As of 09/30/01 (per 3rd quarter 2001) NAT had an operating profit of $18.9 m as against $17.1 m during the same period last year. The net profit was $17.8 m as against $15.9 m in the same period last year.
The result enables the company to pay a 4th quarter 2001 dividend of $0.55 per share. Including the dividend for the 4th quarter of 2001 the total dividend paid in 2001 is $3.87 per share. In year 2000 the company paid a total dividend of $2.56 per share as against $1.35 per share in 1999. The 4th quarter 2001 dividend of $0.55 will be paid on or about November 15th to shareholders on record as of October 26th 2001. The next dividend payment from NAT will be declared in January 2002.
Whilst the market for Suezmax tankers in the third quarter 2001 remained relatively strong, it was down compared to the second quarter of 2001. The results of the NAT’s three suezmax tankers, which are on contract to BP Shipping, are directly linked to spot market developments.
Average T/C rate for the NAT vessels was $28.668 per day in the third quarter of 2001, compared to $35,088 per day in the second quarter of 2001 and $ 51,607 per day in the first quarter of 2001. In year 2000 the average T/C rates were $59,059 per day in the fourth quarter, $48,153 per day in the third quarter, $33,701 per day in the second quarter and $26,079 per day in the first quarter.
NAT has 9.706.606 shares in issue.
The full press release including tables can be downloaded from the following link: