This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Nordic American Tankers Limited (NYSE:NAT) -- Letter To Shareholders From The Chairman & CEO. Improved Market Conditions For Our Suezmax Tankers.

HAMILTON, Bermuda, Jan. 10, 2014 (GLOBE NEWSWIRE) -- All the best for the new year which has started out very well for NAT. In my letter to you one month ago, December 10 2013, I pointed at the improved conditions in the Suezmax spot tanker market. The strong development has continued into 2014. We do not predict spot tanker rates. I would note, though, that we are very pleased to see this strongly improved rate picture for Suezmax spot tankers.

We often have requests for information about spot Suezmax rates. Below are the rates as quoted by Fearnleys Shipbrokers January 9 - yesterday. Rates achieved by NAT per day may differ from the quotes of shipbrokers. Rates are volatile, and may move both up or down from the levels listed below. Rates are given in dollars per day for vessels in the spot market. All the NAT vessels (20 Suezmaxes) are in top technical condition, trading in the spot voyage market. NAT is a supplier of ships above all to the large international oil companies.

Market rate estimates are often in an "ideal" world, with minimum waiting time. The rates do not with any precision indicate the rates achieved in the market by a shipping company.

Market estimates for five different routes January 9, 2014:

130 KT - WAFR/USG   $57,500   West Africa / US Gulf
130 KT - WAFR/USAC   $59,500   West Africa /US Atlantic Coast
135 KT - BSEA/UKCM   $76,500   Black Sea / UK/Continent
130 KT - CROSS MED   $76,500   Cross Mediterranean
130 KT - MED/USG   $55,500   Mediterranean/US Gulf

The cash break-even rate for the NAT vessels, including administrative and financing items is about $12,000 per day per ship. A strong tanker market does impact the dividend payments to shareholders in a positive way.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs