Bermuda - November 14, 2018
The rates for our suezmax tankers have strengthened substantially recently. Now the spot market for our ships has gone up further.
As provided by the Fearnleys suezmax reports, average TCE earnings for the three first quarters of 2018 were $6,000/day- on average.
The daily rates for five typical suezmax routes were yesterday, November 13, 2018:
The higher the suezmax tanker rates are, the better the ability of NAT to pay dividend - a key policy element of NAT.
Spot market earnings are volatile. Volatility is often a sign of an improved underlying market balance.
We shall continue to report precisely and meaningfully.
Nordic American Tanker Shipping Ltd., press release