Voyage revenues fell to $17.2m in Q1 2013 from $30.4m in the same period of 2012. The company's operating cash flow was $4.9m in the red for the first quarter 2013, compared with a positive $11.4m in the same period 2012.
The first quarter loss matches a similar $32.5m loss in the last quarter of 2012 for the spot market suezmax company.
The fleet, with an average age of 10.8 years, bears net debt at $8.2m per vessel across its 21 vessels, with $250m of a $430m non amortising facility drawn and $23m cash on hand.
On 1 January 2013 NAT took full control of the Orion Tanker Pool, through which all of its tankers are employed, a move that cost $270,000.
Planned off hire for the fleet, covering drydockings, contributed 127 of the 177 off hire days in the first quarter.
Looking ahead, the company sees positive signs for its sector of the tanker market, "It is likely that the suexmax fleet will shrink in 2014. As a matter of policy the company does not attempt to predict future spot rates. Rates may change quickly," it said in its earnings release.
"The current orderbook stands at 49 vessels which represent 11% of the suezmax fleet. We believe a number of these 49 vessels may never be delivered. At the time of this report, the orderbook for 2014 counts only 5 suezmax vessels," it went on.
Just outside of the quarter, a stock issue on 1 April earned NAT $102.2m.
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