Nordic American Tankers Ltd (NYSE: NAT) – tanker market up strongly

Bermuda October 11, 2018

 Recently, the tanker industry has suffered from deteriorating earnings, lower dividends and stock prices.

http://bbn.firetrench.com 

We are happy to inform our friends that the spot market for our ships now has tripled from just a few months back, and doubled just from 10 days ago. That’s good for all of us.

 

Just to illustrate, here is a snapshot at months beginning, of reported TCE earnings from West Africa (one of our main routes) during 2018:

 

1st January 2018 TCE rates ~$6000/day

4th April 2018 TCE rates ~$4000/day

2nd July 2018 TCE rates ~$6000/day

1st October 2018 TCE rates ~$9600/day

Yesterday 10th October TCE ~$20600/day  

 

This means a world of difference.

 

If spot markets increase another 25% and stays there for 12 months, we could earn 25% of our market cap in a year.

 

Spot market earnings are volatile, but volatility is usually a sign of an improved underlying market balance and we have been firm believers in a market turnaround this year.

 

Best regards!  

 

Herbjorn Hansson

Chairman & CEO

Nordic American Tankers Ltd