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Nordic American Tanker Can't Generate Cash

Note: Please see a response from NAT that has been added at the bottom of this article.

Today, Nordic American Tankers (NYSE:NAT) CEO Herbjorn Hansson penned a letter to shareholders available here. What prompted this letter is not explicitly stated, but it is likely in response to Jeffries' recent downgrade of its shares with a $5 price target (38% downside from here). I sympathize with Hansson because problems plaguing NAT are mostly beyond his control; the tanker market absolutely stinks thanks to over-supply and lackluster demand. Just this morning, competitor Frontline (NYSE:FRO) reported a massive miss of ($1.54) vs. consensus ($0.50).

NAT might be the best tanker company around because it maintains the leanest cost...

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