Nordic American Tankers Ltd (NYSE: NAT) – Report as per September 30, 2024 – Prospects for our Suezmax tankers are good
29 November 2024 - 12:28PM
Friday, November 29, 2024
Dear Shareholders and Investors,
Highlights:
The international profile of NAT is reflected in
the fact that during the last five years our ships have loaded
& discharged in 68 countries. Ninety day periods offer a
short-term snapshot of a company. However, it is more constructive
to view the longer-term picture. The direction of NAT is
unquestionably upwards, and there is room for profitable
growth.
1. During the third
quarter 2024, we concluded time-charter (T/C) contracts with
international and national oil companies. These contracts represent
an aggregate net revenue of about $125 million. Our customers see
that there is a scarcity of suezmax ships, which is one reason why
they enter into long-term contracts with us.2. During the last few
years, the amount of sanctioned oil transported by the low quality
“dark fleet” has grown. NAT does not participate in this trade. We
do not transit the Suez canal or trade in the Red Sea. Measures
that are expected to be implemented by the new US administration
after January 20, 2025, could impact NAT positively, creating more
transportation work.3. For the ninety-two day period ending
September 30, 2024, NAT produced a net profit of $8.7 million,
which is an earnings per share of $0.04. This compares with a net
profit of $7.5 million for the same quarter last year.4. During the
third quarter of 2024 the average NAT time charter
equivalent for all our ships, in spot and on time charter, was
$30,656 per day per ship. The daily operating costs per ship are
about $9,000, leaving NAT with a solid margin.5. Since its
inception in 1995, NAT has been a dividend company, a path we shall
continue to follow. We plan to increase our fleet with a couple of
ships, which should positively impact dividend payments. The
dividend for the third quarter is 4 cents ($0.04) per share. This
is our 109th consecutive quarterly cash dividend declaration. The
dividend is payable January 16, 2025, to shareholders on record as
of December 17, 2024.6. Through careful voyage planning and
adjustment of speed of our vessels, we reduce emissions. It is a
fact that each individual ship in the NAT fleet is of excellent
technical condition, as demonstrated in the vetting performance,
the score card undertaken by our customers.
Most of our business is with major oil and energy
companies.
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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