Bermudian-based Nordic American Tankers Limited, the oil tanker company, expects better days ahead after reporting a net loss of $27 million for the first quarter of the year.

That compares with a net loss of $25 million in the same quarter a year ago.

The average time charter equivalent for the company’s active fleet during the first quarter came in at $8,870 per day per ship.

So far in the second quarter, NAT said, 70 per cent of its fleet is booked at an average TCE of about $20,000 per day per vessel, an increase of 125 per cent.

The company said: “This is the best illustration possible of an advantageous market for our suezmax tankers.

“With global oil inventories at critically low levels and the present political uncertainties, the improvement in tanker markets has accelerated.”

The company has declared a cash dividend for 1Q 2022 of two cents per share, payable on July 6 to shareholders on record June 14.

That is the company’s 99th consecutive quarterly dividend payment.

NAT said it has one of the lowest debt levels among publicly listed tanker companies.

The net debt of the company as per March 31 is $226.9 million or $11.3 million per vessel.

NAT said its newbuilding, Nordic Harrier, built by Samsung in South Korea, was delivered on schedule May 13.

A second newbuilding will be delivered at the end of June.

Both vessels are commencing six-year time charters immediately upon delivery from the yard, ensuring earnings, cashflow and financial stability, the company said.

The vessels are fully financed.