Nordic American Tankers (NYSE 496 0 Kommentare NAT) - The 4th Quarter 2018 report - In an important transaction, NAT has a new financial structure. Markets are positive.

Link to the complete 4th Quarter 2018 report: http://hugin.info/201/R/2235705/880207.pdf

Hamilton, Bermuda, February 19, 2019

Highlights:

With this report we announce our 86th consecutive quarterly distribution. The dividend is 4 cents per share (up from 1 cent in the previous quarter) payable March 15, 2019, to shareholders on record march 1, 2019. It is our objective to increase the dividend as we reap the benefits of stronger tanker market fundamentals.
The Net loss for 4Q2018, (after depreciation, G&A and finance charges), came in at -$10.5 million. This was a substantial improvement from the previous quarter (3Q2018) which saw a Net loss of -$37.9 million. the net operating earnings was $5.4 million for Q42018 and The Adjusted Net Operating earnings[1] was $23.6 million for 4Q2018. In 3Q2018 the Adjusted Net Operating Earnings were $2.1 million. i.e. the 4q2018 was $21.5 million better than the previous quarter. in 4Q2017 the corresponding number was $11.2 million. Later in this report we have included relevant financial information for 4Q2018 and for other periods.
It is important to note that we have concluded a refinancing of the company with csg investment, funded by Beal bank Texas, USA. this refinancing strengthens the position of nat going forward. The new capital structure allows for greater flexibility as regards dividend payments.
The present and the future are the important elements for NAT.
A large volume of nat shares are bought and sold daily.
NAT is working with the largest energy companies in the world, serving them reliably with a top class suezmax fleet of 23 vessels.
The world economy is still strong, with the us and the far east as the driving forces. what is good for the world economy and world trade is good for our business.
NAT is well positioned in the tanker market. The historic average market rate for the last 25 years was about $30,000 per day per Suezmax vessel. Such earnings would give a solid excess cashflow from operations.
We would note that the tce (time charter equivalent) for our vessels in 4Q2018 was $20,100 per day per ship compared to $12,000 in 3Q2018. for a variety of reasons, the reported tce-indices in the market is not a precise measure of our vessels performance. The tce-indices indicate the level of the market.
Tanker markets are volatile but our strategy remains steadfast.
At the time of this report we have covered 70% of the income in 1Q2019 at about $25.000 per day, or more.