Nordic American Tankers Ltd (NYSE: NAT) - Report as per December 31, 2025 - Full speed ahead

 

Thursday, February 26, 2026

 

Dear Shareholders and Investors,

Ninety day periods offer a short-term snapshot. A more meaningful analysis must contain a longer-term picture. The direction of NAT is up. A few days ago, we entered into a 1-year fixed contract with an oil major, giving us more than $50,000 per day.

Highlights: 
         

1. The dividend for the fourth quarter 2025 is 17 cents ($0.17) per share. This is our 114th consecutive quarterly cash dividend. The dividend is payable March 24, 2026, to shareholders on record as of March 10, 2026.

 

1. The market is very solid for our ships. Nearly two-thirds of our spot days in 1Q26 have been booked at about $55,000 per day. At this stage we are booking ships well into 2Q26, which bodes well. The long-term outlook for our fleet of tankers is bright. The striking scarcity of compliant ships has become obvious as pressure on the so-called shadow fleet has intensified.

 

1. Our fourth quarter result for 2025 was the best quarter of the year and the average time charter equivalent (TCE) for our fleet came in at $35,000 per day per ship, up 25% from the previous quarter. Our operating costs are about $9,000/day/ship. The net result for the fourth quarter 2025 came in at $11.7 million and the EBITDA was $34.7 million. Our cash position at the day of this report is above $100 million.

 

1. During the first half of 2025, we acquired two 2016-built suezmax tankers. During the second half of 2025 we also entered into an agreement with a South-Korean shipyard to build two vessels for delivery in 2028 (the signing took place in January 2026). 

 

1. During the 2025 calendar year we also took advantage of the increasing asset prices and sold four of our vessels built between 2003 and 2005. The two latest vessels were delivered to the buyers in January 2026. In the first quarter of 2026, we also sold a 2003-built ship which is soon to be delivered to the buyers.

 

1. The top quality of the NAT vessels is reflected in the vetting performance (the score card) undertaken by the major oil companies. Major oil companies charter about 50% of our vessels. As per December 31, 2025, the NAT fleet consist of 20 vessels. We expect to grow our fleet in the time to come.

 

1. Thanks to careful voyage planning and adjustment of speed of our ships, we reduce emissions.

  

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO

Nordic American Tankers Ltd.