Nordic American Tankers Ltd (NAT)

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Translation on today's news:

"The agreements are based on a 10-year bareboat charter for each vessel. NAT will buy back the vessel at the end of the charter, but also has the flexibility to buy-back the vessels from Ocean Yield after year five and seven."

NAT paid 30% in cash to BUY these tankers but cannot afford to take delivery of the ships. So they are now basically going to LEASE these ships and have an option to buy the ships from Ocean Yield (the owners of the ships) at a later date.

How could such bad decisions come from a CEO who never forgets to remind shareholders on conference calls that he has so much experience that shareholders have done great when looked at total return?

NAT's total return has been horrible!

LOL--this CEO must GO!