Nat In Fresh Cash Call

摘要

Nordic American Tanker Shipping (NAT), a US-listed Suezmax owner managed from Norway, is so conservative that it could be described as boring. It does not trade on the freight derivatives markets and does not have long-term interest bearing debt on its balance sheet. But far from being boring, NAT is a highly successful company. Set up in 1995, the company raised funds in an IPO to take delivery of three Suezmax newbuildings and pay cash for them. The ships were delivered in 1997 and bareboat chartered for seven years to BP. When the charters expired, the one-time tonnage provider swiftly reinvented itself.