Nordic American Tankers Ltd (NYSE: NAT) – Founder, Chairman & CEO buys more share in NAT

Rhea-AI Summary

Nordic American Tankers (NAT) announced that Herbjorn Hansson, the company's Founder, Chairman & CEO, along with his company, has purchased 194,341 shares at $2.7802 per share. Following this transaction, the Hansson family's total ownership reaches 8,000,000 shares, making them the largest private shareholder group in NAT. Additionally, Alexander Hansson, the CEO's Monaco-based son, recently acquired 350,000 shares, increasing his personal stake to 3,550,000 shares.

Positive

• Insider buying: CEO and family increase ownership stake, demonstrating confidence in company
• Hansson family becomes largest private shareholder group with 8 million shares

Negative

• None.

Insights

Financial Analyst

The insider buying activity from CEO Herbjorn Hansson and his family is a notable signal of confidence in Nordic American Tankers' future prospects. The purchase of 194,341 shares at $2.78 per share represents an investment of approximately $540,000. Combined with his son Alexander's recent purchase of 350,000 shares, the Hansson family has significantly increased their ownership position to 8 million shares, making them the largest private shareholders.

Insider purchases of this magnitude, particularly from top executives and their families, often indicate a strong belief in the company's valuation and future performance. The timing of these purchases, amid the current market conditions in the tanker sector, suggests management's optimism about NAT's business outlook.

 

Wednesday, December 4, 2024

 

Dear Shareholders and Investors,

This is to inform you that I personally and a company owned and guaranteed by me have today bought 194,341 shares in NAT at the price of USD 2.7802 per share. 

Following this transaction the Hansson family owns an aggregate of 8,000,000 shares – being the largest private shareholder group in the company. 

Recently, my son, Monaco-based Alexander Hansson, has bought 350,000 shares in NAT, increasing his stake to 3,550,000 shares.

 

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO

Nordic American Tankers Ltd.                                                        www.nat.bm

 

 

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.

 

Contacts:       

Bjørn Giæver, CFO                                                             
Nordic American Tankers Ltd                                             
Tel: +1 888 755 8391                                  

Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 724 171    

 

FAQ

How many NAT shares did CEO Herbjorn Hansson purchase in December 2024?

Herbjorn Hansson and his company purchased 194,341 shares at $2.7802 per share.

What is the total number of NAT shares owned by the Hansson family?

The Hansson family owns a total of 8,000,000 shares in Nordic American Tankers.

How many NAT shares does Alexander Hansson own after his recent purchase?

Alexander Hansson owns 3,550,000 shares after recently purchasing 350,000 additional shares.