Double Hull Crude Oil Tankers News

Nordic American Tankers Ltd. is considering expanding its fleet by ordering new vessels or buying second-hand. The company's Board of Directors has declared a dividend of $0.16 for the fourth quarter of 2012. They are assessing expansion plans including ordering of new vessels from shipyards or buying second hand vessels at historically low prices. The level of the declared dividend should be seen in the context of a planned fleet expansion. Expansion is essentially the same as investing in the future. However, also yield is a priority as demonstrated by this payment of dividend for the 62nd consecutive quarter since the autumn of 1997. The record date is expected to be January 30, 2013 and the payment of dividend is expected to take place on or about February 13, 2013.

National Steel and Shipbuilding Company delivered the Alaskan Navigator, the third of four Alaska-class double-hull crude oil tankers being built for BP Oil Shipping Company, USA, a subsidiary of BP p.l.c. (ADR: BP). “We are now focused on completion of the fourth ship in the class, which is progressing well in the shipyard as we have ramped up production on both the BP tankers and Navy new construction work,” said Richard Vortmann, NASSCO president. The Alaskan Navigator will join her sister ships, the Alaskan Frontier and the Alaskan Explorer, which were delivered in August 2004 and March 2005, delivering crude oil from Alaska to BP’s refineries in Los Angeles and Cherry Point, Wash. The fourth ship will be delivered in late 2006.

Double Hull Tankers, Inc. announced results for the period from January 1 to March 31, 2006. Total revenues for this period were $24.2 million and net income was $11.7 million, or $0.39 per share (diluted). On October 18, 2005, having completed its initial public offering, DHT acquired seven double hull crude oil tankers from Overseas Shipholding Group, Inc. (OSG) and commenced operations as an independent tanker company. DHT's modern fleet consists of three Very Large Crude Carriers (VLCCs) and four Aframax tankers. From the same date, all seven vessels have been chartered to OSG for periods ranging from five to six and one-half years.