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Second quarter loss drags NAT into the red for H1

Second quarter loss drags NAT into the red for H1
Nordic American Tankers (NAT) has announced a $16.5m loss for the second quarter, bringing its first half loss to $12.5m.

The first quarter 2014 was NAT's only profitable quarter in the past four years of trading, with a net income of $3.9m.

Second quarter earnings took a tumble compared to the first quarter as the busy winter period ended. Second quarter average rates of $12,100 per day were under half of the $26,300 per day earned in the first quarter.

Net voyage revenues compared to the previous year more than doubled for both the quarter and the half however, from $10.2m to $22.6m and $27.2 to $67.6m respectively.

NAT continues to see strong market fundamentals with a small orderbook for the global suezmax fleet and imports to Asia offsetting the decrease in imports to the US in terms of ton-mile demand.

The company's uptake of stock in Nordic American Offshore left it with a 17% stake after distribution of shares to NAT stockholders, leaving it with an unrealised gain of $12m. The NAO shares also paid a $2m dividend and are expected to continue paying dividends.

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