Nordic American Tankers (NAT) Q2 2026 earnings summary

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.