Nordic American Tankers Stock Price, News & Analysis

Nordic American Tankers Limited (NAT) announced that a company owned by founder Herbjorn Hansson purchased 100,000 shares at USD 3.16 each. Additionally, Board member Alexander Hansson has increased his holdings to 2 million shares. The Hansson family remains the largest private shareholder group in NAT. This acquisition may reflect confidence in the company's value amidst ongoing market challenges.

Nordic American Tankers (NAT) has reaffirmed the strength of its business and promising prospects in a recent communication to shareholders on September 23, 2022. The statement emphasizes solid earnings and rates, although specific financial metrics were not disclosed. It includes a cautionary statement about forward-looking statements, highlighting uncertainties in the global market that could impact performance. Key risks include fluctuations in charter rates, vessel values, and operating expenses, alongside potential litigation and regulatory challenges.

Nordic American Tankers (NAT) announced that one of its suezmax tankers has commenced a 1-year Time Charter Contract with a major energy company, generating over $30,000 per day. The company operates a uniform fleet of 20 suezmax vessels, with average operating expenses of $8,000 per day. This contract highlights NAT's strong positioning amidst increasing shipping rates, signaling potential for profitability as demand rises.

On September 12, 2022, Alexander Hansson, Board Member of Nordic American Tankers (NAT), acquired 75,000 shares at $3.0985 per share, following a prior purchase of 175,000 shares on August 30, 2022. This transaction brings his total ownership to 2,000,000 shares, reinforcing the Hansson family's position as the largest private shareholder group in the company. The press release highlights the strong commitment of the Hansson family to NAT’s future.

The press release from Nordic American Tankers highlights the company's resilience amid the ongoing Russia-Ukraine conflict. The fleet has been reduced to about 20 vessels, with plans to grow in the next two to three years. Strengthening ties with markets in Japan, China, Korea, and India is emphasized. The company has robust assets, skilled personnel, and financial access, positioning it well for future growth. Additionally, an increase in dividends is anticipated due to stronger market conditions.

Nordic American Tankers Ltd (NAT) announced that Alexander Hansson, a Board Member and son of the company's founder, purchased 175,000 shares at $2.3665 each, raising his total holdings to 1,925,000 shares. This reinforces the Hansson family's position as the largest private shareholder group in NAT. The transaction reflects continued insider confidence in the company's future and aims to support shareholder value amidst fluctuating market conditions.

Nordic American Tankers reported a significant improvement in its average time charter equivalent (TCE), reaching $20,080 per day per ship in Q2 2022, up from $8,870 in Q1 2022. Adjusted EBITDA rose to $14.2 million compared to a negative $7.7 million in the prior quarter. The company declared a dividend of $0.03 per share, the 100th payment since its inception, payable on October 12, 2022. With a historic low orderbook of only 13 new suezmax tankers, NAT's fleet of 20 vessels is positioned to benefit from a tightening market.

Nordic American Tankers Limited reported robust charter rates for its suezmax ships, indicating a strong recovery in the shipping market. Recent contracts include:

• USD 60,000 TCE for a voyage from Mediterranean to Asia.
• USD 19,000 TCE for a trip from AG to Singapore.
• USD 40,000 TCE across the Mediterranean.

These rates are significantly higher than those seen in recent quarters, suggesting a favorable outlook for the company's operations and financial performance moving forward.

Nordic American Tankers Ltd (NAT) has reported a significant uptick in Saudi Arabia's crude oil production, reaching levels not seen in thirty years, improving tanker transportation demand. The company has secured multiple contracts ranging from USD 30,000 to USD 60,000 per day, with operating costs around USD 7,500 per day. This positive development is bolstered by enhanced demand for oil transportation, potentially benefiting NAT's revenue streams.