World News
NAT Planning Fleet Expansion, More Presence in Asia
Predicting a rise in freight rates, Nordic American Tankers [NYSE:NAT] (NAT)'s chairman and CEO Herbjørn Hansson tells the news site Maritime CEO that the company plans to expand.
"We have a view that this market will recover," he said.
"Therefore we are looking to expand the fleet in a responsible manner."
Hasson said changing trading patterns will mean more demand in the shipping market, while the global fleet is set to stop growing.
At the same time, he said, newbuild prices seem to be at a low point.
Hasson declined to say where and how the company will expand, but he said it needs to add to its presence in Asia.
"It is clear that as domestic US production expands our focus is shifting east and we are proactive in building these relationships," he said
NAT, which currently has a fleet of 20 suexmaxes with no ships on order, reported widening losses in the first quarter of 2013 but said measures to reduce its fuel consumption have been helping its results.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 532.00 | 15.50 | 623.00 | 25.00 |
| Rotterdam | 472.50 | 8.00 | 623.00 | 10.50 |
| Houston | 469.50 | 8.00 | 627.00 | 16.50 |
| Fujairah | 519.50 | 15.50 | 725.00 | 8.50 |
| Global 20 Ports Average | 540.00 | 8.00 | 718.50 | 10.50 |
| Global 4 Ports Average | 498.50 | 12.00 | 649.50 | 15.00 |
| Global Average Bunker Price | 576.00 | 5.50 | 759.00 | 3.50 |
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