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Cramer: Will $8 Hold as Key Level of Support

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With shares down about 35% ytd, what must you know about Nordic American Tanker?

Too many ships and slacking demand from China, have triggered steep declines in this company as well as many of its rivals. Over the past 5 years shares have slipped a whopping 77%.

"No doubt about it, Nordic American Tanker has been a terrible bet for a long time," Cramer said.

Adam Jeffery | CNBC

The latest earnings seem to confirm the skepticism. "Nordic American reported two days ago, and they posted a larger than expected loss," Cramer said.

Nonetheless, the business remains viable with Cramer calling Nordic American one of the best-run oil tankers companies in the industry.

Digging down into the earnings, Cramer noticed a bright spot – at least relatively. "The rates for their tankers came in at $12,500, about $500 above the company's cash breakeven levels. Also spot rates were slightly up from the previous quarter, and management maintained the quarterly dividend at 16-cents a share, after nearly cutting it in half back in January," he said.

Could that be a ray of light in what's otherwise been a dark tunnel?

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If developments pique your interest, Cramer thinks there are compelling reasons to consider a position.

"With a 7.2% yield, the company is paying you to wait," he said.

"And if economies worldwide really start to improve, which you know I think is a distinct possibility, then business should start to improve and the stock could go a lot higher," Cramer said.

"But perhaps most important, $8 and change is a level where the stock has bottomed in the past," Cramer added. Unless the global economy takes a sharp turn for the worse, "We may be in a moment where Nordic American simply can't go much lower."

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

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