Nordic American Tankers Limited(NYSE:NAT) Raises Daily Rates


Dallas, Texas 01/22/2014 (FINANCIALSTRENDS) – Nordic American Tankers Limited(NYSE:NAT) suggestive of its name offers wide range of services in the tanker and  shipping industry. Originally called Nordic American Tanker Shipping limited, the company has proved to be an international player with wide-range of top-notch tankers. The fleet includes 20 sophisticated double-hull Suezmax tankers which have also included four new building vessels. Each of them average 157,000 dwt each.

Nordic American Tankers Limited(NYSE:NAT) holds a market cap of $942.78million and volume of 5,988,029. The stock price for the company has been $12.61 and the 52week low is $7.00. The EPS is -1.21 and the dividend rate of 0.64. The yield is 5.70.

CEO letter to shareholders on new rates

Nordic American Tankers Limited(NYSE:NAT)  CEO and Chairman Herbjorn Hasson, has since offered to share with his stock holders rates of the tankers operated by the company – Suezmax. The rates have been substantially revised to $55,500 and $76,500 per day, which will again be further customized subject to the route the delivery, will be handled. The daily sport contract rate will be a primary driver for the company as it follows the daily sport market leasing business model.

Nordic American Tankers Limited(NYSE:NAT) has since been able to sustain around the $12 k per day price range over the past few days. If the new rates are to come into effect, the company is expected to see substantial performance over 2013 annual lookout. In November last, the company had packed a lot of action with rallies seen only in the last stretch of the month. The company had also offered $65 million is a common share, which stood at -8.7%. The new funds were directed at increasing the off shore facilities such as the ownership of Supply vessels, which will now include six models to the platform, it already holds.