Nordic American Tankers Ltd (NAT)

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Suezmax Market

The Suezmax market is still struggling at bottom levels. The start of this week was no exception - two fixtures done in West Africa, both in low WS30's. Ballasters from the East are now looking at negative returns for a normal TD20 run. Halfway through the week we see some more action in the East. Cargo activity in MEG has picked up, but with a tonnage list being the longest YTD, rates remains at the bottom. Going forward we expect the Suezmaxes to continue facing terrible earnings, at least for the short-term future.

Looking further than that there are some positives. Libya have now started exporting, and it is only a matter of time until production is up and running again. This will be a very welcomed happening for what lately have been a "dead" Med-market for the Suezmaxes.