Oil tanker companies have watched their stocks climb as the crude market toiled in recent weeks.
And business, according to the founder and head of Nordic American Tankers, business is better than ever.
“We are making a lot of money at this time, improving our balance sheet tremendously, and I have never seen such a strong market,” Herbjørn Hansson, CEO of the Bermuda-based tanker company, told CNBC’s Jim Cramer in a “Mad Money” interview. “And I’ve been around for a little while.”
Nordic was the third-largest player in the market at the end of 2019.
Amid a glut of global supply and a global coronavirus pandemic that has sapped consumer demand for energy, crude prices have collapsed this year. U.S. West Texas Intermediate futures for the first time fell into negative territory Monday when the May contract traded in the red as low as $37 per barrel.
Producers were in effect paying other entities to take barrels of oil out of their hands because storage is very limited. That has been a…