Nordic American Tankers Stock Price, News & Analysis

Nordic American Tankers announced the appointment of Jenny Chu to its board of directors, effective immediately. Chu, an experienced professional in US capital markets, has longstanding ties with NAT and a significant network in South Korea, which is crucial as NAT’s fleet frequently operates in the region. Concurrently, Doug Penick will step down from the board to focus on other ventures, with appreciation for his contributions during his tenure. Following these changes, the board comprises two US citizens and two members based in Norway and Monaco.

NAT announces the nomination of Ms. Jenny Chu as a new Board Member, marking the first time a female will join the board since the company's listing in 1995. Ms. Chu is expected to join by the end of April 2022. With a strong background as detailed in her Curriculum Vitae, her appointment is anticipated to bring fresh perspectives and enhanced leadership to the company. Shareholders are encouraged to view her CV for more insights into her qualifications.

Nordic American Tankers Ltd (NAT) disclosed that Alexander Hansson, a Board Member and son of the founder, purchased 100,000 shares at $1.881 each on March 23, 2022. Post-transaction, he holds 1,535,000 shares, reinforcing the Hansson family's position as the largest private shareholder in the company. This move may indicate confidence in NAT's future performance, particularly amid fluctuating market conditions.

Nordic American Tankers Ltd (NAT) has secured significant financial stability through two six-year time charters with Oman interests, generating over USD 100 million in income. Additionally, the company has initiated the first drawdown of its USD 88 million newbuilding financing and completed the sale of three Suezmax vessels totaling USD 45 million. Following the U.S. ban on Russian oil imports, which constituted about 3% of total imports, NAT anticipates increased transportation demands, positively impacting its fleet of 22 Suezmax tankers.

Nordic American Tankers (NAT) reported significant operational developments including two six-year time charters with Oman, securing cash flow and stability. The company has drawn down $88 million for newbuilding financing and concluded the sale of three Suezmax vessels worth $45 million. The recent US ban on Russian oil imports, which constituted 3% of total US crude imports, alongside European shifts in sourcing will likely increase transportation demands for NAT's fleet of 22 Suezmax tankers, enhancing their market position and operational revenue.

NAT has announced the sale of a 2002 built vessel, enhancing its financial strength and maneuverability amid market volatility. The sale adds approximately USD 15 million to the company's funds, bringing total sales from three vessels to USD 45 million. Additionally, NAT has secured two long-term contracts worth over USD 100 million for newbuildings, expected to improve cash flow and profitability. Financing of the newbuildings is also in place, amounting to USD 90 million. The company is strategically positioned in the Suezmax tanker sector.

Nordic American Tankers Ltd (NAT) announced that Board Member Alexander Hansson purchased 250,000 shares at $2.05 each, raising his total ownership to 1,435,000 shares. The Hansson family continues to be the largest private shareholder in NAT. This move may indicate confidence in the company's future prospects, potentially encouraging other investors to follow suit.

Nordic American Tankers announced its fourth quarter 2021 results, highlighting a significant improvement in performance metrics.

The Time Charter Equivalent (TCE) rose to $10,100 per day per ship, a 74% increase from $5,800 in the previous quarter. Despite a net loss of $21 million or -0.12 EPS, this was an improvement from -44.6 million in Q3. Two newbuildings will be delivered in mid-2022 under contracts exceeding $100 million. The company continues to maintain low debt levels, with net debt at $245.3 million.

On February 18, 2022, Nordic American Tankers (NAT) reported significant developments including the sale of two vessels, "Nordic Sirius" and "Nordic Mistral," generating over USD 30 million in cash. Additionally, NAT secured six-year time charter contracts with Asyad Shipping Co for two new vessels, projected to yield over USD 100 million in freight income. Following these transactions, NAT now controls 23 Suezmax Tankers, enhancing their fleet capacity. The company expresses a positive outlook, stating, 'The way forward is upwards.'