Yes, The Markets Are Open

A few weeks after Ship Finance’s foray into the equity markets, Nordic American Tanker Shipping Ltd. (“NAT”) announced on Wednesday an underwritten public offering of 3 million shares pursuant to the company’s effective shelf registration statement. Morgan Stanley, acting as bookrunning manager, has agreed to purchase the shares which will be “offered for resale from time to time in negotiated transactions or otherwise, at market prices on the New York Stock Exchange prevailing at the time of sale, at prices related to such prevailing market prices or otherwise.” We have highlighted the key points in our guts of the deal below.

In his note on this transaction, Scott Burk of Oppenheimer notes “Nordic trades at a significant premium to other tanker stocks and is the only tanker stock in

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