Nordic American Tankers expects market to have hit bottom

Following a new loss in the third quarter, Nordic American Tankers assumes that the tanker market has hit bottom. Demand for oil is rising, and the carrier thinks its fleet is near a turning point for earnings.

Photo: Nordic American Tankers / PR

The third quarter became a financial gut punch to Herbjørn Hansson-owned tanker operator Nordic American Tankers (NAT). The company suffered a net loss of USD 44.7 million including impairments of USD 8.4 million against a minus of USD 28.7 million in the second quarter.

"The pandemic has lasted longer than we anticipated at the outset in early 2020. The third quarter of 2021 was the low point," Hansson writes in a press release, also stating that "NAT is through the low point".

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