NAT reports strong start for Tanker Market in Q1 2020

(Image Courtesy: NAT)

Nordic American Tankers on Thursday stated that the first quarter of 2020 has reflected a strong start that is well above the last quarter in 2019. Addressing its investor, the company said, it is also good for the tanker market that China and USA seem to be coming to terms on expanding energy cooperation.

“In summary, the strong tanker market is continuing, far above the numbers for many years. In a January 7, 2020 message we informed about our first fixture of 2020 with a Time Charter Equivalent (TCE) in excess of $100,000 per day.” NAT added.

For reference, (not for accounting purposes), below is a list of NAT’s last spot market fixtures concluded up until the release of this message:

Fixture 1: TCE $50,000 per day for 50 days
Fixture 2: TCE $90,000 per day for 40 days
Fixture 3: TCE $65,000 per day for 35 days
Fixture 4: TCE $75,000 per day for 50 days
Fixture 5: TCE $31,000 per day for 25 days

The operating costs of NAT vessels are about $8,000 per day per ship.

“We shall publish our 4Q 2019 results February 18, 2020. Our dividend declaration shall be on the same date. Going forward, there is scope for increased dividends compared with the last years,” NAT added.

Sea News, January 17