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Nordic American Tanker +1% following better than expected Q3 earnings

Nov. 11, 2015 11:58 AM ETNordic American Tankers Limited (NAT) StockNATBy: Carl Surran, SA News Editor
  • Nordic American Tanker (NAT +1.1%) is higher after reporting Q3 earnings that beat expectations.
  • NAT says its homogenous fleet and achieved spot rates of ~$35K/day per ship reduced its Q3 operating costs, which helped to keep its cash breakeven below $12K/day per vessel; in Q2 2015 and Q3 2014, spot rates were $38.8K/day and $21K/day per ship, respectively.
  • NAT says the level of the Suezmax spot tanker market was healthy during the first three quarters of the year and Q4 is progressing well so far, with achieved spot rates above the average for the first three quarters.
  • Says its two newbuildings for delivery in Q3 2016 and Q1 20017 are on schedule.

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