Bermuda-registered Nordic American Tankers Limited has declared a dividend of $0.30 per share for 2Q2012.
Operating cashflow [a non-GAAP measure] was $10.3m for Q2 2012 – a slight decrease from $11.4m in Q1 2012. The dividend of $0.30 per share matches the dividend paid in each of the past four quarters and is paid from cash on hand. Earnings per share [EPS] improved in 2Q2012 compared with 1Q2012 and 2Q2011.
A statement said, “The Company is in a strong financial position and should be differentiated from shipping companies with weak balance sheets. The fleet of NAT is on a regular basis chartered to major oil companies that require the highest technical standard.
“In the present environment, customers increasingly focus on financial solidity. The shipping company must be in a solid financial position in order to afford to keep technical standards at the highest level, also in a weak earnings market. Therefore, NAT’s strong financial position is a distinct competitive advantage.
“The relative position of NAT has continued to improve over the recent past. It is a strength that the Company pays dividend also in a soft market environment. A turn in the market can be expected to translate into higher dividends.
“The Company will pay the dividend on or about August 30, 2012 to shareholders of record as of August 17, 2012. Starting in the fall of 1997, when NAT began its operations, the Company has paid a quarterly dividend for 60 consecutive quarters. Including the dividend payment in 2Q2012, the total dividend payments over this period amount to $43.64 per share.
“During the fourth quarter of 2010, our operating fleet stood at 15 vessels. During the second quarter of 2012, the Company had 20 trading vessels. Our increased fleet has substantially bolstered our earnings and dividend capacity going forward.”
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