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Nordic American Tankers (NAT) investor relations material
Nordic American Tankers Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Three vessels successfully exited the Hormuz Strait after being trapped due to hostilities, with one sold for $26 million, resolving a significant operational risk.
The fleet operates in a robust market, with spot rates between $60,000 and $90,000 per day and major oil companies as primary customers.
Q2 2026 net profit reached $68.3 million, up from $46.3 million in Q1 2026, and a significant turnaround from a net loss in Q2 2025.
Cash position stands at $175 million, supporting ongoing operations and dividends.
Financial highlights
Q2 2026 net profit: $68.3 million (EPS $0.32), including a $21.3 million gain on vessel sale and insurance recoveries.
Adjusted EBITDA for Q2 2026: $67.6 million, up from $54 million in Q1 2026 and $15.8 million in Q2 2025.
Time Charter Equivalent (TCE) for Q2 2026: $63,000/day/vessel, up from $47,600 in Q1 2026.
Q2 2026 dividend: $0.27/share, up from $0.22 in Q1 2026, marking the 116th consecutive quarterly dividend.
Net voyage revenue for Q2 2026: $79.3 million.
Outlook and guidance
2026 is projected to be the best year since the company’s 1995 listing, with strong prospects for continued high earnings.
About 75% of the fleet is booked for Q3 2026 at approximately $54,000/day/vessel, indicating sustained demand.
Geopolitical uncertainty is expected to persist, but demand for oil transport remains robust.
Anticipated continued strength in tanker markets, with short-term spot rate volatility.
- Q1 2026 delivered record net income, a raised dividend, and strong market-driven fleet earnings.NAT
Q1 2026 - Q4 2025 saw record net income and EBITDA, with strong bookings and a positive tanker market outlook.NAT
Q4 2025 - ATM equity offering targets $60M for general purposes, with up to 10% dilution risk.NAT
Registration Filing - Q3 2025 delivered higher adjusted EBITDA and TCE, with strong demand and a positive market outlook.NAT
Q3 2025 - Q2 2025 posted a net loss but maintained dividends, with strong market fundamentals supporting future growth.NAT
Q2 2025 - Q1 2025 delivered profit, dividend continuity, and fleet growth, with a positive market outlook.NAT
Q1 2025 - Q3 2024 profit up, strong tanker demand, and 109th consecutive dividend declared.NAT
Q3 2024 - Q2 net profit surged to $21.6M, with strong rates and a 108th consecutive dividend declared.NAT
Q2 2024 - 2024 net income reached $46.6M, with ongoing dividends and fleet renewal driving optimism.NAT
Q4 2024
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