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Stock Market & Financial Investment News

News Breaks
July 7, 2014
07:04 EDTNAO, NATNordic 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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March 19, 2015
06:42 EDTNATNordic American Tankers CEO sends shareholder letter regarding market, dividend
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March 17, 2015
07:38 EDTNAO, NATNordic American Offshore chairman increases stake, lowers dividend
Nordic American Offshore (NAO) Chairman, Herbjorn Hansson released a letter to shareholders stating that he has increased his stake by 50,000 shares. The letter stated, "A company owned and controlled by my son Alexander and I bought 50,000 NAO shares yesterday at about $7.83 per share, in addition to the stock ownership we have direct and indirect in NAO. Currently the market for our vessels is turbulent - the decline in oil price has led to reductions in exploration activity in the North Sea, in turn lowering the number of working oil rigs and the demand for PSVs. Five vessels in our eight vessel fleet are currently employed on contracts, up from three last quarter. Three of our vessels are operating in the spot market. At the time of this letter to you, we enter a period of greater visibility on earnings and security in the current challenging environment. We have achieved in excess of 80% utilization which is a sound performance in the current market conditions. Rates for the spot ships have been reduced this year as a consequence of the low oil prices." The letter also stated that the company will continue to pay a dividend but at a rate less than the previous quarterly dividend of 45c per share. "In our 2014 start-up year we declared total dividends of $1.80 per share. Going forward we will review the dividend on a quarterly basis in the same way as Nordic American Tankers (NAT) has done in the past. NAO basically employs the same strategy as NAT. A strong balance sheet and low cost breakeven are the key elements of our robust long-term performance. We expect to continue to pay a dividend going forward although, for the time being, at a lower level than for the previous quarters when the dividend was 45c per share."

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