Nordic American Tankers (NAT) and Double Hull Tankers (DHT) are to shipping companies listen at New York stock exchange.

See link to websites and annual reports for 2019 for both companies:

1. Nordic American Tankers, NAT

https://www.nat.bm/

https://www.nat.bm/wp-content/uploads/2020/04/Annual-Report-2019-Form-20-F.pdf

2. Double Hull Tankers, DNT https://www.dhtankers.com/

https://ml-eu.globenewswire.com/Resource/Download/bcf38165-1a72-4bd9-ad90-a2be22eb5beb

a. The fleet: Give an overview of the companies. Include information that is important for estimating the value of NAT and DHT. Additionally comment upon similarities and differences of the two companies

b. Risk factors: See textbook for Shipping risk checklist. Relate these risks to the risks described in NAT’s and DHT’s annual reports 2019. List the ten risks you consider to have the largest impact on these companies’ future value.

c. Capital structure: Comment upon the companies’ capital structure. Do you consider the capital structure to be optimal for both companies? Why or why not?

d. Volatility, net asset value and share price. Comment on net asset value divided by number of outstanding shares and share price. Relate your findings to Modigliani and Miller’s perfect market.

e. How do the companies report on ESG (Environmental, social and corporate governance)?

f. What is the companies’ dividend policy? Describe the reasons for both companies’ dividend policy.

g. Buy, hold or sell: see yourself as an analyst covering NAT and DHT, would you recommend investors to buy, hold or sell NAT’s and DHT’s shares today? Explain