Aug 28 Nordic American Tankers Ltd
expects third-quarter results to be weaker than in the preceding
quarter as tanker rates remain depressed in an oversupplied
The tanker operator has been posting a quarterly loss for
the last two years as daily rates for transporting crude and
refined petroleum products plunged. Prices have remained low as
scores of tankers ordered before the economic downturn continue
to be delivered and demand remains weak.
Nordic American, however, expects to save 30 cents to 40
cents per share over a year as it implements measures to cut
down on fuel costs, CEO Herbjorn Hansson said in a letter to
The savings could improve cash flow and dividend potential,
Hansson said. Nordic American has kept its dividend in spite of
the downturn in the tanker market.
The company's shares, which have lost about a third of their
value over the last year, closed at $11.62 Monday on the New
York Stock Exchange.