Ninety-day periods offer a short-term snapshot of a company, but it is also important to view the long-term picture. The values of our assets have seen a significant increase over the past years. The direction of NAT is unquestionably upward, with further room to grow.
The first quarter of 2024 continued at a strong pace with healthy earnings. The Net Profit for the first quarter of 2024 came in at $15.1 million which is similar to the previous quarter (4Q23) with a Net Profit of $17.5 million.
For the first quarter of 2024 the dividend is 12 cents ($0.12) per share. This is our 107th consecutive quarterly dividend. The dividend is payable July 18, 2024 to shareholders on record as of June 28, 2024.
The average Time Charter Equivalent (TCE) for our spot vessels during the first quarter of 2024 came in at $34,320 per day per ship. Including vessels on term contracts, the total average NAT TCE was $33,570 per day per ship. The daily operating costs per ship are about $9,000. Going forward, we clearly see strong demand for our vessels.
The supply-demand dynamics in the market for the fleet of NAT are favorable.
The NAT fleet of versatile suezmax tankers offer flexibility in loading and discharging ports. Through careful voyage planning and adjustment of speed of our vessels, we reduce emissions. Each individual ship in the NAT fleet is of excellent technical quality, as demonstrated in the vetting performance, the score board undertaken by the Oil Companies.
NAT has one of the lowest debt levels among publicly listed tanker companies.
Source: Hellenic Shipping News
