The international shipping company Nordic American Tankers, which is listed on the New York Stock Exchange, collapsed on Monday, after a hitherto unknown investor eased shares worth the equivalent of NOK 30 million within a few minutes of opening.
The unexpected sale contributed to the share price falling over 20 percent when the stock exchange opened on Monday. The share recovered somewhat during the trading day, and was down just over 11 percent at closing time.
– This has happened many times before. I still have strong faith in the company, says chairman of the board and CEO Herbjørn Hansson, who owns shares for just under NOK 100 million.
– What characterizes our company is that everyone can buy and sell whenever they want, he says.
According to Bloomberg, 1.36 million shares were sold, at a price of 2.3 dollars per share. This corresponds to 0.7 per cent of the outstanding available shares in the company.
The shipping company quickly came on the scene with a reassuring stock exchange announcement to shareholders, where it highlights the good earnings in the quarter.
“For the second quarter, the TCE profit is $ 20,000 every day. About 70 percent of the fleet is booked “, the company writes in the report, and at the same time assures that dividends are a high priority.
– When it comes to future prospects, I am very happy. There is one thing that counts, and that is results, Hansson emphasizes.
Problems in the global supply chains and sky-high freight rates have contributed to the shipping share rising significantly on the stock exchange so far this year, with an increase of around 20 per cent. The company has a market value of approximately NOK 5 billion. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.