Nordic American Tanker chief assures stockholders

Nordic American Tanker chief assures stockholders Bermuda-based Nordic American Tanker Shipping Ltd., which operates a dozen Suezmax oil tankers, said Monday 'the company is in a very good position,' according to a letter to shareholders from Chief Executive Herbj'rn Hansson.
   'The third quarter was very good for NAT,' and the firm expects to generate a dividend to stockholders of $1.50 per share, Hansson said. NAT, which trades on the New York Stock Exchange, closed on Friday at $24.57 per share after a week that saw the firm's shares fluctuate from the mid $22s to the mid $29s.
   The firm, according to Hansson, expects to release third quarter earnings Nov. 7, with a record date of Nov. 20. NAT expects to pay out the quarterly dividend on Dec. 2.
   'It is essential to note that the company has no debt,' Hansson said. 'Having one of the strongest balance sheets in the tanker industry, the financial position of the company is further bolstered by the fact that the company has an unused available credit facility of $500 million.'

NAT Suezmax oil tanker Nordic Fighter.

   The credit facility, according to Hansson, was extended earlier this year from September 2010 to September 2013. With no repayment obligation during the term, the credit facility 'provides us with a basis for further growth and continued dividend payments.'
   Hansson also said the company added two contracts in October: one NAT ship has been signed for a 55-day round trip set to discharge on the U.S. West Coast that will produce more than $80,000 per day, and one fixed for loading in West Africa to discharge in Canada, is expected to produce $47,000 a day for 33 days.
   NAT has paid a dividend for 44 consecutive months — since the firm took delivery of its first three vessels in 1997.