Michael Masco's questions to NORDIC AMERICAN TANKERS (NAT) leadership • Q3 2022
Question
Michael Masco from MRM Capital questioned the continued use of the At-The-Market (ATM) facility given the strong business environment and asked for the company's view on how the tanker market would be affected if the war in Ukraine were to end.
Answer
CFO Bjørn Giaever explained the ATM was used early in the quarter to manage working capital during the market's turn but is not expected to be used going forward. Executive Chairman Herbjørn Hansson stated he does not foresee a significant negative impact from the war's end, citing the emergence of new, permanent trading patterns and a 'shadow fleet' of older vessels that are unlikely to return to the mainstream market. Head of Chartering Erik Hovi added that a 'super cycle' is likely due to a historically low order book, regardless of the war.