Nordic American Tankers Stock Price, News & Analysis

Nordic American Tankers Ltd (NAT) expresses optimism for 2023, fueled by recent contract wins, reflecting daily rates between $40,000 and $50,000 for 30-50 day periods. The geopolitical climate, particularly due to the Ukraine conflict, drives increased oil demand, especially from Asian markets. NAT anticipates benefits from a historically low supply of Suezmax tankers and increasing oil requirements as economies grow. The company highlights challenges in new ship investments due to rising costs and regulations, positioning itself strategically within the market for future opportunities.

Nordic American Tankers Ltd. held a conference call on December 2, 2022, where over 150 shareholders participated, highlighting the company's strong market position. The firm acknowledged numerous requests for transcripts, directing interested parties to their website for access. In January 2023, further insights into the favorable market conditions for their vessels will be shared. The company expressed gratitude towards shareholders and emphasized the robust market, stating it is the best seen in decades.

Nordic American Tankers Limited announced recent contracts for its suezmax ships, indicating strong market activity. Key contracts include:

• Voyage from West Africa to US East Coast, TCE above $70,000/day for over 40 days.
• Voyage from Arabian Gulf to the Far East, TCE above $70,000/day for over 30 days.
• Voyage from South America to UK/Continent, TCE above $80,000/day for over 40 days.
• Voyage from US Gulf to UK/Continent, TCE above $70,000/day for over 45 days.
• Voyage from Arabian Gulf to Singapore area, TCE above $50,000/day for over 30 days.

Operating costs are approximately $8,000/day.

On December 2, 2022, Nordic American Tankers Ltd. conducted an Investor Conference Call. A transcript of the discussion is available upon request via email. The conference call provided insights into the company's operations and future strategies, highlighting its commitment to transparent communication with shareholders. The call aimed to address investor inquiries and foster engagement with the financial community. For access to the transcript, interested parties may contact Liv-Heidi Henriksen.

Nordic American Tankers (NAT) reported a strong performance in Q3 2022, achieving a net profit of $10 million, marking a significant turnaround from a $4 million net loss in Q2. The average Time Charter Equivalent (TCE) rose to $27,850 per day, with 74% of Q4 spot days booked at $54,100 per day. A dividend of $0.05 per share will be paid on December 20, 2022, with expectations for Q4 to potentially double. NAT maintains low debt levels of $224 million and anticipates favorable market conditions driven by geopolitical factors and low new tanker orders.

Nordic American Tankers Ltd. will release its 3Q 2022 earnings on November 30, 2022, before the NYSE opens. An Investor Conference Call is scheduled for December 2, 2022, at 8 AM EST to update shareholders on the company's position. Forward-looking statements are included, stressing the uncertainty of outcomes based on various assumptions. Key factors that could impact results include global economic conditions, fluctuations in charter rates and vessel values, and operating expenses.

Nordic American Tankers Limited (NYSE: NAT) held its Annual General Meeting on November 17, 2022, in Monaco. Shareholders approved significant resolutions, including the election of Herbjorn Hansson, Jim Kelly, Alexander Hansson, and Jenny Chu as Directors of the Board. Additionally, KMPG was appointed as the independent auditors for the Company. These decisions aim to strengthen governance and oversight in the company’s operations, which may positively influence investor confidence moving forward.

Nordic American Tankers has announced a $0.05 dividend per share for 3Q 2022, marking their 101st consecutive quarterly dividend. This dividend reflects favorable market conditions for the company and underscores its commitment to returning income to shareholders. The dividend will be paid on December 20, 2022, to shareholders recorded by December 6, 2022. The Board will also provide performance guidance for 4Q 2022 in the upcoming earnings release on November 30, 2022. The company expresses optimism for potential increased dividends in the future.

Nordic American Tankers announced three recent contracts with daily rates of $60,000, $64,000, and $76,000, totaling 93 days. The company's operating costs stand at $8,000 per day. The press release emphasizes forward-looking statements regarding market conditions, operating expenses, and external factors affecting performance. Notably, the company leverages safe harbor provisions from the Private Securities Litigation Reform Act of 1995 to protect its projections.