Nordic American Tankers Ltd (NYSE: NAT) – Exceptional conditions for our vessels

NAT highlights spot voyage rates several times higher than its sub-$10,000 daily operating cost base, pointing to strong current cash generation potential.

Rhea-AI Summary

Nordic American Tankers (NAT) reports exceptionally strong spot market conditions for its vessels, with recent voyage rates far above operating costs.

Operating costs per ship are stated as less than $10,000 per day, while recent fixtures and TCEs range from about $60,000 to roughly $200,000 per day on voyages of 19 to 80 days with oil majors and oil traders. The company characterizes the overall direction of the spot market for NAT as upward, while noting that spot contracts are inherently volatile and subject to short-term variation.

Positive

• Recent voyage rates of about $60,000–$200,000/day vs operating costs below $10,000/day
• Multiple fixtures and TCEs locked in over 19–80 day voyages with oil majors and traders

Negative

• Company notes spot contracts are volatile with short-term rate variations

Market Context

On Aug 27, 2026, NAT reported $60,000–$90,000 per day spot rates versus operating costs below $10,00...

Analysis

On Aug 27, 2026, NAT reported $60,000–$90,000 per day spot rates versus operating costs below $10,000; the current update provided additional vessel fixtures within and above that previously reported rate context.

Key Figures

Operating cost per ship: Less than $10,000 per day Spot fixture rate: $183,000 per day Spot fixture rate: $200,000 per day +5 more

Operating cost per ship

Less than $10,000 per day

Per vessel

Spot fixture rate

$183,000 per day

31-day voyage to an oil major

Spot fixture rate

$200,000 per day

60-day voyage to an oil trader

Voyage rate

$98,000 per day

80-day voyage to an oil trader

Time charter equivalent

$70,000 per day

65-day voyage to an oil major

Time charter equivalent

$88,000 per day

19-day spot fixture to an oil major

Time charter equivalent

$61,000 per day

77-day voyage to an oil major

Time charter equivalent

$60,000 per day

64-day spot fixture to an oil trader

Historical Context

3 past events · Latest: Aug 27

3 events

1. Aug 27

   Operating rate update

   24h Move

   +3.5%

   Reported spot rates of $60,000–$90,000 per day versus costs below $10,000

2. Jul 23

   Tanker market update

   24h Move

   +0.9%

   Highlighted strong tanker conditions and high freight rates

3. Jul 14

   Tanker market update

   24h Move

   +3.3%

   Reported vessel scarcity and very high Suezmax tanker rates

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

time charter equivalent, spot fixture

2 terms

time charter equivalent financial

"The Time Charter Equivalent (TCE) is about $70,000 per day."

Time charter equivalent (TCE) converts the money a ship earns on specific trips into a single daily rate, so different voyages and contract types can be compared on the same scale. Think of it as translating various one-off jobs into a common “daily wage,” which matters to investors because it reveals how much a vessel or fleet is earning per day, helping assess operating profitability, cash flow and valuation across companies and market conditions.

spot fixture technical

"Spot fixture to Oil Major for a 19-day voyage."

A spot fixture is a one-off commercial agreement made on the spot market for immediate or near-immediate delivery of a physical commodity or for the short-term hire of transport capacity (for example, a single cargo shipment or vessel voyage). It matters to investors because spot fixtures reveal real-time supply and demand, affect short-term prices and inventory flows, and signal market tightness or oversupply—like seeing the day’s traffic jams telling you how busy a city really is.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Tuesday, September 15, 2026

Dear Shareholders and Investors,

We are currently experiencing a market for our vessels that is extraordinary.

Below is a snapshot of some recent spot fixtures for our ships – the numbers are approximate.

Our operating costs per ship are less than $10,000 per day. The difference between the rates below and the operating costs is cash accumulation in NAT:

Fixture to Oil Major for a 31-day voyage, producing a rate of about $183,000 per day.

Fixture to Oil Trader for a 60-day voyage, giving a rate of about $200,000 per day.

Voyage to Oil Trader for a 80-day voyage. The rate is about $98,000 per day.

To Oil Major for a 65-day voyage. The Time Charter Equivalent (TCE) is about $70,000 per day. 

Spot fixture to Oil Major for a 19-day voyage. The TCE is about $88,000 per day.

To Oil Major for a 77-day voyage. The TCE is USD 61,000 per day.

Spot fixture to Oil trader for a 64-day voyage. The TCE is about $60,000 per day.

NAT vessel to Oil Major for a 53-day voyage. The TCE is about $60,000 per day.

By nature, spot contracts are volatile, which is why we see short term variations.

The direction is unquestionably upwards for NAT.

For further information on Nordic American Tankers. Please see our web page www.nat.bm 

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.                                                        www.nat.bm

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