Nordic American Tankers
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Nordic American Tankers (NAT) investor relations material

Nordic American Tankers Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved best quarterly result of 2025 in Q4, with net income of $11.7 million and adjusted EBITDA of $34.7 million, reversing a Q3 net loss.

  • Declared a $0.17 per share dividend for Q4 2025, marking the 114th consecutive quarterly dividend.

  • Entered a 1-year fixed contract with an oil major at over $50,000 per day and booked nearly two-thirds of Q1 2026 spot days at about $55,000 per day.

  • Fleet consists of 20 Suezmax tankers, with two newbuilds ordered for 2028 and several older vessels sold in late 2025 and early 2026.

Financial highlights

  • Q4 2025 net voyage revenue was $58.8 million, up from $45.7 million in Q3 2025.

  • Q4 2025 net income was $11.7 million, compared to a net loss of $2.8 million in Q3 2025.

  • Q4 2025 adjusted EBITDA reached $34.7 million, up from $21.4 million in Q3 2025.

  • Average TCE for Q4 2025 was $35,000 per day per vessel, up 25% sequentially.

  • Cash position exceeded $100 million at the report date.

Outlook and guidance

  • Long-term fleet outlook is positive due to scarcity of compliant ships and increased pressure on the shadow fleet.

  • Bookings for Q1 and Q2 2026 are strong, with spot rates around $55,000 per day.

  • Anticipates continued strong tanker markets, supported by high oil demand and limited new vessel deliveries relative to aging fleet.

Net fleet change expected by 2028?
What assets secure the remaining 5 vessels?
Net change in Suezmax fleet by 2027 end?
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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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