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Nordic American Tankers (NYSE: NAT) reported its three‑month results ending September 30, 2025, and announced a quarterly dividend of $0.13 per share payable on December 22, 2025 to shareholders of record on December 8, 2025. The payout marks the company’s 113th consecutive quarterly cash dividend.
Key operating figures: a fleet of 20 Suezmax tankers, average time‑charter equivalent (TCE) of $27,490 per day, operating costs of $9,000 per day, adjusted EBITDA of $21.4 million, a net book loss of $2.8 million, and cash reserves exceeding $70 million. The company also signed a preliminary agreement for two new Suezmax builds slated for delivery in the second half of 2028, with a firm contract expected in early 2026.
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Positive
- Quarterly dividend of $0.13 per share declared
- 113 consecutive quarterly cash dividends maintained
- Adjusted EBITDA of $21.4 million in Q3 2025
- Cash position above $70 million
- Average fleet TCE of $27,490 per day
Negative
- Net book loss of $2.8 million for Q3 2025
- New‑build agreements remain preliminary and are not yet firm
Friday, November 28, 2025
Dear Shareholders and Investors,
The outlook for Nordic American Tankers (NAT) continues to improve. Our strategic priorities remain crew safety, vessel integrity, and reliable dividend returns. By retiring older “grey/black” tonnage, we have reduced market supply and strengthened our position. Notably, none of our vessels have transported Russian crude in the past four years, aligning with evolving geopolitical risk considerations.
Major integrated oil majors constitute the bulk of our charter base, providing stable, long‑term contracts that underpin cash flow resilience.
While a ninety‑day snapshot can highlight short‑term trends, a comprehensive assessment must consider multi‑year market dynamics, fleet renewal cycles, and regulatory developments.
Key Highlights
- Dividend Continuity – The third‑quarter dividend of $0.13 per share is the 113th in an unbroken series, payable on December 22, 2025 to shareholders recorded on December 8, 2025.
- Robust Charter Market – Despite a traditionally slower third quarter, day‑rate levels remained strong relative to the second quarter. Early indications for Q4 suggest ample upside for cash generation.
- Fleet Expansion – A preliminary agreement with a South Korean shipyard covers two new Suezmax vessels, targeted for delivery in the second half of 2028. A definitive contract is anticipated in early 2026, expanding our modern, fuel‑efficient fleet.
- Operational Performance – The fleet posted an average TCE of $27,490 per day with operating expenses of $9,000 per day. Adjusted EBITDA reached $21.4 million, while net book results reflected a $2.8 million loss, primarily driven by depreciation and asset revaluation. Cash balances remain strong at over $70 million.
- Vetting and Quality – Our vessels consistently achieve top‑tier scores in the vetting processes of leading oil majors, reinforcing our reputation for safety and reliability.
- Environmental Stewardship – Through optimized voyage planning and speed management, we have reduced fuel consumption and emissions, positioning NAT favorably amid tightening IMO regulations.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.
Forward‑Looking Statement Disclaimer
This release contains forward‑looking statements that involve risks and uncertainties, including assumptions about global economic conditions, charter rates, vessel values, fuel costs, regulatory changes, and the successful execution of our fleet renewal program. Actual results may differ materially from those expressed or implied. The Company does not undertake any obligation to update these statements absent a required filing with the SEC.
FAQ
What dividend did Nordic American Tankers (NAT) declare for Q3 2025?
NAT declared a $0.13 per share quarterly dividend payable on December 22, 2025.
When is the record date and payment date for the Q3 2025 dividend?
The record date is December 8, 2025 and the payment date is December 22, 2025.
What were NAT’s fleet TCE and operating costs in Q3 2025?
Average TCE was $27,490 per day per vessel; operating costs were $9,000 per day per vessel.
What were NAT’s adjusted EBITDA and net book result for Q3 2025?
Adjusted EBITDA stood at $21.4 million, while the net book result was a loss of $2.8 million.
What is NAT’s cash position as of November 28, 2025?
The company reported cash holdings exceeding $70 million.
What new‑build plans did NAT announce and when are deliveries expected?
NAT entered a preliminary agreement for two new Suezmax tankers, with delivery anticipated in the second half of 2028 and a firm contract expected in early 2026.
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