Losses rise at Nordic American Tankers

Voyage revenues for the year slumped to $70.2m from $92m in 2012, leading to a 2013 operating loss of $93.6m, up from $67.9m in 2012.

The company forecast better times in 2014, where it sees opportunities born from narrowing fleet growth and a limited yard capacity for suezmax newbuildings through to 2016.

NAT's 20-strong fleet of suezmaxes is exposed to the spot market where seasonal fluctuations boosted earnings at the end of the year, which it says will lead to improved Q1 2014 figures.

During the course of 2013 NAT created, and invested $65m in, Nordic American Offshore, an owner and operator of Platform Supply Vessels (PSVs). This investment and others were covered by $172m in net proceeds from the sale of newly-issued stock.

NAT ended the year with $65m in cash, up $10m on the end of 2012.