Dahlman Rose Comments On Nordic American Tanker 1Q11

According to Dahlman Rose, Nordic American Tanker (NYSE: NAT) reported 1Q11 EPS of ($0.15), ahead of the ($0.19) forecast and the ($0.16) consensus estimate.

Dahlman Rose said that reported net revenues of $25.5MM were above the $24.3MM projection while operating costs were mainly in line. “The company's Suezmaxes earned $18,000/day on the spot market, in line with our forecast, but its utilization rate was significantly higher as NAT incurred only two days of off-hire time. The average spot rate earned is an improvement from 2H11 levels, when it earned $17,525/day during 3Q10 and $14,400/day during 4Q10.”

Nordic American Tanker closed yesterday at $22.39.