TNP 570 mil in market cap... 25.5$ book... 300-400 mil in revenues... 50 ships... 10 of which are suez.... more then double the dwt capacity...

NAT 1.3 bil$ market cap... 23$ in book value... 200 mil in revenues.15 suez ships... 2.3 dwt capacity... $30 a share


comparing TNP to other companies... there are a few metrics you can use...if TNP traded at par with the others listed... it would be...

4x 375mil revenues...$1.5billion market cap 2.5x current value = $40 per share
6x 375mil revenues...$2.25billion market cap 3.9x current value = $60 per share

other tanker companies trade at a 30-45% premium to book value

1.3 x 25 = $32.5 per share...
1.45 x 25 = $36.25 per share...

so you see based on these metrics... TNP is either undervalued... or the other companies are grossly overvalued... either way... over time they will catch up to eachother...


yes NAT has no debt... but that is factored into book value for both companies...

what are you throughts...?