Nordic American Tanker Ltd (NYSE: NAT) is the third-largest oil tanker company and is taking advantage of the limited availability of oil storage by charging nearly $70,000 per day for ship usage, CEO Herbjorn Hansson told CNBC's Jim Cramer.Nordic's Clients Include Exxon, BP Nordic 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" like Exxon Mobil Corporation (NYSE: XOM) and BP plc (NYSE: BP) as they scramble to find additional storage space for oil.The 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...
Shares of GM were 1.4% lower at $21.65 before the bell. "We continue to enhance our liquidity to help navigate the uncertainties in the global market created by this pandemic," said GM Chief Financial Officer Dhivya Suryadevara. GM, which has been forced to shut some production in North America along with other car makers, had earlier said it has postponed work on at least half a dozen future models to conserve cash during the pandemic....
The German government should support Lufthansa as it tackles the coronavirus crisis but the flagship carrier should not be nationalised, Bavarian State Premier Markus Soeder said on Monday. "Lufthansa should not be nationalised," said Soeder - head of the Christian Social Union (CSU), sister party to Chancellor Angela Merkel's Christian Democrats (CDU)....
Stock futures were higher Monday morning as investors mulled a patchwork of state plans to slowly roll back social distancing measures. U.S. crude oil prices renewed their slump after four straight sessions of gains....
The U.S. and other countries start easing lockdown restrictions amid fears of new infections, supply chain disruptions force farmers to destroy their crops, and Boris Johnson returns to work. WSJ’s Shelby Holliday has the latest on the pandemic. Photo: Bryan Terry/AP...
