Nordic American Tankers (NAT) Q2 2025 earnings summary

Executive summary

• Declared a $0.10 per share dividend for Q2 2025, marking the 112th consecutive quarterly payout.

• Fleet adjustments, including scheduled dry-docking and vessel sales/acquisitions, impacted available trading days and income.

• Net loss of $0.9 million for Q2 2025, compared to a net profit of $4.2 million in Q1 2025.

• Optimistic outlook driven by strong oil demand, especially in emerging economies, and favorable fleet supply dynamics.

Financial highlights

• Net voyage revenue for Q2 2025 was $40.2 million, down from $66.1 million in Q2 2024.

• Adjusted EBITDA for Q2 2025 was $15.8 million, slightly up from $14.9 million in Q1 2025.

• Net loss for Q2 2025 was $0.9 million, including a $7.1 million gain from the sale of "Nordic Castor."

• Average TCE for Q2 2025 was $26,880 per day per vessel, up from $24,714 in Q1 2025.

• Cash and cash equivalents stood at $94.5 million as of June 30, 2025.

Outlook and guidance

• Anticipates continued strong tanker market due to high oil demand and limited new vessel supply.

• Expects higher dividends in an improved market environment.

• Seasonal and geopolitical factors may cause short-term volatility in spot rates.