Two board members of Bermuda-based Nordic American Tankers Ltd, the oil tanker company, have purchased shares in the company.

NAT said US-based Doug Penick bought 50,000 NAT shares at $2.30 per share. He holds a total of 125,000 NAT shares.

Mr Penick, formerly of Goldman Sachs, was elected to the board at the company’s annual general meeting in July.

The company said board member and chairman of the audit committee, Jim Kelly, is holding 175,000 NAT shares. Mr Kelly is the former managing editor of Time Magazine.

NAT said Alexander Hansson bought 100,000 NAT shares, also at $2.30 per share.

A director of the board, he is the son of Herbjorn Hansson, the NAT founder, chairman and chief executive officer.

The elder Mr Hansson said: “It is encouraging that members of the board have substantial shareholdings in NAT.”

The shares of NAT are listed on the New York Stock Exchange.