Nordic American Tanker Shipping (NYSE:NAT) is expected to report an earnings recovery when it releases second-quarter results ahead of the opening bell on Monday, August 28.
While the NYSE-listed shipping company, which maintains a Suezmax-only fleet of tankers, reported a seasonal slowdown with the release of its first-quarter results in May, it said the phenomenon had already bottomed.
Additionally, it anticipated earnings to be at higher levels than in the past due to the low order book of new ships, which resulted in an improvement in spot rates.
On the demand side, NAT said 2022 was focused on Europe’s energy challenge following the Russian invasion of Ukraine. This year the re-emergence of India and the Far East after the pandemic is likely to have a significant effect on oil markets, adding to an already tight market for NAT.
The company is expected to report revenue an 88% surge in revenue to $65.2 million for the three months to June 30, 2023, from $34.8 million in 2Q 2022, according to the consensus estimate of Wall Street analysts.
Earnings per share are expected to have recovered to $0.14 from a $0.02 loss a year earlier.
Ahead of its results, the company's shares were down 3% at $4.09 in early Friday afternoon trade in New York.
Contact the author at stephen.gunnion@proactiveinvestors.com