Tuesday, February 18, 2020 7:25:02 AM
Hamilton, Bermuda, February 18, 2020
Highlights:
Our Net Profit for 4Q2019 came in at $12.7m against a Net Loss of $13.7m for 3Q2019 and a Net Loss of $10.5m in 4Q2018.
Today we announce distribution of our 90th consecutive quarterly dividend. The dividend for the fourth quarter of 2019 will be 7 cents ($0.07) per share, payable on March 16, 2020, to shareholders of record March 2, 2020. In the previous quarter we paid a dividend of 2 cents ($0.02) per share.
Developments so far in the first quarter of 2020 confirm the momentum in the tanker market. Although rates have eased recently, we believe the outlook for 2020 remains solid. A stronger market going forward will form the basis for increased dividends. Please also see paragraph 5 below.
The balance between increased dividend and reduction of debt is a central Risk Management question. In addition to the increased dividend, NAT has since our 3Q2019 report reduced long-term debt with about $20 million, further strengthening our balance sheet. The company’s long-term debt to total assets ratio is about 37%, which is among the lowest in the industry.
The average Time Charter Equivalent (TCE) achieved for the fourth quarter of 2019 across our fleet was about $31,700 per day per ship. So far in 1Q2020 about 70% of the trading days of our 23 suezmax units have been booked at an average TCE of $53,000 per day per ship. This is a strong improvement and an encouraging signal for increased dividend payments. Our operating costs are about $8,000 per day per ship.
Recently we have seen several events come and go, such as the trade negotiations between the US and China and the tensions in the Middle East. These events now seem like a distant past.
The tanker market was showing solid strength before these events and the positive developments continued in 2020. The Corona virus is now grabbing the headlines. The virus could have a negative impact in the short term. New regulations (IMO 2020) and muted supply of ships have in itself created a strong base for a solid future for the tanker industry.
The quality of the NAT fleet is first rate, reflected in the vetting record of our ships. Vetting is the assessment of oil companies to establish the technical and operational quality of our fleet. All our ships are running on IMO compliant fuel.
Recent NAT News
- Nordic American Tankers Ltd (NYSE: NAT) – Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 04/04/2024 01:50:49 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 03/12/2024 01:57:22 PM
- Nordic American Tankers Ltd (NYSE: NAT) – A snapshot of the present market conditions • GlobeNewswire Inc. • 03/07/2024 02:08:12 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 03/04/2024 02:53:56 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/01/2024 10:09:14 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Report as per December 31, 2023 – Dividend is up and solid prospects going forward • GlobeNewswire Inc. • 02/29/2024 10:23:30 AM
- Nordic American Tankers Ltd (NYSE: NAT) – Founder, Chairman & CEO outlines the international reach of the NAT operations • GlobeNewswire Inc. • 02/15/2024 02:39:35 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/02/2024 07:18:07 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Greetings for the Season • GlobeNewswire Inc. • 12/14/2023 11:50:26 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/30/2023 09:37:40 PM
- Correction: Nordic American Tankers Ltd (NYSE: NAT) – Board Member Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 11/30/2023 03:00:20 PM
- Nordic American Tankers Ltd (NYSE: NAT) – • GlobeNewswire Inc. • 11/30/2023 02:56:38 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Report as per September 30, 2023 – The direction is up in a strong market • GlobeNewswire Inc. • 11/29/2023 11:54:54 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/16/2023 09:26:56 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Announces Results of its 2023 Annual General Meeting of Shareholders • GlobeNewswire Inc. • 11/16/2023 02:26:52 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Most recent market fixtures for our ships • GlobeNewswire Inc. • 11/14/2023 04:58:11 PM
- Nordic American Tankers Ltd (NYSE: NAT) – A Dividend Company • GlobeNewswire Inc. • 10/25/2023 12:57:01 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Purchase of suezmax tanker - increasing the NAT fleet to 20 ships • GlobeNewswire Inc. • 10/19/2023 09:22:40 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 10/02/2023 08:11:53 PM
- Nordic American Tankers Ltd (NYSE: NAT) – 2023 Annual General Meeting of Shareholders (AGM) • GlobeNewswire Inc. • 10/02/2023 11:59:56 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/29/2023 08:02:03 PM
- Nordic American Tankers Ltd (NYSE: NAT) – The market is good for our ships • GlobeNewswire Inc. • 09/29/2023 02:36:25 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Founder, Chairman & CEO buys more share in NAT (repeat) • GlobeNewswire Inc. • 08/29/2023 02:43:23 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Founder, Chairman & CEO buys more shares in NAT • GlobeNewswire Inc. • 08/29/2023 01:48:38 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/28/2023 08:58:54 PM
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