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Weakness in spot freight market

Weakness in spot freight market
Nordic American Tanker Shipping Ltd (NAT.N) posted a quarterly loss and slashed its quarterly dividend by 80 percent.

Nordic American Tanker Shipping Ltd (NAT.N) posted a quarterly loss and slashed its quarterly dividend by 80 percent.

Nordic American Tanker Shipping Ltd (NAT.N) posted a quarterly loss and slashed its quarterly dividend by 80 percent, as weakness in the spot freight market for oil tankers continue to be a challenge.

The company lowered its third-quarter dividend to 10 cents a share from 50 cents a share in the second quarter.

However, the company said there were signs of a positive development in the freight market for the fourth quarter.

The average daily rate for the company's spot vessels was $14,075 per day net during the third quarter, compared with $26,300 per day for the second quarter.

Thirteen of the company's 14 vessels operate on the spot market.

Nordic's net loss for the third quarter was $11.8 million, or 28 cents a share. Loss from ongoing operations was 26 cents per share.

Shares of the company closed at $28.67 Friday on the New York Stock Exchange.

www.TurkishMaritime.com.tr

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