There were a number of stocks which managed to make a strong move on Wednesday and one of those was that of Nordic American Tanker Ltd (NYSE:NAT). The stock came into sharp focus following a key development and managed to end the day with gains of as much as 6%.
Trading Data
On Wednesday, NAT stock increased by 5.67% to $1.49 with 3.73 million shares, compared to its average volume of 2.78 million shares. The stock moved within a range of $1.4700 – 1.5400 after opening trade at $1.49.
Nordic American Tankers Enters Six-Year Time Charters For Two Suezmax New Buildings
Yesterday, it emerged that the company had managed to complete two six year time charters for a pair of Suezmaxnewbuildings. The newbuildings are supposed to be delivered at some point in May and June in 2022. It was a significant announcement from the company and one that was welcomed wholeheartedly by investors as well.
In this context, it ought to be noted that it was also announced that the contracts with ASYAD Shipping Company for Nordic American are also going to come into effect once the pair of Suezmax are delivered to the designated shipyards located in South Korea. The rally in the stock may not have been particularly big but it now remains to be seen if the Nordic American stock can actually managed to hold on to its momentum over the course of the coming days and end the week strongly.
Key Quote
Dr. Ibrahim Al Nadhairi CEO of ASYAD Shipping & Drydock Services said:
“We are pleased to have entered into these contracts with such a well reputed company as NAT, listed on the New York Stock exchange. Further projects may also be developed between our respective companies. From ASYAD Shipping perspective this will be a further expansion of the crude transportation verticals. This new partnership will leverage Asyad shipping readiness to evolve its leading position in shipping and logistics services. Morever, it will support its operation capabilities to secure more business opportunities for Oman and make it a global logistics hub”.
Technical Data
NAT stock is trading below the 20-Day and 50-Day Moving averages of $1.55 and $1.72 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.46.
