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Tag: NAT

  • Nordic American Tankers Limited (NAT) stock is soaring in the pre-market. Here’s why

    Nordic American Tankers Limited (NAT) stock is soaring in the pre-market. Here’s why

    The stock of Nordic American Tankers Limited (NAT) closed the recent trading session at $2.27, a gain of 2.25% from the previous trading day. On the last check, NAT stock remained bullish in the pre-market, gaining 8.37% to $2.46. The firm issued a letter to its investor on 4 March 2022. The letter talks about the sale of one more vessel. Also, the company filed form 6-K with the SEC on 28 February 2022.

    NAT News

    Nordic American Tankers Limited (NAT) issued a letter to its investors that talks about the sale of the vessel. The letter stated that NAT instructed the investor concerning their essential proceeds to change their fleet, on 28 July 2021. The company sold “Nordic Sirius” and “Nordic Mistral” in October 2021 and February 2022, respectively. NAT declared to trade one more vessel built-in 2002, to a respectable purchaser. Also, the new proprietors will get them before March concludes. The deals pay off the NAT obligation. In the current unstable times, NAT has advanced its situation through the previously mentioned exchanges. The cost for NAT is about $15 million for every vessel.

    This message represents a bustling NAT period. The financing of two new buildings is in order which is assessed to be $90 million. A key and significant exchange including Oman has concurred. Deals of three vessels have been finished up which is assessed to be $45 million.

    Financials

    Moreover, On 25 February 2022, NAT published the fiscal performance for Q4 and FY21. The main points are

    • The total sales in Q4 of FY21 expanded by 38.8% to $22.6 million versus $16.2 million in Q4 of FY2020. Also, the sales for FY2021 declined by 71% to $67.4 million from $233.5 million in FY2020.
    • The total loss of $21.04 million in Q4 of FY2021 versus $28.6 million in the same period last year. This marks a decrease of 26.5%. Also, the total loss in FY2021 was $119.4 million against the total income of $50.3 million in FY2020.
    • Moreover, loss of $0.12 and $0.73 per stock in Q4 and FY2021, respectively.

  • Nordic American Tankers Limited (NAT) gained in the Pre-market; here is why?

    After recently announcing two six-year time charters, Nordic American Tankers Limited (NAT) gained in the pre-market. NAT values at $1.59, gaining more than 2% compared to yesterday’s closing price. The stock closed at $1.57 at the end of the last trading session. The stock volume traded in the last trading session was around 2.46 million shares. The current market cap of the company is around $303.73 million.

    NAT announced two six-year Time charters

    NAT is gaining in the pre-market despite any significant development in the business or any sort of important news. However, last week the company announced two 6-year time charters.

    Nordic American Tankers Limited (NAT) announced in a press release on February 09, 2022, Nordic American Tankers Limited (NAT) announced that two six-year Time Charters had been completed for our two Suezmax new buildings delivered in May and June 2022.

    Their delivery from the South Korean shipyard, ASYAD Shipping Company, will kick off the contracts. NAT currently has 23 ships in its fleet after selling two recently.

    The agreed time charter rates will provide a steady cash stream for the next six years, totaling over USD 100 million. After operating expenditures, cash flow from these contracts will exceed 60% of the initial vessel price.

    NAT CEO Dr. Ibrahim Al Nadhairi remarks

    The contracts are with a reputable New York Stock Exchange-listed business, NAT. More projects between our firms may establish in the future. It is a further extension of ASYAD Shipping’s crude transportation operations. This strategic union will help Asyad maintain its top spot in shipping and logistics. It would also help Oman become a global logistics center by enhancing its operational skills.

    Conclusion

    The company’s stock gained in the pre-market despite any sort of important news. We can assume the link to its recently announced time charters. They expect that the new charters will bring $100 million in revenue in the upcoming six years. Investors are responding positively to the significant development in the business due to which the stock is surging in pre-market today. The company will soon announce its fourth quarter and fiscal 2021 results.