First the pumpers see a few days where dry bulk rates go up and then you get the articles about the shipping sector making a come back and then you get feeble investors who do not understand the long cycle of Chinese ship overbuilding and then you get another equity offering by NAT because they want to buy more ships and then the current pump and dump cycle comes to an end.
You could find at least a dry-bulk company selling shares to buy ships now. Your example of NAT could bring up resolute reaction that you don’t know the difference between tankers and bulkers. It is your luck that your confusion has created negative example; you would not be spared in case of positive reference.
By the way, I didn’t look at tanker stocks for long tome (if I remember correctly I did some trade in NAT; it was probably 6-7 years ago; that’s all my experience there). However, it is possible that NAT sells shares to finance already made orders, i.e. they had to do or they lose deposits, kind of forced transaction (dilution). Please, correct me if it is wrong.