NAT snaps red run

Nordic American Tankers has broken a four-year losing streak to return to profit in the first quarter.

New York-listed NAT booked a gain of $3.99m for the quarter having shed $32.39m a year ago en route to a £105.42m annual loss.

Herbjorn Hansson-led Nordic reported earnings per share of $ 0.05 in the period, missing the $0.16 per share consensus.

Revenue more than doubled to $45.02m in a quarter in which the owner reported positive cash flow of $27.1m. This compares with a drain of $4.9m in the corresponding period of 2013.

“The short term rates in tanker markets are very volatile,” NAT said. “At the time of this report the tanker market has weakened. Nonetheless, there are indications that after the weakness of the past few years a recovery is coming closer.”

The owner has paid a dividend of $0.23 for the period.