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Nordic American Tankers Limited (NAT)

NYSE - Nasdaq Real Time Price. Currency in USD
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2.2843+0.0543 (+2.43%)
As of 11:39AM EDT. Market open.
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  • S
    Steve
    Hey Herb; one more question: Why would you say NAT has a fleet of 25 tankers; after you announced 2 existing tankers were sold and you haven't received the 2 ships on order. If your previous statements are TRUE; you should tell the TRUTH: the existing fleet exists of 21 tankers. All these mis leading statements don't represent the actual facts. You say one thing and conveniently leave it out in follow up statements. Why not answer some questions. Herb you make a point to tell shareholders you are buying the stock of NAT, but never tell anyone about the 100,000's shares you have sold over the years. What you are doing is called: CHEERLEADING. Character doesn't include this type of behavior. You LUTE what I mean.
  • S
    Steve
    Hey Herb I have a question for you: Why did your board member, your son and you buy NAT stock on the open market when you issued 12,000,000 new shares of NAT in the last 6 quarters? What kind of C.E.O. and board members sell shares to the open market when the company is losing money hand over fist; then you turn around, buy the stock for your personal account at cheaper prices? Not to mention you have been accumulating debt, have an aging fleet and you are paying a small dividend that is taxed at ordinary income levels. You may be the "Dividend King"; but you surely aren't representing the shareholders in their best interest, you LUTE what I mean. Try answering some basic questions on WHY the BOD and you would use this way to entice existing shareholders and others to buy NAT stock.
  • R
    RebelX
    As long as losses are made, they systematically dilute shareholders by issuing new shares. BUT the past has shown that when NAT writes profits, there is no dilution of the shares.
    What is the current situation on the markets? It is very likely that energy prices will continue to rise and the shortage of stocks, at least in Europe, is dramatically low.
    One can therefore expect prices for the ships to continue to rise per day.
    Other assessments?

    Source: https://www.sec.gov/edgar/browse/?CIK=0001000177

    During 3Q 2020 and up to the date of this report, the Company has issued 1,514,794 shares, with gross proceeds of $5.4 million under the $40 million At-the-market Offering (“ATM”).

    During 4Q 2020 the Company issued 984,767 shares, with gross proceeds of $3.1 million under the $40 million ATM.

    During 1Q 2021 the Company issued 1,872,875 shares, with gross proceeds of $6.4 million under the $60 million ATM established October 16, 2020

    During 2Q 2021 the Company issued 5,145,980 shares, with gross proceeds of $17.5 million under the $60 million ATM established October 16, 2020
    EDGAR Entity Landing Page
    www.sec.gov
  • M
    Mark
    We can expect an imminent announcement for a couple vessel sales. Based on recent vessel movements it appears the 2000 Nordic Sirius and 2002 Nordic Grace will be the first candidates. Both have been in Singapore waters for some time and are currently idle at the East Singapore anchorage. Although this is nowhere near certain because the Nordic Sirius is always idle. It has been idle for the entire 3rd quarter and most of the past 14 months since coming out of drydock in July 2020.
  • M
    MT-T-Dr
    75k shares bought by Herb today. Green day.
  • S
    Steve
    @Richard; it's been referred to as a pyramid in the past, hoping some will buy higher than what you bought at, but people are wise to the dividend king. Who doesn't answer questions and is always painting a rosy picture. Give NAT enough time and we will see the SP in the one's. I look forward to the next quarterly report; I'd like to see how they spin the numbers, you can't make this stuff up.
  • M
    Mark
    On his press release Aug 28 NAT announced a 6 month charter for $17K per day. To add some perspective the vessel (chartered by Chevron) is the Nordic Tellus which is the most modern in NAT’s fleet, financed under a bareboat charter agreement. The total cash cost to operate this vessel including debt repayment (excluding depreciation) is approx $21K per day, which includes the $8K per day operating cost which Herb proudly highlights in almost every communication. Admittedly, a cash loss of $4K per day for the next 6 months is an improvement over current results but not quite what the PR may suggest.
  • S
    Steve
    Uncle Herb is getting desperate; he just bought another 50,000 NAT shares, he's probably wondering why NO ONE is following him and buying moreNAT???? Well; the cat is out of the bag and people realize the Dividend King has NO clothes and companies are suppose to make profits and NO dilute shares to pay a senseless dividend. Herb why don't you stop the dividend and give shareholders some incite on how you are going to make some money. That would really be helpful to the shareholders who continue to hold NAT stock. MAKE some money and give some direction to how NAT gets out of this hole. HELLO; you LUTE what I mean. You dilute the shares outstanding by 12,000,000 shares and then buy the stock; explain how that works for the benefit of the shareholders.
  • S
    Steve
    HERB; do you really believe that one board member, your son and you are going to change the direction of NAT by buying 200,000 shares when the company issued 12,000,000 shares in the last 6 quarters. GET REAL; you are not that clever.
  • M
    Mark
    Anyone influenced by Herb and Alexander’s share purchases is either woefully uniformed or lacking some basic intelligence.
  • S
    Steve
    I will remind the message board again; NAT lost $50,000,000.00 in the last 6 months and continues to lose money every day. The board and Uncle Herb are borrowing money by issuing millions of shares of stock to pay the dividend and keep the company a float. Good luck to those that believe this is a good thing for NAT.
  • N
    Nick
    Can someone here help me understand why Herb can't just seriously just part some place like 10-15 of these ships and save the $8K a day in gas? I don't understand why he would take a money loosing job moving oil?

    Even a cab company would turn a job down if they knew they would lose money on the run. So why does Herb move oil at a loss? I get the whole public relations thing. And trying to get in the good graces of the major oil companies. I get that. But if you aren't going to be around in 2 years as a result of it what does it matter?

    I'd rather him anchor 10 ships someplace and save the $80K per day day in fuel. Then move oil at a loss.
  • C
    Chief
    Herb buys, the son buys, the board buys, we all buy--just like ice cream.
  • B
    Ben
    Steve, I believe you have a personal itch to cure with the company or someone. However, that is personal. So let's look at the issue and challenges. If you believe management is engaging in deception please alert the SEC. Next tell me which CEO do not "cheerlead" push the positive, present or projected. Next, property owned until change hands is "owned", property owned but not in operation for any reason is still "owned". Let's be clear, I'm not speak to your claims but rather the tone of your attack. Lastly, are you a shareholder?
  • S
    Steve
    @Taylor; I'd like to add to your statement: You mention 25 ships; this number includes 2 new ships on order that have not been delivered and still need financing, plus the 2 ships that have been sold. This is a actual fleet of 21, thus NAT's daily costs per ship are 15% higher. NAT is in deep trouble if they cannot raise more money by issuing more stock. Either way the shareholders are losing big time with dilution of stock, paying a dividend w/o generating profits and leveraging a balance sheet that is already suspect and getting weaker. The mis management of this company; with the illusion of positive statements, has put into question: Can NAT survive in the future.
  • T
    Taylor
    I know Herb touts the $8k per day operational cost to run his ships. I just want to throw simple round numbers out on what this company needs to make to earn a profit:
    Q2 Operating expenses (from the actual financial documents) of 38.5m, Interest expenses of $6.6m, and other expenses of $6.9m for a total of about $52 million. With 25 ships over 90 days, they need to earn $23k per day to break even. Obviously this doesn't include days off hire, drydock and other factors. But from a general standpoint, $23k a day is needed for NAT to start turning a profit on the books. Will rates get there in the coming months, who knows? What we do know is NAT lost over $28m this quarter and has approximately $34m in cash on hand. Herb will undoubtedly have cash in the near term to continue operation as he can continue to sell shares at this paltry stock price, and he has already indicated he will sell several ships. How he will buy the new ships has yet to be seen.
  • S
    Steve
    Maybe Herb's son bought 100,000 shares from the NEW dilution of stock for the 3rd. quarter; this would go hand in hand with the 12,000,000 new shares issued over the last 4 quarters. For the thumbs down you better hope rates double from here because NAT is at risk going down into the 1's. There was NO mention on how NAT was booking it's ships in the 3rd. quarter, except for 2 of the newer ships. Let's go over the losses one more time for the 2nd. quarter: Almost $30,000,000.00 in 90 days, HELLO EVERYBODY.
  • M
    Mark
    Adding to Taylor and Steve…As of 30 June Herb has $36 million left on the existing ATM though he can file another one at any time. At this share price the shareholder dilution is horrendous, but there is no doubt that is happening. Herb needs to fund the Q3 cash drain, pay the remaining $11 million new-build installment sometime soon, and maintain a minimum of $30 million liquidity per bank covenants. The wild card is vessel sales. We do not know how this cash will be allocated between the bank and NAT. In any event acquiring second-hand vessels requires a minimum 35 percent equity payment with the lender financing the remaining 65 percent. Nothing adds up.
  • n
    nio
    Q1 2021 they actually made some good moves and gains better than expected.., according to that and everything going on… end of unemployment and everyone goes back to work I expect and value this stock 8$ fair price. I’m not financial advisor but i’m all in with NAT . This company is not a joke it been through hard times but it gotten much better in the last quarter
  • S
    Steve
    Herb is now posting how he bought 75,000 shares of NAT @$2.32 and how he wants you to know he bought more NAT. Never tells you when he sold; only when he buys. NAT will still go to the $1.00's because they are losing money every day, rates are still way down from break even. HERB will surprise everyone when he dilutes the stock with another issue of NAT to the marketplace. Can't make this stuff up, you LUTE what I mean!