Nordic American Tanker Reports Q2 Guidance, Expect Higher Dividend

Jul. 7.08 | About: Nordic American (NAT)

Nordic American Tanker (NYSE:NAT) issued a press release Monday concerning their results for the 2nd quarter of 2008. Here are a couple of the high points:

  • The Imarex Tanker Index for the 2nd quarter was $70,625 vs. $43,635 for Q1.
  • NAT’s results may differ from the Imarex index.
  • The second quarter dividend to be paid in September is expected to be above $1.50 compared to the dividend of $1.18 in Q1.
  • The strong market is continuing into the 3rd quarter.

NAT looks like a great value at the current share price of about $36 compared to $40 just last Wednesday. Silly stock market! NAT is a component of this site’s Income Portfolio.

Disclosure: Author is long NAT.