Results and Concerns

Nordic American Tanker Shipping Ltd. has issued its first quarter 2011 report and piracy is cited as a key point.

During the first quarter of 2011, 16 vessels in the fleet were trading, compared to 15 vessels in 4Q2010. The Company expects to phase in three more ships during the rest of 2011, bringing the total to 19 trading vessels.

Amongst the key points of the report, aside from the usual and expected financial announcements, the company said that the piracy situation in the Gulf of Aden and in the Indian Ocean is a real concerns. They were quoted as saying, “The Company is taking protective measures to safeguard crew and assets, and so far there have been no problems.”

When the issue of piracy moves from the wheelhouse, to the boardroom and then onto the desks of financial institutions it is a sign of both the seriousness of the situation, but hopefully will also be a prelude for change.