Aqualis Offshore, Skuld Maritime Agency Under Investigation in Scrapping Case
Aqualis Offshore and Norwegian Insurer Skuld Maritime Agency are under investigation for their involvement in the attempt to illegally export the Harrier to Pakistan for scrapping.NGO Shipbreaking Platform, quoting DN said that Aqualis Offshore issued two certificates for the ship – one for a break-up voyage to Pakistan, another for a voyage to Oman – and it is suspected that the latter was issued to dupe Norwegian authorities in order to circumvent the European waste export ban.Skuld…
NAT CEO Hansson Buys 180,000 Company Shares
Nordic American Tanker (NAT) says a company owned by chairman and CEO Herbjorn Hansson and his immediate family on August 31 bought 180,000 shares in NAT at an average price of $4.61 per share. As of August 31, immediate Hansson family holds 3.6 million common shares of NAT. Nordic American Tankers is a shipping company focused on Suezmax crude tankers, each of which can carry up to 1 million barrels of oil.
Hanssons Up Stake in NAO – Again
Nordic American Offshore Ltd. executive chairman, Herbjorn Hansson and his son, Alexander, have accumulated 1,681,007 shares in the New York listed NAO at an average price of $1.12 per share. Following the the last purchase of 181,007 NAO shares on Friday, May 12, the Hansson family together with its previous holding now hold shares equivalent to 6.5 percent of NAO.
Hanssons Increase Stake in Nordic American Offshore
The executive chairman of Nordic American Offshore Ltd. (NAO) and his family have increase their holding in the company, now holding shares equivalent to 5.4 percent of NAO. On Wednesday a company owned by the NAO executive chairman, Herbjorn Hansson, and his son, Alexander, bought 500,000 shares in NAO at an average price of $1.18 per share. They also bought 500,000 NAO shares on Tuesday.
Public Offering Fetches $47.7mln for Nordic American
Nordic American Offshore (NAO) has closed the follow-on offering of 40,000,000 common shares at a public offering price of $1.25 per share resulting in aggregate net proceeds of approximately $47.7 million. The proceeds could be slightly in excess of $50 million, provided the over-allotment option is wholly or partly exercised (maximum about $7 million). Following the offering, the Company has 60,686,847 common shares outstanding as against 20,686,847 shares before the offering.
Hanssons Increase Holding in NAT
A company owned by the Nordic American Tankers Limited (NAT) Chairman & CEO, Herbjorn Hansson, and his son, Alexander, has purchased 75,000 NAT shares last week, adding to the position as one of the largest shareholders of NAT. The share price was $7.96 per share.
Hanssons Scoop up More NAO Shares
Nordic American Offshore Ltd. (NAO) announced that Alexander Hansson, the son of the company’s chairman, Herbjorn Hansson, today bought 100,000 shares in NAO. The share price was $3.65 share.
Nordic American Tankers Ups Nordic American Offshore Stake
Nordic American Tankers (NAT) has increased its shareholding in Nordic American Offshore (NAO) in an effort to shore up investor confidence in the latter. NAT bought 1,521,300 shares increasing its stake to 6,018,280 shares — 26.5% of NAO’s total shares for $9.5m, or $6.25 per share. NAO has 22,729,797 shares outstanding. NAO was listed on the New York Stock Exchange June 12, 2014 and owns now 10 platform supply vessels of which two are newbuildings to be delivered in 2016. The NAO 3Q2015 earnings report was published November 9, 2015. NAO is fully financed up to early 2020.
Hanssons Increase Stake in NAT
Tanker shipping firm Nordic American Tankers Limited (NAT) announced that chairman and CEO, Herbjorn Hansson, and his family have increased their holding in the company. According to NAT, a company owned by Herbjorn Hansson and his son, Alexander, yesterday bought 100,000 shares in NAT worth $1.4 million, adding to their position as one of the tanker shipper’s largest shareholders.
NOA Announces Share Repurchase Program
Nordic American Offshore Ltd. (NAO) announced that its board of directors has authorized a share repurchase program under which the company may repurchase up to 2.5 million of NAO's outstanding common stock over the next two years. The authorization is effective immediately. There are 23,431,370 NAO shares in issue. NAO said it intends to repurchase shares from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws.
NAO Head: PSVs Ready for Mediterranean Rescue
Nordic American Offshore Ltd. executive chairman Herbjorn Hansson weighs in on Mediterranean Sea migrant crisis, stating his company’s PSVs are capable and ready to perform rescue operations, if contracted. We are all too familiar with the tragedy that is unfolding in the Mediterranean Sea, as refugees try to cross over to Europe in unseaworthy and unsafe boats. As part of the shipping industry's long tradition of aiding those in danger on the sea, commercial cargo vessels have played a role in rescue operations.
Tanker Markets See Storage Boon from Oil Price Collapse
The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping. Supertanker rates are already close to five-year highs of over $83,000 a day - helped by a drop in shipping fuel bunker prices. Overcapacity, which has dogged owners for years, is also receding. Herbjorn Hansson, chairman and chief executive of Nordic American Tankers, told shareholders recently that lower oil prices "may trigger stockpiling or have a more general positive impact".
Nordic American Tankers CEO: Market is Improving
Nordic American Tankers Limited (NAT) issued a letter to shareholders from the company’s chairman and CEO, Herbjorn Hansson, noting improved market conditions for NAT’s Suezmax tankers. In a December 10, 2013 letter to shareholders, Hansson highlighted improved conditions in the Suezmax spot tanker market, and in his latest letter said the development has continued into 2014. “We do not predict spot tanker rates,” Hansson said. “All the NAT vessels (20 Suezmaxes) are in top technical condition, trading in the spot voyage market,” Hansson added.
Nordic American Tankers Letter to Shareholders
Nordic American Tankers Limited (NAT) Chairman and CEO, Herbjorn Hansson, Issued a letter to shareholders addressing the yearend rally in the crude tanker market and strongly increased rates. As we approach the end of the year, I would like to share with you some thoughts on recent events. The best suezmax tanker rates for a year or two are with us now. For each day passing by, we come closer to stable improved conditions. These last few months have been a busy and exciting time for us. We have established a new company, Nordic American Offshore Ltd. (NAO), where NAT is the largest shareholder. The fourth quarter started quite slowly, while the tanker market for crude oil has strengthened considerably during the last few weeks.
Nordic American Tankers Announces Pricing of Follow-On Offering
Nordic American Tankers Ltd. announced the pricing of its previously announced underwritten public offering. The company agreed to sell 8,125,000 common shares at a public offering price of $8 per share. The common shares are being offered pursuant to the company's effective shelf registration statement. The company's Chairman and Chief Executive Officer, Mr. Herbjorn Hansson is expected to purchase 250,000 common shares in the offering on the same terms as other investors. Morgan Stanley & Co. LLC is acting as the bookrunning manager for the offering and DNB Markets Inc. and Pareto Securities Inc. are acting as co-managers of the offering. The company has granted the underwriters a 30-day option to purchase up to an additional 1,218,750 common shares.
NAT Chairman Reassures Shareholders, Mulls Expansion
In an open letter to shareholders, Herbjorn Hansson , Chairman & CEO of Nordic American Tankers Limited sets out that his company is in a strong position. "The company is in a solid financial condition. This is demonstrated by the fact that as of June 30, 2013 our net debt is about $4.4 million per ship. In comparison, at the end of June 2004, at the time when the company turned into and (sic) operating unit, the net debt was about $8 million per ship. Cash on hand, net working capital and undrawn portion of our credit facility is $330 million, representing our financial liquidity reserves June 30, 2013. This allows us to plan for further growth. In July and August the situation has improved, signaling that results for the third quarter should be better than those for the second quarter.
Nordic American Tankers Remain Bullish
Nordic chairman, Herbjorn Hansson , in a letter to shareholders, believes that the tanker markets remain soft, due primarily to the excess supply of vessels; but the longer term outlook is more encouraging. "The order book for new vessels is declining and starting in 2014 we expect only a modest number of newbuildings will be launched. We also expect older vessels will continue to be scrapped. Consequently, the suezmax tanker markets should start tightening again. In early June…
Nordic American Tankers Save Fuel
In a letter to shareholders Nordic American Tankers Limited Chairman & CEO pointed (amongst other things) to the fleet's fuel-saving measures. NAT has made, and is continuing to make, important investments on our existing fleet to reduce fuel consumption. Depending on the speed we use on a specific voyage, a Suezmax vessel consumes on average about 30 tons to 65 tons per day in ballast and laden condition, respectively. A few years ago, for example, the price of bunker fuel that we use to power our ships cost about $200 per ton. Today, the price is $600 to $700 per ton. We are implementing measures that we think on average can save us minimum about five tons or more of fuel daily per vessel, adjusted for actual operating days.
Letter to Shareholders From NAT Chairman and CEO
Nordic American Tankers Limited CEO briefs shareholders on market conditions and invites input. I would like to update you on developments in the company and in our industry. Conditions remain challenging in the tanker business, and we are doing our utmost to safeguard shareholder interests. Over the recent past NAT's position compared with the rest of the industry has improved. While some other tanker companies are debt-laden, NAT is in a good situation because of our low debt -- about $5 million net debt per vessel. Our recent agreement with a subsidiary of ExxonMobil is an example of our proactive business attitude, covering transportation of oil both in the Atlantic basin and also in other places in the world.
Nordic American Tankers Ltd. Reachs Out to Shareholders
Nordic American Tankers Ltd. Letter to Shareholders From the Chairman and CEO - NAT Is Different. It is time to update you on recent developments in the Company and our industry. As we have stated before, it is at times of difficulty for the industry that NAT in particular improves its position relative to its peers. We believe that important factors differentiate NAT from other tanker companies. A professional management and board with wide experiences and complementary skill sets…
NAT Increases Fleet to 20 Vessels
Nordic American Tanker Shipping Limited announced that it has entered into a preliminary agreement with Samsung Heavy Industries Co., Ltd., a leading Korean shipyard, to build two suezmax tankers of 158,000 deadweight tons each to be delivered to the company in the third and fourth quarters of 2011. The purchase prices of the two newbuilding vessels are $64.5/$65m, with about half to be paid on the signature of the definitive contracts and the balance to be paid on delivery. The advance payments will be guaranteed by a first class financial institution. The acquisitions will be financed by resources of the company. There are no plans…