Nordic American Tankers (NAT) Registration Filing summary

Company overview and business model

• Incorporated in Bermuda, operates a fleet of 19 Suezmax crude oil tankers as of March 2025, primarily in the spot market, with some on long-term charters expiring in late 2026 and later.

• Technical management is outsourced to established ship management firms under direct instructions, with compensation aligned to industry standards.

• Recent developments include the sale of a vessel, refinancing with a new $150 million senior secured loan, and acquisition of a 2016-built Suezmax tanker, with further purchase options exercised for two vessels.

Financial performance and metrics

• Declared quarterly dividends in 2024 totaling $0.42 per share, with total dividends paid of $87.7 million.

• Final utilization of a previous $60 million ATM program in Q4 2024, raising $9.2 million; program has now lapsed.

• As of December 31, 2024, total capitalization was $778.5 million, with adjustments for new debt and share issuance potentially raising it to $895.8 million.

Use of proceeds and capital allocation

• Net proceeds from the $60 million ATM offering are intended for general corporate purposes, with management retaining broad discretion over allocation.

• No minimum offering amount is required; actual proceeds depend on market conditions and sales.