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Last Update: 13-May-13 07:55 ET
Nordic American Tanker shares little changed following miss on earnings
Nordic American Tanker (NAT $8.62 +0.00) reported first quarter net loss of $0.43 per share, ex - $0.16 of non recurring items, vs ($0.26) CIQ est. Spot rates achieved for 1Q2013 were slightly above the level of 4Q2012. Continued recovery in the world economy is required to increase vessel demand and rates. The Board declared a dividend of $0.16 per share for 1Q2013 to shareholders of record as of April 30, 2013. The dividend will be paid on or about May 14, 2013. Commentary: "...The tanker market remains challenging, though there are underlying signs of improvement. The orderbook for Suezmax tankers is shrinking and should have a positive impact on the tanker market rates in the future. The Imarex index, which measures the average daily rate for leasing a ship, was $12,466 for 1Q2013, approximately at the same level of what our operating fleet attained. In 4Q2012, the index was $11,533. By contrast, Imarex stood at $22,804 during the 1Q2012. When the market turns, which can take place quickly, the dividend can be expected to increase..."
