Nordic American Tankers (NAT) Q1 2025 earnings summary

Executive summary

• Declared a $0.07 per share dividend for Q1 2025, marking the 111th consecutive quarterly payout.

• Net income for Q1 2025 was $4.2 million, including a $9.5 million gain from vessel sale.

• Fleet expanded with two 2016-built Suezmax tankers acquired for $132 million; two older vessels sold for $45 million.

• Cash position at March 31, 2025, stood at $103 million.

• Focus remains on maintaining a top-quality, homogenous fleet and consistent dividend payments.

Financial highlights

• Net voyage revenue for Q1 2025 was $37.9 million, down from $60.6 million in Q1 2024.

• Operating income for Q1 2025 was $10.9 million, compared to $23.1 million in Q1 2024.

• Adjusted EBITDA for Q1 2025 was $14.9 million, down from $37.1 million in Q1 2024.

• EPS for Q1 2025 was $0.02, compared to $0.07 in Q1 2024.

• Average TCE for Q1 2025 was $24,714 per day per ship; operating costs were $9,000 per unit.

Outlook and guidance

• Anticipates continued strong tanker markets in coming years, supported by high oil demand and OPEC production increases.

• Expects higher dividends in an improved market environment.

• Seasonal and spot rate volatility expected, but long-term trend seen as positive.