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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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May 11, 2015
09:21 EDTNATOn The Fly: Pre-market Movers
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05:31 EDTNATNordic American Tankers expects six vessels to be drydocked in 2015
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05:31 EDTNATNordic American Tankers reports Q1 tanker rates averaged 37K per day per vessel
Nordic American Tankers benefitted in Q1 from a strong Suezmax tanker market and the quality of its fleet. The significant drop in the oil price has affected the tanker industry positively. Cashflow from operations was $51M, compared with $24.5M in 4Q14. For all of 2014, cashflow from operations was $77.7M compared with ($11.1M) in 2013. The strong level in Q1 is reflected in an average TCE rate of about $37,000 per vessel per day. The size of its fleet allows NAT to reap immediate and sizeable profits when spot market rates rise. The company said that the Q2 tanker market is encouraging. The purchase of two Suezmax newbuildings, due to be delivered in 2016 and 2017, will not require the additional raising of equity from the capital markets. In recent months the price of oil fell to the lowest levels seen in recent years. This has positively affected the tanker market through increased transportation requirements and lower fuel costs.
05:31 EDTNATNordic American Tankers reports Q1 EPS 34c, consensus 22c
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