Saturday, April 1, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home ships

Nordic American Tankers announces 2020 Results

11 months ago
in ships
Nordic American Tankers announces 2020 Results
Share on FacebookShare on Twitter


(Image Courtesy: Nordic American Tankers Limited)

Latest Oil News

Ship stuck in Egypt’s Suez Canal but traffic unaffected

Ship stuck in Egypt’s Suez Canal but traffic unaffected

February 1, 2023
IMO Updates Guidelines on Noise Pollution, But no Mandatory Rules for the Arctic

IMO Updates Guidelines on Noise Pollution, But no Mandatory Rules for the Arctic

January 31, 2023
A tiny Spanish port has become a new hub for Russian oil

A tiny Spanish port has become a new hub for Russian oil

January 30, 2023
Musandam, Oman’s gateway to open seas | Times of Oman

Musandam, Oman’s gateway to open seas | Times of Oman

January 29, 2023

Nordic American Tankers announced the financial results for 2020 on February 26. The company termed the full year 2020 & the 4th quarter – 2020 as a ‘good year’. Below are the details shared by NAT.

Highlights:

During 2020 we distributed $67.2 million in cash dividends and repaid our existing loans with a gross amount of $75.5 million.
The first half of 2020 was a strong period for NAT
The third quarter of 2020 came out positively with a timecharter equivalent of about $25,000 per day per ship
The fourth quarter of 2020 was weak
We undertook planned technical maintenance of our ships during softer market periods of 2020
At the time of this report the market has improved and we believe that we are close to a significant positive turnaround

“The full year 2020 produced a net income of $50 million or an earning per share (EPS) of $0.34. This is an improvement of about $60 million in 2020 compared to 2019, which produced an EPS of -$0.07.”

“We see strong oil demand, in particular from Asia for 2021. This is good for us. Oil will be required to improve standard of living for millions of people worldwide.”

“In the final quarter of 2020 we concluded the financing of the two newbuilding suezmaxes, which we ordered in September 2020. This financing offers us pre-delivery funding for the last two pre-delivery instalments of the newbuildings, if required.”

In December 2020, we expanded our senior secured loan with our existing lender in Texas with $30 million, as a liquidity reserve. Accordingly, our long term liabilities as per December 31, 2020 stood at $335.5 million.

During 2020, 11 of our vessels were taken through scheduled drydockings. The majority of these dockings were conducted during the second half of the year. For 2021, we have 4 vessels due for scheduled drydockings and our fleet is as such ready for a recovery.

Our top quality fleet as evidenced by “vettings” undertaken by the oil companies performed technically well last year.

The reduced oil production from OPEC+ during the fourth quarter of 2020 affected our earnings. The average time charter equivalent (TCE) for our trading fleet during the fourth quarter of 2020 was $8,700 per day per ship.

“We see that the market is finely balanced and there are clear signs we are going into a stronger market.”

Cash dividends are a priority for NAT. In 2020 we paid $67.2 million or 45 cents per share in cash dividends.

“We announce our 94th consecutive quarterly dividend. The dividend for 4Q2020 is 2 cents ($0.02) per share, payable on March 31, 2021, to shareholders of record March 12, 2021. With improved earnings, higher dividends can be expected.”

As communicated earlier, the Covid-19 situation has not impacted us to a significant extent.

Sea News, March 2



seanews.co.uk

Tags: AmericanannouncesNordicResultstankers
Previous Post

Official OPEC stats for January are out, results are worse than expected

Next Post

Stock Market Action Plan: Big Oil, Big Pharma, Inflation And Olympics Vs. Supply

Related Posts

Ship stuck in Egypt’s Suez Canal but traffic unaffected

Ship stuck in Egypt’s Suez Canal but traffic unaffected

by Oil Market News
February 1, 2023
0

A ship on Wednesday became stuck in Egypt's Suez Canal but traffic through the vital waterway was unaffected, a source...

IMO Updates Guidelines on Noise Pollution, But no Mandatory Rules for the Arctic

IMO Updates Guidelines on Noise Pollution, But no Mandatory Rules for the Arctic

by Oil Market News
January 31, 2023
0

According to the Arctic Council’s working group for the Protection of the Arctic Marine Environment (PAME), the amount of traffic...

A tiny Spanish port has become a new hub for Russian oil

A tiny Spanish port has become a new hub for Russian oil

by Oil Market News
January 30, 2023
0

Crew members transfer oil from one tanker to another.Photo: Sergei Karpukhin (Reuters)Ceuta, a tiny Spanish enclave at the tip of...

Musandam, Oman’s gateway to open seas | Times of Oman

Musandam, Oman’s gateway to open seas | Times of Oman

by Oil Market News
January 29, 2023
0

Muscat: The Governorate of Musandam, with its four wilayats: "Khasab, Bukha, Madha and Dibba", is a tourist area par excellence,...

‘It plays in my head every single day’: Survivor recounts Sentosa cable car accident,

‘It plays in my head every single day’: Survivor recounts Sentosa cable car accident,

by Oil Market News
January 28, 2023
0

The commission of inquiry investigating the accident found that of all the contributory causes of the accident, the failure of...

Embracing the Digital Logbook Revolution

Embracing the Digital Logbook Revolution

by Oil Market News
January 27, 2023
0

Pierre Domine, Quality Assurance & Investigation Specialist, Stolt Tankers Published Jan 27, 2023 5:01 PM by The Maritime Executive In...

Next Post
Stock Market Action Plan: Big Oil, Big Pharma, Inflation And Olympics Vs. Supply

Stock Market Action Plan: Big Oil, Big Pharma, Inflation And Olympics Vs. Supply

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

The Energy Venture Investment Summit-Arcadia Minerals Interview

The Energy Venture Investment Summit- Project Canary Interview

11 months ago
Crude Oil Shielded From Bond and Stock Market Rout

Sector Update: Energy Stocks, Crude Oil Surge in Late Friday Trading

5 months ago
Precious Metals Update: Gold And Silver Key Trends Rotate To Negative

Crude Oil Important Highlights on Supply-Side

11 months ago
James Brooke: Will Ukraine again feed the world? | Columnists

James Brooke: Will Ukraine again feed the world? | Columnists

8 months ago
Can China Shake Its Dangerous Addiction To Oil?

Can China Shake Its Dangerous Addiction To Oil?

10 months ago
ADVERTISEMENT
Chickens are ‘coming home to roost’ in the shale patch

Chickens are ‘coming home to roost’ in the shale patch

March 31, 2023

Vitol profits soar to record $15bn on back of energy crisis

March 30, 2023

US natural gas prices: déjà vu all over again

March 29, 2023

Is the oil price bounce on?

March 28, 2023

‘Full investigation’ promised into UK wildlife haven oil spill

March 27, 2023

Libyan state oil chief stresses support across divided country

March 26, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

Chickens are ‘coming home to roost’ in the shale patch

Chickens are ‘coming home to roost’ in the shale patch

March 31, 2023
Vitol profits soar to record $15bn on back of energy crisis

Vitol profits soar to record $15bn on back of energy crisis

March 30, 2023
US natural gas prices: déjà vu all over again

US natural gas prices: déjà vu all over again

March 29, 2023
Is the oil price bounce on?

Is the oil price bounce on?

March 28, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.