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Stock Market & Financial Investment News

News Breaks
July 7, 2014
07:04 EDTNAT, NAONordic American Tanker: Q2 won't produce results 'at the level' with Q1
In a letter to shareholders, Nordic American Tankers says "The first quarter of 2014 produced very strong results for our suezmax tankers compared with the last quarter of 2013. During 4Q2013 the operating cash flow was $1.9 million. The comparable figure for 1Q2014 was about $27 million, about 14 times up. We know that the tanker market is volatile, the first quarter of 2014 is an indication how it can evolve. 2Q2014 will not produce results at the level with 1Q2014 as the market has fallen back. At the time of this message there is an undercurrent in the market which may lead to increased rates again. NAT is in excellent position to reap immediate financial benefits when the market turns around... We have again proven that our fleet is in top technical condition. Furthermore, I am pleased that we, so far this year, have been able to expand our suezmax fleet from 20 to 22 vessels. We shall take delivery of the two new vessels in July and August 2014, respectively."
News For NAT;NAO From The Last 14 Days
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November 20, 2014
05:55 EDTNATNordic American Tankers CEO says 'low oil price good for tanker industry'
Herbjørn Hansson, chairman & CEO of Nordic American Tankers, released a letter to shareholders staing: "Let me be very clear that the effect is positive for the world tanker business. The upswing in Suezmax tanker rates in the recent past may have to some extent to do with the decrease in the oil price. The Suezmax tanker market is strong at the time of this letter which is boding well for Q4. The most significant impact of a lower oil price is an increase in oil demand. Lower prices may trigger stockpiling or have a more general positive impact. A saving of $20 per barrel equates to savings for the U.S. of about $55B annually. Such an oil price decrease has the same effect on the overall economy as a tax reduction. By far our largest cost item is the bunker fuel that the ships are burning in the main engines. Until recently, bunker fuel costs stood at about $600-$650 per ton. Our 22 vessels typically burn about 40-50 tons of fuel per day each depending upon the speed of the vessel. Recently bunker prices have dropped to around $450 per ton, decreasing our cost base. This is also positive for our business. We believe that there are positive signs in the market for Suezmax tankers. With this letter I wish to make it clear that a lower oil price is contributing positively to our business beyond the effects of changing trade patterns and constrained Suezmax tanker supply growth. We remain cautious as always but we believe we see some bright spots on the horizon."
November 14, 2014
12:53 EDTNAOOmega Advisors gives quarterly update on stakes
NEW STAKES: AerCap Holdings (AER), Nordic American Offshore (NAO), Melco Crown Entertainment (MPEL), Groupon (GRPN), and Ashland (ASH). INCREASED STAKES: QEP Resources (QEP), United Continental (UAL), Cabot Oil & Gas (COG), Actavis (ACT), and KAR Auction Services (KAR). DECREASED STAKES: Sprint (S), SandRidge Energy (SD), Sirius XM Holdings (SIRI), Kinder Morgan (KMI), and Transocean (RIG). LIQUIDATED STAKES: QUALCOMM (QCOM), Ocwen Financial (OCN), Freeport-McMoRan (FCX), Boston Scientific (BSX), and Capital One (COF).

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