NAT Reports Total Dividend is Up

MarineLink.com
Monday, January 27, 2014

Nordic American Tankers Limited (NAT) today announced that the 66th dividend of NAT is expected to be $0.25 per share compared with $0.16 per share for 3Q2013. This time the dividend consists of two parts; a cash dividend of $0.12 per common share and a partial distribution of shares held by NAT in Nordic American Offshore Ltd. (NAO), equivalent to $0.13 per NAT share.

The board has declared a cash dividend of $0.12 per NAT share which is one part of the dividend. The record date for the cash dividend is planned for February 20, 2014 and the payment is expected to take place on or about March 3, 2014.

In addition, the board intends to declare a dividend composed of a portion of the shares that NAT owns in NAO. This portion is about $10 million worth of NAO shares. This will be equivalent to $0.13 per NAT share. Before the $10 million distribution, NAT owns $65 million worth of shares in NAO (or 26% of NAO). The NAO subscription price was $15.00 per share. NAO objectives include a full payout dividend policy similar to NAT and a high liquidity in the share as is the case for NAT.

The trading of NAO is, for the time being, on Over The Counter (OTC) in Oslo, Norway. Adjusted for the USD/NOK exchange rate, the NAO stock is now trading at a U.S. dollar value of $16.88 per share, an increase of about 13% since the launch in November 2013. The share dividend to NAT shareholders is based on the subscription price of $15 per share. Setting of a record date and the distribution of shares are expected around the time of the planned listing of NAO on the New York Stock Exchange, to take place as soon as possible. Further details on timing listing/distribution will be announced later.
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Ingram to Build 20 Tank Barges in 2015

Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank

Webinar: 3D Laser Scanning in the Marine Industry

Maritime industry professionals have increasingly taken notice of 3D laser scanning in recent years as acceptance for the technology and its applications mounts throughout the sector.

AEGIR-Marine Partners with On Site Alignment

AEGIR-Marine and On Site Alignment (OSA) signed a contract at SMM in Hamburg confirming the companies’ strategic alliance concerning stern seal and propulsion service

Finance

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

Global Ship Lease to Acquire Containership

Global Ship Lease, Inc. has  announced  that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million.

Oil Edges Below $99 but Supply Risks in Focus

Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.

News

Ingram to Build 20 Tank Barges in 2015

Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank

Webinar: 3D Laser Scanning in the Marine Industry

Maritime industry professionals have increasingly taken notice of 3D laser scanning in recent years as acceptance for the technology and its applications mounts throughout the sector.

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2070 sec (5 req/sec)