TANK - Nordic American Tanker Shipping (NAT) Q1/09 Rapport / dividend $0.88 / New Suezmax
10124 fcras 6/5 2009 08:49
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Written by Perter Clarkson Tuesday, 05 May 2009 12:01
Financially strong Nordic American Tanker Shipping is expanding the company's suezmax tanker fleet at the same time as maintaining its impressive dividend record.
Nordic American is paying $57m for its sixteenth suezmax vessel, a 2002-built, 150,000 dwt double-hull tanker.
The unnamed vessel, which is expected to be delivered no later than July 15, would be operated in the spot market or on spot market-related charters, the company said.
Nordic American chairman and chief executive Herbjørn Hansson said the company was confident that the new vessel would be accretive both to dividends and earnings per share.
The company also announced that it was paying a first quarter dividend of $0.88 a share, the 47th consecutive quarterly dividend since the autumn of 1997 when the first three vessels in the company's fleet were delivered and commenced operations.
For the first quarter of 2008, the company paid a dividend of $1.18.
First quarter net income fell to $17.21m from $23.41m in the opening three months of 2008 on net voyage revenues down to $44.3m from $46.8m.
Nordic American said the net average daily rate for its spot vessels was $41,600 per day compared with $46,600 in the first quarter of 2008, and $40,157 in the final three months of last year.
The company's cash break-even level is below $10,000 per day per vessel.
Nordic American said the present instability in the international financial markets was "serious" for many shipping companies adding that it had "a very strong position" in this environment.
"The company has further acquisitions under evaluation and expects to continue to strengthen its position compared with that of its competitors."
Nordic American has no net debt, and an undrawn revolving credit facility of $500m with a term up to September, 2013.
Earlier this year, it also raised net proceeds of $107m from a follow-on offering of shares.
http://www.vinamaso.net/news-events/shipping-logistics/nordic-american-beefs-up-suezmax-fleet.html
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Nordic American Tanker Shipping website:
http://www.nat.bm/
--------------------------------------------
NAT Q1/09 rapport:
http://www.nat.bm/reports/201/R/1311047/303402.pdf
Written by Perter Clarkson Tuesday, 05 May 2009 12:01
Financially strong Nordic American Tanker Shipping is expanding the company's suezmax tanker fleet at the same time as maintaining its impressive dividend record.
Nordic American is paying $57m for its sixteenth suezmax vessel, a 2002-built, 150,000 dwt double-hull tanker.
The unnamed vessel, which is expected to be delivered no later than July 15, would be operated in the spot market or on spot market-related charters, the company said.
Nordic American chairman and chief executive Herbjørn Hansson said the company was confident that the new vessel would be accretive both to dividends and earnings per share.
The company also announced that it was paying a first quarter dividend of $0.88 a share, the 47th consecutive quarterly dividend since the autumn of 1997 when the first three vessels in the company's fleet were delivered and commenced operations.
For the first quarter of 2008, the company paid a dividend of $1.18.
First quarter net income fell to $17.21m from $23.41m in the opening three months of 2008 on net voyage revenues down to $44.3m from $46.8m.
Nordic American said the net average daily rate for its spot vessels was $41,600 per day compared with $46,600 in the first quarter of 2008, and $40,157 in the final three months of last year.
The company's cash break-even level is below $10,000 per day per vessel.
Nordic American said the present instability in the international financial markets was "serious" for many shipping companies adding that it had "a very strong position" in this environment.
"The company has further acquisitions under evaluation and expects to continue to strengthen its position compared with that of its competitors."
Nordic American has no net debt, and an undrawn revolving credit facility of $500m with a term up to September, 2013.
Earlier this year, it also raised net proceeds of $107m from a follow-on offering of shares.
http://www.vinamaso.net/news-events/shipping-logistics/nordic-american-beefs-up-suezmax-fleet.html
--------------------------------------------
Nordic American Tanker Shipping website:
http://www.nat.bm/
--------------------------------------------
NAT Q1/09 rapport:
http://www.nat.bm/reports/201/R/1311047/303402.pdf
