As of 12/31/00 NAT had an operating profit of $29.2 m as against $7.4 m during the same period last year. The net profit as of 12/31/00 was $27.7 m as against $5.8 m as of 12/31/99. For the fourth quarter isolated the operating profit was $12.1 m ($ 1.9 m) and the net profit was $11.7 m ($1.5 m).
The strong tanker market enables the company to pay a 1st quarter 2001 dividend of $1.41 per share. In year 2000 the company paid a total dividend of $2.56 per share as against $1.35 per share in 1999. The dividend of $1.41 will be paid on or about February 15th to shareholders on record as of January 26th 2001. The next dividend payment from NAT will be declared in April 2001.
The market for Suezmax tankers in the fourth quarter strengthened even further compared to the third quarter of 2000. NAT's three suezmax tankers, which are on contract to BP Shipping, take immediate advantage of the improved market conditions.
Average T/C rate for the NAT vessels was $59,059 per day in the fourth quarter of 2000 against $48,153 per day in the third quarter, $33,701 per day in the second quarter and $26,079 per day in the first quarter. At the beginning of the first quarter of 2001 rates remain strong.
NAT has 9.706.606 shares in issue.
The full press release including tables can be downloaded from the following link:
