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Nordic American Tanker Shipping Ltd. (NAT) - (Amex: NAT) (OSE:
NAT) Announces Results for 3rd Quarter 2004
HAMILTON, Bermuda, Oct. 14 /PRNewswire/ -- Nordic American Tanker Shipping
Ltd. (the "Company") today announced its results for the 3rd quarter of 2004.
The tanker market was significantly stronger in the 3rd quarter of 2004 than in
the 2nd quarter of 2004 as reflected in the Company's enhanced dividend payment
and operating results as described below. At the beginning of the 4th quarter
of this year, the market has improved further.
For the period ending September 30, 2004, the Company had an operating profit
of $33.4 million as compared to $19.8 million during the same period last year.
Net profit was $32.0 million as compared to $18.5 million in the same period
last year. The increase in earnings in 2004 compared to the same period in
year 2003 is a result of the higher tanker spot market this year.
The results for the 3rd quarter of 2004 enable the Company to pay a 4th quarter
2004 dividend of $1.11 per share which is 26.1% higher than for the 3rd quarter
of 2004. Including the dividend for the 4th quarter of 2004, the total
dividend to be paid in 2004 is $4.84 per share. The total dividends paid in
2003 were $3.05. The 4th quarter dividend of $1.11 will be paid on or about
November 19th 2004 to shareholders of record as of October 29, 2004. The next
dividend payment is expected to be declared in January 2005 for payment in
February 2005.
The spot market for modern Suezmax tankers in the 3rd quarter of 2004 was above
the agreed minimum rate provided by the Company's bareboat charter contracts
with BP Shipping. The 3rd quarter 2004 time charter equivalent (TCE) rate
achieved by the Company's vessels was $55,742 per day compared to $43,255 in
the 2nd quarter of 2004, $72,287 in the 1st quarter of 2004 and $51,501 in the
4th quarter of 2003.
The bareboat charter contracts with BP Shipping commenced in October 1997. Two
of those contracts have now expired with the redelivery by BP Shipping of two
of the Company's vessels on September 13 and October 6, 2004, respectively. The
Company and BP Shipping have continued their relationship with new time charter
contracts for those two vessels. The terms of those time charter contracts are
described below.
The TCE in USD per day earned by the Company's vessels since 1999, by calendar
quarter, has been as follows:
Period 1999 2000 2001 2002 2003 2004
1st Quarter 22,000 26,079 51,607 22,000 57,756 72,287
2nd Quarter 22,000 33,701 35,088 22,000 38,291 43,255
3rd Quarter 22,000 48,153 28,668 22,000 23,243 55,742
4th Quarter 22,000 59,059 22,617 33,868 51,501
The results as of September 30, 2004 compared to the same period last year
(unaudited) are as follows:
INCOME STATEMENT INFORMATION
All figures in USD
01.01-09.30 01.01-09.30 3rd Qtr. 3rd Qtr.
2004 2003 2004 2003
Revenue 39,963,680 25,502,450 13,061,794 4,070,322
Ship Broker Commissions (148,422) (138,206) (56,284) (46,575)
Vessel Operating Expenses (110,500) 0 (110,500) 0
Management Fee Expense (150,000) (187,500) (25,000) (62,500)
Insurance Expense (79,998) (75,000) (26,666) (25,000)
Reorg. charges/
Other Expenses (969,421) (111,119) (432,660) (26,118)
Depreciation (5,123,280) (5,123,280) (1,707,760) (1,707,760)
Net Operating Income 33,382,059 19,867,345 10,702,924 2,202,369
Financial Income 41,849 19,975 14,290 8,280
Financial Expenses (1,398,690) (1,351,496) (516,485) (444,447)
Net Financial Items (1,356,841) (1,331,521) (502,195) (436,167)
Net Profit 32,025,218 18,535,824 10,200,729 1,766,202
Earnings per Share 3.30 1.91 1.05 0.18
The Company has 9,706,606 shared issued and outstanding.
The quarterly dividend paid since the commencement of trading of the Company's
shares in 1997 has been as follows:
Period 1997 1998 1999 2000 2001 2002 2003 2004
1st Quarter 0.40 0.32 0.34 1.41 0.36 0.63 1.15
2nd Quarter 0.41 0.32 0.45 1.19 0.34 1.27 1.70
3rd Quarter 0.32 0.35 0.67 0.72 0.33 0.78 0.88
4th Quarter 0.30 0.30 0.36 1.10 0.55 0.32 0.37 1.11
Total USD 0.30 1.43 1.35 2.56 3.87 1.35 3.05 4.84
Balance sheet data for the Company as of September 30, 2004 and December 31,
2003 (figures in USD) (unaudited) are set forth below:
09/30/04 12/31/03
Vessels 122,958,645 128,081,925
Current assets 10,057,909 8,248,449
Cash deposits 567,536 565,924
Total assets 133,584,090 136,896,298
Shareholder's equity 102,580,201 106,857,976
Long term debt 30,000,000 30,000,000
Current liabilities 1,003,889 38,322
Total liabilities & equity 133,584,090 136,896,298
As previously announced by the Company, BP Shipping did not exercise its
options to extend the original bareboat charters for the Company's three
Suezmax tankers. Accordingly, the original bareboat charters for two of the
Company's vessels expired on September 13 and October 6, 2004, respectively,
when BP Shipping redelivered those vessels. The two vessels continue to BP
Shipping on time charter contracts with a period of three years at spot market
related rates in direct continuation from the expired contracts. Our third
ship is expected to be redelivered by BP Shipping in mid-November at which time
it is expected to commence a five-year bareboat charter contract with Gulf
Navigation, Dubai.
With the two vessels on time charter to BP Shipping, the Company has become an
operating company. With the spot market related income from the two time
chartered vessels, plus the fixed income from the bareboat chartered vessel,
the Company's fleet is configured in order to maintain consistent cash flows
while taking advantage of current strong spot market rates.
Under the new time charter contracts with BP Shipping, the Company will have
the responsibility of providing the crew and of operating and maintaining the
vessels. These functions have been outsourced to IUM Shipmanagement, Norway, a
first class technical manager of high reputation. As the Company has assumed
responsibility for the operation of the two ships, quality and cost effective
operations will be the prime focus.
The management of the Company intends to charter the ships in a manner that
will allow the Company to cease being classified as a "Passive Foreign
Investment Company" for US Tax purposes. This means that under current law,
qualifying dividends, which will be available to our non-corporate US
Shareholders commencing in 2006, are expected to be taxed at a maximum United
States federal income rate of 15%, rather that the current maximum rate of 35%.
For the foreseeable future, the Company's Board intends to continue its policy
of maintaining a low debt to equity ratio and of prioritizing a dividend policy
essentially as in the past. This policy allows the Company's shareholders to
participate in the tanker charter market.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business. Forward-
looking statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The words
"believe," "except," "anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "will," "may," "should," "expect" "pending and
similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the strength of world economies and
currencies, general market conditions, including fluctuations in charter rates
and vessel values, changes in demand in the tanker market, as a result of
changes in OPEC's petroleum production levels and world wide oil consumption
and storage, changes in our operating expenses, including bunker prices,
drydocking and insurance costs, the market for our vessels, availability of
financing and refinancing, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from pending or
future litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political events,
vessels breakdowns and instances of off-hire and other important factors
described from time to time in the reports filed by the Company with the
Securities and Exchange Commission, including our Annual Report on Form 20-F.
Contacts:
Scandic American Shipping Ltd
Manager for Nordic American Tanker Shipping Ltd.
P.O. Box 56
3201 Sandefjord, Norway
E-mail:
Web site: http://www.nat.bm/
Rolf Amundsen
Chief Financial Officer
Nordic American Tanker Shipping Ltd.
Tel: +1 800 601 9079 or + 47 908 26 906
Gary J. Wolfe, Esq.
Seward & Kissel LLP, New York, NY
Tel: +1 212 574 1223
Herbjorn Hansson
Chairman & CEO
Nordic American Tanker Shipping Ltd.
Tel: +1 866 805 9504 or + 47 901 46 291
DATASOURCE: Nordic American Tanker Shipping Ltd.
CONTACT: Rolf Amundsen, Chief Financial Officer, Tel: 1-800-601-9079 or
+47-908-26-906; or Herbjorn Hansson, Chairman & CEO, Tel: 1-866-805-9504 or
+47-901-46-291, both of Nordic American Tanker Shipping Ltd.; or Gary J.
Wolfe, Esq. of Seward & Kissel LLP, Tel: +1-212-574-1223
Web site: http://www.nat.bm/