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NAT trumps Q1 with $30.9m second quarter profit

NAT trumps Q1 with $30.9m second quarter profit
Nordic American Tankers (NAT) has reported a $30.9m profit for the second quarter, reversing a $16.5m loss in the same period last year.

Despite the usual seasonal drop in second quarter earnings for the tanker market, the improved profit exceeds that earned in the first quarter of this year, where the company earned $27.7m.

Average taker rates in Q2 2015 were $38,800 per day, compared with $37,000 per day in 1Q 2015 and $12,100 per day in 2Q 2014.

NAT recently concluded arbitration with Gulf Navigation Holdings over the Nordic Harrier, with NAT being awarded $10.2m. The companies have agreed that the amount will be paid in mandatory convertible bonds, which will be swiftly converted to shares and sold over time on the Dubai exchange.

Outside of the quarter, NAT bought a pair of suezmaxes averaging five years old, bringing the companys' total fleet to 26 vessels, including a pair of newbuilds due for delivery in late 2016 and early 2017.