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Stock Market & Financial Investment News

News Breaks
April 8, 2014
09:00 EDTNATNordic American Tanker falls 10.5%
Nordic American Tanker is down 10.5%, or 99c, to $8.47
News For NAT 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 EDTNATNordic 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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