Oil tanker rates are plunging from extraordinary war-driven highs — but, according to one Bermudian-based oil tanker operator, the “bonanza continues” while another reported a sixfold increase in third-quarter profits.

Data shared by the Baltic Exchange in London yesterday showed that it now costs $45 million to hire a supertanker to move two million barrels of crude from the Gulf of Mexico to Asia, down from $79.6 million a month ago, representing a 43 per cent decrease.

Nordic American Tankers, which has seen its profitability and share price surge this year, helped by the impact of the Iran conflict on oil transportation routes, yesterday sent a letter to shareholders, headlined: “The tanker bonanza continues”.

Hebjorn Hansson, the Bermudian-based tanker operator’s chairman and chief executive, wrote: “The last ten spot-voyage fixtures of the NAT tankers have an average duration of 60 days with a Time Charter Equivalent of about $144,000 per day per vessel.”

He added that the highest rate was $347,000 per day and the lowest was $59,000. Cash operating costs were less than $10,000 per day per ship for NAT, Mr Hansson said.

About 50 per cent of NAT’s vessels are in the spot market, the balance being employed on solid charters, Mr Hansson said.

Yesterday, NAT’s shares fell 17 cents, or 2.55 per cent, to close at $6.50 on the Nasdaq stock market. Over the past month, NAT’s share price has fallen more than 23 per cent, but for the year to date it has gained 89 per cent.

Mr Hansson’s letter concluded: “Based on the strength of the market for our tankers, I expect that NAT will continue to pay healthy dividends.”

NAT’s third-quarter earnings are scheduled to come out on November 30.

After stock markets closed yesterday, another Bermudian-based oil tanker operator, DHT Holdings, reported third-quarter profits of $270.9 million — up from $44.8 million the same period of last year.

Shipping revenue more than tripled to $332.1 million from $107.2 million. Earnings rose to $1.68 per share from 28 cents, while DHT’s profit for the first nine months reached a record $633.7 million.

DHT’s very large crude carriers — capable of carrying around two million barrels of crude, about twice the capacity of the suezmax vessels operated by NAT — earned an average of $167,100 a day in the spot market, up from $38,700 a year earlier. Average time charter earnings rose to $114,200 a day from $42,800.

The company said logistical disruptions and shifts in where buyers sourced crude oil were keeping the freight market strong by reducing fleet efficiency and lengthening voyages.

The quarter’s results included a $34.2 million gain on the sale of the DHT Bauhinia.

DHT declared a dividend of $1.45 per share, up from 18 cents a year earlier and payable on November 30. It was the company’s 67th consecutive quarterly cash dividend.

DHT said it had booked 68 per cent of its available fourth-quarter spot days at an average rate of $579,900 a day.