Nordic American Tankers (NAT) Q4 2025 earnings summary

Executive summary

• Achieved best quarterly result of 2025 in Q4, with net income of $11.7 million and adjusted EBITDA of $34.7 million, reversing a Q3 net loss.

• Declared a $0.17 per share dividend for Q4 2025, marking the 114th consecutive quarterly dividend.

• Entered a 1-year fixed contract with an oil major at over $50,000 per day and booked nearly two-thirds of Q1 2026 spot days at about $55,000 per day.

• Fleet consists of 20 Suezmax tankers, with two newbuilds ordered for 2028 and several older vessels sold in late 2025 and early 2026.

Financial highlights

• Q4 2025 net voyage revenue was $58.8 million, up from $45.7 million in Q3 2025.

• Q4 2025 net income was $11.7 million, compared to a net loss of $2.8 million in Q3 2025.

• Q4 2025 adjusted EBITDA reached $34.7 million, up from $21.4 million in Q3 2025.

• Average TCE for Q4 2025 was $35,000 per day per vessel, up 25% sequentially.

• Cash position exceeded $100 million at the report date.

Outlook and guidance

• Long-term fleet outlook is positive due to scarcity of compliant ships and increased pressure on the shadow fleet.

• Bookings for Q1 and Q2 2026 are strong, with spot rates around $55,000 per day.

• Anticipates continued strong tanker markets, supported by high oil demand and limited new vessel deliveries relative to aging fleet.