Nordic American Tankers Stock Price, News & Analysis

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.

Nordic American Tankers Ltd. (NAT) has released its report for the first quarter of 2021, detailing its operational and financial performance. The company emphasizes the cautionary nature of forward-looking statements, noting that actual results may differ due to various factors such as market conditions and operational changes. The report includes important insights into the tanker market and operational challenges. Additionally, NAT highlights the potential impacts of fluctuations in charter rates, oil production levels, and regulatory changes on its future performance.

Nordic American Tankers Limited (NAT) submitted its 2020 Annual Report on Form 20-F to the SEC on April 29, 2021. The report, detailing NAT's audited financials for 2020, is accessible on the SEC website and NAT’s official site. Shareholders can request a hard copy for free. The company's Annual General Meeting is set for July 19, 2021, with further announcements forthcoming. The press release also includes a cautionary statement regarding forward-looking statements, outlining potential risks and uncertainties that could affect NAT's future performance.

On April 14, 2021, Alexander Hansson, a director at Nordic American Tankers (NAT), purchased 40,000 shares at USD 3.16 each. As the son of the company's founder and CEO, Herbjorn Hansson, this acquisition is seen as a sign of confidence in the company. The press release also emphasizes forward-looking statements regarding company performance, market conditions, and potential risks, highlighting that actual results may differ significantly from projections. NAT, based in Bermuda, is navigating a complex tanker market influenced by various external factors.

Nordic American Tankers Ltd. reported on the effects of the recent Suez Canal blockage on tanker rates.

The blockade lasted from March 24 to March 29, 2021, resulting in a temporary spike in tanker rates. Rates for Suezmax tankers have already increased to between USD 15,000 and USD 25,000 per day.

The company has 24 ships on short-term contracts, indicating a strong market position and expectations for further rate increases in the coming weeks.

NAT announced that Alexander Hansson, a Director on the board, purchased 50,000 shares at a price of USD 3.69 each. This share acquisition underlines confidence in the company, which operates in the tanker industry, and reflects familial ties as Alexander is the son of Herbjorn Hansson, the company's Founder and CEO. The press release emphasizes forward-looking statements regarding market conditions and operational performance, alongside potential risks that could impact results.