74th Consecutive Dividend from NAT

 

The Board of Nordic American Tankers Limited (NAT) has declared a cash dividend of $0.43 per share to shareholders of record January 27, 2016. The dividend is expected to be paid on or about February 10, 2016. The first dividend was paid in the autumn of 1997 and dividend payments have been made for 74 consecutive quarters. The dividend for 2015 as a whole came to $1.59 per share. At yesterday's close, the stock price was $13.32.
 
Chairman & CEO Herbjørn Hansson commented, "2015 was a very good year for NAT, with results improving quarter on quarter. The strong tanker market for NAT is continuing into 2016.  In 2015, we grew the fleet from internal financial sources, without issuing equity.  NAT is very different from other tanker companies, a fact which is often neglected by observers and members of the analytical community.
 
"We believe our well tested strategy over more than 10 years, which is based on a strong balance sheet, a homogenous fleet, tight commercial relationships with our clients and the excellent technical quality of our fleet, will serve us well in the time to come.  On a regular basis we are doing business with the largest and the most quality conscious international oil companies, carrying their crude oil all over the world.  I would note that a low oil price is good for NAT. The company now has 26 Suezmax vessels of which two are newbuildings. A Suezmax can take a cargo of one million barrels of oil."
 
The 4Q2015 earnings report is expected to be released Monday February 8, 2016 before NYSE opening.