Bermuda-headquartered Nordic American Tankers (NAT) ended the second quarter of 2015 with USD 30.9 million net profit, compared to USD 16.5 million net loss recorded in the same period a year earlier.
NAT attributes improved results to a slide in oil prices, which led to increased transportation requirements and lower fuel costs. Tanker rates achieved on average for 2Q2015 were about USD 38,800 per day per vessel for NAT’s trading fleet, as against USD 37,000 per day per vessel achieved in 1Q2015 and USD 12,100 in 2Q2014.
The company’s net voyage revenue for the 2QFY2015 of USD 73.5 million was over three times higher compared to USD 22.6 million net voyage revenue in the same quarter a year earlier.
”So far in the third quarter, we have secured higher average rates than in the two preceding quarters of the year. In 2Q2015, NAT continued to benefit from both a solid Suezmax tanker market and a top quality fleet (22 vessels in operation in 2Q2015 and 4 vessels expected to be included later in 2015 and thereafter). Cashflow from operations was USD 54.5m, compared with USD 51.0m in 1Q2015. For all of 2014, cashflow from operations was USD 77.7m compared with -USD 11.1m in 2013,” NAT said in its report.