Nordic American Tanker rises on positive Q2 outlook

Nordic American Tankers

22/05/2023 15:06

** Shares of commercial vessels operator Nordic American
Tanker Ltd  NAT.N  rise 6.2% to $3.93
    ** Co sees earnings for Q2 to be at higher levels than in
the past due to the low order book of new ships
    ** "We expect the re-emergence of India and the Far East
after the pandemic to have a significant effect on oil markets.
This should add to an already tight market for NAT"- CEO
Herbjorn Hansson
    ** Co posts Q1 adj. earnings of 22 cents​​ per share vs
analysts' estimates of 20 cents 
    ** Co says 65% of spot voyage days for Q2 2023 been booked
at an average Time Charter Equivalent (TCE) of $42,111 per day
per ship
    ** Says Q1 avg. TCE for spot vessels at $60,005 per day per
ship
    ** Including session gains, stock has risen 31.86% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))