Nordic American Tankers CEO: 'We are making a lot of money' amid oil supply glut [CNBC]
Exxon Mobil Corporation (XOM)
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Source: CNBC
Oil tanker companies have watched their stocks climb as the crude market toiled in recent weeks.And business, according to the founder and head ofNordic American Tankers"We are making a lot of money at this time, improving our balance sheet tremendously, and I have never seen such a strong market," Herbjørn Hansson, CEO of the Bermuda-based tanker company, told CNBC's Jim Cramer in a "Mad MoneyNordic was the third-largest player in the market at the end of 2019.Amid a glut of global supply and a global coronavirus pandemic that has sapped consumer demand for energy, crude prices have collapsed this year.U.S. West Texas Intermediateducers were in effect paying other entities to take barrels of oil out of their hands becausestorage is very limitedGiven the state of the market, Nordic can charge nearly $70,000 per day for ship usage, Hansson said, who counts big oil companies such as Exxon, Mobil and British Petroleum among its customers.Nordic's revenue is projected to come in at $88.5
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