You're upset with the CEO but there isnt a CEO of a tanker company on the planet that could have navigated his way around the contango situation which in turn made offshore storage no longer economical. Need proof? Look at a 5 year chart of NAT and what you will see is a sudden and steady rise in NATs' pps beginning in the fall of 2014. What triggered that was OPECs' announcement it would NOT be cutting production..and nobody saw that coming. In fact the Saudi's not only didnt cut production, as they normally would have, they announced they would be increasing production.
The Saudi's were effectively declaring war on US domestic oil producers...many of whom had a debt structure that could only be sustained IF oil stayed in the $100+ @ bbl range. Over 65 domestic produers would declare bankruptcy over the next 2 years but thats another story.
What ensued after the OPEC decision was a sudden worldwide glut of oil. US producers were pumping record amounts ...so was Russia...South America, Africa, Brazil, Canada, Mexico, etc. Etc. The world was drowing in crude... so much so that one of the only places left to put it was on a ship/tanker or a tanker train. Subsequent (and very lucrative) storage fees for ship owners were like pennies from heaven for an otherwise listless and sinking tanker industry.
Contrary to a popular notion you cannot store crude on a tanker forever. Ships are the last choice for long term crude storage. What immediately began next in 2015 was a worldwide effort to build more land based storage facilities. What effect do you think that had on the dudes with ships! Land based storage is far cheaper. Those good times for NAT et al didnt last long and the pps has been declining ever since.
Blame the CEO if you want but the fact is when you own a bunch of empty tankers that hold only one type of cargo sitting in ports all over the world paying mooring fees its a tough way to earn a living.
A new CEO couldn't change the oil shipping situation. I'm sorry man but it is what it is. Good luck.
Marker:
Nordic American Tank (NAT)
$2.59 down -0.12 (-4.43%)
Volume: 3,339,814
Nothing in my hand I bring...simply to thy cross I cling --- Engraving on Hawaiian Missionary headstone mid-1800's.
Recent NAT News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/23/2024 08:15:59 PM
- Nordic American Tankers Ltd (NYSE: NAT) – 2024 Annual General Meeting of Shareholders (AGM) • GlobeNewswire Inc. • 09/23/2024 10:51:31 AM
- Nordic American Tankers Ltd (NYSE: NAT) – Shareholder/Investor conference Thursday September 12, 2024 • GlobeNewswire Inc. • 09/11/2024 09:49:49 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/03/2024 08:23:12 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Investor Conference September 12, 2024 • GlobeNewswire Inc. • 09/02/2024 12:57:50 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Report as per June 30, 2024 – A dividend company with good prospects • GlobeNewswire Inc. • 08/29/2024 10:31:46 AM
- Nordic American Tankers Ltd (NYSE: NAT) – Fall on some stock exchanges • GlobeNewswire Inc. • 08/05/2024 01:09:53 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Non-Executive Vice Chairman of NAT, Alexander Hansson buys more shares • GlobeNewswire Inc. • 07/30/2024 02:17:27 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/30/2024 09:11:16 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Non-Executive Vice Chairman of NAT, Alexander Hansson buys more shares • GlobeNewswire Inc. • 05/30/2024 01:47:15 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Report as per March 31, 2024 – Dividend is a top priority. • GlobeNewswire Inc. • 05/29/2024 12:09:52 PM
- US Index Futures Drop Amid Rising Treasury Yields and Inflation Concerns, Oil Prices Increase • IH Market News • 05/29/2024 11:28:38 AM
- Nordic American Tankers Ltd (NYSE: NAT) – 1Q 2024 Earnings Report • GlobeNewswire Inc. • 05/14/2024 01:45:33 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 04/04/2024 01:50:49 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 03/12/2024 01:57:22 PM
- Nordic American Tankers Ltd (NYSE: NAT) – A snapshot of the present market conditions • GlobeNewswire Inc. • 03/07/2024 02:08:12 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 03/04/2024 02:53:56 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/01/2024 10:09:14 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Report as per December 31, 2023 – Dividend is up and solid prospects going forward • GlobeNewswire Inc. • 02/29/2024 10:23:30 AM
- Nordic American Tankers Ltd (NYSE: NAT) – Founder, Chairman & CEO outlines the international reach of the NAT operations • GlobeNewswire Inc. • 02/15/2024 02:39:35 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/02/2024 07:18:07 PM
- Nordic American Tankers Ltd (NYSE: NAT) – Greetings for the Season • GlobeNewswire Inc. • 12/14/2023 11:50:26 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/30/2023 09:37:40 PM
- Correction: Nordic American Tankers Ltd (NYSE: NAT) – Board Member Alexander Hansson buys more NAT shares • GlobeNewswire Inc. • 11/30/2023 03:00:20 PM
- Nordic American Tankers Ltd (NYSE: NAT) – • GlobeNewswire Inc. • 11/30/2023 02:56:38 PM
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