Nordic American Tankers Ltd (NYSE: NAT) – Report as per June 30, 2026 – The direction of NAT is unquestionably upwards – rates & values are up

Rhea-AI Summary

Nordic American Tankers (NYSE: NAT) reports strong operating and financial momentum as of June 30, 2026. Three ships previously stuck in the Arabian Gulf since February 28, 2026 have exited the area, with one 2003-built vessel sold for $26 million. Spot market rates for NAT vessels are reported in the $60,000–$90,000 per day range, versus operating costs below $10,000 per day, contributing to cash of $175 million.

For Q2 2026, NAT declared a cash dividend of $0.27 per share, up from $0.22 in Q1, its 116th consecutive quarterly dividend, payable September 24, 2026 to holders of record on September 10, 2026. Time charter equivalent (TCE) averaged $63,000 per day per ship in Q2 versus $47,600 in Q1, while Q3 bookings cover about 75% of the fleet at about $54,000 per day per ship. Q2 2026 net result was $68.3 million, compared with $46.3 million in the previous quarter. As of June 30, 2026, the NAT fleet comprised 17 vessels with 2 ships on order.

Positive

• Dividend increase to $0.27 per share for Q2 2026 from $0.22 in Q1
• 116 consecutive quarterly cash dividends since September 1996
• Q2 2026 net result of $68.3 million vs. $46.3 million prior quarter
• Q2 2026 TCE of $63,000/day/ship vs. $47,600/day/ship in Q1
• Strong Q3 visibility with ~75% of fleet booked at about $54,000/day/ship
• Cash balance of $175 million supported by spot rates of $60,000–$90,000/day and opex below $10,000/day

Negative

• Three ships were stuck in the Arabian Gulf from February 28, 2026 until recently
• A NAT ship was attacked in the Black Sea during the period, highlighting operational risk
• Company notes that geopolitical uncertainty is expected to continue affecting its business environment

Market Context

Four of NAT's five recent news events had positive 24-hour reactions, including 4.50% after news_id ...

Analysis

Four of NAT's five recent news events had positive 24-hour reactions, including 4.50% after news_id 1077651. That record frames the report's improved metrics against recurring geopolitical and tanker-rate risks.

Key Figures

Vessel sale: $26 million Spot rates: $60,000-$90,000/day Operating costs: Below $10,000/day +5 more

8 metrics

Vessel sale $26 million One vessel built in 2003

Spot rates $60,000-$90,000/day Vessel earnings in the spot market

Operating costs Below $10,000/day Per vessel

Cash $175 million Cash balance

Q2 dividend $0.27/share Q2 2026, up from $0.22 in the previous quarter

TCE $63,000/day/ship Q2 2026, versus $47,600 previously

Fleet booked 75% Third-quarter bookings at about $54,000/day/ship

Net result $68.3 million Q2 2026, versus $46.3 million in the previous quarter

Historical Context

5 past events · Latest: Jul 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 23	operating update	Positive	+0.9%	Ships released from Arabian Gulf and strong tanker-market conditions highlighted
Jul 14	market update	Positive	+3.3%	Scarce vessels, high rates, and released ships supported the update
Jul 10	insider transaction	Positive	+4.6%	Founder bought 100,000 shares, increasing his personal holding
Jul 02	fleet update	Positive	+4.5%	Three ships passed Hormuz and rejoined international operations
Jun 25	insider transaction	Positive	-3.3%	Vice chairman purchased 145,000 shares and increased his stake

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

Pattern Detected

NAT's recent news reactions were usually aligned with positive announcements, with four positive reactions and one divergence.

Key Terms

time charter equivalent, suezmax, vetting performance

3 terms

time charter equivalent financial

"THE TIME CHARTER EQUIVALENT (TCE) FOR OUR SHIPS CAME IN AT $63,000"

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.

suezmax technical

"AS PER JUNE 30, 2026, THE NAT FLEET CONSIST OF 17 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.

vetting performance technical

"THE TOP QUALITY OF THE NAT VESSELS IS REFLECTED IN THE VETTING PERFORMANCE"

Vetting performance is the measured effectiveness of a screening or due‑diligence process in identifying risks, strengths and suitability of an asset, product, partner or clinical program. It tells investors how well the filters and checks worked — like testing a sieve to see if it keeps out bad stones while letting valuable grains pass — and matters because stronger vetting typically reduces surprise losses, improves forecasting and supports better capital allocation.

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

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Thursday, August 27, 2026

Dear Shareholders and Investors,

In our report to you a short while ago, we described how Nordic American Tankers Ltd (NAT) fared this summer. Summary:

We succeeded in getting three of our NAT ships through the Hormuz strait, leaving the area. The three ships had been stuck in the Arabian Gulf since February 28th, 2026, when hostilities between Iran and the US began. Two of the ships are now trading internationally and one, built in 2003, has been sold at USD 26 million. Our Hormuz action was essential and solved a serious problem on our hands. NAT is in the best market that we have seen for decades. The vessels collect in the range of USD 60,000 – USD 90,000 a day in the spot market, sometimes even more. The major oil companies are our main customers. Operating costs are below USD 10,000/day, resulting in a substantial accumulation of cash, which now stands at USD 175 million. A month ago, a NAT ship was attacked in the Black Sea, but we managed to get away, and the vessel is out of danger. The safety of the crew is always our main concern. As a policy we ensure that banks do not influence our business. Presently, NAT has the financial partners A) Dallas based Beal Bank and B) Ocean Yield. Although we are only halfway through the year, 2026 promises to be the best year for NAT since it was first listed on the stock exchange in 1995. 

 HIGHLIGHTS:

1. THE DIVIDEND FOR Q2 2026 IS 27 CENTS ($0.27) PER SHARE, UP FROM 22 CENTS IN THE PREVIOUS QUARTER. THIS IS THE 116TH CONSECUTIVE QUARTERLY CASH DIVIDEND SINCE NAT BECAME STOCK LISTED SEPTEMBER 15, 1996. DIVIDEND IS PAYABLE SEPTEMBER 24, 2026, TO SHAREHOLDERS ON RECORD AS OF SEPTEMBER 10, 2026. 
   
   
2. THE TIME CHARTER EQUIVALENT (TCE) FOR OUR SHIPS CAME IN AT $63,000 PER DAY PER SHIP DURING THE SECOND QUARTER. THIS COMPARES WITH $47,600 PER DAY PER SHIP IN THE PREVIOUS QUARTER. THIRD QUARTER BOOKINGS CONTINUE THE STRONG TREND WITH ABOUT 75% OF OUR FLEET BOOKED AT ABOUT $54,000 PER DAY PER SHIP.
   
   
3. THE NET RESULT FOR THE SECOND QUARTER 2026 WAS $68.3 MILLION COMPARED TO THE PREVIOUS QUARTER THAT PRODUCED A NET RESULT OF $46.3 MILLION.   
   
   
4. GEOPOLITICAL UNCERTAINTY WE SEE NOW IS NOT A NEW FEATURE IN OUR BUSINESS. WE EXPECT THAT THIS UNCERTAINTY WILL CONTINUE. WE BELIEVE DEMAND FOR OUR SERVICES WILL CONTINUE TO BE STRONG. OVER THE LAST FIVE YEARS OUR VESSELS HAVE LOADED/DISCHARGED IN 68 COUNTRIES, PROVIDING US WITH SOME INSIGHT INTO GLOBAL AFFAIRS.
   
   
5. THE TOP QUALITY OF THE NAT VESSELS IS REFLECTED IN THE VETTING PERFORMANCE (THE SCORE CARD) UNDERTAKEN BY THE MAJOR OIL COMPANIES. THEY LEASE ABOUT 50% OF OUR VESSELS. AS PER JUNE 30, 2026, THE NAT FLEET CONSIST OF 17 VESSELS. WE HAVE TWO SHIPS ON ORDER.
   
   
6. THANKS TO CAREFUL VOYAGE PLANNING OF OUR VESSELS, EMISSIONS ARE REDUCED. 

PROSPECTS FOR NAT ARE EXCELLENT. 

Please see the enclosed comprehensive report for further information.

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    

 

Attachment

• NAT 2Q2026 report

FAQ

What dividend did Nordic American Tankers (NAT) declare for Q2 2026?

Nordic American Tankers declared a $0.27 per share cash dividend for Q2 2026, up from $0.22 in Q1. According to NAT, this is its 116th consecutive quarterly cash dividend since listing in 1996, reflecting ongoing cash generation.

When is the NAT Q2 2026 dividend record date and payment date?

The Q2 2026 NAT dividend is payable on September 24, 2026 to shareholders of record as of September 10, 2026. According to Nordic American Tankers, this schedule applies to the $0.27 per share cash dividend announced for the quarter.

How did Nordic American Tankers (NAT) perform financially in Q2 2026?

Nordic American Tankers reported a net result of $68.3 million for Q2 2026, compared with $46.3 million in the previous quarter. According to NAT, average TCE was $63,000 per day per ship, supporting higher earnings and dividend growth.

What were NAT’s tanker rates and TCE as of Q2 2026?

NAT vessels earned spot rates in the $60,000–$90,000 per day range, with operating costs below $10,000 per day. According to Nordic American Tankers, Q2 2026 time charter equivalent (TCE) averaged $63,000 per day per ship, up from $47,600 in Q1.

What charter coverage does Nordic American Tankers (NAT) have for Q3 2026?

For Q3 2026, about 75% of NAT’s fleet is already booked at approximately $54,000 per day per ship. According to Nordic American Tankers, these bookings continue the strong rate trend seen in the second quarter of 2026.

How large is the Nordic American Tankers (NAT) fleet as of June 30, 2026?

As of June 30, 2026, Nordic American Tankers had a fleet of 17 vessels in operation. According to NAT, the company also has two ships on order, which are expected to expand its trading capacity when delivered.

What cash position and leverage approach does Nordic American Tankers (NAT) report in 2026?

Nordic American Tankers reported $175 million in cash, supported by strong spot earnings and low operating costs. According to NAT, it works with financial partners Beal Bank and Ocean Yield and follows a policy aimed at limiting bank influence on its business.