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Rs Platou Economic Research As News

27 Feb 2014

Iran's Oil Exports Pick Up

Iran's oil tanker fleet is gearing up for more business, with some vessels taking to the high seas after over more than a year at home ports, another sign that an easing in Western sanctions is enabling exports to begin to pick up. Iran and Western governments reached an interim agreement in November to restrict Tehran's disputed atomic work in exchange for limited sanctions relief for six months, which came into effect in January. U.S. and European sanctions imposed in the previous two years had sharply hit Iran's oil exports, mainly by making it difficult for buyers to arrange financing for transactions and insurance and documentation for shipments.

10 Feb 2014

Is NAT Approaching Recovery?

Nordic American Tankers (NAT) published its financial results from 4Q 2013, noting an expected increase in tanker rates that the company expects to play a role in its recovery. In early December 2013 the Suezmax tanker rates increased significantly compared with the average for 2013. A few weeks into 2014 the rates have weakened again. We expect improved results in 1Q 2014. The timecharter results of NAT were slightly lower in 4Q 2013 than in 3Q 2013. Short term rates in the tanker market are very volatile.

05 Mar 2013

RS Platou: Shipbuilding Capacity Lower

RS Platou Economic Research AS said in a monthly report that global shipbuilding capacity is significantly lower than it was at its peak five years ago. Though a dramatic increase in building capacity among global shipyards has been observed over the last decade, deliveries were down by roughly 10% last year, RS Platou reported. “Under the prevailing market conditions, where shipbuilders are forced to accept new contracts below cost levels, we have seen a significant share of the building capacity withdrawn or removed,” the report stated. According to the report, the current approximate overcapacity is around 6%.Therefore the combined capacity of deliveries of new ships needs to be lower than the estimated capacity of 35 million CGT a year to absorb this oversupply.

15 Feb 2011

Nordic American Tanker Shipping Q4 Report

Nordic American Tanker Shipping Ltd. ("NAT" or "the Company") announced today that the Company has declared a dividend of $0.25 per share for 4Q10, the same dividend as for 4Q09. The dividend policy will continue. The Company has a very strong balance sheet and we shall protect this position. The Company will pay the dividend of $0.25 per share on or about March 4, 2011 to shareholders of record as of February 24, 2011. After the first three vessels were delivered in the autumn 1997, NAT has always paid a quarterly dividend; including the dividend for 4Q10 the total dividend payment amounts to $41.84 per share. Including two newbuildings there are now 19 vessels in our fleet of which 15 vessels were trading during 4Q10.

09 Nov 2010

Nordic American Tanker Shipping's Q3 Report

Nordic American Tanker Shipping Ltd. (NYSE: NAT) announced that the dividend for 3Q10 was $0.25 per share compared with $0.10 per share for 3Q09. The full pay out dividend policy will continue. The dividend essentially follows the spot tanker market. The company has a very strong balance sheet. We expect that the fleet of NAT will reach a minimum of 20 vessels by the end of 2011. We have no plans to tap the equity markets to fund this expansion, since the company has ample financial resources. The company will pay the dividend on or about December 3, 2010, to shareholders of record as of November 22, 2010. Since the autumn of 1997, when the company's first three vessels were delivered…

08 Aug 2010

Nordic American Tanker Q2 2010 Report

Nordic American Tanker Shipping Ltd. (NAT) announced that the dividend for 2Q10 was $0.60 per share which is the same as for 1Q10. At a time when several shipping companies produce negative results, the Board of Directors is pleased to announce that NAT turned in a solid net income in 2Q10. NAT expect that the company’s fleet will reach a minimum of 20 vessels by the end of 2011. NAT has no plans to tap the equity markets to fund this expansion, since the company currently has ample financial resources to reach a fleet of 24 vessels. The company will pay the dividend on or about September 2, 2010, to shareholders of record as of August 20, 2010.

09 Nov 2009

Nordic American Tanker Shipping Q3 Report

On or about December 4, Nordic American Tanker Shipping (NAT) will pay a dividend for the 49th consecutive quarter since the first three vessels were delivered to the company in the autumn of 1997 when the company commenced operations. Since then a total of $39.89 per share has been paid in dividend. The low spot rates for suezmax tankers during 3Q09 resulted in a lower dividend payment than in the 2Q09. In this environment, with a spot market fleet, except for one vessel, the Company can be expected to reap the benefits of a potential upswing in the tanker market more or less immediately. The Imarex rates, giving an indication of the level of the tanker market, were on average $13,000 per day during 3Q09. The Imarex rate for suezmaxes at the time of this report is $17,846 per day.

07 Jun 2002

Tanker Market is Solid

The year 2001 must be described as a very healthy year for tanker owners. Although it is a fact that freight rates for all tanker types have fallen substantially and continuously through the year, the average rates for the year have been quite strong. For product tankers of various sizes, 2001 was even better than 2000. Rates for medium sized crude carriers were moderately weaker, while for VLCCs they dropped significantly. Despite declining freight rates for crude carriers, the profitability for all tanker was, for the second consecutive year, remarkably high. Modern VLCCs started the year at an incredible $70,000/day on the spot market. Almost immediately, however, the declining trend set in which was to last all through the year except for a brief upturn in September.

19 Jun 2001

Strong Market Continues

In 2000, VLCCs obtained $53,000 per day, up from less than $20,000 in 1999. Old VLCCs reached $33,000 per day compared with only $11,000 in 1999. The freight market boom also had its effect on medium size crude carriers. After poor market conditions in 1999 with modern Suezmaxes obtaining $15,000 per day the average in 2000 was $40,000. Corresponding figures for modern Aframaxes were $13,000 as an average in 1999, reaching $37,000 in 2000. Peak rates in the year for both types were recorded in December at $60,000 per day. Large clean carriers (LR2) last year obtained $32,000 per day, which is $18,000 higher than the 1999 level. Modern MR types rose from $8,000 per day to $16,000 per day in year 2000, with more than $30,000 in December.

19 Jun 2001

World Industry Drives Freight Rates Up

In 2000, freight rates turned out at a significantly higher level than during the previous year. On an average basis, tripcharter rates for Capesizes (150,000 dwt) more than doubled to $17,600/day, while rates for modern Panamaxes increased from $7,500 to $11,100/day. For Handymaxes, tripcharter rates went up from $6,900 to $9,200/day. The freight market showed a steady rise through the first three quarters of the year, but softened somewhat during its final three months. The main cause of the firmer freight market was the strong upturn in world economic growth, and particularly in the U.S. The strong U.S. economy combined with imports of finished goods created strong support for industrial production in and exports from the rest of the world.