Nordic American Tankers (NAT) Q3 2025 earnings summary

Executive summary

• Declared a $0.13 per share dividend for Q3 2025, marking the 113th consecutive quarterly payout.

• Maintains a fleet of 20 Suezmax tankers, with a Letter of Intent for two new vessels to be delivered in 2028.

• Major oil companies remain the primary customers, and the company has not transported Russian oil for over four years.

• Focus on safety, environmental responsibility, and strong customer relationships.

Financial highlights

• Net voyage revenue for Q3 2025 was $45.7 million, down from $52.0 million in Q3 2024 but up from $40.2 million in Q2 2025.

• Adjusted EBITDA for Q3 2025 was $21.4 million, up from $15.8 million in Q2 2025.

• Net loss for Q3 2025 was $2.8 million, compared to a net loss of $0.9 million in Q2 2025 and net income of $8.7 million in Q3 2024.

• Average TCE for Q3 2025 was $27,490 per day per vessel, up from $26,880 in Q2 2025.

• Cash position as of the report date exceeded $70 million.

Outlook and guidance

• Strong oil demand continues, with Q4 2025 starting well and supporting positive cash flow expectations.

• Anticipates continued strength in tanker markets due to favorable supply-demand dynamics and increased OPEC production.

• Expects higher dividends in an improved market environment.