The net loss increased last year from $4.5 mill recorded in 2016 to $75.5 mill in 2017.
For the fourth quarter of last year, the loss was $21.9 mill, compared with $39.2 mill in 4Q16.
Net voyage revenue for the year was $154.7 mill ,compared with $236.8 mill for 2016 and the 4Q17 net voyage revenue came in at $36.7 mill, compared with $52.5 mill in 4Q16.
NAT said it expected the tanker market to turn this year. During 4Q17, NAT took what it called “three important steps in our re-capitalisation programme.”
The company an agreement to fully finance with Ocean Yield the three newbuildings, due for delivery in June, August and October, 2018. In addition, on 12th December, 2017, NAT raised $110 mill in new equity and agreed to establish a new credit facility, as part of the plan to replace the original credit facility of 2004.
NAT’s net debt at the end of 4Q17 stood at about $253 mill equal to about $8.4 mill per vessel, which is lower than the scrap value of a Suezmax today, the company said.
The company claimed to be well positioned when the tanker market improves. ch earnings would give a free cash flow from operations of about $1.40 per share per year.
NAT’s average daily TCE for 4Q17 was $13,800 per ship, compared to $10,600 in 3Q17.
As per 31st December 2017, NAT claimed to be in compliance with all its financial covenants.
The world economy is enjoying its strongest upswing since 2010. What is good for the world economy and world trade is by nature positive for the crude oil tanker business, the company said.
Recent upbeat macro-economic data released by the International Monetary Fund in Washington, is giving further positive signals for the world economy and consequently NAT’s business. In addition to the role of major oil companies, large oil traders have become important for the tanker industry.
The world Suezmax fleet (excluding. shuttle & product tankers) totalled 493 vessels at the end of 4Q17, following an increase of five vessels in the quarter. The total delivery during 2017 was 50 units, which represented a peak year for deliveries. For 2018, NAT expected 33 vessels, and in 2019, another 14 vessels are scheduled for delivery.