This stock is very dependent on VLCC rates, which had been falling, but now appear to be strongly rebounding. I'm sure it's going to remain volatile. But, I agree that it's significantly undervalued, at present levels.
Charles R. Weber posts them every day for tankers....in terms that are tough to decipher. But, I use them to see trends. For service vessels like NAO has, google "North Sea Activity List". Under "Short Term Fixtures" there are rates shown for some fixtures....usually in British pounds.
I just caught an interview with Herb on CNBC. Notably, he said that he bought another $500K of NAO last week, that he isn't worried about NAO, and is looking to buy more ships because he can get them cheaply. All that made the stock pop a little.