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HAMILTON, BERMUDA - Top executives at Nordic American Tankers Limited (NYSE:NAT) have increased their personal investments in the company, according to a recent announcement. Alexander Hansson, the Non-Executive Vice Chairman, and Herbjorn Hansson, the Founder, Chairman & CEO, each purchased 100,000 shares at a price of $2.19 per share.
Following these transactions, the Hansson family now holds a total of 9,050,000 shares, making them the largest private shareholder group in the tanker company. The acquisition of shares by the Hansson family is a move that signals their continued commitment to the company's future. The company maintains a strong financial position with a current ratio of 1.65, indicating ample liquidity to meet short-term obligations.
Nordic American Tankers Limited, which operates in the international tanker market, has been navigating a fluctuating industry landscape marked by changing oil production levels and consumption patterns. Despite industry challenges, the company maintains impressive gross profit margins of 72.1% and offers shareholders a significant dividend yield of 10.86%. The company, like others in the sector, is subject to the volatile nature of the shipping industry, which can be influenced by a variety of factors including geopolitical events, economic conditions, and regulatory changes.
The recent share purchases by the Hansson family members are based on their belief in the company's value and prospects. These insider investments often provide a vote of confidence in the company's management and strategic direction.
The announcement of the share purchases is based on a press release statement from Nordic American Tankers Limited. It is important to note that the information provided should not be seen as an endorsement of the company's future performance or as investment advice. Investors are reminded to consider the inherent uncertainties and risks associated with the tanker industry and individual companies within it when making investment decisions. For deeper insights into NAT's valuation and 10 additional exclusive tips, visit InvestingPro.
The company has made it clear that it does not intend to update any forward-looking statements as a result of new information or future events. The factors that could influence the actual results of the company are complex and varied, as detailed in the reports filed by the company with the Securities and Exchange Commission.
In other recent news, Nordic American Tankers Limited has announced the acquisition of a second Suezmax tanker, constructed in 2016 by Sungdong in South Korea. This acquisition is part of the company's ongoing strategy to refresh its fleet, bringing the total number of Suezmax vessels to 21. The purchase price for the new tanker is reported to be in the mid-to-high 60 million USD range, and both new acquisitions are fully financed. These additions are expected to contribute to the company's earnings and dividend capacity. Additionally, Alexander Hansson, the Non-Executive Vice Chairman of Nordic American Tankers, has increased his stake in the company by purchasing 100,000 shares at $2.45 each, bringing his total holdings to 4.1 million shares. This transaction further solidifies the Hansson family's position as the largest private shareholder group with 8.65 million shares. Meanwhile, Nordic American Tanker shares saw a 4.5% increase in value, along with other US shipping stocks, following the US government's decision to blacklist China's Cosco Shipping Holdings Co. and two shipbuilders. This move is part of a broader strategy to address concerns over China's influence in the maritime sector, although the blacklist does not impose specific penalties.
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