Nordic American Tankers Closes 2Q in Red

Image Courtesy: NAT

Bermuda-based Nordic American Tankers (NAT) ended the second quarter of 2017 with a net loss of USD 15.8 million, against a net gain of USD 12.9 million seen in the same period a year earlier.

For the first six months of 2017, the company recorded a net loss of USD 19.3 million, against a net gain of USD 42.2 million reported in the first half of 2016.

The company’s net voyage revenue for the second quarter of 2017 stood at USD  39 million, down from USD 61.6 million reported in the same quarter a year earlier. Net voyage revenue for the first six months of 2017 dropped to USD 94.2 million from USD 138.3 seen in the first half of 2016.

Average Time Charter Equivalent (TCE) for the second quarter of 2017 was about USD 16,100 per day per vessel.

“We do not predict short term spot tanker rates which may be expected to be volatile. Going forward, we believe that NAT is well positioned,” the company informed.

During the second half of 2018, the company is scheduled to take delivery of three Suezmax newbuildings. An amount equivalent to 30% was paid cash on contract signature, while the balance of USD 116 million for the three ships will be paid at the time of delivery. NAT said it has under review a financing arrangement for these three newbuildings.

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