Nordic American Tankers Thrives In Market With Buoyant Growth


Nordic American Tankers (NAT) notes a rising demand for its ships during uncertain times, with a scarcity of tankers observed.

Economic Trends

NAT hasn’t loaded Russian oil in years, and major oil companies trust the reliability of its top-notch fleet. 

Amidst global economic trends, the US and China show positive growth trajectories, affirming the enduring importance of oil as a key commodity.

NAT reports a substantial increase in net income for the first nine months of 2023, totaling $81.2 million compared to a $20.9 million loss in the same period last year. The third quarter of 2023 saw a net income of $7.5 million.

NAT’s Strong Performance

Nordic American Tankers (NAT) achieved robust Time Charter Equivalent (TCE) rates in Q3 2023, averaging $32,832 per day for spot vessels and $31,235 per day including term-contracted vessels. This marks one of NAT’s strongest third-quarter performances in its 28-year history. Operating costs remain steady at $9,000 per day per ship.

Q4 2023 bookings forecast continued strength, with 73% of spot voyage days reserved at an impressive average TCE of $43,160 per day per ship.

NAT is set to welcome the “Nordic Hawk,” a recently purchased Suezmax tanker, on December 4, 2023, marking a significant fleet expansion. This addition brings NAT’s fleet to 20 Suezmax tankers, with Nordic Hawk being the first vessel named after their US stock listing in 1995.

Financial Strength 

Nordic American Tankers (NAT) declares a third-quarter 2023 dividend of 6 cents ($0.06) per share, payable on January 17, 2024, to shareholders recorded by December 20, 2023. 

Emphasizing higher earnings driving increased dividends, NAT maintains one of the industry’s lowest debt levels, with net debt at $170.8 million or $9 million per ship as of September 30, 2023. NAT remains steadfast in its goal to achieve debt-free status.

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Source: Nordic American Tankers