New York-listed Nordic American Tankers is hoping that a dismal, loss-making third quarter winds up being the bottom of the extended trough in the tanker market.
But as it waits, the Herbjorn Hansson-led shipowner is being blasted for taking "desperate measures" by a veteran analyst who has covered the company for nearly 20 years.
NAT ended the quarter with a cash balance of $32m, but this was roughly equal to the $31m in proceeds it received from conducting at the market (ATM) shares offerings during the quarter, noted Evercore ISI analyst Jonathan Chappell.
