Nordic American Tankers (NAT) has declared itself unconcerned about Donald Trump’s election as US president and expects its dividend capacity to increase in the future.
The tanker owner reported a net loss of $7.6m in the third quarter, compared to earnings of $25.8m a year earlier.
Loss per share of $0.08 came in lower than analysts' projections of between $0.12 and $0.22.
NAT generated $21.7m in positive cashflow or $0.24 cent per share for the third quarter, which means the company was profitable in cash terms.
It described the year so far as “very good” for the company, while it added the third quarter came out solidly higher than the cash breakeven level.
“We do not expect that the US presidential election will have a negative impact on NAT,” the company said in its report.
Herbjorn Hansson, chief executive of Nordic American Tankers told TradeWinds yesterday: "“We ought to expect the unexpected. It is almost like the tanker business.
"For us it will have little consequences. If the oil prices fall, it will be an advantage for Nordic American."
“When things settle down, I believe this will be ok. One thing is what you say, another what you do.
Its share price avoided the global slump in the stock markets yesterday and gained 3.9% at $7.99.
With its latest order for three suezmaxes, NAT is expecting its bigger fleet will allow it to increase its payout to investors.
The fourth quarter has also shown encouraging signs, according to NAT, which has fixed around 60% of its available days at significantly higher rates that the average of $16,700 in the third quarter.
“A low oil price is stipulating the economy, which is positive for the tanker market,” the company said.
