Nordic American Tankers (NAT) Q4 2024 earnings summary

Executive summary

• Net voyage revenue for 2024 was $225 million, with net income of $46.6 million, reflecting solid operational performance despite a year-over-year decline.

• Fourth quarter 2024 net income was $1.3 million, or EPS of $0.01, with average TCE at $26,416 per day per ship.

• Dividend of $0.06 per share declared for Q4 2024, marking the 110th consecutive quarterly dividend.

• Fleet renewal ongoing: one 2016-built Suezmax purchased, two 2018-built vessels' purchase options exercised, and one 2003-built vessel sold.

Financial highlights

• Net voyage revenue for Q4 2024 was $46.4 million, down from $59.3 million in Q4 2023.

• Full-year 2024 net income was $46.6 million, down from $98.7 million in 2023.

• EBITDA for 2024 was $133.5 million, compared to $179.3 million in 2023.

• Cash and cash equivalents at year-end 2024 totaled $39.2 million, with restricted cash of $5.2 million.

• Net debt as of December 31, 2024, was $210 million, or $10.5 million per ship.

Outlook and guidance

• Optimism for 2025 driven by increased regulatory pressure on sanctioned oil trades, benefiting compliant operators.

• Tight Suezmax supply, high demand, and limited shipyard capacity expected to support strong tanker markets.

• Higher dividends anticipated in an improved market environment.