You could say that Nordic American Tanker
In the first quarter of 2008, Nordic American fielded mighty fine freight rates, about 7% above the average spot rate for the period. An overall robust tanker market helped the firm deliver more than double the operating cash flow of the prior quarter, and a 136% higher dividend. This is typical volatility for the tanker market, which saw similarly strong rates in the comparable period last year.
Nordic American, which carries crude oil for folks like Petrobras
In addition to bringing the net debt level per vessel down to $8.1 million from $11.7 million last year, Nordic has also consolidated the commercial and technical management of its fleet. Commercial management, overseen by Frontline
Nordic American continues to be one of my favorites among shipping concerns, but if the rate volatility is a put-off, you may want to consider a time charterer like Seaspan
Petrobras is an
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Fool contributor Toby Shute doesn't claim Nordic heritage, nor does he have a position in any company mentioned. The Motley Fool has a disclosure policy.