Another quarter in the black for NAT

In the third quarter last year the suezmax owner recorded a $19.2m loss; net voyage revenues have almost doubled since that period, from $22.5m to $40.9m.

The splash of black ink still leaves the nine month figures in the red. Despite two of the first three quarters of the year being profitable, a $15.6m loss in Q2 leaves the company's nine month loss at $11.2m, improving on a $83.3m loss at the same point in 2013.

Average rates for the quarter were around $21,000 per day, up from $12,100 per day in the second quarter. The company's suezmax fleet grew to 22 vessels during the quarter, as NAT took delivery of two secondhand ships in July and August.

In its assessment of the market, NAT highlighted an increase in tonne mile demand as reduced US imports are countered by increase imports in the Far East.

On the supply side a global suezmax orderbook of 54 vessels represents 12% of the fleet, down from a peak of 50% in 2009. Five newbuilding deliveries have been made so far this year with nine more slated by the end of 2014, although NAT expects the actual number of deliveries to be lower.