Nordic Tanker CEO Says Oil Glut Is Creating Revenue, Stock Trades Higher [Yahoo! Finance News]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance News
Nordic American Tanker LtdNAToiltold CNBC's Jim Cramer.Nordic's Clients Include Exxon, BPNordic American doesn't "speculate in oil" prices, rather it speculates on "carrying oil" for clients, which is a whole different story, Hansson said Friday on "Mad Money."The company's client list includes "all the big boys" likeExxon Mobil CorporationXOMBP plcThe cost Nordic American charges customers is upwards of $70,000 per day for a six-month period and an additional $8,000 per day in operating costs, the CEO said. Perhaps surprising to some, Nordic American doesn't have any hedge fund clients, who mostly don't understand the business behind oil storage, he said.Nordic 'Making A Lot Of Money'The current market environment happens to be the strongest seen in a while and Nordic American is "making a lot of money at this time," Hansson said.Revenue for the first quarter is projected to rise 65% year-over-year to $88.5 million, according to data from FactSet. The new source of revenue puts Nordi
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