Many investors worry that US-listed NAT won’t be able to expand its suezmax stable if it continues to payout $0.30 per share and are concerned about age discrimination given the fleet’s 10.6-year average but David Beard of Iberia Capital believes these fears “seem unfounded”.
“Investors worry about NAT paying a dividend out of cash whenever suezmax rates dip below the $20k/d (per day) needed to cover all costs, which include ship operating costs and G&A of around $10k/d, Capex and interest of $1k/d [and] dividends of $9k/d,” he told clients Friday.
With
