Nordic American Tankers (NAT) Q1 2026 earnings summary

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.