As far as Herbjorn Hansson is concerned, there is only one thing up for discussion, and that is how well things are going for Nordic American Tankers.
“Ninety-day periods are not particularly relevant for the assessment of a company,” the veteran Norwegian shipowner said.
“The direction of [Nordic American Tankers] is unquestionably up. The angle of the upward slope may be discussed.”
The statement follows a quarter in which the New York-listed, Sandefjord-based suezmax specialist reported a $17.5m profit, down from the $36m earned in the same period last year as revenue dipped to $59.3m from $71.1m.
Time charter equivalent rates came in at $39,170 per day per ship, down from $49,035 year over year.
But Hansson also pointed out the full-year profit of $98.7m was more than six times 2022’s $15.1m profit.
“We clearly see a continued strong market for us in 2024,” he said, noting that 57% of first-quarter spot days have been fixed at an average TCE of $40,690 per day. “There is a scarcity of our type of ships, leading to strong results.”
He added that Russia’s invasion of Ukraine and the Houthi attacks on commercial shipping stemming from the conflict between Israel and Palestine are affecting oil trades and raising rates for his ships.
The company does not believe geopolitical uncertainty is going away soon and thinks the fleet size and lower-than-average orderbook will continue to be beneficial.
Its 106th consecutive dividend was $0.12 per share, up from $0.06 per share in the third quarter and down from $0.15 in the fourth quarter of 2022.
