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    Nordic American Tankers (NYSE  299  0 Kommentare NAT) - The 1st Quarter 2019 report - Refinancing finalized. Strong start to a promising year.

    Link to the complete 1st Quarter 2019 report: http://hugin.info/201/R/2244420/886311.pdf

    Hamilton, Bermuda, May 14, 2019

    Highlights:  

    • 1Q2019 was a busy quarter and also saw the best result for NAT since 2Q2016
    • With this report we announce our 87th consecutive quarterly distribution. The dividend is 0.03 cents per share payable on June 12, 2019, to shareholders on record May 28, 2019. It is our objective to increase the dividend as tanker markets improve.
    • the TCE (time charter equivalent) for our vessels in 1Q2019 saw an improvement of 30% from the previous quarter and came in at an average of $26,025 per day per ship compared to $20,100 in 4Q2018.
    • The Net profit for 1Q2019, (after depreciation, G&A and finance charges) totaled $5.6 million compared to a net loss of $10.5 million in 4Q2018 and a net loss of $19.7 million in 1Q2018. This was $16.1 million better than the previous quarter and $25.3 million better than same quarter last year. This is a substantial improvement and gives us a strong start to the year.
    • the net operating earnings improved by $12.9 million from the previous quarter totaling $18.3 million for 1Q2019 compared to $5.4 million in 4Q2018.
    • A better reflection of the company's cash generation, The Adjusted Net Operating earnings[1] was $34.3 million for 1Q2019 compared to $23.6 million in 4Q2018 and $4.4 million in 1Q2018. 1Q2019 was $10.7 million better than the previous quarter and $29.9 million better than the same quarter last year.
    • We made net cash repayments of our debt of $17.7 million during the quarter and our net debt at March 31, 2019 stood at $341 million equal to $14.8 million per vessel.  
    • During 1Q2019 we refinanced our credit facility with a $306 million secured loan and registered a $40 million ATM. Together with our 3 vessels delivered and financed last year, we now have a financial structure in place for all of our 23 vessels with better flexibility and longer maturities than we had only a few months ago.
    • Later in this report we have included relevant financial information for NAT 1Q2019 and for other periods.
    • We expect to see volatility in the tanker market during 2019 due to refinery adjustments that must be made to meet the new fuel regulations that come into full effect from 2020. these adjustments will be positive for tanker demand and we expect 2019 to be a better year than 2018. With the majority of our fleet in the spot market, NAT is well positioned for an improving tanker market in the coming years.

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    Nordic American Tankers (NYSE NAT) - The 1st Quarter 2019 report - Refinancing finalized. Strong start to a promising year. Link to the complete 1st Quarter 2019 report: http://hugin.info/201/R/2244420/886311.pdf Hamilton, Bermuda, May 14, 2019 Highlights:   1Q2019 was a busy quarter and also saw the best result for NAT since 2Q2016 With this report we announce our …