NAT Q2 2023 results

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)

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Most tanker companies juggle these two challenges

  1. Paying down debt on fleet
  2. 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.