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".

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

OECD downgrades growth forecast for global economy

The global economy is still growing, though it's losing momentum, according to the latest growth estimate of the OECD's Economic Outlook. Bottlenecks in the shipping sector and elsewhere as well as pressure on supply chains have contributed to rising inflation.

Norden reshuffles management and dials up growth ambitions

Norden establishes a new business structure and a new senior management team. This will entail increased growth in the carrier's tanker pool and investments in port logistics for an annual USD 20-40 million, CEO Jan Rindbo tells ShippingWatch.

Further reading

Related articles

Latest news

See all jobs