NAT Frees Trapped Ships, Reports Black Sea Attack Amid 'Exceptionally Good' Tanker Market
NAT has more than doubled off its 52-week low of $2.67.
Summary
CEO Herbjorn Hansson reports that three NAT suezmaxes trapped in the Arabian Gulf since February have been freed and are now trading worldwide. Separately, one vessel suffered minor damage in a Black Sea attack but is safe and out of the area. No material insurance issues from either incident. The company reiterates that suezmax rates remain very high due to ship scarcity, expecting the strong market to persist for at least a year or two. This follows a Q1 profit of $46.3M and recent insider buying by the Vice Chairman. The operational updates remove a key overhang, while the bullish rate outlook reinforces the earnings trajectory.
At the time of this announcement, NAT was trading at $6.26 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $2.67 to $6.70. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.