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Nordic American Tankers Limited (NAT)

NYSE - NYSE Delayed price. Currency in USD
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1.8400+0.0400 (+2.22%)
At close: 04:00PM EST
1.8500 +0.01 (+0.54%)
After hours: 04:39PM EST
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  • S
    Steve
    One last question for all that believe NAT is a good investment; I've MUTED about 40 clowns over the last 3 years, so I might not get to many responses, but here we go: NAT has destroyed shareholder value by issuing new stock ( almost 70,000,000 new shares; to bring total shares outstanding to around 172,000,000 and rising every quarter ), borrowed money to pay a dividend, leveraged the balance sheet with around $350,000,000.00 in debt and wants to replace the old tankers ( 12 out of 22 tankers, 17 to 20 years old ) with new ships, when NAT is losing money hand over fist. How does this shell game work out, I'd like to know? Insiders bought and have lost a ton of money; on paper, over the last 1 1/2 years; which tells us they don't have a clue. The company doesn't address any questions from anyone and the C.E.O. continues to tell the market that things are turning around and every thing is looking good. The mis direction by the management is amazing to say the least. So look at the finances of NAT and tell us how this becomes a good investment when the fleet is shrinking ( 30 ships to 22 ships over the last 3 years ) and 12 out of the 22 existing tankers will have to be replaced over the next 3-4 years. How does this work; well it doesn't, sell while you can because this ship is sinking. Good LUTE to you all.
  • S
    Svein
    Took the dividende of 640$ happy and share still go up ex day.
  • N
    Nick
    I had some time today (Thanksgiving and all) and decided to see if old Herb is doing what he is saying he is doing. Below are copy and pasted from NAT's last 6 earnings report.

    Q3 2021 Total debt $259.6 million
    Q2 2021 Total debt $245.5 million
    Q1 2021 Total debt $329.0 million
    Q4 2020 Total debt $335.5 million
    Q3 2020 Total debt $313.3 million
    Q2 2020 Total debt $318.9 million

    Q3 2021 "THE
    COMPANY’S TOTAL NET DEBT IS $259.6 MILLION OR $11.8 MILLION PER VESSEL (BASED ON
    22 VESSELS). OUR OBJECTIVE IS TO BECOME DEBT FREE.

    Q2 2021 The total outstanding balance to CLMG/Beal Bank (including current portion of the debt), is
    $245.5 million as of June 30, 2021. Restricted cash of $8.3 million is related to deposits held for
    future Drydockings of our vessels, in accordance with our borrowing agreement. The total outstanding balance to Ocean Yield (including current portion of the debt) is $108.3
    million as of June 30, 2021.

    Q1 2021 Our Long Term Debt stood at $329.0 million, net of transaction costs, as of March 31, 2021.

    Q4 2020 Our Long Term Debt and other non-current liabilities stood at $335.5 million as per December 31,
    2020. Our Net Debt* is $279.9 million or about $12 million per ship.

    Q3 2020 OUR TOTAL LONG TERM LIABILITIES AS PER SEPT 30, 2020 STOOD AT $313.3 MILLION, A
    REDUCTION OF MORE THAN $63 MILLION SINCE YEAR-END 2019. OUR NET DEBT IS $255.4
    MILLION OR ABOUT $11 MILLION PER SHIP

    Q2 2020 NAT HOLDS $144 MILLION IN CASH AS OF THE DATE OF THIS RELEASE, EQUALING $0.96
    PER SHARE. OUR TOTAL LONG TERM LIABILITIES AS PER JUNE 30, 2020 STOOD AT $318.9
    MILLION, A REDUCTION OF MORE THAN $110 MILLION SINCE YEAR END 2018. OUR NET
    DEBT* IS $256 MILLION OR ABOUT $11 MILLION PER SHIP.
  • B
    Bez
    I REMEMBER WATCHING THE CEO OF $NAT TALK ON CRAMER, SAYING SOMETHING ALONMG THE LINES OF HOW GOOD A COMPANY $NAT WAS, AND HOW THE FUTURE WAS BRIGHT, AND ONLY HOW GREAT THE COMPANY WAS..... THAT WAS AROUND APRIL 2020..... I ALMOST BOUGHT IN... THERE WAS AN IMPRESSIVE DIVIDEND AT THE TIME, THE PRICE AT THAT TIME WAS AROUND $5.50/SHARE...... I JUST LOOKED NOW, AND IT IS $1.90...... WHAT A SCAM THAT WOULD HAVE BEEN.
  • M
    Mark
    The tanker industry is in misery. All tanker stocks are getting crushed over the past month with many trading at or near 52 week lows. It seems any imminent recovery in tanker rates is now more a hope than expectation. No apparent short-term catalyst.
  • M
    Mark
    INSW just sold a 2006-built Suezmax to an unknown European buyer. Maybe NAT bought it. Herb’s fleet renewal plan.
  • S
    Steve
    Hey to the Management of NAT; this message board is wise to your smoke and mirrors statements, no one in their right mind would buy NAT stock at it's price today. I believe the sale of the fleet might cover the debt on the balance sheet and you probably can't get any tanker fees for the old rust bucket tankers ( 1/2 the fleet ) that are 17 to 20 years old. You should scrap the tankers built in 2002 to 2005 and try to survive with what is left, pay down debt and stop the dividend. Try to be fiscally responsible and you might survive; what are you going to do if we start shutting down countries; travel will stop and the demand for oil will go down. Hello; try listening and you might save the company.
  • s
    sam
    I see a 1 for 10 reverse split coming at around $1,50.

    Then, about 17 million shares outstanding.

    Then, more shares will be issued.

    But...... always a dividend paying stock......
  • M
    Mark
    Herb writes “The ATM has been a very effective instrument”. It should be expressed in the present tense because the ATM continues to be NAT’s primary source of funds to cover negative cash flow, after having raised $100 million from shareholders over the past 15 months, and now working on another $60 million facility. Without the ATM NAT would be bankrupt. In spite of this 100 million capital infusion, shareholder equity has actually declined. And NAT is now selling equity at share prices near historic lows to fund current Q4 cash requirements, accelerating shareholder dilution even further. A broken company.
  • c
    charles
    still holding this... I wonder what the dividend will be lol
  • S
    Svein
    Have somebody sen this SEC filling where they offer up to 60 mill$ in new share before. Ididnt now this before today.

    https://www.sec.gov/Archives/edgar/data/0001000177/000091957421006007/d8941163_424b-5.htm

    We have entered into an at market issuance sales agreement, or the Agreement, dated September 29, 2021, with B. Riley Securities, Inc., or B. Riley Securities, for the offer and sale of our common shares having an aggregate offering price of up to $60.0 million from time to time, offered by this prospectus supplement and accompanying prospectus.
  • D
    Dan Tanna
    Nordic American Tankers Ltd (NYSE: NAT) – Update to shareholders: the cleaning lady just bought 25 shares.
  • D
    Dan Tanna
    Didn't the CFO buy shares in the $4.00 range not to long ago? Funny, Herb can't convince him to pony up any more of his cash to buy stock at these bargain prices...
  • D
    Dan Tanna
    Nordic American Tankers Ltd (NYSE: NAT) – Early reporting: The cleaning lady hit me with her broom and quit.
  • S
    Svein
    Nordic American Tankers Ltd (NYSE: NAT) - Further purchase of shares by NAT board member Alexander Hansson (Duplicate)



    Monday, November 29, 2021



    Dear Shareholders and Investors,



    Alexander Hansson, Board member in Nordic American Tankers Ltd and son of Herbjorn Hansson, the NAT Founder, Chairman and CEO, has today bought additional 50,000 shares in NAT at $1.8833 per share.

    Following the purchase of 50,000 shares on Friday November 26 and todays transaction, Alexander Hansson privately owns 1,085,000 shares in Nordic American Tankers Ltd.

    As in the past, the Hansson family is the largest private shareholder in NAT.

    Alexander Hansson commented: “I feel good about the prospects of NAT".



    Sincerely,

    Herbjorn Hansson
    Founder, Chairman & CEO

    Nordic American Tankers Ltd. www.nat.bm
    Nordic American Tankers Limited
    www.nat.bm
  • A
    Ag
    As of June 2021:

    Total assets = $929M, of which $828M is vessels. Using today's price of $68M for NB, $47M for 5yr, $32M for 10yr, $15M for 20yr, actual value of vessels = $783. Balance sheet overstated vessels by $46M

    Total liabilities = $346M

    Shareholder equity = $583M.

    Subtract $46M for overstated vessels, so adjusted SE = $537M.

    Shares outstanding = 173M

    Book value = $3.10/share.

    NAT is trading at a 39% discount.

    Disclosure: Long over 60,000 shares.
  • D
    Dan Tanna
    CFO is down $164,000 on his March 2020 purchase of 60K shares at $ 4.725 per share. Question: how can you expect someone to look out for your investment, when he can't look out for his own money.
  • R
    Richard
    At this point of time, the way the tanker industry works revenue for the 4Q is now locked in. The revenue that they earn from any charters that they book in the next 30 days will show up in Q1 of 2022. So what you have is yet another Q where NAT has lost a huge amount of money, probably a loss of more than $25mil again. And if anything, spot prices are lower now than they were last Q, and with the new variant on the march, the oil demand picture is bleak. Bottom line - There is no end to NAT's losses in sight.
  • G
    Gianni
    News update: OPEC says they'll counter releases from reserves. there's a chance for an "oil producer war." see Bloomberg article under the Yahoo oil section
  • S
    Steve
    On 12-31-2017 NAT reported a little bit over 103,000,000 shares outstanding; 3 years and 9 months later NAT Board of Directors have issued an additional 68,500,000 shares to raise cash and have diluted each and every shareholder beyond imagination. There are almost 172,000,000 issued and outstanding and the company continues to lose money every day. This company without the ATM would be insolvent and you can bet NAT will continue to issue more and more shares to keep this boat afloat. Selling now might be the smartest thing anyone could do, because if things stay this way the boat will sink. Can you imagine how irresponsible NAT has been to continue with it's dividend. Remember this was a $45.00 per share company. NAT is totally mis managed; even last year when NAT was making money hand over fist, they continue to issue more and more stock. You can't make this up, it is real. NAT continues to fool people by saying they have 4 ship contracts exceeding $20,000.00 and yet they are losing money beyond belief; over $70,000,000.00 in the last 6 months, but remember their stated breakeven per ship is around $8000.00. This is a ugly situations, but Herbie continues to state things look great. Good Luck to the shareholders, you will need it because the management and board are a sleep at the wheel. Maybe they will announce another purchase by insiders; how did the the last one turn out?