Nordic American Tanker - NAT STOCK NEWS

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.

Nordic American Tankers Ltd. announced two new contracts for its suezmax vessels, significantly enhancing revenue potential. The first contract involves a 40 to 60-day charter at a net TC rate of USD 17,000 per day, while the second contract is for six to seven months, also at USD 17,000 per day. With average operating costs around USD 8,000 per day, these contracts suggest a positive financial outlook. The company owns 25 suezmax vessels, including two newbuilds expected in 2022, indicating a robust operational capacity.

On June 25, 2021, Nordic American Tankers (NAT) expressed strong support for BIMCO's appeal to governments to eradicate piracy and facilitate crew changes amidst the pandemic. With 400,000 seafarers stranded at sea and 135 kidnapped in 2020, BIMCO, representing 60% of the world's commercial fleet, urges immediate action for the safety and support of seafarers. NAT, as a BIMCO member, emphasizes the critical role of seafarers in global supply chains and encourages collective governmental action.

Nordic American Tankers Limited has scheduled its 2021 Annual General Meeting (AGM) for July 19, 2021, at 10:00 a.m. Bermuda time in Monaco. The record date for shareholders entitled to vote is May 26, 2021. Shareholders will receive notice and can review the Notice of the Meeting and Proxy Statement through the SEC via form 6-K. The press release includes a cautionary note regarding forward-looking statements, emphasizing uncertainty in market conditions, vessel values, charter rates, and other operational factors.