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

Nordic American Tankers Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary27 May, 2026

Executive summary

  • Declared a $0.22 per share dividend for Q1 2026, marking the 115th consecutive quarterly payout.

  • Net income for Q1 2026 reached $46.3 million, surpassing the entire net result for 2025.

  • Fleet consists of 18 Suezmax tankers, with two new vessels ordered for delivery in 2028.

  • Strong market conditions and high demand for oil transportation, especially after the closure of the Strait of Hormuz.

  • Prospects for continued strong performance and dividend potential are described as excellent.

Financial highlights

  • Net voyage revenue for Q1 2026 was $77.5 million, up from $58.8 million in Q4 2025.

  • Adjusted EBITDA for Q1 2026 was $54.0 million, compared to $34.7 million in Q4 2025.

  • Gain on vessel sales contributed $14.4 million to Q1 2026 results.

  • Average TCE rate in Q1 2026 was $47,600 per day per vessel, up from $27,490 in Q4 2025.

  • Operating costs remain below $10,000 per day per ship.

Outlook and guidance

  • About 90% of the fleet booked at $68,000 per day for Q2 2026, with bookings extending into Q3.

  • Tanker markets expected to remain strong, supported by high oil demand and limited fleet supply.

  • Seasonal and geopolitical factors may cause short-term rate volatility.

Impact of Hormuz reopening on Suezmax demand
Financing plan for the 2028 newbuild vessels
Sanctioned trade impact on Suezmax fleet supply
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Q2 202627 Aug, 2026
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