STOCK TITAN

Nordic American posts $68M profit, $0.27 dividend

Nordic American Tankers Ltd (NAT) reported a very strong quarter for the three months ended June 30, 2026, supported by high Suezmax tanker rates and insurance recoveries.

(Neutral)
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Nordic American Tankers Ltd (NAT) reported a very strong quarter for the three months ended June 30, 2026, supported by high Suezmax tanker rates and insurance recoveries. Net income was $68.3 million, or $0.32 per share, including a $21.3 million gain on vessel sale and Loss of Hire insurance recoveries.

Adjusted EBITDA reached $67.6 million, up from $54.0 million in 1Q26 and $15.8 million in 2Q25. Average time charter equivalent was $63,000 per day per vessel, versus $47,600 in the prior quarter. NAT’s fleet stood at 17 Suezmax tankers plus two newbuildings on order, with three ships successfully removed from the Strait of Hormuz and one 2003-built vessel sold for $26 million.

Cash and cash equivalents were $133.3 million at June 30, 2026, while net debt was $215.8 million, or $12.7 million per ship. A cash dividend of $0.27 per share was declared, NAT’s 116th consecutive quarterly dividend, payable September 24, 2026 to shareholders of record on September 10, 2026. Management characterizes market conditions and prospects as excellent.

Positive

  • Net income surged to $68.3 million (EPS $0.32) in 2Q26 from a $0.9 million loss in 2Q25, indicating a sharp profitability turnaround.
  • Adjusted EBITDA rose to $67.6 million in 2Q26, up from $54.0 million in 1Q26 and $15.8 million a year earlier, reflecting materially stronger operating performance.
  • Average TCE increased to $63,000 per day per vessel from $47,600 in 1Q26, showing significantly higher earning power per ship.
  • Cash and cash equivalents reached $133.3 million at June 30, 2026, and management notes cash now stands at $175 million, supporting liquidity and dividends.
  • NAT declared a $0.27 per share cash dividend for 2Q26, its 116th consecutive quarterly dividend, signaling ongoing commitment to shareholder payouts.

Negative

  • NAT highlights elevated geopolitical risks, including three vessels trapped in the Strait of Hormuz since February 2026 and a ship attacked in the Black Sea, underscoring operational and security exposure.
  • The global Suezmax tanker orderbook stands at 209 vessels, about 33% of the existing fleet, which could increase future supply and pressure freight rates if demand softens.

Filing Explained

The August 27 report is incorporated into an effective F-3, but records no 2026 ATM use and presents conflicting June 30 cash figures.

As a Form 6-K, this filing furnishes interim material information and reports the company’s completed second quarter through June 30, 2026; it also records incorporation into an effective F-3 and no use of the disclosed ATM share-sale channel in 2026.

An ATM program permits gradual sales of new shares into the open market, but the company states that it has not utilized any ATM offerings in 2026.

The filing’s cash disclosure is internally inconsistent: its June 30, 2026 balance-sheet table reports $133,294 thousand in cash and cash equivalents, while the narrative says cash stands at $175 million. The document therefore does not establish one reconciled cash figure for that date.

Net Income Q2 2026 $68.3 million Net income for the quarter ended June 30, 2026
Earnings per Share Q2 2026 $0.32 Basic and diluted EPS for the quarter ended June 30, 2026
Adjusted EBITDA Q2 2026 $67.6 million Adjusted EBITDA for Q2 2026 including Loss of Hire insurance recoveries
Average TCE Q2 2026 $63,000 per day per vessel Average time charter equivalent in Q2 2026, discharge-to-discharge basis
Dividend per Share Q2 2026 $0.27 Cash dividend declared for the second quarter of 2026
Cash and Cash Equivalents $133.3 million Cash and cash equivalents as of June 30, 2026
Net Debt $215.8 million Net debt (total liabilities less current assets) as of June 30, 2026
Global Suezmax Orderbook 209 vessels (33% of fleet) Suezmax orderbook as a percentage of existing conventional fleet in early August 2026
time charter equivalent (TCE) financial
"The average time charter equivalent (TCE) for our fleet during the second quarter"
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.
Loss of Hire insurance recoveries financial
"The adjusted EBITDA includes loss of hire insurance recoveries for three vessels"
Net voyage revenues financial
"Net voyage revenues represents voyage revenues less voyage expenses such as bunker fuel"
EBITDA financial
"Earnings before interest, taxes, depreciation and amortization (or EBITDA) is included"
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.
orderbook market
"The orderbook for new suezmax tankers at the same date stood at 209 vessels"
A list that shows all current buy and sell instructions for a security, displaying how many shares people want to trade and at what prices. Think of it as a marketplace bulletin board where buyers post what they’ll pay and sellers post what they’ll accept; the arrangement and size of those posts reveal how easy it is to trade, how fast prices may move, and where the next trades are likely to occur. Investors use the orderbook to judge liquidity, transaction cost risk, and short-term price direction.
Net income $68.3 million vs $46.3 million in 1Q26 and a $0.9 million net loss in 2Q25
Earnings per share $0.32 vs $0.22 in 1Q26 and approximately $0.00 in 2Q25
Adjusted EBITDA $67.6 million vs $54.0 million in 1Q26 and $15.8 million in 2Q25
Average TCE $63,000 per day per vessel vs $47,600 per day per ship in 1Q26
Dividend per share $0.27 cash dividend declared for 2Q26, 116th consecutive quarterly dividend

FAQ

How did NAT (NORDIC AMERICAN TANKERS) perform financially in Q2 2026?

NAT reported net income of $68.3 million, or $0.32 per share, for Q2 2026, including a $21.3 million gain on vessel sale and Loss of Hire insurance recoveries. This compares with a $0.9 million net loss in Q2 2025.

What was Nordic American Tankers’ EBITDA and TCE in Q2 2026?

NAT’s adjusted EBITDA was $67.6 million in Q2 2026, up from $54.0 million in Q1 2026. The average time charter equivalent (TCE) was $63,000 per day per vessel, versus $47,600 in the prior quarter.

What dividend did NAT (NAT) declare for the second quarter of 2026?

For Q2 2026, NAT declared a cash dividend of $0.27 per share, its 116th consecutive quarterly dividend. The dividend will be paid on September 24, 2026, to shareholders of record on September 10, 2026.

What is Nordic American Tankers’ fleet size and composition as of June 30, 2026?

As of June 30, 2026, NAT’s fleet comprised 17 Suezmax tankers and two Suezmax newbuildings on order for 2028 delivery. Each Suezmax has a cargo capacity of about 1 million barrels of oil.

What is NAT’s debt and cash position as of June 30, 2026?

Net debt was $215.8 million, averaging $12.7 million per ship across 17 vessels. Cash and cash equivalents totaled $133.3 million at June 30, 2026, and management notes total cash now stands at $175 million.

How strong is the tanker market according to Nordic American Tankers?

NAT states it is in the best market seen for decades, with spot Suezmax rates often in the $60,000–$90,000 per day range and describes prospects for the company as excellent.

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

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Learn about SEC filing dates

 

 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 
 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2026

 

Commission File Number: 001-13944

 
 

NORDIC AMERICAN TANKERS LIMITED

(Translation of registrant’s name into English)

 

 

Par La Ville Place, 14 Par La Ville Street, Hamilton, HM08, Bermuda

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F Form 40-F

 

 

 

 

 

 
 
 

 

 

 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

Attached as Exhibit 1 is a press release of Nordic American Tankers Limited (the "Company") dated August 27, 2026, announcing the Company’s dividend and earnings report for the second quarter ended June 30, 2026.

 

This Report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-285720), filed with the U.S. Securities and Exchange Commission with an effective date of March 11, 2025.

 

 

 

 

 

 
 
 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  NORDIC AMERICAN TANKERS LIMITED
  (registrant)
   
Dated: August 27, 2026 By: /S/ HERBJØRN HANSSON
    Herbjørn Hansson
    Chairman, President, and Chief Executive Officer
     

 

 

 

 

 

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

 

 

Thursday, August 27, 2026

TO 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.

 

 

Sincerely, Herbjørn Hansson

founder, Chairman & CEO Nordic American Tankers Ltd

 

 

Our Fleet

As of June 30, 2026, our fleet consisted of 17 well maintained Suezmax tankers and two newbuildings on order for delivery in 2028.

 

Suezmax tankers are a versatile ship, offering a combination of economy of scale and flexibility in loading & discharging, with its cargo lifting capacity of 1 million barrels of oil each. We only have Suezmaxes in our fleet and most of our ships are built in South Korea.

During the first quarter we entered into sales agreements for two ships, a 2003-built and a 2005-built tanker. The first vessel was delivered to the new owners during the second quarter and a gain on the sale is recorded in this report. The second vessel was delivered to the buyers at the beginning of the third quarter and the vessel is as such still listed as held for sale in this report. The delivery was delayed due to the vessel being trapped inside the Strait of Hormuz.

 

We take extra care to maintain our vessels to the highest standards for the safety of crew, cargo and the environment. The outcome of the inspections of our ships by oil companies (“vetting”) reflects the good quality and maintenance of our fleet.

In a capital-intensive industry like ours, careful maintenance of our ships and the timing & financing of expansion are key elements to ensure both our financial stability and our commitment to paying cash dividends.

 
 

Results for the second quarter of 2026

 

The second quarter of 2026 saw rates continuing the strong momentum from the previous quarter. The demand for our ships has continued very strong.

The second quarter 2026 produced a Net profit of $68.3 million or an EPS of $0.32. This includes a book profit on sale of assets of $21.3 million. It further includes Loss of Hire insurance recoveries. The previous quarter (1Q26) came in at a net profit of $46.3m or an EPS of $0.22, including a book profit on sale of assets of $14.4 million. The same quarter in the previous year 2Q2025 had a Net loss of -$0.9 million including a book profit from sale of assets of $7.1m.

 

The NAT result came in with an adjusted EBITDA of $67.6 million for 2Q 2026. The previous quarter (1Q26) came in at $54 million, and the same quarter last year (2Q25) produced a quarterly EBITDA of

$15.8 million. The adjusted EBITDA includes loss of hire insurance recoveries for three vessels unable to transit the Strait of Hormuz of $14.6 million.

The average time charter equivalent (TCE) for our fleet during the second quarter of 2026 came in at

$63,000 per day per vessel (including loss of hire insurance recoveries) versus $47,600 per day per ship in the first quarter of 2026. These numbers are on a discharge-to-discharge basis.

For detailed information about our statement of operations (P&L), balance sheet, cash flow and reconciliation of certain non-GAAP financial measures, we refer to tables on pages 5 and 6 of this press release.

 

 

Financing

 

Our Net Debt (total liabilities, less current assets) stood at $215.8 million, which averages $12.7 million per ship across our 17 vessels, as of June 30, 2026.

The details of our two financing arrangements are as follows;

 

1)The $150 million five-year Senior Secured Credit agreement with CLMG/Beal Bank dated 6th February 2025 had a total outstanding balance of $139 million as of June 30, 2026, including current portion of the debt. The loan is secured in 7 of our suezmax tankers.

 

2)The 8 vessels financed through Ocean Yield had as of June 30, 2026, a total outstanding balance of $270.7 million, including current portion of the debt.

 

As of June 30, 2026, the current portion of long-term debt was $35.4 million net of transaction costs.

$28 million was related to the Ocean Yield financing and $7.4 million was related to the Beal/CLMG financing.

We have not utilized any ATM offerings in 2026.

 

For the second quarter of 2026 a cash dividend of 27 cent ($0.27) per share has been declared. This is our 116th consecutive quarterly dividend declaration.

 

Payment of the dividend will be on September 24, 2026, to shareholders of record on September 10, 2026.

 
 

World Economy and the Tanker Market

 

We continue to see high demand for oil and oil transportation, especially for emerging economies that continue to have energy consumption per capita that is significantly lower than that of OECD-countries. The magnitude of geopolitical events affecting the global energy chain is unprecedented and we do not see this going away anytime soon. This is also creating additional demand for energy and transportation work. Should the Strait of Hormuz open fully, more oil volume should become available and allow for re-stocking of depleted international oil stocks and expansion of strategic oil stocks from countries who have learned a hard lesson from the Strait of Hormuz closure. This should continue to keep demand for transportation of oil strong and is good for the NAT fleet. Seasonal variations will occur, but as we have seen so far, these last years, the trend supports future earnings at higher levels than in the past.

The world’s Suezmax fleet (excl. shuttle, product & Jones Act tankers) counted 633 vessels as of early August 2026.

The orderbook for new suezmax tankers at the same date stood at 209 vessels. This is an uptick from May this year and the orderbook in percentage of the existing world fleet of conventional Suezmax tankers now stands at 33%. Still, this is a balanced orderbook compared to the age structure of the fleet. 200 new vessels will be delivered into the world fleet between now and the end of 2029. Until the end of 2029 there are 207 conventional suezmax tankers that will turn 20 years of age, or older. A large portion of the oldest part of the world fleet is involved in sanctioned trade, and their future is highly dependent on the same geopolitical developments as mentioned above.

The world suezmax fleet will see 15 new vessels added to the world fleet for the remainder of 2026, 55 in 2027, 70 in 2028, 60 in 2029 and 9 newbuild orders are booked for 2030. These are high annual delivery numbers based on historic capacity at the shipyards. Depending on ordering activity from other ship segments, the risk of slippage to these delivery numbers could increase.

 

It is anticipated that the tanker markets will continue to be strong in the coming years.

 

The supply of tanker tonnage is inelastic in the short term. When there are too many ships in an area, rates tend to go down. When there is scarcity of ships, rates tend to go up. Short-term spot tanker rates may be expected to be volatile.

 

 

Corporate Governance/Conflict of Interests

 

It is vital to ensure that there is no conflict of interest among shareholders, management, affiliates and related parties. Interests must be aligned. From time to time in the shipping industry, we see that questionable transactions take place which are not in harmony with sound corporate governance principles, both as to transparency and related party aspects. We have zero tolerance for corruption.

 

Strategy Going Forward

 

The NAT strategy is built on expanding and maintaining a homogenous and top-quality fleet, leveraging on our industry network and close customer relationships with major oil companies and oil traders.

We are a dividend company with the objective of having a strong balance sheet and low G&A costs, enabling us to distribute free cash flows to our shareholders.

In an improved market, higher dividends can be expected.

 

Our fleet of 17 more or less identical vessels is a special feature of NAT that is particularly valuable to our customers.

 
 

NAT is firmly committed to protecting its underlying earnings and dividend potential. We shall safeguard and further strengthen this position in a deliberate, predictable and transparent way.

 

* * * * *

 

NORDIC AMERICAN TANKERS LIMITED              
                     
CONSOLIDATED CONDENSED STATEMENTS OF OPERATION
(UNAUDITED)
  Three Months Ended   Six Months Ended
  Jun. 30, 2026   Mar. 31, 2026   Jun. 30, 2025   Jun. 30, 2026   Jun. 30, 2025
Amounts in USD '000        
                     
Net Voyage Revenue   79,300     77,513     40,153     156,813     78,098  
Other Income   14,641   ** 1,806   * 0     16,447     0  
                     
                     
Vessel Operating Expenses   (15,734)   (15,876)   (18,375)   (31,610)   (34,878)
Depreciation Expenses   (12,836)   (14,000)   (14,969)   (26,836)   (28,215)
General and Administrative Expenses   (9,568)   (9,279)   (6,375)   (18,847)   (13,223)
Gain on Disposal of Vessels   21,288     14,449     7,117     35,737     16,621  
Operating Expenses   (16,850)   (24,706)   (32,602)   (41,556)   (59,695)
Net Operating Income   77,091     54,613     7,551     131,704     18,403  
                     
Interest Income   167     427     400     594     889  
Interest Expense   (7,928)   (8,597)   (9,239)   (16,525)   (16,598)
Other Financial Income (Expenses)   (995)   (152)   436     (1,147)   700  
Total Other Expenses   (8,756)   (8,322)   (8,403)   (17,078)   (15,009)
Net Income (Loss)   68,335     46,291     (852)   114,626     3,394  
Basic and Diluted Earnings (Loss) per Share                    0.32                    0.22                  (0.00)   0.54     0.02  
Weighted Average Number of Common Shares Outstanding   211,750,663     211,750,663     211,750,663     211,750,663     211,750,663  
Common Shares Outstanding   211,750,663     211,750,663     211,750,663     211,750,663     211,750,663  
                     
* Insurance proceeds related to prior-period asset event, presented as Other Income                
** Insurance proceeds related to Loss of Hire Insurance Recoveries, presented as Other Income              

 

 
 

 

CONSOLIDATED CONDENSED BALANCE SHEET (UNAUDITED)         Jun. 30, 2026   Dec. 31, 2025
Amounts in USD '000            
                     
Cash and Cash Equivalents                          133,294   45,863  
Accounts Receivable, Net                            21,809   19,039  
Prepaid Expenses                            16,297   8,401  
Inventory                            15,138   19,930  
Voyages in Progress                            18,811   17,566  
Other Current Assets                              5,886   4,053  
Vessels Held For Sale                            12,845   36,016  
Total Current Assets                          224,080   150,868  
Vessels, Net                          690,625   748,207  
Other Non-Current Assets                              2,793   3,089  
Total Non-Current Assets                          693,418   751,296  
Total Assets                          917,498   902,164  
                     
Accounts Payable                              3,565   2,528  
Accrued Voyage Expenses                            17,425   15,242  
Other Current Liabilities                            12,040   14,246  
Current Portion of Long Term Debt                            35,404   35,404  
Total Current liabilities                            68,434   67,420  
Long-Term Debt                          371,162   388,740  
Other Non-Current Liabilities                                 278   483  
Total Non-current Liabilities                          371,440   389,223  
Shareholders' Equity                          477,624   445,521  
Total Liabilities and Shareholders' Equity                          917,498   902,164  

 

 
 

 

NORDIC AMERICAN TANKERS LIMITED    
                     
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)   Three Months Ended   Six Months Ended
Amounts in USD '000   Jun. 30, 2026   Mar. 31, 2026   Jun. 30, 2025   Jun. 30, 2026   Jun. 30, 2025
Voyage Revenue   104,687     106,462     66,728     211,149     131,518  
Voyage Expense   (25,387)   (28,949)   (26,575)   (54,336)   (53,421)
Net Voyage Revenue (1)   79,300     77,513       40,153     156,813     78,097  
                     
    Three Months Ended   Twelve Months Ended    
Amounts in USD '000   Jun. 30, 2026   Mar. 31, 2026   Jun. 30, 2025   Dec. 31, 2025    
Net Income (Loss)   68,335     46,291     (852)   12,271      
Interest Expense (Income), net   7,762     8,170     8,839     35,752      
Depreciation Expense   12,836     14,000     14,969     57,735      
EBITDA (2)   88,933     68,461     22,956     105,758      
(Gain) on Disposal of Vessel   (21,288)   (14,449)   (7,117)   (16,621)    
ADJUSTED EBITDA   67,645     54,012     15,839     89,137      
                     
Net voyage revenues represents voyage revenues less voyage expenses such as bunker fuel, port fees, canal tolls and brokerage commissions. Net voyage revenues is included because certain investors use this data to measure a shipping company's financial performance. Net voyage revenues is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States.  
Earnings before interest, taxes, depreciation and amortization (or EBITDA) is included because certain investors use this data to measure a shipping company's financial performance. EBITDA is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States.  

 

 
 

 

NORDIC AMERICAN TANKERS LIMITED            
                     
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(UNAUDITED)
      Six Months
Ended
  Twelve Months
Ended
     
                Jun 30, 2026   Dec. 31, 2025
Amounts in USD '000            
                     
Net Cash Provided by Operating Activities           98,559     19,824  
                     
Investment in Vessels             10     (134,450)
Proceeds from Sale of Vessels             89,332     46,751  
Net Cash Provided By (Used In) Investing Activities         89,342     (87,699)
                     
Proceeds from Borrowing Facility           0     190,659  
Repayments of Vessel Financing           (14,204)   (26,227)
Repayment of Borrowing Facility           (3,750)   (8,225)
Transaction Costs Borrowing Facilities           0     (2,514)
Dividends Distributed             (82,583)   (84,700)
Net Cash Provided By (Used In) Financing Activities         (100,537)   68,993  
                     
Net Increase in Cash and Cash Equivalents           87,364     1,118  
Effect of exchange rate changes on Cash           67     361  
Cash and Cash Equivalents at Beginning of Period         45,863     44,384  
Cash and Cash Equivalents at End of Period           133,294     45,863  

 

 
 

 

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 Limited Tel: +1 888 755 8391

Alexander Kihle, Finance Manager Nordic American Tankers Limited Tel: +47 91 72 41 71

 

Web-site: www.nat.bm

 

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