Nordic American Tankers (NAT), a US listed Suezmax operator that is managed from Norway, has reported a much improved result for both the second quarter and first half of 2015 compared with the same periods a year earlier.
In the second quarter of 2015, the group made net profits of USD30.9 million compared to a loss of USD16.5 million in the same period last year. Revenues rose to USD73.4 million from USD22.6 million.
In the first half of 2015, the profit amounted to USD58.6 million compared to a loss of USD12.5 million a year earlier. Revenues rose to USD143.0 million from USD67.6 million.
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“So far in 3Q15, we have secured higher average rates than in the two preceding quarters of the year. In 2Q15, NAT continued to benefit from both a solid Suezmax tanker market and a top quality fleet,” the company said in a statement.
A homogenous fleet reduces NAT’s operating costs, which is helping to keep cash breakeven below USD12,000 per day per vessel.
NAT has 22 vessels in service. Another four ships are to join its fleet, two of which are newbuildings and two recently acquired second hand units.
“Over the recent past the Company has improved its relative position. In an opportunistic way NAT is now assessing investments that will further enhance the position of the company,” NAT said.