Nordic American Tanker - NAT STOCK NEWS

On September 20, 2021, Alexander Hansson purchased 50,000 shares of NAT at USD 2.3148, following a previous purchase of 100,000 shares at USD 2.30 on August 31, 2021. Alexander serves as a Director and is part of the Hansson family, which is a significant shareholder in NAT. These transactions reflect ongoing confidence from the management in the company's performance. The press release includes a cautionary note on forward-looking statements, highlighting potential risks affecting NAT, such as market conditions and operational expenses.

Herbjorn Hansson, Chairman and CEO of Nordic American Tankers, has purchased 75,000 shares at USD 2.3273 per share, reaffirming the Hansson family's position as one of the largest shareholders. This acquisition demonstrates insider confidence in the company's prospects. The press release highlights the importance of transparency and the company’s adherence to the Private Securities Litigation Reform Act. It also emphasizes the potential risks and uncertainties that could affect future performance, including fluctuations in the tanker market and regulatory changes.

Nordic American Tankers recently hosted Indian Shipping Minister Mr. Sarbananda Sonowal on the vessel NORDIC MOON in Mumbai on September 3, 2021. This visit signifies the company's ongoing operations in India, where it frequently discharges cargo from the Arabian Gulf. The meeting highlights NAT's strong international presence and commitment to quality maritime services. The company aims to leverage such diplomatic engagements to bolster its market position. For more insights, a video of the visit is accessible online.

Doug Penick, a board member of NAT, purchased 50,000 shares at USD 2.30 each, increasing his total holdings to 125,000 shares. Additionally, Alexander Hansson acquired 100,000 shares earlier today. Jim Kelly, another board member, holds 175,000 shares. This significant investment by board members reflects confidence in NAT's future. Penick joined the board on July 19, 2021, after a notable career at Goldman Sachs. The PR also includes a cautionary statement regarding forward-looking statements, highlighting that future performance is subject to various uncertainties.

On August 31, 2021, Alexander Hansson, a Director at Nordic American Tankers (NAT), purchased 100,000 shares at USD 2.30. This transaction highlights the insider's confidence in the company, as Alexander is also the son of CEO Herbjorn Hansson. The press release emphasizes forward-looking statements regarding the company's strategy and performance, while cautioning investors about inherent uncertainties. NAT operates in the tanker market, which is subject to fluctuations influenced by global economic conditions and OPEC production levels.

Nordic American Tankers (NAT) reported its 2Q 2021 results, revealing a net loss of $28.7 million, equating to an EPS of -$0.18, a decline from a profit of $49.2 million in 2Q 2020. The average time charter equivalent (TCE) for the fleet decreased to $7,800 per day, down from $48,400 a year prior. Despite the challenges, NAT plans to sell some vessels while purchasing newer ships to position for future growth. The dividend remains a priority, and a payment of $0.01 per share is scheduled for October 14, 2021. The company emphasizes the significance of its strong industry relationships and asset values amidst rising oil demand.

Nordic American Tankers (NAT) has secured a new contract for one of its suezmax vessels, complementing an earlier contract from July 19, 2021. The new contract lasts a minimum of six months at a rate of approximately $17,000 per day, significantly above current spot market rates. Operating costs are estimated at $8,000 per day per ship. With a fleet of 25 suezmax vessels and two newbuilds scheduled for delivery in 2022, NAT is positioned for growth. This contract signals confidence in NAT's fleet quality and enhances market sentiment for future rate stability.

Nordic American Tankers (NAT) outlines its strategic initiatives in a recent press release. The company has reduced its fleet from 33 to 23 vessels, with plans to purchase at least two newer ships following the sale of older vessels. NAT emphasizes a strong commitment to dividends, which will be contingent on the tanker market's performance. The company aims to enhance stock liquidity for investors and reinforce its brand values focused on integrity and reliability. Additionally, NAT is targeting a near debt-free status to prioritize shareholder interests.

On July 19, 2021, Nordic American Tankers Limited (NYSE: NAT) held its Annual General Meeting in Monaco. Shareholders approved several resolutions, including the election of four nominees to the Board of Directors and the appointment of KPMG AS as the independent auditors. These decisions aim to enhance governance and oversight within the company. The meeting reflects NAT's commitment to maintaining transparency and operational effectiveness in a competitive tanker market.