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NAT Closes Busiest Year!

Pic: Nordic American Tankers Limited

Shailaja A. Lakshmi

Bermuda-based Nordic American Tankers Limited (NAT) said in a press release that the last 12 months have been the busiest period for the international tanker company.

Sale of 10 suezmax vessels and delivery of 3 new suezmax units took place in the last six months of 2018 and ensured a renewal of its fleet which count suezmaxes only. The operating costs for the NAT fleet came down further, a release said.

"Maximizing dividend is our strategy. We also aim at reducing the debt level and thereby lowering the cash break even further," NAT said.

The new 5-year loan of $306 million that NAT announced in February this year, is a key element in this strategy of maximizing dividend and reducing debt, it added.

In a letter to its shareholders, the tanker company noted: "In 2Q2019, we have seen the normal seasonal downturn in that quarter. We expect a significantly improved tanker market ahead. Recent contracts for 3Q2019 loading confirm this, showing a clear strengthening trend for our vessels. We must remember that political unrest is often good for the tanker market. We now see increased oil exports from the US, which is a new trend."

"The operational transition of our offshore business to a new group during the first half of 2019 will allow NAT to fully concentrate on the tanker business. With the important changes taking place in NAT during the last year, we are positive on the outlook. The prospects for NAT are good," the company said.

Jun 12, 2019

 

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