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The oil tanker business is "exceptionally strong," Nordic American Chairman and CEO Herbjorn Hansson told Cramer Monday. His firm is raking in more than $100,000 a day.
"It's the strongest I've seen in my time," Hansson said, "and I've been in the business since 1974."
"I don't know where this should end," the CEO continued, "but we are in excellent position as a company."
Hansson dismissed talk of whether more rival ships will take down the rates Nordic American [NAT Loading... ()
] charges. Delays in construction are keeping many from leaving the shipyard, he said, and the phase-out of single-hull vessels (for legal reasons) is also keeping the fleet count down.And as Iran uses more and more ships for oil storage, that only boosts business for NAT.
What will the company do with all those profits?
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"We always give everything back to shareholders," Hansson said.
NAT's offered a dividend yield of 11% to 12% for the past 11 years. Two weeks ago, the company annouced a dividend of $1.18 a share for the first quarter, and "it is quite apparent that the dividend for the second quarter will be higher," the CEO said.
Nordic American is "going higher," Cramer said. "The guy is saying get on board. I'm going with him."
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