World News
NAT Continues Efficiency Drive as Loss Rises in Q2
Nordic American Tankers Limited [NYSE:NAT] (NAT) said it deepened its loss to $31.7 million in the second quarter of the year, down from $7.9 million in Q2 2012.
NAT's net voyage revenue dropped to $10.0 million from $28.5 million year-over-year, but the company said its strong financial position and its top-quality Suezmax tanker fleet distinguish it from competitors.
It said at the point of reporting the Suezmax tanker market has already improved significantly compared with the average for the second quarter, and the global fleet for the vessels is likely to hold steady or even shrink in 2014, driving rates up.
NAT said it continues to focus on cost efficiency, both in administration and onboard their vessels.
"The Company continues to move aggressively in reducing energy consumption on the vessels," it said.
"We slow steam whenever possible in order to reduce fuel consumption."
The company said in May that it is using technical improvements including Alpha Lubricators and equipment to ensure optimal water stream over propellers in its quest to maximise efficiency, achieving overall improvements of 10 to 15 percent.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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