Nordic American Tankers CEO: Market is Improving
Nordic American Tankers Limited (NAT) issued a letter to shareholders from the company’s chairman and CEO, Herbjorn Hansson, noting improved market conditions for NAT’s Suezmax tankers.
In a December 10, 2013 letter to shareholders, Hansson highlighted improved conditions in the Suezmax spot tanker market, and in his latest letter said the development has continued into 2014.
“We do not predict spot tanker rates,” Hansson said. “I would note, though, that we are very pleased to see this strongly improved rate picture for Suezmax spot tankers.”
“All the NAT vessels (20 Suezmaxes) are in top technical condition, trading in the spot voyage market,” Hansson added. “NAT is a supplier of ships above all to the large international oil companies.”
“The cash break-even rate for the NAT vessels, including administrative and financing items is about $12,000 per day per ship. A strong tanker market does impact the dividend payments to shareholders in a positive way.”