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NAT

Nordic American Tankers Limited

NAT

Nordic American Tankers Limited • NYSE
$3.64 ▼ -3.19% (-0.12)
Market Cap $770.77 M
52w High $3.93
52w Low $2.13
Dividend Yield 0.27%
P/E 52
Volume 3.04M
Outstanding Shares 211.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $40.153M ▲ $-742K ▲ $-852K ▼ -2.122% ▼ $-0.004 ▼ $23.356M ▼
Q1-2025 $37.945M ▼ $-2.656M ▼ $4.246M ▲ 11.19% ▲ $0.02 ▲ $24.851M ▲
Q4-2024 $46.389M ▼ $22.926M ▲ $1.295M ▼ 2.792% ▼ $0.006 ▼ $22.625M ▲
Q3-2024 $52.036M ▼ $5.834M ▼ $8.686M ▼ 16.692% ▼ $0.042 ▼ $16.604M ▼
Q2-2024 $97.808M $6.08M $21.606M 22.09% $0.1 $29.668M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $94.49M ▼ $957.392M ▲ $472.345M ▲ $485.047M ▼
Q1-2025 $103.235M ▲ $867.266M ▲ $366.682M ▲ $500.584M ▼
Q4-2024 $39.177M ▼ $817.587M ▼ $308.774M ▼ $508.813M ▼
Q3-2024 $40.498M ▼ $839.832M ▼ $329.689M ▼ $510.143M ▼
Q2-2024 $47.586M $861.812M $335.962M $525.85M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $0 $1.374M ▲ $-98.686M ▼ $88.347M ▲ $-8.745M ▼ $-133.998M ▼
Q1-2025 $0 ▼ $-849K ▼ $9.781M ▲ $49.866M ▲ $58.851M ▲ $-1.133M ▼
Q4-2024 $1.295M ▲ $19.438M ▼ $-86K ▲ $-24.381M ▲ $-4.452M ▼ $19.352M ▼
Q3-2024 $0 ▼ $34.825M ▲ $-471K ▲ $-33.273M ▼ $1.25M ▲ $34.354M ▲
Q2-2024 $21.606M $32.759M $-1.877M $-33.201M $-2.447M $30.882M

Revenue by Products

Product Q2-2021Q4-2021Q2-2022Q4-2022
Spot Charter
Spot Charter
 $90.00M ▲$80.00M ▼$100.00M ▲$200.00M ▲
Time Charter
Time Charter
 $10.00M ▲$10.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Income statement NAT’s earnings show the classic ups and downs of a tanker shipping company, but with clear improvement versus the tough pandemic years. After a weak period with losses a few years ago, the company moved back into solid profitability and has stayed there, though the most recent year looks a bit softer than the prior peak. Margins have improved meaningfully from the time when operating results were negative, reflecting better freight rates and tighter cost control. Overall, profitability is now positive and healthier than it was earlier in the five‑year period, but still vulnerable to swings in tanker rates and global oil demand.

Balance Sheet

Balance Sheet Balance sheet The balance sheet looks relatively straightforward and somewhat de‑risked over time. Total assets have edged down, suggesting a leaner fleet or fewer growth investments, while debt has gradually been reduced, lowering financial leverage. Equity has also slipped, which likely reflects a mix of past losses and ongoing dividend payouts. Cash levels are modest, so liquidity does not appear excessive, but debt is not extreme either. In short, NAT seems to have traded some balance‑sheet size for a more conservative, less leveraged profile, which can help in a cyclical industry.

Cash Flow

Cash Flow Cash flow Cash generation has strengthened in recent years. After a period when operating cash flow was weak or even negative, the company has moved back to healthy cash inflows from its core business as market conditions improved. Capital spending has been relatively moderate most years, with one more investment‑heavy year in the middle of the period. As a result, free cash flow, which once dipped into negative territory, is now clearly positive, giving NAT more flexibility to service debt, pay dividends, and manage its fleet strategy. The main risk is that this improvement is tied closely to the tanker rate cycle.

Competitive Edge

Competitive Edge Competitive position NAT competes in a very commoditized and cyclical market, but it has carved out a distinct position. Its key edge is a single‑type, Suezmax‑only fleet, which simplifies operations, training, and maintenance and can keep daily operating costs low. The focus on the spot market makes results more volatile but gives strong upside when freight rates spike, provided costs stay under control. High replacement costs for similar vessels and a long history with major oil customers also support its standing. However, this is still a market with many capable competitors, so NAT’s edge is more about disciplined execution and cost efficiency than about a unique product.

Innovation and R&D

Innovation and R&D Innovation & R&D NAT is not a classic research‑heavy company; its innovation is mainly practical rather than high‑tech. The firm emphasizes keeping a relatively modern fleet, regularly selling older ships and adding newer, more fuel‑efficient vessels. This helps with fuel savings, reliability, and compliance with tightening environmental rules. The planned addition of new Suezmax tankers later in the decade should further refresh the fleet and incorporate newer efficiency features. Ongoing adaptation to environmental regulations, rather than proprietary technology or large formal R&D budgets, is the central innovation theme here.

Summary

Summary NAT today looks like a more disciplined and financially healthier version of itself compared with the weakest years in this five‑year window. Profitability and cash flow have recovered as tanker markets improved, and the company has reduced leverage while keeping capital spending under control. Its competitive stance rests on a focused Suezmax fleet, cost efficiency, and skill in navigating the spot market, not on breakthrough technology. The main opportunities lie in continued strong tanker rates and further fleet modernization, while key risks remain the inherent volatility of shipping cycles and rising environmental and regulatory demands on the global tanker fleet.

NEWS

November 28, 2025 · 5:13 AM UTC

Nordic American Tankers Ltd (NYSE: NAT) – Report as per September 30, 2025 – Increased dividend and solid prospects

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November 21, 2025 · 9:36 AM UTC

Nordic American Tankers Ltd (NYSE: NAT) – Results of its 2025 Annual General Meeting

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November 3, 2025 · 5:34 AM UTC

Nordic American Tankers Ltd (NYSE: NAT) – Newbuildings

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September 30, 2025 · 9:41 AM UTC

Nordic American Tankers Ltd (NYSE: NAT) – Founder, Chairman & CEO buys more NAT shares - the path is unquestionably upwards

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September 29, 2025 · 5:34 AM UTC

Nordic American Tankers Ltd (NYSE: NAT) – 2025 Annual General Meeting of Shareholders (AGM)

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