CEO Sees 'Excellent' Tanker Market, High Rates to Persist for Years
NAT has more than doubled off its 52-week low of $2.66.
Summary
CEO Herbjorn Hansson gave a CNBC interview highlighting extremely strong suezmax tanker rates driven by ship scarcity, which he expects to last at least 1-2 years. The company successfully extracted three ships trapped in the Arabian Gulf since February, now trading worldwide with no significant insurance issues. This follows a blowout Q1 profit of $46.3M and recent insider buying by the Vice Chairman. The update reinforces the bullish tanker cycle narrative and suggests sustained earnings momentum.
At the time of this announcement, NAT was trading at $6.24 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $2.66 to $6.70. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.