World News
NAT Ships "Greener and Greener"
Nordic American Tankers Limited [NYSE:NAT] (NAT) says its ships "are becoming greener and greener" as it continues to pursue greater fuel efficiency.
"We have installed devices on our ships that are aimed at reducing the consumption of costly bunker oil for the main engines," Chairman Herbjørn Hansson said in a letter to shareholders on Wednesday.
"Our program to reduce emissions and save costs continues unabated."
Hansson said the company is in "a solid financial condition," with net debt per ship down to $4.4 million, compared with $8 million in June 2004, and $330 million in financial liquidity reserves.
"This allows us to plan for further growth," he said.
He said the company is assessing possible investments that would help it improve its profitability.
Hansson said rates have improved in July and August, suggesting that results should improve in the third quarter.
"Based on our business model, growth, strong balance sheet and available financial resources, we believe that Nordic American has a significant upside potential and a limited downside," he said.
NAT lost $31.7 million in the second quarter, but it said the market seems to be turning around.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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