The net profit improves on a $32m loss in the same period 2013, a year with a total loss of $105.4m for the tanker owner. Revenues in the first quarter of $45m were a notable increase on Q1 2013's $17.2m, and more than half of the $70.2m earned in the whole of last year.
The company attributed its improved performance to significantly better time charter results, although it still sees volatility in the market. Average daily rates of $26,300 for Q1 are a significant improvement on the Q4 2013's $14,100 per day average, although rates have since weakened.
NAT hopes that it will be better placed to take advantage of improved rates going forward as off-hire time due to drydocking will be minimised by investing heavily in drydocking and maintenance over the past two years of weaker rates.
The company's $65m investment in Nordic American Offshore (NAO), which left NAT with a 26% stake, has already yielded $2m from NAO's first dividend and the offshore offshoot is expected to list on The New York Stock Exchange soon.
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