Nordic American Tankers Save Fuel

Press Release
Thursday, August 30, 2012

In a letter to shareholders Nordic American Tankers Limited Chairman & CEO pointed (amongst other things) to the fleet's fuel-saving measures.

Herbjorn Hansson, company ‚Ä®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.


 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

UNOLS Seeks Nominations for Council Positions

The University-National Oceanographic Laboratory System (UNOLS) is an organization of academic oceanographic institutions working in cooperation with agencies of the U.

Savannah Harbor Expansion Project Update

Lt. Gen. Thomas Bostick, commander of the U.S. Army Corps of Engineers, visited the Port of Savannah on Thursday, for an update on the Savannah Harbor Expansion Project (SHEP).

Tanker Trends

Q88 LLC Opens Office in London

Q88 LLC has opened a new office in London. Located in Soho, the cultural center of London's West End district, the office will serve as a hub for business development and client relations.

IRS Introduces Ship Construction Standards

The International Register of Shipping has submitted goal-based new ship construction standards for verification audit by the International Maritime Organisation.

Aramco Offers Rare 1.5 pct Gasoil Cargo

Aramco Trading, the trading arm of oil producer Saudi Aramco, has offered a rare gasoil cargo with a 1.5 percent sulphur content for June lifting from Rabigh, traders said on Thursday.

Finance

Lifting of US Crude Oil Export Ban Possible within Year

The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian

U.S.: Stronger Response in South China Sea Needed

By releasing video of Beijing's island reclamation work and considering more assertive maritime actions, the United States is signaling a tougher stance over the

Aramco Offers Rare 1.5 pct Gasoil Cargo

Aramco Trading, the trading arm of oil producer Saudi Aramco, has offered a rare gasoil cargo with a 1.5 percent sulphur content for June lifting from Rabigh, traders said on Thursday.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2370 sec (4 req/sec)