Nordic American Tanker Shipping Ltd. said Wednesday it expects to report first-quarter earnings that are "appreciably higher" than the fourth quarter and will more than double its dividend, because of stronger-than-expected vessel rates in the period.
In a letter to shareholders, Chairman and Chief Executive Herbjorn Hansson said the company expects to declare a dividend of more than $1 per share for the first quarter, compared with a dividend of 50 cents in the fourth quarter. The company said the strong spot tanker market appears to be continuing into the second quarter.
The Bermuda-based crude-oil tanker owner said in mid-February its fourth-quarter earnings fell well below Wall Street's expectations because of vessel rates that were lower than anticipated and higher costs.
Nordic American expects to announce its first-quarter earnings and dividend on May 5. The dividend will be paid on May 30 to shareholders of record on May 19.
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