Nordic American Tanker Shipping Ltd. announced its results for the 4th quarter of 2007. The company's results improved in 4Q07 compared to 3Q07. After a weak period up to early December the spot tanker market turned around quickly. In January 2008 its vessels achieved about $45,000 per day - compared with an average of about $27,000 during 4Q07.  The recent instability in the financial markets has not impacted the results of the Company.
The Company's operating cash flow has enabled the Company to declare a dividend of $0.50 per share for 4Q07 while the dividend was $0.40 in the 3Q07.  The Company has now declared a dividend for 42 consecutive quarters since the autumn of 1997 when its first three vessels were delivered. For the last four quarters, including the dividend to be paid for 4Q07, a total of $3.31 has been declared in dividend.  
Based upon the premise that a significantly weakened development of the world economy can be avoided in the time to come, it is expected that 2008 should be another good year for Nordic American. 
The Board has declared a dividend of $0.50 per share in respect of 4Q07. A dividend of $0.40 per share was declared for 3Q07.  The dividend for 4Q06 was $1.00 per share. The development of the dividend is above all a direct reflection of the level of the volatile spot tanker market.
Net income for 4Q07 was $1.7m, or $0.06 per share (EPS).  This compares to a net income of -$1.2m or     -$0.04 per share for 3Q07. In 4Q06, net income was $13.7m, or $0.52 per share.  In 4Q07 the Company incurred one time costs equivalent to $0.07 per share due to loss of income following the drydocking of one vessel and time lost during steel repairs. The results for 4Q07 also reflect non-cash pension costs of $2.7m (or $0.09 per share) of which $0.9m relates to 2007 and $1.8m relates to prior periods in connection with the previously disclosed implementation of a pension arrangement established in 2007 for the Company's Chief Executive Officer. The CEO has had his position since the inception of the Company in 1995 and has no plans to retire from his present position.
In the 4th quarter one of Company's vessels underwent a 10-year special survey and steel replacement with a loss of 80 income days. The costs of the extra steel investments are not expected to impact dividends going forward and are depreciated as capital costs.