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

Rhea-AI Summary

Nordic American Tankers (NYSE: NAT) announced that Herbjorn Hansson, the company's Founder, Chairman & CEO, along with his company have purchased 100,000 shares at USD 2.6129 per share. Following this transaction, the Hansson family's total ownership reached 8,150,000 shares, making them the largest private shareholder group in NAT. This includes 3,600,000 shares owned by Alexander Hansson, Herbjorn's Monaco-based son.

Positive

• Insider buying of 100,000 shares by CEO and family demonstrates confidence in company
• Hansson family increases position to become largest private shareholder with 8.15M shares

Negative

• None.

Insights

Financial Analyst

The insider purchase of $261,290 worth of shares by NAT's CEO and his family's continued accumulation of stock is a positive signal. The Hansson family now controls approximately 3.9% of NAT's outstanding shares, demonstrating strong insider confidence in the company's future prospects. Such significant insider ownership typically aligns management interests with shareholders and suggests management's belief that the stock may be undervalued at current levels. The timing of this purchase, coming amid strong tanker market conditions, adds weight to the bullish sentiment from company leadership.

 

Thursday, December 12, 2024

 

Dear Shareholders and Investors,

 

This is to inform you that I personally and a company owned and guaranteed by me have today bought 100,000 shares in NAT at the price of USD 2.6129 per share. 

Following this transaction the Hansson family owns an aggregate of 8,150,000 shares – being the largest private shareholder group in the company. 

My son, Monaco-based Alexander Hansson, has 3,600,000 shares in NAT.

 

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 on December 12, 2024?

CEO Herbjorn Hansson and his company purchased 100,000 shares of NAT at USD 2.6129 per share on December 12, 2024.

What is the total NAT share ownership of the Hansson family after the recent purchase?

After the recent purchase, the Hansson family owns a total of 8,150,000 shares in NAT, making them the largest private shareholder group.

How many NAT shares does Alexander Hansson own?

Alexander Hansson, the Monaco-based son of CEO Herbjorn Hansson, owns 3,600,000 shares in NAT.

What was the purchase price per share for NAT stock in the December 12 insider buy?

The purchase price was USD 2.6129 per share.