The average Time Charter Equivalent (TCE) for our fleet during the third quarter of 2022 came in at $27,850 per day per ship, up from the second quarter of $20,080 per day per vessel. Rates have risen dramatically during the fourth quarter and so far, 74% of our spot voyage days have been booked at an average TCE of $54,100 per day per ship. Our operating costs are $8,000 per day per ship.
The net profit for 3Q 2022 was $10.0 million or an Earnings per share (EPS) of $0.05. The second quarter saw a net loss of -$4 million and an EPS of -$0.02. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 3Q 2022 doubled from the previous quarter and came in with a positive $29.6 million, compared to an EBITDA of $14.2 million in 2Q 2022.
As previously announced, the dividend for the third quarter of 2022 will be 5 cents ($0.05) per share and will be payable on December 20, 2022 to shareholders on record as of December 6, 2022. Based on our fourth quarter performance so far, we anticipate the dividend for the fourth quarter could double, compared to the third quarter payout. This dividend is expected to be announced in February 2023 and paid in March 2023.
Political uncertainty has always stimulated demand for our ships. Given the geopolitical realities we face now, oil will have to be transported over longer distances than in the past, increasing ton-mile and demand for our tankers.
The orderbook for new suezmax tankers scheduled to join the global fleet currently stands at 11 ships (2% of the world suezmax fleet) through 2024. A low orderbook is a leading indicator of improved utilization and earnings for our tankers.
The combination of ton-mile expansion and low supply growth is bullish news for our vessels for 2023 and beyond. NAT has 19 one-million barrel suezmax tankers on the water, making money every day, Sundays and Holidays included.
The NAT fleet of versatile suezmax tankers offers flexibility in loading and discharging around the world that helps our clients manage their requirements efficiently under quickly changing circumstances.
Through careful voyage planning and adjustment of speed of our vessels, the NAT fleet is reducing emissions.
NAT has one of the lowest debt levels among publicly listed tanker companies. Our net debt stood at $224 million equal to $11.2 million per ship at September 30, 2022. In the solid tanker market we now see, our debt is reduced by the day. The objective of NAT is to become more or less debt free, which was the case in the past.
Financial information for the third quarter of 2022 and for other periods is included in the report attached below.
Source: Nordic American Tankers