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HAMILTON, Bermuda, Nov. 11, 2013 (GLOBE NEWSWIRE) -- Nordic American Tankers Limited ("the Company" or "NAT") saw a significant improvement in results in the third quarter 2013 over 2Q2013. TCE earnings were about $16,500 per day versus about $8,000 per day in the preceding quarter.
In October the Company announced a dividend of $0.16 per share. The Company will pay the dividend on or about December 11, 2013 to shareholders of record as of November 29, 2013. The dividend will be paid from cash on hand. Since NAT commenced operations in the fall of 1997, the Company has paid a dividend 65 times, with total dividend payments over the period amounting to $44.55 per share including the dividend to be paid in December.
During 3Q2013 we had a positive operating cashflow of $2.5m, compared with -$10.6m in 2Q2013.
The spot tanker market showed some improvement in the first half of the third quarter, though there was some decline in the final weeks of the quarter. Fundamentals continue to improve, and the overall tanker fleet may shrink in coming years. We believe that a significant portion of tankers on order may not be delivered. The trends in ton miles, a measure of transportation work for the ships, remain positive as trade patterns create more long-haul tanker business. This development points to increased utilization and spot rates.
Since the beginning of 2012, 14 of our vessels have undergone special surveys - some for the so called 10 year special survey and some for the 15 year special survey. In 2014 NAT will only undertake two drydockings. Going forward, over the next quarters drydocking costs and off-hire (time out of service) can be expected to be significantly reduced.