Tuesday, April 05, 2005

Buying some oil tankers

I bought some shares of Nordic American Tanker (NAT) today. I went in looking to put some money into China or maybe Hong Kong in raw materials or transportation, but I really didn't see a whole lot in raw materials that really struck my fancy. NAT is based in Bermuda, which I find really strange; you hear a lot about off-shore tax shelters, and this may be exactly what this is; but I don't see anything wrong with it. It's a public company, and I can buy shares and make a nice dividend return, and that's all that's important to me. So we'll see. As a shareowner they'll be sending me their annual reports in nice printed pages, so maybe once I see those I'll see some disadvantages. In the meantime, maybe I'll ask them to put the current locations of the ships on their website. It'd be just like playing Risk :)