Nordic American Tankers Ltd (NYSE: NAT) – Comments on strong market and on Venezuela matters

Rhea-AI Summary

Nordic American Tankers (NYSE: NAT) reports a strong spot market for its suezmax vessels with multiple recent fixtures showing elevated Time Charter Equivalent (TCE) rates.

Reported fixtures include: 40+ day voyage at ~$52,000/day, ~33 days at ~$78,000/day, a 50-day voyage at ~$95,000/day, ~50 days at ~$37,000/day, and >30-day voyage at ~$65,000/day. Operating costs are stated at ~$9,000/day. The company notes renewed interest in Venezuela due to its oil reserves; the fleet has not called there for several years.

Positive

• Highest reported TCE about $95,000 per day
• Multiple long fixtures exceeding 30 days
• Operating cost ~ $9,000 per day versus high TCEs

Negative

• None.

Key Figures

TCE fixture 1 $52,000 per day Fixture of more than 40 days at Time Charter Equivalent

TCE fixture 2 $78,000 per day Fixture of about 33 days at TCE rate

TCE fixture 3 $95,000 per day Fixture for a 50-day voyage

TCE fixture 4 $37,000 per day Fixture of about 50 days

TCE fixture 5 $65,000 per day Voyage of more than 30 days

Operating costs $9,000 per day Per-ship operating costs for NAT vessels

Venezuela oil reserves 17% Share of global oil reserves attributed to Venezuela

Market Reality Check

$3.45 Last Close

Volume Volume 2,484,721 is below 20-day average 3,155,830 (relative volume 0.79), suggesting limited pre-news positioning. normal

Technical Shares at $3.45 are trading above the 200-day MA of $2.95, reflecting an existing uptrend before this update.

Peers on Argus

Peer moves are mixed: tanker and midstream names show both gains and declines (e.g., TK +0.98%, PBT -1.4%), indicating today’s setup looked stock-specific rather than a broad sector swing.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 28	Earnings & dividend	Positive	-3.2%	Quarterly results with $0.13 dividend and solid TCE/EBITDA metrics.
Nov 21	AGM outcomes	Positive	+3.2%	All AGM resolutions approved and management highlighting strong market conditions.
Nov 03	Fleet expansion LOI	Positive	-1.4%	Letter of intent to build two Suezmax tankers at $86M each for 2028 delivery.
Sep 30	Insider share purchase	Positive	+1.9%	CEO purchased 150,000 shares, lifting family holdings to 10,250,000 shares.
Sep 29	AGM announcement	Neutral	-3.8%	Scheduled the 2025 AGM and set the record date for voting eligibility.

Pattern Detected

Recent news shows mixed price reactions: positive operational and capital-allocation updates have sometimes sold off, while governance and meeting outcomes have seen more supportive moves.

Recent Company History

Over the last few months, Nordic American Tankers reported a $0.13 dividend for its 113th consecutive quarterly payout, operating a fleet of 20 Suezmax tankers with average TCE of $27,490/day and operating costs of $9,000/day. It signed a preliminary deal for two newbuild Suezmaxes at $86M each for delivery in H2 2028 and held its 2025 AGM where all resolutions passed. Insider buying by the CEO in late September added to a narrative of management confidence, which this update on strong spot fixtures and TCE levels reinforces.

Market Pulse Summary

This announcement highlights strong spot market conditions for Nordic American’s Suezmax vessels, with multiple fixtures at high Time Charter Equivalent levels versus operating costs of $9,000/day. Recent history shows consistent dividends, a stable 20-ship fleet with planned newbuildings for 2028, and prior insider buying. Investors may focus on how long elevated TCEs persist and how they translate into future earnings, cash generation, and potential capital-allocation decisions.

Key Terms

suezmax technical

"showing the strong level of the market for our suezmax vessels."

Suezmax is the classification for the largest oil tanker size that can pass through the Suez Canal fully loaded; think of it as the biggest truck that still fits down a narrow highway. It matters to investors because ship size influences shipping costs, route choices and supply-chain flexibility — factors that affect oil transport expenses, freight rates and the profitability of energy and shipping companies.

time charter equivalent (tce) financial

"at a Time Charter Equivalent (TCE) of about $52,000 per day."

Time charter equivalent (TCE) is a standardized measure of a ship’s daily revenue after deducting the variable costs of a voyage, such as fuel and port fees, so different routes, charter types and ship sizes can be compared on an apples-to-apples basis. Investors use TCE to judge how much operating cash a vessel or fleet is effectively earning per day — like comparing take-home pay after expenses for different jobs — which helps assess profitability and cash flow quality.

AI-generated analysis. Not financial advice.

 

Friday, December 12, 2025

 

Dear Shareholders and Investors,

Below are the recent spot fixtures, showing the strong level of the market for our suezmax vessels. There is a scarcity of vessels,  producing room for the high rates. All numbers are approximations. All fixtures are to major oil companies.

Fixture of more than 40 days at a Time Charter Equivalent (TCE) of about $52,000 per day.

 Fixture of about 33 days at a TCE rate of about $78,000 per day.

 Fixture for a 50-day voyage at about $95,000 per day.

 Fixture of about 50 days at a rate of about $37,000 per day.

 Fixture for a voyage of more than 30 days. The TCE is about $65,000 per day.

 The operating costs for our ships are about USD 9,000 per day.

 Venezuela is in focus. According to experts, Venezuela has about 17% of all oil reserves in the world. Our ships have not been in Venezuela for several years. The interest in Venezuela is probably the result of the oil reserves in that country.  

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO

Nordic American Tankers Ltd.                                                        www.nat.bm

 

 

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.

 

Contacts:       

Bjørn Giæver, CFO                                                             
Nordic American Tankers Ltd                                             
Tel: +1 888 755 8391                                  

Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 724 171    

 

FAQ

What spot TCE rates did Nordic American Tankers (NAT) report on December 12, 2025?

The company reported fixtures with TCEs of about $52,000, $78,000, $95,000, $37,000, and $65,000 per day.

How do NAT's operating costs compare to reported TCEs?

Operating costs were reported at about $9,000 per day, substantially below the cited TCE ranges.

Are NAT vessels trading in Venezuela as of December 12, 2025?

No; the company says its ships have not been in Venezuela for several years, though interest is noted.

What vessel type did NAT say is benefiting from strong market rates?

The company specified suezmax vessels as showing a strong market and scarce availability.

Who were the counterparties for the reported NAT fixtures?

The fixtures were reported as to major oil companies (company-provided approximations).