We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nordic American Tankers Limited | NYSE:NAT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.25% | 3.95 | 3.98 | 3.94 | 3.97 | 1,073,437 | 23:13:45 |
NORDIC AMERICAN TANKERS LIMITED
|
||||||
(registrant)
|
||||||
Dated: June 22, 2017
|
By:
|
/s/ HERBJØRN HANSSON
|
||||
Herbjørn Hansson
|
||||||
Chairman, President, and Chief Executive Officer
|
· |
NAT has paid quarterly dividends 79 times of $48.31 in aggregate per share during the period since 1997.
|
· |
Net Asset Value (NAV), or the steel value of a vessel, is irrelevant when valuing NAT as a going concern.
|
· |
Together with our shareholders, our customers are the most important constituency in NAT.
|
· |
Adjusted Net Operating Earnings
2
(cash surplus) have been as follows: $30.5m for 1Q2017, $28.2m for 4Q2016 and $55.9m for 1Q2016.
|
· |
NAT has a credit facility of $500m, maturing in December 2020. NAT is in compliance with the provisions under the credit facility.
|
· |
The net debt is currently $10.2m per vessel based on a 30 vessels fleet.
|
· |
We always make sure that NAT is in compliance with IMO on Ballast Water Treatment Systems and low sulphur content in bunker oil.
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
CONSOLIDATED CONDENSED STATEMENTS OF OPERATION
|
Mar. 31, 2017
|
Dec. 31, 2016
|
Mar. 31, 2016
|
Dec. 31, 2016
|
||||||||||||
Amounts in USD '000
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
1
|
||||||||||||
Net Voyage Revenue
|
55,197
|
52,542
|
76,734
|
236,792
|
***
|
|||||||||||
Vessel Operating Expenses
|
(22,105
|
)
|
(21,688
|
)
|
(18,188
|
)
|
(80,266
|
)
|
||||||||
General and Administrative Expenses
|
(3,218
|
)*
|
(1,920
|
)
*
|
(3,368
|
)*
|
(12,296
|
)**
|
||||||||
Depreciation Expenses
|
(24,770
|
)
|
(24,568
|
)
|
(21,626
|
)
|
(90,889
|
)
|
||||||||
Operating Expenses
|
(50,092
|
)
|
(48,176
|
)
|
(43,183
|
)
|
(183,451
|
)
|
||||||||
Net Operating Earnings (Loss)
|
5,104
|
4,366
|
33,552
|
53,341
|
||||||||||||
Interest Income
|
106
|
124
|
28
|
215
|
||||||||||||
Interest Expense
|
(3,537
|
)
|
(3,273
|
)
|
(2,536
|
)
|
(11,170
|
)
|
||||||||
Other Financial Income (Expenses)
|
(159
|
)
|
(149
|
)
|
8
|
(200
|
)
|
|||||||||
Equity Losses
|
(4,947
|
)
|
(40,220
|
)
|
(1,751
|
)
|
(46,642
|
)
|
||||||||
Total Other Expenses
|
(8,538
|
)
|
(43,518
|
)
|
(4,252
|
)
|
(57,797
|
)
|
||||||||
Net Gain (Loss)
|
(3,433
|
)
|
(39,152
|
)
|
29,300
|
(4,456
|
)
|
|||||||||
Basic Earnings per Share
|
(0.03
|
)
|
(0.38
|
)
|
0.33
|
(0.05
|
)
|
|||||||||
Basic Weighted Average Number of
|
||||||||||||||||
Common Shares Outstanding
|
101,969,666
|
101,969,666
|
89,307,564
|
92,531,001
|
||||||||||||
Common Shares Outstanding
|
101,969,666
|
101,969,666
|
89,319,666
|
101,969,666
|
*) |
The G&A for the three months ended March 31, 2017, December 31, 2016 and March 31, 2016 include non-cash charges of $0.7m, ($0.7m) and $0.7m respectively which are charges related to share based compensation and pension cost.
|
**) |
The G&A for the twelve months ended December 31, 2016 include non-cash charges of $2.3m which are charges related to share based compensation and pension cost.
|
***)
|
Net Voyage Revenue for the twelve months ended December 31, 2016 includes a $5.3m income related to settlement with Gulf Navigation
|
CONSOLIDATED CONDENSED BALANCE SHEET
Amounts in USD '000
|
Mar. 31, 2017
(unaudited) |
Dec. 31, 2016
(unaudited) 1 |
||||||
Cash and Cash Equivalents
|
45,644
|
82,170
|
||||||
Accounts Receivable, net
|
31,955
|
18,070
|
||||||
Prepaid Expenses
|
7,878
|
4,480
|
||||||
Inventory
|
22,346
|
20,886
|
||||||
Voyages in Progress
|
16,037
|
35,610
|
||||||
Other Current Assets
|
4,342
|
2,493
|
||||||
Total current assets
|
128,203
|
163,709
|
||||||
Vessels, Net
|
1,103,368
|
1,058,049
|
||||||
Deposit for vessels
|
50,130
|
82,130
|
||||||
Goodwill
|
18,979
|
18,979
|
||||||
Investment in Nordic American Offshore Ltd.
|
21,603
|
16,550
|
||||||
Other Non-current Assets
|
10,467
|
10,487
|
||||||
Total non-current assets
|
1,204,548
|
1,186,195
|
||||||
Total Assets
|
1,332,750
|
1,349,904
|
||||||
Accounts Payable
|
4,226
|
4,294
|
||||||
Accrued Voyage Expenses
|
9,255
|
9,583
|
||||||
Other Current Liabilities
|
13,841
|
7,648
|
||||||
Total Current liabilities
|
27,322
|
21,525
|
||||||
Long-term Debt
|
443,169
|
442,820
|
||||||
Deferred Compensation Liability
|
14,936
|
14,510
|
||||||
Total Non-current Liabilities
|
458,105
|
457,330
|
||||||
Shareholders' Equity
|
847,323
|
871,049
|
||||||
Total Liabilities and Shareholders' Equity
|
1,332,750
|
1,349,904
|
Three months
ended |
Twelve months ended
|
|||||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
Amounts in USD '000
|
Mar. 31, 2017
(unaudited) |
Dec. 31, 2016
(unaudited) 1 |
||||||
Net Cash Provided by (Used in) Operating Activities
|
27,313
|
127,786
|
||||||
Investment in Vessels
|
(33,393
|
)
|
(188,407
|
)
|
||||
Investment in Nordic American Offshore Ltd
|
(10,000
|
)
|
0
|
|||||
Other
|
0
|
(87
|
)
|
|||||
Return of Investments
|
0
|
1,685
|
||||||
Net Cash Provided by (Used in) Investing Activities
|
(43,393
|
)
|
(186,809
|
)
|
||||
Net Proceeds from Issuance of Common Stock
|
(47
|
)
|
120,068
|
|||||
Proceeds from Use of Credit Facility
|
0
|
117,000
|
||||||
Credit Facility Costs
|
0
|
(130
|
)
|
|||||
Cash Dividends Paid to Shareholders
|
(20,392
|
)
|
(125,650
|
)
|
||||
Net Cash Provided by (Used in) Financing Activities
|
(20,440
|
)
|
111,288
|
|||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(36,519
|
)
|
52,266
|
|||||
Effect of exchange rate changes on Cash
|
(6
|
)
|
15
|
|||||
Cash and Cash Equivalents at Beginning of Period
|
82,170
|
29,889
|
||||||
Cash and Cash Equivalents at End of Period
|
45,644
|
82,170
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
Three Months Ended
|
Twelve Months
ended |
||||||||||||||
Amounts in USD '000
|
Mar. 31, 2017
(unaudited) |
Dec. 31, 2016
(unaudited) |
Mar. 31, 2016
(unaudited) |
Dec. 31, 2016
(unaudited) |
||||||||||||
Voyage Revenue
|
94,537
|
90,425
|
106,752
|
357,451
|
||||||||||||
Settlement
|
0
|
0
|
0
|
5,328
|
||||||||||||
Voyage Expense
|
(39,340
|
)
|
(37,883
|
)
|
(30,018
|
)
|
(125,987
|
)
|
||||||||
Net Voyage Revenue
|
55,197
|
52,542
|
76,734
|
236,792
|
Three Months Ended
|
Twelve Months
ended |
|||||||||||||||
Mar. 31, 2017
(unaudited) |
Dec. 31, 2016
(unaudited) |
Mar. 31, 2016
(unaudited) |
Dec. 31, 2016
(unaudited) |
|||||||||||||
Net Operating Income
|
5,104
|
4,366
|
33,552
|
53,341
|
||||||||||||
Depreciation Expense
|
24,770
|
24,568
|
21,626
|
90,889
|
||||||||||||
Share Based Compensation and Pension Cost
|
651
|
(700
|
)
|
707
|
2,273
|
|||||||||||
Adjusted Net Operating Earnings
(2)
|
30,525
|
28,234
|
55,884
|
146,503
|
(1) |
Net voyage revenues represents voyage revenues less voyage expenses such as bunker fuel, port fees, canal tolls and brokerage commissions. Net voyage revenues is included because certain investors use this data to measure a shipping company's financial performance. Net voyage revenues is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States.
|
(2) |
Adjusted Net Operating Earnings represents income from vessel operations before depreciation, non-cash administrative charges and net financing costs. Adjusted Net Operating Earnings is included because certain investors use this data to measure a shipping company's financial performance. AdjustedNet Operating Earnings is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States. The line item was previously referred to as "Operating Cash Flow"
|
1 Year Nordic American Tankers Chart |
1 Month Nordic American Tankers Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions