Nordic American Tankers rises (NAT +10.9%) says that Q1 results are the best result for NAT since Q2 2016.
Q1 TCE for vessels came in at an average of $26,025 per day per ship up ~30% from $20,100 in Q4 2018.
Reports net profit of $5.6M, a turnaround from loss of $19.7M last year
Net operating earnings improved by $12.9M from Q4 to $18.3M.
Adjusted net operating earnings was $34.3M, up from $4.4M
Repaid debt of $17.7M, and net debt stands at $341M; refinanced credit facility with $306M secured loan and registered $40M ATM.
The company expects to see volatility in the tanker market during 2019 due to refinery adjustments for new fuel regulations coming into effect from 2020; however, these adjustments will be positive for tanker demand and NAT expects 2019 to be a better year than 2018.
Fleet consists of 23 tankers with an aggregate cargo capacity of 23M barrels of crude oil
Previously: Nordic American Tankers beats by $0.05, beats on revenue (May 14)
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