Nordic American Tanker Says Net Profit For Q1 2019 Totaled $5.6 Million [Reuters]
NORDIC AMERICAN OFFSHORE LTD (NAO)
NASDAQ:AMEX Investor Relations:
nao.bm
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Source: Reuters
Nordic American Offshore Ltd (NAO.N) Key Developments | Reuters.com May 14 (Reuters) - Nordic American Tanker Ltd ::NORDIC AMERICAN TANKER- EXPECT VOLATILITY IN TANKER MARKET DURING 2019 DUE TO REFINERY ADJUSTMENTS THAT MUST BE MADE TO MEET NEW FUEL REGULATIONS THAT COME INTO FULL EFFECT FROM 2020.REFINERY ADJUSTMENTS WILL BE POSITIVE FOR TANKER DEMAND AND EXPECT 2019 TO BE A BETTER YEAR THAN 2018.SAYS NET PROFIT FOR 1Q2019 TOTALED $5.6 MILLION COMPARED TO A NET LOSS OF $19.7 MILLION IN 1Q2018..SAYS FOR 1Q2019 A CASH DIVIDEND OF $0.03 PER SHARE HAS BEEN DECLARED.NORDIC AMERICAN- TIME CHARTER EQUIVALENT FOR CO'S VESSELS IN 1Q 2019 CAME IN AT AN AVERAGE OF $26,025 PER DAY PER SHIP COMPARED TO $20,100 IN 4Q2018.SAYS ADJUSTED NET OPERATING EARNINGS WAS $34.3 MILLION FOR 1Q2019 COMPARED TO $4.4 MILLION IN 1Q2018.FOR 2019 CO EXPECT SIMILAR NUMBER OF VESSELS AS IN 2018, IN 2020 CO SEES 22 VESSELS SCHEDULED FOR DELIVERY.CO NOW OWNS 5.33% AND CO'S CHAIRMAN & CEO AND HIS IMMEDIATE FAMILY OWNS 4
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