Bermuda June 12, 2019
Dear shareholders and investors,
The last 12 months have been the busiest period for Nordic American Tankers ever.
Sale of 10 suezmax vessels and delivery of 3 new suezmax units took place in the last six months of 2018 and ensured a renewal of our fleet which count suezmaxes only. The operating costs for the NAT fleet came down further.
Maximizing dividend is our strategy. We also aim at reducing the debt level and thereby lowering the cash break even further. The new 5-year loan of $306 million that we announced in February this year, is a key element in this strategy of maximizing dividend and reducing debt.
In 2Q2019, we have seen the normal seasonal downturn in that quarter. We expect a significantly improved tanker market ahead. Recent contracts for 3Q2019 loading confirm this, showing a clear strengthening trend for our vessels. We must remember that political unrest is often good for the tanker market. We now see increased oil exports from the US, which is a new trend.
The operational transition of our offshore business to a new group during the first half of 2019 will allow NAT to fully concentrate on the tanker business.
With the important changes taking place in NAT during the last year, we are positive on the outlook. The prospects for NAT are good.
Nordic American Tanker Shipping Ltd., press release