Many tanker names have doubled off of the bottom in 2019 while TNP has lagged and remains near its lows at a fraction of net asset value.
Conservative chartering strategy while rates were lower limits upside profitability for 2019 and has held the share price down.
Many of TNPs ships that are on low period contract rates are set to roll off contracts in the next 12 months, allowing them to re-charter at much higher rates.
High cash flows and low future capex will allow management to close the valuation gap with share buybacks and/or increased dividends.
Editor's note: Seeking Alpha is proud to welcome Nick First as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free