Nordic American Tankers Ltd (NAT)

[Eurotradr]

This market is somewhat cyclical. The good thing about this down market is the scrapping of older vessels increases while bookings for new vessels has slowed down.

OPEC has forced oil prices up. This results in a draw down on global inventories. As inventory depletes a new wave of demand will begin to replenish stock. This is a positive ahead of us.

I do not see a snap back anytime soon but the market is at a bottom. Ship owners will rather sit idol as opposed to booking new charters at substantial losses. How long we linger here is anyone's guess but the market will eventually rebound.