Home Energy Analysis Summary Nordic American Tankers has surged 125% in the past year, driven by historic freight rate spikes from geopolitical disruptions and longer shipping routes. NAT remains highly sensitive to spot Suezmax rates, offering pure leverage but exposing investors to significant downside if freight markets normalize. Despite the sector's bullish outlook, peers like DHT and TORM now offer superior yields, valuations, and balance sheets compared to NAT's elevated multiples. I maintain a Hold rating on NAT, pending clarity from upcoming earnings on spot rate durability, dividend sustainability, and management's strategic outlook. quantic69/iStock via Getty Images Nordic American Tankers ( NAT ) rallied 125% over the past year, making it one of the most visible tanker trades. The rally was driven by geopolitics, which forced longer shipping routes, which then elevated freight rates.…