NAT - Nordic American CEO sees rise in shipping rates 'in weeks rather than months'

Nordic American Tankers (NAT) +1.5% pre-market after CEO Herbjorn Hansson says the company expects an increase in rates for its ships "in the weeks rather than months ahead" following the recent blockage of the Suez Canal.In a letter to shareholders and investors, Hansson says the immediate strong increase in tanker rates after the Suez blockage was "an illustration of a market nearing a boiling point.""There is a strong drive in the market, indicating an improvement in the time to come," the CEO writes. "We have recently seen this improvement, having concluded contracts giving rates between $15K/day up to $25K/day."Hansson says Nordic American's strategic position is "substantially improved" over the last two years, noting the company has 24 ships trading on short-term contracts while one ship is on a longer-term deal.

For further details see:

Nordic American CEO sees rise in shipping rates 'in weeks rather than months'