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Stock Market & Financial Investment News

News Breaks
June 1, 2014
18:12 EDTNATNordic American Tanker acquires two Suezmax vessels at $36.5M each
Nordic American Tankers announced that the company has agreed to acquire two Suezmax vessels, delivered from a top shipyard in 2005. The agreed purchase price is $36.5M each. The vessels are expected to be delivered to us no later than August. "The acquisitions will be financed from the financial resources of the company. Including the delivery of the current acquisitions, NAT will have a fleet of 22 Suezmax vessels - enhancing our dividend and earnings capacity. The acquired vessels are essentially sister ships to other vessels in our current fleet. It is of significant importance to have more or less identical vessels in the fleet both from an operational and cost synergy point of view." The vessels were built to high technical specifications. The company added, "Our focus on safety for crew, vessels and the environment will never cease. NAT is a company built on quality in all respects. The acquisition represents a natural step in the further development of NAT. The company will seek to increase its dividend and earnings capacity through further expansion, when the time is right. We believe that our strong balance sheet, well defined and transparent operating model provide the company with a strong competitive position."
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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