Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – Report March 31, 2023 (First quarter 2023) – History in the making!
Monday, May 22, 2023
Dear Shareholders and Investors,
Highlights:
The average Time Charter Equivalent (TCE) for our spot vessels (15) during the first quarter of 2023 came in at $60,005 per day per ship. Including vessels on term contracts (4), the total average NAT TCE was $51,902 per day per ship. This is the second strongest first quarter TCE ever achieved in NAT’s 28 year history. Our operating costs are about $8,000 per day per vessel.
The net profit for 1Q 2023 landed at $46.9 million or an earnings per share (EPS) of $0.22. The previous quarter saw a net profit of $36 million and an EPS of $0.17. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 1Q 2023 came in with a positive $67.7 million, compared to an adjusted EBITDA of $51.1 million in 4Q 2022.
The board has decided that the dividend after the first quarter of 2023 will be 15 cents ($0.15) per share. The Dividend will be payable on July 6, 2023 to shareholders on record as of June 15, 2023.
The seasonal slowdown seen so far in 2Q 2023 has already bottomed, at levels that in previous years would have been perceived as peak season earnings. This goes to illustrate that the scarcity of Suezmax tankers should secure a very interesting market for NAT going forward. Seasonal variations will occur, but we expect earnings to be at higher levels than in the past due to the low orderbook of new ships.
65% of our spot voyage days for the second quarter of 2023 have now been booked at an average TCE of $42,111 per day per ship. Spot rates have now turned upwards, but if this level is achieved for the full second quarter, it is a second quarter level only achieved three times in the past for NAT.
On the demand side, last year was focused on Europe’s energy challenge following the Russian invasion in Ukraine. This year will see the populations in China and other nations returning to mobility and travel in a big way. We expect the re-emergence of India and the Far East after the pandemic to have a significant effect on oil markets. This should add to an already tight market for NAT.
NAT has one of the lowest debt levels among publicly listed tanker companies. Our net debt stood at $168 million equal to $8.9 million per ship at March 31, 2023.
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, the NAT fleet is reducing emissions.
Financial information for the first quarter of 2023 and for other periods is included later in this report.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – Report December 31, 2022 (Fourth quarter & full year 2022) - Rates & Dividends are up
February 27 2023 - 06:00AM
GlobeNewswire Inc.
Monday, February 27, 2023
Dear Shareholders and Investors,
The 4Q 2022 Net result is more than $50 million better than the same quarter 2021. The direction of NAT is unquestionably upwards.
Highlights:
1) The average Time Charter Equivalent (TCE) for our spot vessels (15) during the fourth quarter of 2022 came in at $57,340 per day per ship. Including vessels on term contracts (4), the total average NAT TCE was $49,035 per day per ship. This was 76% up from the third quarter of 2022. Our operating costs are about $8,000 per day per vessel.
2) The net profit for 4Q 2022 more than tripled from 3Q 2022 and landed at $36 million or an Earnings per share (EPS) of $0.17. the previous quarter saw a net profit of $10.0 million and an EPS of $0.05. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 4Q 2022 came in with a positive $51.1 million, compared to an adjusted EBITDA of $28.4 million in 3Q 2022. The bulk of our 2022 periodic drydockings took place in the fourth quarter and as such affected our revenues negatively.
3) Strong rates have continued into first quarter this year. So far, 72% of our spot voyage days have been booked at an average TCE of $60,630 per day per ship. With the 1Q 2023 bookings, we expect the first quarter 2023 net results to further improve vis-à-vis the strong 4Q 2022.
4) The dividend for the fourth quarter of 2022 will be 15 cents ($0.15) per share compared to 5 cents in the previous quarter. The Dividend will be payable on March 28, 2023 to shareholders on record as of March 14, 2023.
5) NAT has one of the lowest debt levels among publicly listed tanker companies. Our net debt stood at $197 million equal to $10.3 million per ship at December 31, 2022. The turnaround in the market is further illustrated by our cash position that stood at $59.6 million December 31, 2022 compared to $34.7 million same time a year ago. Currently our cash position is about $90 million.
6) As we have seen in the past, political uncertainty creates demand for the transport of oil. As a consequence of Russia’s invasion of Ukraine and the West’s strong reaction, energy security is of paramount concern. Oil will have to be sourced from further away than in the past, creating longer voyages. Uncertain times also encourage hoarding among some buyers, adding to demand for oil and for the NAT tankers.
7) NAT in particular stands to benefit from the fact that the supply of Suezmax tankers will remain at historic low levels for at least the next two or three years. Only 14 new ships are currently on order, representing only 2% of the existing fleet. This is a 30 year low. Environmental regulations, increased steel and production costs, and higher interest rates make investing in new ships challenging. A small order book for new tankers has always been positive for our industry.
8) 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, the NAT fleet is reducing emissions.
9) Financial information for the fourth quarter of 2022 and for other periods is enclosed in the full report below.
Sincerely
Herbjørn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd
Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – Investor Conference Call
Thursday, February 23, 2023
Dear Shareholders and Investors,
Our 4Q 2022 earnings will be released Monday February 27, 2023, before NYSE opening.
On Tuesday March 7, 2023, we will host an Investor Conference Call to give an update on the position of Nordic American Tankers Ltd.
Date: Tuesday, March 7, 2023
Time: 8 AM US Eastern Standard Time (EST) / 2 PM Central European Time (CET)
Dial-in details to be circulated later.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – Some reflections at the start of the New Year
Wednesday, January 4, 2023
Dear Shareholders & Investors,
I thought I would share with you my thoughts for what I think 2023 holds for our company.
The last days of 2022 are a good harbinger for the future: We concluded four contracts at rate levels of about USD 40,000 to USD 50,000 per day ranging between 30 days to 50 days each.
As we have seen in the past, political uncertainty creates demand for the transport of oil. As a consequence of Russia's invasion of Ukraine and the West's strong reaction, energy security is of paramount concern. Oil will have to be sourced from further away than in the past, creating longer voyages. Uncertain times also encourages hoarding among some buyers, adding to demand for oil and for the NAT tankers.
I also see a longer-term trend, and that is the increased demand for oil, in particular from Asian economies. Over the last decades, hundreds of millions of people have been lifted out of poverty. A strong middle class has taken root and continues to grow rapidly, producing an ever-expanding appetite for oil.
Finally, NAT in particular stands to benefit from the fact that the supply of Suezmax tankers will remain at historic low levels for at least the next two or three years. Environmental regulations, increased steel and production costs, and higher interest rates make investing in new ships quite challenging. A smaller order book for new tankers has always helped our industry.
As the owner of a versatile fleet of Suezmax tankers, NAT is ideally positioned to meet the opportunities and challenges of this year and beyond.
I am highly optimistic about the future, and wish you and your families the best for 2023!
Yours sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd
Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – Update on spot contracts
Friday, December 9, 2022
Dear Shareholders and Investors,
Below are the 5 most recent contracts for our suezmax ships, showing the level of the market. All numbers are approximations.
Vessel fixed to a major oil trader for a voyage from West Africa to the US East Coast. Time Charter Equivalent (TCE) of above $70,000/day over more than 40 days.
Vessel fixed to a Far East energy company for a voyage from Arabian Gulf to the Far East. The TCE is above USD 70,000/day over more than 30 days.
Vessel fixed to an international oil major for a voyage from South America to UK/Continent. TCE above USD 80,000/day over more than 40 days.
Vessel fixed to an international oil major for a voyage from US Gulf to UK/Continent. TCE above USD 70,000/day over more than 45 days.
Vessel fixed to a Far East major oil company for a voyage from the Arabian Gulf to the Singapore area. TCE is above USD 50,000/day over more than 30 days.
The numbers above give a picture of the current market level.
The operating costs for our ships are about USD 8,000 per day.
For contacts, please see at the end of this communication.
Sincerely,
Herbjorn Hansson
Founder Chairman & CEO
Nordic American Tankers Limited
www.nat.bm
Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – Investor Conference Call Transcript available
Tuesday, December 6, 2022
Dear Shareholders and Investors,
On Friday December 2, 2022, we held an Investor Conference Call about Nordic American Tankers Ltd.
A Transcript of the conference call is now available and can be distributed to interested parties on request.
Please send an e-mail to Liv-Heidi.Henriksen@scandicamerican.com, who will provide the transcript.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – Report September 30, 2022 (Third quarter 2022) - Good times for our Suezmax tankers. Increased dividends expected.
Wednesday, November 30, 2022
Dear Shareholders and Investors,
Please see HIGHLIGHTS and the enclosed 3Q 2022 report below.
Highlights:
1) The average Time Charter Equivalent (TCE) for our fleet during the third quarter of 2022 came in at $27,850 per day per ship, up from the second quarter of $20,080 per day per vessel. Rates have risen dramatically during the fourth quarter and so far, 74% of our spot voyage days have been booked at an average TCE of $54,100 per day per ship. Our operating costs are $8,000 per day per ship.
2) The net profit for 3Q 2022 was $10.0 million or an Earnings per share (EPS) of $0.05. The second quarter saw a net loss of -$4 million and an EPS of -$0.02. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 3Q 2022 doubled from the previous quarter and came in with a positive $29.6 million, compared to an EBITDA of $14.2 million in 2Q 2022.
3) As previously announced, the dividend for the third quarter of 2022 will be 5 cents ($0.05) per share and will be payable on December 20, 2022 to shareholders on record as of December 6, 2022. Based on our fourth quarter performance so far, we anticipate the dividend for the fourth quarter could double, compared to the third quarter payout. This dividend is expected to be announced in February 2023 and paid in March 2023.
4) Political uncertainty has always stimulated demand for our ships. Given the geopolitical realities we face now, oil will have to be transported over longer distances than in the past, increasing ton-mile and demand for our tankers.
5) The orderbook for new suezmax tankers scheduled to join the global fleet currently stands at 11 ships (2% of the world suezmax fleet) through 2024. A low orderbook is a leading indicator of improved utilization and earnings for our tankers.
6) The combination of ton-mile expansion and low supply growth is bullish news for our vessels for 2023 and beyond. NAT has 19 one-million barrel suezmax tankers on the water, making money every day, Sundays and Holidays included.
7) The NAT fleet of versatile suezmax tankers offers flexibility in loading and discharging around the world that helps our clients manage their requirements efficiently under quickly changing circumstances.
8) Through careful voyage planning and adjustment of speed of our vessels, the NAT fleet is reducing emissions.
9) NAT has one of the lowest debt levels among publicly listed tanker companies. Our net debt stood at $224 million equal to $11.2 million per ship at September 30, 2022. In the solid tanker market we now see, our debt is reduced by the day. The objective of NAT is to become more or less debt free, which was the case in the past.
10) Financial information for the third quarter of 2022 and for other periods is included in the report attached below.
Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – Investor Conference Call
Monday, November 28, 2022
Dear Shareholders and Investors,
Our 3Q 2022 earnings will be released November 30, 2022, before NYSE opening.
On Friday December 2, 2022, we will host an Investor Conference Call to give an update on the position of Nordic American Tankers Ltd.
Date: Friday, December 2, 2022
Time: 8 AM US Eastern Standard Time (EST) / 2 PM Central European Time (CET)
Dial-in details are enclosed below.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.
Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – 3Q 2022 dividend announcement
Thursday, November 10, 2022
Dear Shareholders and Investors,
Our 3Q 2022 earnings will be released November 30, 2022 before NYSE opening. A guidance for the NAT performance for 4Q 2022 will also be provided in the release.
For 3Q 2022 the Board of NAT is declaring a 5 cent dividend ($0.05) per share. This reflects both favorable markets for our ships and the company's bedrock belief in dividends.
This dividend marks our 101st consecutive quarterly dividend. It will be paid Tuesday, December 20, 2022, to shareholders on record Tuesday, December 6, 2022.
As previously announced, the NAT Annual General Meeting is being held November 17, 2022 and will follow the standard procedures of previous AGMs.
The prospects are good for increased dividends going forward.
For contacts, please see at the end of this communication.
Best regards,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.
Gator44
2年前
Tanker rates are strong.
Insiders are buying.
Nordic American Tankers Ltd (NYSE: NAT) - Last fixtures
Source: GlobeNewswire Inc.?
October 24, 2022
Last three fixtures:
Contract $ 60,000 / day - 14 days
Contract $ 64,000 / day - 37 days
Contract $ 76,000 / day - 42 days
Our operating costs are $8,000 per day.
Best regards
Herbjorn Hansson
Founder, Chairman & CEO
Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – 2022 Annual General Meeting of Shareholders (AGM) Friday, October 7, 2022
Dear Shareholders and Investors,
In our press release of June 7, 2022, we informed you about the date of the 2022 Annual General Meeting (AGM) in Nordic American Tankers Limited (NAT). The date has been set to November 17, 2022.
Please be informed that the record date is September 26, 2022, for the determination of the NAT shareholders entitled to receive notice of and to vote at the AGM or any adjournment thereof.
The Notice of the Meeting and Proxy Statement will be available with the Securities and Exchange Commission (SEC) on a form 6-K today, October 7, 2022.
The AGM will take place in Monaco.
For contacts, please see at the end of this communication.
Best regards,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.
conix
2年前
TOP Ships Announces a 412% Increase in Net Income for the Six Months Ended June 30
September 28 2022 - 08:57AM
TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for six months ended June 30, 2022.
For the six months ended June 30, 2022, the Company reported:
Total revenues of $38.8 million (53% increase from 1st half 2021)
Net Income of $8.6 million (412% increase from 1st half 2021)
Adjusted EBITDA of $26.9 million* (88% increase from 1st half 2021)
Total Assets of $475.4 million (44% increase from December 31, 2021)
Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:
“We are very happy to report a dramatic year-on-year increase in net income for the six months ended June 30, 2022, which represents our highest reported net income for a six month period since 2005. Furthermore, as of June 30, 2022, our fixed revenue backlog is about $278.5 million and our charter coverage is as per below table:
Year Time Charter Coverage
2022 (remainder) 100%
2023 100%
2024 76%
2025 17%
2026+ 10%
”
Eurotradr
2年前
Nordic American Tankers Ltd (NYSE: NAT) – Report June 30, 2022 (Second quarter 2022) – an unbroken string of 100 quarters of dividend payments. Ship values and rates are up
Tuesday, August 30, 2022
Dear Shareholders and Investors,
Please see HIGHLIGHTS and the enclosed 2Q 2022 report below.
Highlights:
The average time charter equivalent (TCE) for our fleet during the second quarter of 2022 came in at $20,080 per day per ship, which is a substantial improvement compared with the first quarter of $8,870 per day per vessel. The third quarter has started at an even stronger pace. This obviously bodes well for our suezmax tankers.
As this year has shown, energy security is at the top of the global agenda. More oil is clearly needed. Given the geopolitical realities, oil will have to be transported over longer distances than in the past. This is positve for our fleet of suezmax tankers, which offer flexibility in the marketplace.
The orderbook for new suezmax tankers scheduled to join the global fleet currently stands at only 13 ships (2% of the world suezmax fleet). This is a historic low by any measure, and major shipyards have limited capacity to deliver more suezmax tankers before 2026. NAT has 20 one million barrel suezmax vessels on the water. Our fleet is in an excellent position to reap the benefits of a tight market.
Adjusted EBITDA for the second quarter improved significantly and came in with a positive $14.2 million. This compares with an EBITDA of -$7.7 million in the first quarter of the year. We recorded a net loss of -$4.0 million or an EPS of -$0.02 for the second quarter 2022 compared to the first quarter, which saw a net loss of -$27 million and an EPS of -$0.14.
Our dividend payment for the second quarter is our one hundreth quarterly payout to our shareholders. We are proud of this achievement, a record that is unmatched by any other public tanker company. In aggregate, more than $49 per share have been distributed over the years. The dividend number 100 will be 3 Cent ($ 0.03) per share and will be payable on October 12, 2022 to shareholders on record as of September 15, 2022. NAT is a dividend-driven company, and with improved earnings, higher dividends can be expected.
NAT has one of the lowest debt levels among publicly listed tanker companies. 15 of our ships are financed through a cooperation with a financial institution in Dallas, Texas, where the current gross borrowing is about USD 10 mill per ship. At the time of this report there are 20 vessels in the NAT fleet. Separate financial arrangements are in place for the other 5 vessels. The value of the NAT fleet has increased strongly in the recent past.
The first of our recent newbuildings was delivered on May 14th and our second newbuilding was delivered on June 30, 2022. Both vessels have commenced six-year time charter contracts, ensuring earnings, cashflow and financial stability.
The sale of our last 2002-built suezmax took place in July at a price of about $16 million. The proceeds from the sale were used to pay down debt.
Financial information for the second quarter of 2022 and for other periods is included in the attached report.
For contacts, please see at the end of this communication.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Limited
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