LONDON (Reuters) - Bermuda-based Nordic American Tanker Shipping Ltd. posted a quarterly profit that beat market expectations, helped by strong Suezmax spot tanker rates, and declared a quarterly dividend.

Nordic American, which employs 12 of its 13 existing vessels in the spot market, said average daily spot rate for suezmax vessels — largest ships that can transit the Suez Canal — was $41,600 per day compared with $40,157 per day for the fourth quarter of 2008.

"During first quarter, NAT's spot Suezmax fleet earned an average TCE rate of $40,000 / day, reflecting a quarter buoyed by floating storage and modest impact from Opec production cuts," analyst Omar Nokta of Dahlman Rose said.

The broader PHLX Marine Shipping Index was down three percent, tracking oil prices that slipped from their highest price this year near $55 a barrel as bulging oil inventories and falling energy demand outweighed fragile hopes for an economic recovery.

Nordic American said it would pay a dividend of 88 cents per share on June 3, to shareholders of record May 20.

"We wish to be consistent and observe very strictly our dividend policy. All cash coming into kitty, we just give it to the shareholders," chief executive Herbjorn Hansson said by phone.

Nordic American also said it agreed to buy its 16th Suezmax vessel for $57 million.

"This increases the fleet from 13 ships to 16 ships, increasing the dividend capacity by about 33 percent," Hansson said.

Nordic American said the vessel purchase would be financed from its capital resources and added that further acquisitions are under evaluation. "We are confident that this, our 16th vessel, will be accretive both to dividends and earnings per share," he said.

The double hull Suezmax tanker built in 2002 is expected to be delivered by July 15 and will be operated in the spot market or on spot market-related charters, the company said.

Hansson said in the present uncertain financial environment, the company is debt free, which has improved its competitive position.Currently, the time charter equivalent Suezmax rate is $19,111, according to Reuters data.

The company reported a net profit of $17.2 million, or 46 cents per share, compared with $23.4 million, or 78 cents per share, in the year-ago quarter.

Analysts on average were expecting the company to earn 43 cents per share, excluding items, according to Reuters Estimates.