Nordic American Tanker Shipping’s (NAT) 3Q 08 Net Voyage Revenues (NVR) exceeded our estimate given higher than expected average spot freight rates recorded during the quarter. Given declining demand for oil, we are likely to revise our estimates and target price downwards in our next update report. However, until then, we maintain our BUY rating for the NYSE common stock based on current price levels. As we now anticipate a significant positive currency impact on the European stock over our investment horizon, we maintain our BUY rating for the European stock.

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