Nordic American Tankers Ltd (NYSE: NAT) – Non-Executive Vice Chairman of NAT, Alexander Hansson buys more shares

Rhea-AI Summary

Nordic American Tankers (NYSE: NAT) announced that Non-Executive Vice Chairman Alexander Hansson has increased his stake in the company by purchasing 100,000 shares at $2.5125 per share. Following this transaction, Alexander Hansson now holds 3,700,000 shares. The Hansson family's total ownership has reached 8,250,000 shares, making them the largest private shareholder group in NAT.

Positive

• Insider buying demonstrates management confidence in company
• Significant ownership stake (8.25M shares) by Hansson family aligns management interests with shareholders

Negative

• None.

Insights

Financial Analyst

The $251,250 insider purchase by NAT's Non-Executive Vice Chairman demonstrates continued confidence in the company's prospects. The Hansson family's increased stake to 8.25 million shares represents significant insider ownership, now approximately 15.4% of NAT's outstanding shares based on current market cap. While insider buying generally signals positive management outlook, this particular purchase is relatively modest given the company's size and the executive's existing position. The timing coincides with a period of strong tanker market fundamentals and rates, though the purchase price near $2.51 per share reflects a modest valuation multiple for the company.

 

Tuesday, December 17, 2024

 

Dear Shareholders and Investors,

Non-Executive Vice Chairman of NAT, Alexander Hansson, has today bought 100,000 shares at $2.5125 per share. He is now holding 3,700,000 shares.

Following this transaction, the Hansson family owns 8,250,000 shares – being the largest private shareholder group in the company.

For contacts, please see at the end of this communication.


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 shares did Alexander Hansson buy in NAT on December 17, 2024?

Alexander Hansson purchased 100,000 shares of NAT at $2.5125 per share on December 17, 2024.

What is the total number of NAT shares owned by Alexander Hansson after his recent purchase?

After his recent purchase, Alexander Hansson holds 3,700,000 shares of NAT.

How many NAT shares does the Hansson family own in total?

The Hansson family owns a total of 8,250,000 shares in NAT.

What is the significance of the Hansson family's shareholding in NAT?

The Hansson family is the largest private shareholder group in NAT with 8,250,000 shares, demonstrating significant insider ownership and alignment with shareholder interests.

What was the purchase price per share in Alexander Hansson's recent NAT acquisition?

Alexander Hansson purchased the shares at $2.5125 per share.