Nordic American Tankers Ltd (NYSE: NAT) – Report as per March 31, 2026 – NAT continues to prosper and raises its dividend. Market conditions for NAT are now the best for several decades.
Rhea-AI Summary
Nordic American Tankers (NYSE:NAT) reported strong first quarter 2026 performance and raised its dividend.
- Dividend: $0.22 per share for Q1 2026, 115th consecutive quarterly cash dividend; record date June 10, payable June 24, 2026.
- About 90% of the fleet booked for Q2 2026 at roughly $68,000 per day, versus $47,600 per day per ship in Q1.
- Operating costs remain below $10,000 per day per ship, supporting dividend capacity and cash build.
- Net result: $46.3 million for Q1 2026, exceeding the full-year 2025 net result.
- Agreement signed in January 2026 to build two suezmax tankers in South Korea, with delivery in 2028.
- Fleet totals 18 vessels as of March 31, 2026, plus two on order; major oil companies lease about 50% of the vessels.
Positive
- Q1 2026 net result of $46.3 million
- Q1 2026 net result exceeds full-year 2025 net result
- About 90% of fleet booked for Q2 2026 at ~$68,000/day
- Operating costs below $10,000 per day per ship
- Dividend of $0.22 per share for Q1 2026, 115th consecutive payout
- Order for two suezmax tankers with 2028 delivery expanding fleet
Negative
- None.
News Market Reaction – NAT
In the May 28 session, NAT declined 3.45%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Thursday, May 28, 2026
Dear Shareholders and Investors,
Highlights:
- The dividend for the first quarter 2026 is 22 cents (
$0.22) per share. This is the 115th consecutive quarterly cash dividend since NAT became stock listed September 15, 1996. Dividend is payable June 24, 2026, to shareholders on record as of June 10, 2026.
- About
90% of our fleet has been booked at about$68,000 per day in the second quarter of 2026. The equivalent number for the first quarter came in at$47,600 per day per ship. Now, we book voyages well into 3Q26. Our operating costs are below$10,000 /day/ship – resulting in improved ability to pay dividends and accumulate cash.
- The Net result for the first quarter 2026 was
$46.3 million . The net result for the first three months of 2026 beat the full 12 months Net Result of 2025.
- In mid January 2026 we signed the agreement for the construction of two suezmax tankers with a South-Korean Shipyard. The vessels are due for delivery in 2028.
- 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 March 31, 2026, the NAT fleet consist of 18 vessels. We have two ships on order.
- Thanks to careful voyage planning of our vessels, emissions are reduced.
- Over the last five years our vessels have visited 68 countries, loading and discharging. Thus, our business provides us with some insight into global affairs.
- Prospects for NAT are excellent.
Please see the enclosed comprehensive report for further information.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.
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
For further information please see our homepage www.nat.bm
Attachment
