Thursday, January 16, 2014

Update sold my Nordic American Tanker (NAT) position.

Company: Nordic American Tanker
Symbol NYSE: NAT
Today I sold NAT at $11.05 after a nice gain of over 47%. I purchased 2 positions of NAT first position was 110 shares at $8.80 a share this was on May 16th 2013. The second was 109 shares at $7.44 on July 3rd, 2013. The first position was sold on July 23rd at $10.18. The second position was sold January 16th 2014.

The problem as stated when I purchased the shares was the shipping rates NAT would be able to get with a glut of ships on the market. I also said if an improvement of the economy would help NAT. It turns out that since the U.S. is producing so much oil and importing less NAT is able to ship oil from countries like Venezuela to China a much longer route and able to benefit. I do like NAT's CEO Herbjorn Hansson he sends out frequent updates about shipping rates and how the company is doing. If this is just the beginning of the economic turnaround NAT could have a long way to run.  Also NAT adjust its dividend usually by its revenue and any raise would also help the share price. As of now I want to take a more conservative approach since making a large gain and will wait to see how things develop and maybe take advantage if a pull back occurs.

Find all information on NAT and BP by using the labels tab on the right hand side of the screen.

Disclaimer: This is a personal weblog. The opinions expressed here are my own. All data and information provided on this site is for informational purposes only. Please do your own research before investing.

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