Alexander Hansson has dropped more than $1m on shares of his father's Nordic American Tankers (NAT).
The scion of Norwegian shipping magnate Herbjorn Hansson bought 350,000 shares of the New York-listed suezmax specialist for $2.92 each Tuesday, the company reported.
The purchase came after NAT announced a 4.5m share repurchase plan last week amid a rally in tanker rates brought on by the Saudi Arabia-Russia oil price war and depressed share prices caused by the coronavirus outbreak.
In announcing the plan, Herbjorn Hansson called the tanker market "extraordinarily strong".
Since the start of the new year, NAT shares had fallen from $4.84 to $3.07 in early trading on Tuesday. Its 52-week high is $5.28.
Shares opened higher across the market on news of the US Congress nearing a $2trn stimulus deal in an effort to buoy the economy, NAT included, which shot up nearly 21%, or $0.53.
According to Poten & Partners, suezmax spot rates fell from $54,400 per day on Friday to $54,100 per day on Monday. Those figures were still above the 2020 average of $46,800.
This is the second time in as many years that Alexander Hansson has snapped up shares in his father's company. Early last year, he spent nearly $400,000 on 225,000 shares.
Those buys came on the back of NAT's refinancing deal with Dallas-based Beal Bank, which will inject $306m into the tanker owner over five years.
