Herbjorn Hansson's son has purchased $231,000 worth of Nordic American Tankers shares, the company disclosed Monday afternoon.
Alexander Hansson bought 100,000 shares at $2.31 in a private placement, the company said.
Nordic American Tankers shares are trading at $2.27 after opening at $2.38.
According to last year's annual report, High Seas AS, a Hansson family-owned investment vehicle, owns 3.8 million shares in the tanker owner, good for 2.72% of the company.
Alexander Hansson had previously bought 75,000 shares at $7.96 in 2017.
He also has holdings in Nordic American Offshore, the company which his father founded and no longer controls, but still has a large position in.
Last summer, an unnamed company majority owned by father and son acquired 150,000 shares of the offshore player at $0.96. The summer prior, Alexander Hansson acquired 300,000 shares at $1.18.
Earlier this month, Nordic American Tankers announced a $306m financing deal with Dallas-based Beal Bank. Since, analysts have given the move positive reviews and shares are up nearly a quarter.
The company posted a $10.5m loss for the fourth quarter, but the refinancing removes a $0.03 per share dividend cap which came along with a previous credit facility. The move allowed them to cut a $0.04 per share dividend.
“We believe that the dividend of $0.04 per share is more important than the Q4 miss, as it marks that NAT is finally out of the creditors’ grip,” said Arctic Securities, advisors on the deal.
“Given the refinancing that was announced earlier this month, as well as our bullish outlook for tanker rates, we believe that NAT’s shareholders will enjoy juicier dividend in the coming quarters.”
