Due to volatility in the tanker shipping industry, Bermuda-based Nordic American Tankers (NAT) wrapped up 2017 with a net loss of USD 75.5 million, compared to a loss of USD 4.5 million seen a year earlier.
The company’s net loss narrowed to USD 21.9 million in the fourth quarter of 2017 from USD 39.2 million recorded in the corresponding quarter of 2016.
NAT said that 4Q 2017 was “an important quarter” with the first major steps in the recapitalization program having been completed.
During the quarter, NAT agreed with Ocean Yield ASA the full financing of its three newbuilds to be delivered in June, August and October 2018.
In addition, the company raised USD 110 million in new equity in December 2017.
NAT also agreed to establish a new credit facility as part of the plan to replace the original credit facility of 2004.
Earlier, World Maritime News reported that Herbjørn Hansson, CEO of NAT, expects 2018 to be a better year for the company than 2017, bringing higher earnings and dividend.
In its 4Q 2017 report, the company confirmed this view: “We expect the tanker market to turn for the better in 2018.”
Currently, NAT’s fleet comprises 33 Suezmaxes, including the three newbuilds, with an aggregate cargo capacity of 33 million barrels of crude oil.