NYSE: NAT) – Our Tankers are Busy
Tuesday, May 3, 2022
Dear Shareholders and Investors,
We wish to update you on activities for our suezmax vessels being able to load one million barrels each.
In early April we fixed a ship over 12 days at USD 65,800 a day.
In mid April we fixed a ship at USD 60,000 for 38 days.
At the same time a contract was achieved for 22 days at USD 60,000.
When our ships are in good position, rates are currently about USD 50,000 per day.
Our main customers are appreciative of our efforts to deliver first class services.
All the best.
For contacts, please see at the end of this communication.
www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – Delivery of newbuilding}}
Friday, April 29, 2022
Dear Shareholders and Investors,
We are pleased to inform that we will have an addition to our fleet delivered to us from Samsung Heavy Industries in South Korea.
The new Suezmax will delivered May 13, 2022 and it will commence on a time charter contract for six years to a first class company in the Sultanate of Oman in the Middle East. The contract will secure stable cash flow and provide return on capital.
It is always an objective for NAT to prioritize dividend payments.
The vessel is 157,000 deadweight tons and has a carrying capacity of about one million barrels of cargo.
For contacts, please see at the end of this communication.
www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – Sale of one more vessel, accounting impairment charges to be recorded in the 2021 Annual Report
Tuesday, April 26, 2022
Dear Shareholders and Investors,
No tanker company on Wall Street has the strategy of NAT. NAT does not buy and sell Suezmaxes as a business proposition – the policy is based on the premise to keep the vessels to the end of their lives. Recently prices are up and we have sold a few vessels.
In July 2021 we announced a plan to sell ships in combination with buying ships. We have sold four Suezmaxes now, generating a cash injection of about USD 60 million to NAT. Vessel number four was delivered to the new owners on April 12, 2022.
We expect that our fleet will grow with the objective of having about 30 Suezmax vessels the next few years.
We have informed the market that we receive two newbuildings – one in May and one at the end June this year. They have both achieved contracts of six years each, in total twelve years with first class contractual partners, at solid rates creating earnings and stable cash flow.
In light of our recent vessels sales, we have concluded that we should record an impairment charge on our accounts for 2021. This charge is $51.9 million related to our vessels built in 2002 and 2003. The impairment charge is a non-cash accounting matter. It has nothing to do with our business as such.
We have previously report a year-to-date impairment charge of $8.4 million in our 4Q21 Earnings Release. This number will now be adjusted to $60.3 million in our 2021 20-F (Annual report).
These accounting matters do not affect our 2022 numbers.
The tanker market has developed positively in 2022 and the spot voyage contracts announced lately will contribute significantly to our cash position and ability to pay dividend.
NAT is on the way to its objective of becoming debt free.
For contacts, please see at the end of this communication.
www.nat.bm
Bull flag breakout for the win today
NAT shipping monster in the making
Nordic American Tankers Ltd (NYSE: NAT) – Rates for our one million barrel Suezmaxes are going up
Wednesday, April 13, 2022
Dear Shareholders and Investors,
We see a clear upswing in the market now. We have recently fixed three ships at rates ranging from USD 40,000 to USD 55,000 per day with a duration from 30 up to 70 days.
A large part of our fleet is operating in the sort term spot market.
Based on current rates, NAT would generate more than USD 200 million on an annualized basis above and beyond the daily operating costs of USD 8,000 per ship.
In this scenario, NAT can become debt free in a year or two, just as it has been in the past.
Dividends have been paid for 97 consecutive quarters and will always remain a priority for NAT.
It is our obligation to provide our investors with relevant information.
We expect the upswing to continue.
For contacts, please see at the end of this communication.
www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – An update on the employment of our Suezmax vessels
Wednesday, April 6, 2022
Market information:
We have informed you earlier that political uncertainty normally creates strong markets for our vessels. There is now a solid momentum in the market.
We are currently securing spot contracts for a month or longer at rates above USD 50,000 a day. Our operating costs are about USD 8,000 per day per ship.
NAT has a large part of the fleet operating in the spot market.
www.nat.bm
Time for the entrenched management to PROVE to shareholders that NAT can make enough money to increase the dividends...significantly.
Nordic American Tankers Ltd (NYSE: NAT) – NAT Board Member Alexander Hansson buys shares again
Wednesday, March 23, 2022
Dear Shareholders and Investors,
Alexander Hansson, Board Member of Nordic American Tankers Ltd (NAT) and son of Herbjorn Hansson, the NAT Founder, Chairman and CEO, has today bought 100,000 shares in NAT at $ 1.881 per share.
Following the transaction, Alexander Hansson privately owns 1,535,000 shares in NAT. The 28th of February this year he bought 250,000 NAT shares.
As in the past, the Hansson family is the largest private shareholder in the company.
Further contact details, see below. www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – An extremely busy period for NAT. Political uncertainty normally stimulate the NAT activities
Wednesday, March 9, 2022
Dear Shareholders and Investors,
The following transactions indicate how active NAT has been recently:
Two six-year time charters with Oman interest concluded, securing cashflow, return and financial stability
First drawdown for the $88 million newbuilding financing
Sale of three Suezmax vessels concluded – value $45 million
The elements above stimulate the NAT business.
Yesterday the US imposed a ban on imports of Russian Oil. Russian crude oil accounted for about 3% of total US crude oil imports last year.
Europe imports about one third of its oil from Russia.
With increased sanctions and prolonged uncertainty, Europe will source oil from elsewhere, such as West Africa, Americas and the Middle East.
Therefore, oil has to travel longer distances and more transportation work is good for the NAT vessels.
Some of the Russian oil may go to the East/Far East creating a strong ton-mile effect and improving the position for our ships further.
NAT now has 22 Suezmax tankers including 2 newbuildings.
A large part of the NAT fleet is currently in the spot market. NAT will instantly see the effect of increased transportation work and higher rates for our vessels.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – one more vessel sold – Strategic moves continue through one more sale
Friday, March 4, 2022
Dear Shareholders and Investors,
In our message of July 28, 2021, we advised you of our strategic moves to adjust our fleet.
The “Nordic Sirius” (2000 built) was sold in October 2021 and the “Nordic Mistral” (2002) in February 2022. In this message, we announce that we now have agreed the sale of another 2002 built vessel to a first class reputable buyer.
The vessel will be delivered to its new owners before the end of March. The sales reduce the NAT debt. The Wall Street listed NAT has a strong balance sheet. Through the sale of the third vessel, the solidity and maneuverability of NAT is enhanced. In the present volatile times, we have improved our position through the above mentioned transactions. The net price for NAT is about USD 15 mill per vessel, in total USD 45 mill.
The position of NAT has been further enhanced through two valuable long-term contracts for our two newbuildings for delivery by mid-2022. The value of these contracts are well in excess of USD 100 million, improving the NAT cash flow, profitability and solidity.
As highlighted in an interview with the undersigned on the US based CNBC a few days ago, uncertain geopolitical events often increase the need for alternative sourcing of oil. The concept of “hoarding” comes into play. The tanker industry is key to solving these challenges, providing for expanded transportation work for our ships. As in the past, we focus solely on Suezmax vessels, which can load one million barrels each.
This message illustrates a busy NAT period:
- Financing of our two newbuildings are in place (about USD 90 mill.).
- A strategic and important transaction involving Oman has been agreed. Scope: More than USD 100 mill.
- Sales of three vessels have been concluded. Proceeds USD 45 mill.
The elements above are strengthening NAT substantially.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Limited www.nat.bm
Shares of oil tanker owner Nordic American Tankers (NYSE: NAT) jumped by as much as 27.6% in trading on Monday after it was announced that an insider was buying shares. The stock closed the session up 26% at $2.42.
https://www.nasdaq.com/articles/why-nordic-american-tankers-stock-jumped-26-today
Nordic American Tankers Ltd (NYSE: NAT) – Further Purchase of NAT shares by Board Member Alexander Hansson
Monday, February 28, 2022
Dear Shareholders and Investors,
Alexander Hansson, Board Member in Nordic American Tankers Ltd (NAT) and son of Herbjorn Hansson, the NAT Founder, Chairman and CEO, has today bought 250,000 shares in NAT at $2.05 per share.
Following the transaction, Alexander Hansson privately owns 1,435,000 shares in NAT.
As in the past, the Hansson family is the largest private shareholder in the company.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Limited www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – In an active period several projects concluded, enhancing NAT earnings and solidity.
Friday, February 18, 2022
Dear Shareholders and Investors,
In our message of July 28, 2021 we advised you of our program going forward.
As a follow up of that message several important developments in NAT have taken place:
Firstly, in October 2021 NAT announced the sale of “Nordic Sirius” built in 2000.
Secondly, we announced earlier this month the sale of “Nordic Mistral” built in 2002. This is to inform you that the vessel was delivered to its new owners today February 18, 2022.
These two transactions have brought in more than USD 30 million in cash to NAT.
Thirdly, a few days ago NAT announced the time charter contracts for the two new vessels we have ordered from Samsung in South-Korea. The vessels will be delivered to us in May and June this year.
The Charters are with Asyad Shipping Co, a company controlled by the Sultanate of Oman. The contracts will start direct from delivery in May and end June this year.
These Time Charter contracts will last for six years, securing earnings and cash flows. Asyad Shipping Co is a first class Charterer. In total well above USD 100 million in freight income to NAT will enhance the earnings, cashflow and solidity of NAT.
Following the above transactions, Nordic American Tankers controls a fleet of 23 Suezmax Tankers which can load one million barrels each.
The way forward is upwards.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Limited www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – two six-year Time Charters concluded for Suezmax New Buildings. Top line contribution of more than $100 million from two ships.
Wednesday, February 9, 2022
Dear Shareholders and Investors,
We are pleased to inform you that we have concluded two six-year Time Charters for our two Suezmax newbuildings for delivery in May and June this year.
The contracts have been entered into with ASYAD Shipping Company and will commence upon delivery of the two NAT suezmaxes from the shipyard in South Korea. With the recent sales of two vessels, the NAT fleet now count 23 vessels.
The time charter rates concluded will secure a stable revenue stream over the six years, and generate an aggregate revenue of more than USD 100 million during these charters. The cumulative cash flow, after operating expenses, from these contracts will equal in excess of 60 percent of the original price of the vessels.
Thanks to the quality of our fleet and our maintenance schedules, the NAT suezmaxes are able to operate efficiently for more than 25 years.
Dr. Ibrahim Al Nadhairi CEO of ASYAD Shipping & Drydock Services said:
“We are pleased to have entered into these contracts with such a well reputed company as NAT, listed on the New York Stock exchange. Further projects may also be developed between our respective companies. From ASYAD Shipping perspective this will be a further expansion of the crude transportation verticals. This new partnership will leverage Asyad shipping readiness to evolve its leading position in shipping and logistics services. Morever, it will support its operation capabilities to secure more business opportunities for Oman and make it a global logistics hub".
Mr Herbjorn Hansson of Nordic American Tankers commented:
“Our business is expanding in the Middle East, which is an important area for our operations. We regard this cooperation with Oman interests as a substantial step forward to cementing and building out our position in the area. This may only be the beginning.”
The origin of the NYSE listed Nordic American Tankers Ltd started out with three vessels on seven year charters back in 1997 and formed the back-bone of our growth and expansion.
The contracts we now have concluded, are in line with our conservative policy of relying on both spot and long-term charter markets to navigate in the tanker business.
Upon delivery of the two new-buildings, NAT will have a number of its vessels on long term charters. Contracts of a long term nature, is an insurance policy and is strengthening NAT.
The other NAT ships trading in the spot market, will reap the benefits on that front as the market improves.
About ASYAD Shipping Company
Established in 2003, ASYAD Shipping Company S.A.O.C. grew out of the Omani government’s vision to develop a national fleet catering to the maritime transportation requirements of the country’s rapidly growing hydrocarbon, petrochemical, mining, and metallurgical industries. Initially focused on the transportation of domestically produced liquefied natural gas (LNG) cargoes to international markets, ASYAD Shipping Company’s fleet has evolved to include Very Large Crude Carriers (VLCCs), Product Tankers, Chemical Tankers, LPG Carriers Very Large Ore Carriers (VLOCs), Bulk Carriers, multi-purpose vessels and, lately, a containership as well. Today it owns and operates a diversified fleet of around 70 ships.
ASYAD Shipping is owned by the government of the Sultanate of Oman through Asyad Group S.A.O.C.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Limited www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – Sale of 2002 built Suezmax - the second sale the last few months
Wednesday, February 2, 2022
Dear Shareholders and Investors,
On the NAT website, you will see our press release of July 28, 2021, referring to our program to adjust our fleet.
Accordingly, we announced the sale of "Nordic Sirius" (2000 built) on October 6, 2021.
We have now sold one more Suezmax under the program.
The 2002 built "Nordic Mistral" has been sold. This transaction is fixed and firm. The vessel is planned for delivery to the new owner later in February. A price of about $30 million has been achieved in total for these two vessels, reflecting their quality and strengthening NAT.
Following the above transactions, Nordic American Tankers controls a fleet of 23 Suezmaxes - including 2 newbuildings for delivery in May and June this year.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
Nordic American Tankers Ltd (NYSE: NAT) – Further Purchase of NAT shares by Board Member Alexander Hansson
Friday, January 21, 2022
Dear Shareholders and Investors,
Alexander Hansson, Board Member in Nordic American Tankers Ltd (NAT) and son of Herbjorn Hansson, the NAT Founder, Chairman and CEO, has today bought 50,000 shares in NAT at $ 1.557 per share.
Following the transaction, Alexander Hansson privately owns 1,185,000 shares in NAT.
As in the past, the Hansson family is the largest private shareholder in the company.
Alexander Hansson commented: "I strongly believe in the future of NAT"
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
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