World News
NAT: Strong Tanker Market Continuing Into 2016
Nordic American Tankers Limited (NAT) says a strong performance in 2015 for tankers has continued into 2016, helped by persistently low oil prices.
"2015 was a very good year for NAT, with results improving quarter on quarter. The strong tanker market for NAT is continuing into 2016," said Herbjørn Hansson, NAT's chairman and CEO.
"In 2015, we grew the fleet from internal financial sources, without issuing equity. NAT is very different from other tanker companies, a fact which is often neglected by observers and members of the analytical community."
The company's board has declared a January 27, 2016 cash dividend of $0.43 per share, and as a whole, the dividend for 2015 is said to have come at $1.59 per share.
Hansson says the company's strategy centres on a "strong balance sheet, a homogenous fleet, tight commercial relationships with our clients, and the excellent technical quality" of the company's fleet.
"I would note that a low oil price is good for NAT. The company now has 26 Suezmax vessels of which two are newbuildings. A Suezmax can take a cargo of one million barrels of oil," Hansson added.
NAT says that the earnings report for the 2015 financial year is expected to be released on February 8, before the opening of the New York Stock Exchange.
In December, Ship & Bunker reported that NAT had agreed on a new loan facility for $500 million, representing an increase from its previous facility of $430 million.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
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