The last 12 months have been the busiest period for Nordic American Tankers ever.
Sale of 10 suezmax vessels and delivery of 3 new suezmax units took place in the last six months of 2018 and ensured a renewal of its fleet which count suezmaxes only. The operating costs for the NAT fleet came down further.
Maximizing dividend is its strategy. NAT also aims at reducing the debt level and thereby lowering the cash break even further. The new 5-year loan of $306 million that announced in February this year, is a key element in this strategy of maximizing dividend and reducing debt.
In 2Q2019, NAT has seen the normal seasonal downturn in that quarter. NAT expects a significantly improved tanker market ahead. Recent contracts for 3Q2019 loading confirm this, showing a clear strengthening trend for its vessels. “We must remember that political unrest is often good for the tanker market. We now see increased oil exports from the US, which is a new trend”.
The operational transition of its offshore business to a new group during the first half of 2019 will allow NAT to fully concentrate on the tanker business.
With the important changes taking place in NAT during the last year, the company is positive on the outlook. The prospects for NAT are good.