Nordic American Tankers Ltd (NYSE: NAT) – Report as per December 31, 2025 – Full speed ahead

Nordic American Tankers (NYSE: NAT) reported a strong close to 2025 with fleet TCE improving, material liquidity and continued shareholder distributions.

Rhea-AI Summary

Nordic American Tankers (NYSE: NAT) reported a strong close to 2025 with fleet TCE improving, material liquidity and continued shareholder distributions.

Key facts: a 1-year charter above $50,000/day, Q4 TCE of $35,000/day (up 25% QoQ), Q4 net result $11.7 million, EBITDA $34.7 million, cash above $100 million, and a Q4 dividend of $0.17 payable March 24, 2026.

Positive

• TCE +25% quarter-over-quarter to $35,000/day
• Signed 1-year charter > $50,000/day
• Declared quarterly dividend of $0.17 (114th consecutive)
• Cash balance above $100 million
• Fleet size 20 vessels with recent 2016 acquisitions

Negative

• Only ~2/3 of 1Q26 spot days booked (~$55,000/day)
• Reliance on major oil companies that charter ~50% of vessels

Argus Feb 26 session

+7.14% close to close Open Argus

Details

News Market Reaction – NAT

On Feb 26, the day this news came out, NAT closed 7.14% above the previous close.

Data tracked by StockTitan Argus for the Feb 26 session.

Key Figures

Q4 2025 dividend: $0.17 per share Consecutive dividends: 114 quarters Fixed contract rate: >$50,000 per day +5 more

Q4 2025 dividend

$0.17 per share

Dividend for fourth quarter 2025, payable March 24, 2026

Consecutive dividends

114 quarters

Number of consecutive quarterly cash dividends through Q4 2025

Fixed contract rate

>$50,000 per day

1-year fixed contract with an oil major

1Q26 spot bookings

$55,000 per day

Rate for nearly two-thirds of spot days in 1Q26

Q4 2025 TCE

$35,000 per day per ship

Average time charter equivalent, up 25% from previous quarter

Operating costs

$9,000 per day per ship

Stated operating cost level for the fleet

Q4 2025 net result

$11.7 million

Net result for the fourth quarter of 2025

Q4 2025 EBITDA

$34.7 million

EBITDA for the fourth quarter of 2025

Historical Context

5 past events · Latest: Feb 09

5 events

1. Feb 09

   Vessel sale

   24h Move

   -0.2%

   Sale of 2003-built Suezmax tanker for $25M net with no debt.

2. Jan 16

   Fleet transactions

   24h Move

   +0.0%

   Contracts for two $86M newbuilds and sale of two older vessels for $50M.

3. Dec 22

   Insider buying

   24h Move

   +1.5%

   Hansson family bought 400,000 shares at $3.50, passing 5% ownership.

4. Dec 18

   Asset sale & orders

   24h Move

   -2.3%

   Sale of two debt-free Suezmax tankers and preliminary deal for two newbuildings.

5. Dec 12

   Market update

   24h Move

   -0.6%

   Strong spot market with elevated TCE rates and $9,000/day operating costs.

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 (tce), ebitda, spot, shadow fleet, +1 more

5 terms

time charter equivalent (tce) financial

"the average time charter equivalent (TCE) for our fleet came in at $35,000"

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.

ebitda financial

"The net result for the fourth quarter 2025 came in at $11.7 million and the EBITDA was $34.7 million."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

spot financial

"Nearly two-thirds of our spot days in 1Q26 have been booked at about $55,000 per day."

Spot is the current market price for buying or selling an asset for immediate delivery, like paying the listed price for fruit and taking it home right away. It matters to investors because it shows the real-time value of a stock, commodity or currency and serves as the baseline for trading decisions, comparing with prices for future delivery and assessing short-term gains, risks and hedging needs.

shadow fleet technical

"scarcity of compliant ships has become obvious as pressure on the so-called shadow fleet has intensified."

Shadow fleet describes ships and tankers that operate outside normal oversight—often older vessels, those that turn off tracking systems, change registration, or move cargo through hidden transfers—to hide origin, destination, or ownership. For investors this matters because such activity can mask real supply flows, inflate short-term profits in commodity markets, and raise legal, insurance, and reputational risks for companies tied to shipping, trade finance, or commodities; think of it as a hidden shortcut that can suddenly be closed or exposed, disrupting prices and liabilities.

suezmax technical

"we acquired two 2016-built suezmax tankers."

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.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

 

Thursday, February 26, 2026

 

Dear Shareholders and Investors,

Ninety day periods offer a short-term snapshot. A more meaningful analysis must contain a longer-term picture. The direction of NAT is up. A few days ago, we entered into a 1-year fixed contract with an oil major, giving us more than $50,000 per day.

Highlights: 
         

1. The dividend for the fourth quarter 2025 is 17 cents ($0.17) per share. This is our 114th consecutive quarterly cash dividend. The dividend is payable March 24, 2026, to shareholders on record as of March 10, 2026.

 

2. The market is very solid for our ships. Nearly two-thirds of our spot days in 1Q26 have been booked at about $55,000 per day. At this stage we are booking ships well into 2Q26, which bodes well. The long-term outlook for our fleet of tankers is bright. The striking scarcity of compliant ships has become obvious as pressure on the so-called shadow fleet has intensified.

 

3. Our fourth quarter result for 2025 was the best quarter of the year and the average time charter equivalent (TCE) for our fleet came in at $35,000 per day per ship, up 25% from the previous quarter. Our operating costs are about $9,000/day/ship. The net result for the fourth quarter 2025 came in at $11.7 million and the EBITDA was $34.7 million. Our cash position at the day of this report is above $100 million.

 

4. During the first half of 2025, we acquired two 2016-built suezmax tankers. During the second half of 2025 we also entered into an agreement with a South-Korean shipyard to build two vessels for delivery in 2028 (the signing took place in January 2026). 

 

5. During the 2025 calendar year we also took advantage of the increasing asset prices and sold four of our vessels built between 2003 and 2005. The two latest vessels were delivered to the buyers in January 2026. In the first quarter of 2026, we also sold a 2003-built ship which is soon to be delivered to the buyers.

 

6. The top quality of the NAT vessels is reflected in the vetting performance (the score card) undertaken by the major oil companies. Major oil companies charter about 50% of our vessels. As per December 31, 2025, the NAT fleet consist of 20 vessels. We expect to grow our fleet in the time to come.

 

7. Thanks to careful voyage planning and adjustment of speed of our ships, we reduce emissions.

  

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    

 

Attachment

• NAT 4Q2025 report

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What dividend did Nordic American Tankers (NAT) declare for Q4 2025 and when is it payable?

NAT declared a $0.17 per share dividend payable March 24, 2026. According to the company, this is the 114th consecutive quarterly cash dividend, with record date March 10, 2026.

How did NAT's fleet TCE perform in Q4 2025 and what was the change versus Q3?

Fleet TCE averaged $35,000/day in Q4 2025, up 25% from the prior quarter. According to the company, this marked the best quarter of 2025 for TCE performance and improved operating leverage.

What are NAT's reported Q4 2025 results for net income, EBITDA and cash position?

NAT reported a Q4 net result of $11.7 million and EBITDA of $34.7 million. According to the company, cash on hand exceeded $100 million at the report date.

What contract coverage did NAT report for early 2026 and how does that affect revenue visibility?

NAT signed a 1-year contract above $50,000/day and booked about 2/3 of 1Q26 spot days at ~$55,000/day. According to the company, bookings extend into 2Q26, improving near-term revenue visibility.

How large is the NAT fleet as of December 31, 2025 and were there recent fleet transactions?

As of December 31, 2025, NAT's fleet consisted of 20 vessels. According to the company, it acquired two 2016-built suezmax tankers and sold four older vessels during 2025.

What fleet expansion plans did NAT disclose and when are newbuilds expected?

NAT entered an agreement for two newbuild vessels with delivery expected in 2028. According to the company, the shipyard signing occurred in January 2026 for South Korean construction.