Nordic American Tankers CEO issues update

|About: Nordic American Tankers L... (NAT)|By:, SA News Editor

Nordic American Tankers (NAT +2%) CEO Herbjorn Hansson issues a letter to shareholders. Key snippets are posted below.

"During 3Q2016 we generated a cash surplus that was much higher than our cash break even rate, which is below USD 11,000 per day per ship."

"We also expect that the 4Q2016 result will be well above 3Q2016, which had a time charter of USD 16,700 per day per ship on average for our vessels on contracts and on short term employment."

"Our recent stock issue allowed us to contract for three newbuildings to be delivered in 2018, increasing the fleet from 30 to 33 Suezmaxes."

"Our objective is to increase earnings. The acquisitions have to be accretive and increase our earnings power."

"We do not expect that results of the US Presidential election will affect NAT adversely. Our strategy is to expand with a low level of debt. When we generate cash we prefer to pay it out in dividends."

Source: Press Release