Nordic American Tankers doubts Suezmax deliveries

Nordic American Tankers finished the first quarter of 2016 in solid form with a profit of USD 29.3 million. Many new Suezmax vessels are set for delivery in the second half of the year, but the carrier doubts whether these ships will actually be delivered.

Several factors are at play for Norwegian tanker carrier Nordic American Tankers, which has just delivered a stable result for the year's first quarter. A low break-even for the carrier's tanker vessels at less than USD 12,000 per day per vessel. A growing fleet. And not least, spot rates to the tune of USD 36,000 per day.

Each of these elements contributed to Nordic American Tankers' first quarterly net result of USD 29.3 million compared with USD 27.7 million in the same period the year before, according to the interim report on Monday. The carrier's vessels brought in a total of USD 76.6 million in the first three months, against USD 69.5 in the first quarter of 2015.

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