Stocks that Float: TANKERS & DRY BULK SHIPPERS

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NAT $31.02 tanker profit falls due drydocking

Nordic American Tanker net falls, misses view
By Steve Goldstein
Last update: 6:35 a.m. EST Feb. 12, 2008
LONDON (MarketWatch) -- Nordic American Tanker Shipping (NAT
nordic american tanker shipp com NAT) said fourth-quarter net income fell to $1.675 million, or 6 cents a share, from $13.7 million, or 52 cents a share, as net voyage revenue dropped to $26.86 million from $34.27 million. The company, however, was profitable after a third quarter in which it lost $1.18 million. During the fourth quarter, it took 16 cents a share in drydocking and non-cash pension costs. Analysts polled by Thomson Financial expected the firm to earn 28 cents a share. In January, its vessels achieved about $45,000 per day, up from $27,000 during the fourth quarter. It's going to pay a 50 cents a share dividend for the fourth quarter, up from 40 cents in the third quarter. End of Story