Nordic American Tankers Save Fuel
In a letter to shareholders Nordic American Tankers Limited (NAT) Chairman & CEO pointed (amongst other things) to the fleet's fuel-saving measures.
Herbjorn Hansson, company Chairman & CEO stated:
NAT has made, and is continuing to make, important investments on our existing fleet to reduce fuel consumption.
Depending on the speed we use on a specific voyage, a Suezmax vessel consumes on average about 30 tons to 65 tons per day in ballast and laden condition, respectively.
A few years ago, for example, the price of bunker fuel that we use to power our ships cost about $200 per ton. Today, the price is $600 to $700 per ton.
We are implementing measures that we think on average can save us minimum about five tons or more of fuel daily per vessel, adjusted for actual operating days. At current bunker oil prices, that amounts to savings, or increased net earnings, of more than $3,000 per vessel per operating day. Such measures could translate into an improvement of approximately $0.30 - $0.40 per share over a year, improving cash flow and dividend potential correspondingly.
Nordic American Tankers Nordic American Tankers Limited ("NAT") based in Norway was incorporated in Bermuda in 1995. In September 1995 NAT sold securities to the public in the US and in Europe. The shares are today trading at the New York Stock Exchange ("NYSE"). NAT now has an active trading fleet of 20 vessels, all employed in the spot market.