Hamilton, Bermuda - September 23, 2019
Dear shareholders and investors,
Spot rates for our Suezmax tankers are on the move. There is a strong upward pressure on major Suezmax tanker-routes.
This development continued last week. The market level for our ships has improved to more than $40,000 per day at the start of this week – Monday September 23. The level of operating costs for our ships is about $8,000 per day/per ship.
At this time there is a shortage of available ships, in particular in the Atlantic basin.
Having a large part of our fleet in the short term voyage market, we believe that NAT is able to benefit from this development.
The situation described above bodes well for the time to come. We have again seen that the market for our tanker ships may move fast within a short period of time.
As informed you Monday September 16, Middle East politics are important drivers now, creating more demand for our vessels.
Board members and management have recently adjusted their shareholdings in NAT upwards for an aggregate amount of about $500,000.
Nordic American Tanker Shipping Ltd., press release