Hamilton, Bermuda, November 7, 2018
In our message of November 1, we referred to the fact that rates for our suezmax tankers were up strongly; 4 to 5 times higher than earlier this year. At the end of October, the average suezmax tanker index (Fearnleys) was at $28,700 per day. Since then a further strengthening of the tanker market has taken place.
Yesterday, we entered into a contract for about $47,000/day for more than 40 days. Yesterday, we also fixed another of our ships for about $35,000/day for 22 days. These two contracts are indications of a strong tanker market.
The NAT fleet is well positioned to reap the benefit of this market upswing. NAT has declared a dividend of $0.01 for the third quarter of 2018, which was weak. Going forward, increased dividends can be expected given the premise that the market remains strong. Prospects are promising and we are optimistic.