Announced today (08/28)
- Voyage revenue of $67.8M
- Net income of #26.8M
- Declared div of 13c/sh for Q2 2023 (payable in Oct 2023)
5e233126-eee6-4097-b43d-848c1ab140de (globenewswire.com)
Most tanker companies juggle these two challenges
- Paying down debt on fleet
- Paying a reasonable dividend
14 of NAT’s vessels are covered by a Beale Bank facility that comes due in Feb 2024. While only $109M, half of the vessels covered under the facility are 17+ years old. That’s the item glossed over in NAT CEO’s claim about $8.4M/vessel.
That said, at a good entry price, NAT has worked for me as a trading fish/idea. No current NAT stake.