Island-based oil tanker operator Nordic American Tankers Ltd this morning reported a first-quarter loss of $3.4 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the company said it had a loss of 3 cents. Losses, adjusted for non-recurring costs, were 1 cent per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.

The firm, which has a fleet of 30 Suezmax tankers, posted revenue of $55.2 million in the period. It earned an average of $22,700 per day per vessel against a break-even figure of $11,500, including financial charges and administration costs.

Last month, NAT declared a dividend of 20 cents per share for the first quarter.

The company’s shares were trading down by 30 cents, or 4.2 per cent, at $6.77 in mid-morning trading in New York.