Suggest you lookup NAT on Seeking Alpha... Some excellent analysis and projections there. While you're at it, take a look at FRO too.
"Appreciation over time: Note the $11.91 is based on estimates that an average rate of $21,000 will be realized over the next four quarters. As we near the end of the year, people will start looking at 2015’s EBITDA estimates, which is currently at $83 million. If the market believes that 2015’s EBITDA estimate of $83 million will be realized by the end of this year, then Nordic’s share price could appreciate to $14.53 over time, as fleet utilization gradually improves on higher demand to supply growth. If the expectation is that EBITDA of $83 million will materialize sooner, share prices could rise earlier."
While down from their high and holding, they are still more than double last year's rate.
"The 1Q2015 earnings report is expected to be released Monday May11, 2015 before NYSE opening."