NAT makes money off of oil transport. That is a function of demand and is independent of price. In fact, the lower the price the easier it is for demand to increase. Are you driving more now that the price of gas has gone down a little?
I own a lot of NAT but I can tell some new investors are not aware of some risks here. With only 12 in service ships, one or two dry docked ships has a big impact on the dividend. No scheduled dry docks until early 2010 but any big repair is a dry dock. This impacted the dividend big time earlier in 08.
I've factored in some of that, too, but that is somewhat temporary, too. And, in this environment, there are several high-yielding plays (that have been completely mis-priced temporarily by the market) that enable an investor to put together a very high-yielding portfolio made up of companies with rock solid financials, in businesses that throw off gobs and gobs of cash.