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Stocks Like Nordic Tanker Can Smooth Troubled Waters

Where can you turn when the market takes a pounding like it has since the devastating earthquake, tsunami and now nuclear crisis in Japan?

"It's simple, really," Cramer said. "Dividends."

If you own at least one stock with a hefty yield, you'll be a lot less likely to get blown out when the averages turn against you, he instructed.

"A big dividend is like a pillow that softens the force of a decline, not to mention a source of steady income that keeps coming even when stock prices are going nowhere," he said.

Pair that with a company that has the ability to raise its dividend like Nordic American Tanker does and it's even better.

"They happen to have the strongest balance sheet in the tanker universe, and right now that means NAT can use the weakness in the tanker market to buy more ships at historically cheap prices," Cramer said. "The company has a fantastic history of buying ships when times are tough and boosting its payout when times are good."

Watch the video to see more of Cramer's comments plus his interview with Nordic American CEO Herbjorn Hansson.

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  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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