GSC Investment (GNV)

[MACH2]

ldzi,

Nordic American Tanker reports loss, cuts dividend

(6:24 AM ET) LONDON (MarketWatch) -- Nordic American Tanker Shipping /quotes/comstock/13*!nat/quotes/nls/nat (NAT 29.93, -0.90, -2.92%) said it swung to a second-quarter loss of $137,000, as net voyage revenue dropped to $29.7 million from $63.2 million. It earned $35.5 million in the year-earlier period. It said earnings per share from continuing operations were 9 cents a share. Analysts polled by FactSet had expected earnings of 5 cents a share. The company will pay a dividend of 50 cents per share on or about Sept. 4, 2009, to shareholders of record as of Aug. 21, 2009, down from 88 cents in the first quarter. (Corrects loss.)

INTERESTING WORDING...."(CORRECTS LOSS)". What does that mean? Will the third quarter divi be back to .88/share if revenue picks up?

ldzi note, in the past three years (2006/2007) Nordic had a spate of loosing quarters....it still paid out above 12% divi. In mid 2007 it posted two consecutive loosing quarters and cut the divi to .40/share from 1.17. Subsequently Nordic posted 5 consecutive profitable quarters raising the quarterly dividend; 1.18, 1.60, 1.61, .87 and .88....a bit reactive wouldn't ya say.

Actually the whole industry has slumped and may be due a
resurgence.

DJ US Marine Transportation Index



Even though it cut the dividend in the out quarters to .12.5/share, I'm hanging on to my 2000 shares of GMR.