As of 9/30/00 NAT had an operating profit of USD 17.1 m as against USD 5.5 m during the same period last year. The net profit as of 9/30/00 was USD 15.9 m as against USD 4.3 m, an increase of 270%. For the third quarter isolated the operating profit was USD 9.1 m (USD 1.9 m) and the net profit was USD 8.7 m (USD 1.5 m) – an increase of 480%.
The strong tanker market enables the company to pay a quarterly dividend of USD 1.10, an increase of more than 64% compared to the last quarter. The dividend of USD 1.10 will be paid on or about November 14th to shareholders on record as of October 27th 2000. The next dividend payment from NAT will be declared in January 2001.
The market for Suezmax tankers in the third quarter strengthened further compared to the second quarter of 2000. NAT’s three suezmax tankers, which are on contract to BP Shipping, take immediate advantage of the improved market conditions.
Average T/C rate for the NAT vessels was USD 48,153 per day in the third quarter of 2000 against USD 33,701 per day in the second quarter and USD 26,079 per day in the first quarter. At the beginning of the fourth quarter rates remain strong.
NAT has 9.706.606 shares in issue.
The full press release including tables can be downloaded from the following link: