Nordic American Tankers Expects Improvement
Norway's Nordic American Tankers (NAT) posted a net income of $23 million for the second quarter of this year, down 26% year on year from $30.9 million.
But NAT is hopeful that Suezmax tanker rates would improve in the second half of the year, based on its assessment of the supply of new tankers.
The suezmax owner reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. During the same quarter last year, the business posted $0.35 earnings per share.
"The development of the world economy affects the tanker industry. A low oil price is stimulating the world economy which is positive for the tanker market," says the company.
Including the four newly acquired vessels, NAT will have 28 trading vessels and two newbuildings. No equity offerings are planned in conjunction with this expansion to a 30 vessel fleet.
The construction of the two newbuildings for delivery in 3Q2016 and 1Q2017 is on schedule, says a company release.
The Company owns approximately 30 vessels. The Company’s Suezmaxes tankers can carry over one million barrels of oil. The vessels in the Company’s fleet are homogenous and interchangeable. The Company’s vessels are employed in the spot market.
