Nordic American Tankers Stock Price, News & Analysis

Nordic American Tankers Limited has scheduled its 2021 Annual General Meeting (AGM) for July 19, 2021, at 10:00 a.m. Bermuda time in Monaco. The record date for shareholders entitled to vote is May 26, 2021. Shareholders will receive notice and can review the Notice of the Meeting and Proxy Statement through the SEC via form 6-K. The press release includes a cautionary note regarding forward-looking statements, emphasizing uncertainty in market conditions, vessel values, charter rates, and other operational factors.

Nordic American Tankers Ltd. (NAT) has released its report for the first quarter of 2021, detailing its operational and financial performance. The company emphasizes the cautionary nature of forward-looking statements, noting that actual results may differ due to various factors such as market conditions and operational changes. The report includes important insights into the tanker market and operational challenges. Additionally, NAT highlights the potential impacts of fluctuations in charter rates, oil production levels, and regulatory changes on its future performance.

Nordic American Tankers Limited (NAT) submitted its 2020 Annual Report on Form 20-F to the SEC on April 29, 2021. The report, detailing NAT's audited financials for 2020, is accessible on the SEC website and NAT’s official site. Shareholders can request a hard copy for free. The company's Annual General Meeting is set for July 19, 2021, with further announcements forthcoming. The press release also includes a cautionary statement regarding forward-looking statements, outlining potential risks and uncertainties that could affect NAT's future performance.

On April 14, 2021, Alexander Hansson, a director at Nordic American Tankers (NAT), purchased 40,000 shares at USD 3.16 each. As the son of the company's founder and CEO, Herbjorn Hansson, this acquisition is seen as a sign of confidence in the company. The press release also emphasizes forward-looking statements regarding company performance, market conditions, and potential risks, highlighting that actual results may differ significantly from projections. NAT, based in Bermuda, is navigating a complex tanker market influenced by various external factors.

Nordic American Tankers Ltd. reported on the effects of the recent Suez Canal blockage on tanker rates.

The blockade lasted from March 24 to March 29, 2021, resulting in a temporary spike in tanker rates. Rates for Suezmax tankers have already increased to between USD 15,000 and USD 25,000 per day.

The company has 24 ships on short-term contracts, indicating a strong market position and expectations for further rate increases in the coming weeks.

NAT announced that Alexander Hansson, a Director on the board, purchased 50,000 shares at a price of USD 3.69 each. This share acquisition underlines confidence in the company, which operates in the tanker industry, and reflects familial ties as Alexander is the son of Herbjorn Hansson, the company's Founder and CEO. The press release emphasizes forward-looking statements regarding market conditions and operational performance, alongside potential risks that could impact results.

Nordic American Tankers (NAT) operates a fleet of 25 Suezmax tankers, capable of carrying one million barrels of oil each. Recently, the Suez Canal has been blocked by a large vessel, creating uncertainty about the duration of the blockage. Prolonged closure could necessitate rerouting vessels around Africa, significantly increasing travel distance and time, which would reduce the available shipping capacity and potentially raise freight rates. The company has not provided specific financial forecasts due to the unpredictable nature of the situation.

Nordic American Tankers Ltd. released its 2020 financial results on February 26, 2021, highlighting a solid year overall, despite a weak fourth quarter. The company secured significant spot contracts for its Suezmax tankers, with rates climbing to approximately USD 20,000 and USD 15,000 per day, up from USD 4,000. This is well above operating costs of USD 8,000 per day. CEO Herbjorn Hansson also purchased 50,000 shares at USD 3.13, indicating confidence as he remains one of the largest shareholders.

During 2020, Nordic American Tankers (NAT) distributed $67.2 million in cash dividends and repaid $75.5 million in loans. The full year produced a net income of $50 million, translating to an EPS of $0.34. The fourth quarter was weaker, with a time charter equivalent of $8,700 per day per ship. NAT announced a 2 cents per share dividend for Q4 2020, payable on March 31, 2021. The company expects improved earnings due to strong oil demand, particularly from Asia, and anticipates a positive market turnaround.