Ninety day periods offer a short-term snapshot of a company. However, a meaningful analysis must contain a bigger, longer-term picture. The direction of NAT is unquestionably upwards and we create room for profitable growth. Whatever we do, the quality of our ships and dividends remain our priorities.
Highlights:
The dividend for the second quarter is 10 cents ($0.10) per share. This is our 112th consecutive quarterly cash dividend. The dividend is payable September 29, 2025, to shareholders on record as of September 12, 2025.
During the second quarter of 2025 there were several one-time effects which reduced available trading days and therefore income. The reason was that several of our vessels were in scheduled dry dock.
Our recent acquisitions, the 2016-built “Nordic Galaxy” and “Nordic Moon”, entered our fleet during the second quarter and the 2004-built “Nordic Castor” were delivered to new owners during the same quarter. Entering the latter part of the year, the NAT fleet consists of 20 well maintained suezmax tankers.
We are optimistic for our tankers going forward. There is a strong demand for oil. Many observers underestimate the need for energy in particular in emerging economies. In addition, we see geo-political developments that could make more oil volumes available for the NAT fleet.
The average time charter equivalent (TCE) for the NAT time charter and spot fleet for the second quarter of 2025 came in at $26,880 per day per ship. This produced an adjusted EBITDA of $15.8 million for the second quarter. Including the sale of “Nordic Castor” we recorded a net loss of $0.9 million for the quarter. Our cash position as of August 28 is $86 million.
The top quality of the NAT vessels is proven by the vetting performance undertaken by the major oil companies. These companies employ about 50% of the NAT fleet. NAT has not carried Russian oil for more than three and half years.
Thanks to careful voyage planning and adjustment of speed, we reduce emissions of our vessels.
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Source: Nordic American Tankers Ltd.