Nordic American Tankers Ltd (NYSE: NAT) – Report June 30, 2023 - First half 2023 – The direction of NAT is up
August 28 2023 - 5:40AM
Monday, August 28, 2023
Dear Shareholders and Investors,
Please see HIGHLIGHTS and the enclosed report for first half of
2023.
Highlights:
- The net income for the first half of 2023 is in excess
of $100 million higher than for the same period last year. The net
income for the first six months of 2023 totaled $73.7 million
compared to the net loss of -$30.9 million during the first six
months of 2022. The direction of NAT is unquestionably on the
upward path. The numbers for the second quarter of 2023 are
included later in this report.
- It has been decided that the dividend for the second
quarter of 2023 will be 13 cents ($0.13) per share, up from a 3
cent dividend in the same quarter last year. The dividend is
payable October 5, 2023 to shareholders of record as of September
14, 2023. So far in 2023 NAT has declared 43 cents in dividends per
share. Higher earnings will result in higher
dividends.
- The average Time Charter Equivalent (TCE) for our spot
vessels (15) during the Second quarter of 2023 came in at $43,200
per day per ship. Including vessels on term contracts (4), the
total average NAT TCE was $39,300 per day per ship. During the same
quarter last year the TCE was $20,080 per day per ship. This is one
of the strongest second quarter TCE’s ever achieved in NAT’s
28-year history.
- Bookings for the third quarter are also on track,
indicating a historically strong third quarter. About 57% of our
spot voyage days for the third quarter of 2023 have now been booked
at an average TCE of $34,800 per day per ship. There is a scarcity
of our type of ships, leading to better results and higher
dividend.
- Oil demand continues to be strong. Higher interest
rates combined with higher oil prices have kept oil inventories low
and leaves a limited buffer ahead of the winter. War,
Political uncertainty, a fragmented trade picture and a tight
supply of ships offer a set of interesting dynamics ahead for
the NAT oil tankers.
- NAT has one of the lowest debt levels among publicly
listed tanker companies. Our net debt stood at $159.8 million equal
to $8.4 million per ship at June 30, 2023. The objective of NAT
clearly remains to become free of debt.
- The NAT fleet of versatile suezmax tankers offers
flexibility in loading and discharging ports.
Through careful voyage planning and adjustment of speed of
our vessels is reducing emissions. Irrespective of age, each
individual ship in the NAT fleet is of excellent technical quality,
as demonstrated in the vetting statistics.
For contacts, please see the end of this communication.
Sincerely,
Herbjorn HanssonFounder, Chairman & CEO
Nordic American Tankers Ltd.
www.nat.bm
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words “believe,” “anticipate,”
“intend,” “estimate,” “forecast,” “project,” “plan,” “potential,”
“will,” “may,” “should,” “expect,” “pending” and similar
expressions identify forward-looking statements.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, our management’s
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections. We undertake no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Important factors that, in our view, could cause actual results
to differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, changes in demand in the tanker market, as a
result of changes in OPEC’s petroleum production levels and
worldwide oil consumption and storage, changes in our operating
expenses, including bunker prices, drydocking and insurance costs,
the market for our vessels, availability of financing and
refinancing, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due
to accidents or political events, vessels breakdowns and instances
of off-hires and other important factors described from time to
time in the reports filed by the Company with the Securities and
Exchange Commission, including the prospectus and related
prospectus supplement, our Annual Report on Form 20-F, and our
reports on Form 6-K.
Contacts:
Bjørn Giæver, CFO
Nordic American
Tankers Ltd
Tel: +1 888 755
8391
Alexander Kihle, Finance ManagerNordic American Tankers LtdTel:
+47 91 724 171
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