Nordic American Tankers Ltd (NYSE: NAT) – Report March 31, 2022 (First quarter 2022) – Daily rates improving
31 Maio 2022 - 08:22AM
Tuesday, May 31, 2022
Dear Shareholders and Investors,
Please see HIGHLIGHTS and enclosed 1Q 2022 report below.
HIGHLIGHTS:
The future of our business is sound
- The uncertainty created by the Russia/Ukraine conflict
is reshaping the energy map of the world long term. Oil will have
to be sourced from a myriad of places, often involving longer
(ton-mile) and thus more lucrative voyages. The NAT fleet of
versatile suezmax tankers is ideally situated to take advantage of
these changing circumstances. We have not carried Russian oil
during the last year.
- New oil tankers joining the global fleet are in short
supply going forward. Major shipyards are reporting they have
little or no capacity to build suezmax tankers before 2026. This is
a very bullish data point both for the market over the long run and
for NAT.
- The average TCE for our active fleet during the first
quarter of 2022 came in at $8,870 per day per ship. So far in the
second quarter of 2022, 70% of our fleet is booked at an average
TCE of about $20,000 per day per vessel (+ 125%). This is the best
illustration possible of an advantageous market for our suezmax
tankers.
- With global oil inventories at critically low levels
and the present political uncertainties, the improvement in tanker
markets has accelerated.
- We recorded a net loss of -$27 million or an EPS of
-$0.14 for the first quarter 2022. The same quarter last year saw a
net loss of -$25.0 million and a corresponding EPS of -$0.16 based
on the average number of shares outstanding in the
quarter.
- The cash dividend for 1Q 2022 is 2 cent ($0.02) per
share, payable on Wednesday July 6, 2022, to shareholders on record
Tuesday June 14, 2022. This is our 99th consecutive quarterly
dividend payment.
- NAT has one of the lowest debt levels among publicly
listed tanker companies. The net debt of the company as per March
31, 2022 is $226.9 million or $11.3 million per vessel. This
provides the company with financial flexibility. Our objective is
to become debt free.
- Our newbuilding, The “Nordic Harrier” built by Samsung
in South-Korea was delivered on schedule May 13, 2022. The second
newbuilding will be delivered at the end of June. Both vessels are
commencing six year time charters immediately upon delivery from
the yard, ensuring earnings, cashflow and financial stability. The
vessels are fully financed.
- We have during the first four months of 2022 sold three
of our 2002 built vessels. The ships were delivered to new owners
on February 18, March 23 and April 12, 2022 respectively. A total
of four vessels have been sold since we announced plans to refresh
our fleet. The proceeds from these sales, which totalled about $60
million were used to pay down debt. We expect to sell one more 2002
suezmax at about $16 million.
- Financial information for the first quarter of 2022 and
for other periods is included later in this report - see link
below.
For contacts, please see at the end of this
communication.
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.
NAT is a Bermuda based company.
Contacts:
Bjørn Giæver, CFO
Nordic American
Tankers Ltd
Tel: +1 888 755
8391
Herbjørn Hansson, Founder, Chairman & CEONordic American
Tankers LtdTel: +1 866 805 9504
Nordic American Tankers (NYSE:NAT)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024
Nordic American Tankers (NYSE:NAT)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024