Nordic American Tankers Ltd (NYSE: NAT) – Report as per September 30, 2025 – Increased dividend and solid prospects

Rhea-AI Summary

Nordic American Tankers (NYSE: NAT) reported results as of September 30, 2025, announcing a $0.13 dividend per share payable December 22, 2025, to holders of record December 8, 2025, and marking the 113th consecutive quarterly cash dividend.

Key operational metrics: fleet of 20 Suezmax tankers, average TCE $27,490/day, operating costs $9,000/day, adjusted EBITDA $21.4M, net book loss -$2.8M, and cash position above $70M. A preliminary agreement was signed to build two Suezmax tankers for delivery in H2 2028, with a firm contract expected early 2026.

Positive

• Declared quarterly dividend of $0.13 per share
• Maintained 113 consecutive quarterly cash dividends
• Adjusted EBITDA of $21.4M in 3Q 2025
• Cash position above $70M
• Average fleet TCE of $27,490/day

Negative

• Recorded a net book loss of -$2.8M for 3Q 2025
• Newbuilds under a preliminary agreement, not yet firm

News Market Reaction – NAT

-3.19%

1 alert

-3.19% News Effect

On the day this news was published, NAT declined 3.19%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q3 2025 dividend: $0.13 per share Fleet TCE: $27,490/day/ship Operating cost: $9,000/day/ship +5 more

8 metrics

Q3 2025 dividend $0.13 per share Third quarter 2025 cash dividend, 113th consecutive

Fleet TCE $27,490/day/ship Average time charter equivalent, Q3 2025

Operating cost $9,000/day/ship Operating costs per ship, Q3 2025

Adjusted EBITDA $21.4M Adjusted EBITDA for Q3 2025

Net book loss -$2.8M Net book loss for Q3 2025

Cash position Above $70M Cash at the day of the report

Fleet size 20 Suezmax tankers NAT fleet at Q3 2025

Newbuildings 2 Suezmax tankers Preliminary agreement, delivery in H2 2028

Market Reality Check

Price: $4.93 Vol: Volume 2,484,721 is below...

normal vol

$4.93 Last Close

Volume Volume 2,484,721 is below the 20-day average of 3,112,552 (volume_relative 0.8). normal

Technical Price $3.45 is trading above the 200-day MA of $2.95 and about 12.21% below the 52-week high of $3.93.

Peers on Argus

NAT showed a modest decline of -1.42% while close peers were mixed: TEN (-0.25%)...

1 Up

NAT showed a modest decline of -1.42% while close peers were mixed: TEN (-0.25%), TK (+0.98%), NGL (+1.56%), PBT (-1.4%), CLCO (-0.41%). Momentum scanner only flagged NFE (+4.62%), indicating the move around this dividend report appeared more stock-specific than sector-driven.

Historical Context

5 past events · Latest: Nov 28 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 28	Dividend & quarter update	Positive	-3.2%	Raised Q3 dividend, detailed TCE, EBITDA, cash and fleet metrics.
Nov 21	AGM results	Positive	+3.2%	All AGM resolutions approved, management emphasized strong conditions.
Nov 03	Fleet expansion LOI	Positive	-1.4%	LOI to build two Suezmax tankers at South Korean shipyard.
Sep 30	Insider share purchase	Positive	+1.9%	Founder & CEO bought 150,000 shares, increasing family ownership.
Sep 29	AGM announcement	Neutral	-3.8%	Set AGM date and record date, outlined forthcoming meeting materials.

Pattern Detected

Dividend and fleet expansion updates have often been framed positively, but price reactions have been mixed, with several positive-sounding releases followed by negative next-day moves.

Recent Company History

Over the last few months, Nordic American Tankers highlighted steady dividend payments, fleet growth and supportive market conditions. The current report as of September 30, 2025 announced a raised $0.13 dividend and detailed a 20-ship Suezmax fleet, adjusted EBITDA of $21.4M, and a net book loss of -$2.8M. Earlier in November, NAT outlined a letter of intent for two newbuildings and confirmed AGM outcomes with all resolutions approved. Insider buying in late September and recurring dividend-focused updates reinforce management’s emphasis on shareholder distributions and fleet quality.

Market Pulse Summary

This announcement detailed NAT’s Q3 2025 position, including a higher $0.13 dividend—its 113th conse...

Analysis

This announcement detailed NAT’s Q3 2025 position, including a higher $0.13 dividend—its 113th consecutive payout—alongside a fleet of 20 Suezmax tankers and adjusted EBITDA of $21.4M. Management also noted operating costs of $9,000 per day per ship, a net book loss of -$2.8M, and cash above $70M, plus a preliminary deal for two newbuildings delivering in 2028. Investors monitoring this story may focus on dividend sustainability, earnings trends, cash levels, and execution on fleet expansion.

Key Terms

time charter equivalent (TCE), adjusted EBITDA, Suezmax tankers, vetting performance

4 terms

time charter equivalent (TCE) financial

"The average time charter equivalent (TCE) for the NAT fleet for the third..."

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.

adjusted EBITDA financial

"The adjusted EBITDA for 3Q 2025 was $21.4 million."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Suezmax tankers technical

"construct two new Suezmax tankers for delivery in the second half of 2028."

Suezmax tankers are a class of crude oil ships sized to be the largest vessels that can pass through the Suez Canal when fully loaded. Think of them like the biggest truck that can still fit under a low bridge—large enough to carry a lot of oil but constrained by a key route. Investors watch them because their availability and operating costs help set shipping capacity and freight rates, which influence oil prices, energy company margins, and shipping company cash flow.

vetting performance technical

"reflected in the vetting performance (the score card) undertaken by the major..."

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. Not financial advice.

Friday, November 28, 2025

 

Dear Shareholders and Investors,

The direction of NAT is on the upswing. Safety for crew, safety for ships and dividends remain our main priorities. The so-called grey/black fleet is invalidated, reducing the available fleet in the market place and improving the position of NAT. Our ships have not carried Russian oil for more than four years.

Major oil companies are the main customers of NAT. 

Ninety day periods offer a short-term snapshot of NAT. A more meaningful analysis must contain a longer-term picture.

  

Highlights: 

           

1. The dividend for the third quarter is 13 cents ($0.13) per share. This is our 113th consecutive quarterly cash dividend. The dividend is payable December 22, 2025, to shareholders on record as of December 8, 2025.

 

2. The strong demand for oil continues. During a slow third quarter rates held up well compared to the second quarter. The fourth quarter is starting out well, leaving solid room for cash accumulation.   

 

3. We have entered into a preliminary agreement with a South Korean shipyard to construct two new Suezmax tankers for delivery in the second half of 2028. We expect to sign a firm contract early in 2026. The NAT fleet currently consist of 20 well maintained Suezmax tankers. 

 

4. The average time charter equivalent (TCE) for the NAT fleet for the third quarter of 2025 came in at $27,490 per day per ship. Operating costs are $9,000/day/ship. The adjusted EBITDA for 3Q 2025 was $21.4 million. We recorded a net book loss of -$2.8 million for 3Q 2025. Our cash position at the day of this report is above $70 million. 

 

5. The top quality of the NAT vessels is reflected in the vetting performance (the score card) undertaken by the major oil companies.

 

6. 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 3Q2025 report

FAQ

What dividend did Nordic American Tankers (NAT) declare for Q3 2025?

NAT declared a $0.13 per share quarterly dividend payable December 22, 2025.

When is the NAT dividend record and payment date for the Q3 2025 dividend?

Record date is December 8, 2025 and payment is December 22, 2025.

What were NAT's fleet TCE and operating costs in 3Q 2025?

Average TCE was $27,490/day and operating costs were $9,000/day.

How large was NAT's adjusted EBITDA and net book result in 3Q 2025?

Adjusted EBITDA was $21.4 million and net book loss was -$2.8 million.

What is NAT's cash position reported on November 28, 2025?

The company reported a cash position above $70 million at the date of the report.

What newbuild plans did NAT announce and when are deliveries expected?

NAT entered a preliminary agreement to construct two Suezmax tankers with expected delivery in H2 2028 and a firm contract anticipated early 2026.