Nov 9 (Reuters) - Nordic American Tanker Shipping Ltd posted a quarterly loss and slashed its quarterly dividend by 80 percent, as weakness in the spot freight market for oil tankers continue to be a challenge.
The company lowered its third-quarter dividend to 10 cents a share from 50 cents a share in the second quarter.
However, the company said there were signs of a positive development in the freight market for the fourth quarter.
The average daily rate for the company's spot vessels was $14,075 per day net during the third quarter, compared with $26,300 per day for the second quarter.
Thirteen of the company's 14 vessels operate on the spot market.
Nordic's net loss for the third quarter was $11.8 million, or 28 cents a share. Loss from ongoing operations was 26 cents per share.
Shares of the company closed at $28.67 Friday on the New York Stock Exchange.

(Reporting by Supantha Mukherjee in Bangalore; Editing by Ratul Ray Chaudhuri) Keywords: NORDICAMERICANTANKER/ (supantha.mukherjee@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters messaging: supantha.mukherjee.reuters.com@reuters.net)

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