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Nordic American Tankers (NAT) investor relations material

Nordic American Tankers Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary3 Sep, 2025

Executive summary

  • Declared a $0.10 per share dividend for Q2 2025, marking the 112th consecutive quarterly payout.

  • Fleet adjustments, including scheduled dry-docking and vessel sales/acquisitions, impacted available trading days and income.

  • Net loss of $0.9 million for Q2 2025, compared to a net profit of $4.2 million in Q1 2025.

  • Optimistic outlook driven by strong oil demand, especially in emerging economies, and favorable fleet supply dynamics.

Financial highlights

  • Net voyage revenue for Q2 2025 was $40.2 million, down from $66.1 million in Q2 2024.

  • Adjusted EBITDA for Q2 2025 was $15.8 million, slightly up from $14.9 million in Q1 2025.

  • Net loss for Q2 2025 was $0.9 million, including a $7.1 million gain from the sale of "Nordic Castor."

  • Average TCE for Q2 2025 was $26,880 per day per vessel, up from $24,714 in Q1 2025.

  • Cash and cash equivalents stood at $94.5 million as of June 30, 2025.

Outlook and guidance

  • Anticipates continued strong tanker market due to high oil demand and limited new vessel supply.

  • Expects higher dividends in an improved market environment.

  • Seasonal and geopolitical factors may cause short-term volatility in spot rates.

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Q3 202528 Nov, 2025
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Frequently asked questions

Nordic American Tankers Limited is a Bermuda-incorporated company specializing in the acquisition and chartering of double-hull tankers for the transportation of crude oil. The company operates a fleet of Suezmax crude oil tankers, which are deployed internationally. These double-hull Suezmax tankers are designed for high-volume oil transport and are suitable for long-haul trade routes, and are designed to transport oil through the Suez canal. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the New York Stock Exchange (NYSE).

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