As of 03/31/01 (1st quarter 2001) NAT had an operating profit of $9.8 m as against $2.9 m during the same period last year. The net profit for the first quarter 2001 was $9.4 m as against $2.5 m in the same period last year.
The strong tanker market enables the company to pay a 2nd quarter 2001 dividend of $1.19 per share. Including the dividend for the 2nd quarter of 2001 the total dividend paid so far in 2001 is $2.60 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 2nd quarter 2001 dividend of $1.19 will be paid on or about May 15th to shareholders on record as of April 26th 2001. The next dividend payment from NAT will be declared in July 2001.
The market for Suezmax tankers in the first quarter 2001 remained strong however somewhat down compared to the fourth quarter of 2000. NAT’s three suezmax tankers, which are on contract to BP Shipping, take immediate advantage of the firm market conditions.
Average T/C rate for the NAT vessels was $ 51,607 per day in the first quarter of 2001 compared to $59,059 per day in the fourth quarter of 2000, $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 of 2000. At the beginning of the second quarter of 2001 rates remain strong.
NAT has 9.706.606 shares in issue.
The full press release including tables can be downloaded from the following link: