Herbjorn Hansson does not foresee a sale or merger involving his Nordic American Tankers (NAT), despite his relationship with some of the biggest owners and investors in the business.
Asked on a conference call with analysts if there have been any talks about a takeover or combination with John Fredriksen’s Frontline or anybody else, he said: “I speak to him from time to time.
“I think I haven’t spoken to him for about 14 days,” he added.
The New York-listed suezmax company’s boss then said: “We have decided to go on.”
NAT has a fleet of tankers — worth $668m in VesselsValue’s estimation — able to carry 14m barrels of oil.
Hansson and his family are the third-largest shareholders, after big institutional investors.
The CEO told the call: “If we could sell the whole company, if the price is right, I would have sold it tomorrow.”
“But I don’t believe that somebody will pay the price that we will require, and that I and my family will require,” he said.
Hansson said he had invested “millions and millions” in NAT because “I believe in it”.
Dividend machine
And other shareholders can be sure about one thing, Hansson said: “They will receive dividends.
“They will receive dividends every quarter. And some people are telling me that investors don’t understand too much. But investors understand one thing, that’s money.
“And if they look in their wallet, and the wallet is increasing, it’s good. If it’s decreasing, it’s bad,” he added.
Hansson also explained why the company started out in suezmaxes and has stuck to that vessel class ever since.
“They are, in our judgment, very versatile. There are so many ports they can access,” he said.
