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Money runs out for the Sandefjord-shipowner

(Obi.en): The united STATES-listed tankrederiet to the Sandefjord-based Herbjørn Hansson, Nordic American Tankers, let in the go forward numbers of last year's

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Money runs out for the Sandefjord-shipowner

(Obi.en): The united STATES-listed tankrederiet to the Sandefjord-based Herbjørn Hansson, Nordic American Tankers, let in the go forward numbers of last year's fourth quarter.

despite strong tankrater at the end of 2018, ended the fourth quarter with a loss of 10.5 million dollars after tax for suezmax-the shipping company. A recovery against it is not entirely comparable profit after tax in the fourth quarter of 2017, which ended on minus 151,4 million dollars, characterized by impairment of ships and goodwill of 129,5 million dollars. In last year's third quarter was the bottom line for comparison, at minus 38 million dollars.

the operating profit ended on the positive side for the first time in a long time. Before interest and other expenses, the result was 5.4 million dollars. The total revenue amounted to 44,2 million dollars in the quarter, compared to 36,7 million dollars the same quarter the year before.

TCE rates in the quarter was 20.100 dollar per day, compared with 13.800 dollars per day the same period in 2017. In the third quarter of 2018 was TCE rates of 12.000 dollars. The rates were still far below what was reported during the quarter. At the end of november last year, was snittratene for suezmax ships of around 50,000 dollars per day.

the tanker market for our suezmaxer is strong – the strongest we have seen in many years, " said Hansson.

In this interim report, type the company that for various reasons is not TCE indices, a precise measure of the rates their ships achieve.

For all the 2018 was the result after tax of minus 95,3 million dollars, compared to negative 205 million dollars in 2017.

Enough a quarter with the dividend

despite the red bottom line, does not stop the Hansson from maintaining the rekordlange utbytterekken, and the company pays thus now it is 86. the dividend in a row. Not surprisingly, the increased yield from one to four cents compared with the previous quarter where the bottom line was even redder.

In the report, type the company that the goal is to increase the dividend when it is reaping the benefits of a stronger tankmarked. For the moment is spot-charter rates for suezmax vessels of about 20,000 dollars a day, and the company says that it these days has covered 70% of the revenue in the first quarter to a rate of 25,000 dollars per day, or more. It is far above the 11.500 dollar per day as the company previously stated that its cash break-even.

New funding gives flexibility for dividends in

Last week got the company in place new financing of us Beal Bank of Dallas, one of five senior secured credit facility at 306 million dollars. The credit facility replaces the loan Nat has had at DNB, Norda and SEB.

the Company writes that the new funding will help to give Nat a competitive cash brek-even, and even more importantly, it will provide Nat greater financial flexibility, including to pay dividends.

the Board of directors of the company focuses on reducing debt in the company, an additional, and along with the leasing agreement for the three newbuilds in 2018 with Ocean Yield, are all long-term financing in place with the new credit facility. By the end of 2018 had Nat a debt of 15.5 million dollars per ship.


the tanker market has been very volatile lately, and the rates are now far below levels one saw in the fourth quarter. In the report type Nat that in the short term can tankratene is expected to be volatile, but the company's strategy to have a strong balance sheet and to pay dividends remains steadfast.

- It is the present and the future which is important for Nat , prints the shipping company.

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