Nordic American Tankers benefits from oil boom

Favorable tanker market in the first months of 2015 boosted Nordic American Tankers' fleet of Suezmax vessels, which sailed for significantly higher rates compared to the end of 2014.

Photo: SHELL

As with other tanker carriers, the booming market is also clearly reflected in the first quarter interim report from Norway's Nordic American Tankers (NAT), which operates a fleet of 24 Suezmax vessels including two newbuildings.

The cash flow from operations was more than doubled to USD 51 million in the first three months of the year, compared to USD 24.5 million in the previous quarter. This level is reflected in the average TCE rate of about USD 37,000 a day compared to 24,000 in the 4th quarter 2014 and USD 26.300 in the first quarter 2014.

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