NAT - Nordic American Tankers: More Green Shoots Emerge Right As War Breaks Out

• After struggling throughout 2021, Nordic American Tankers has thankfully seen their operating conditions improve during the fourth quarter.
• This saw their cash burn slow down compared to earlier in 2021 but now they suddenly face an industry shocked by the Russian invasion of Ukraine.
• Whilst this has initially sent their charter rates surging, it remains a highly unpredictable situation that leaves many questions unanswerable.
• At least their liquidity has improved and they are now facing less risk of breaching their debt covenant as previously, thereby de-risking their shares.
• Regardless, investors would be prudent not to get too relaxed given this highly unpredictable situation, and thus as a result, I still believe that my hold rating is appropriate.

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