Nordic American Tankers Reports Strong Q3 2024 Results

Nordic American Tanker Shipping ( (NAT) ) has released its Q3 earnings. Here is a breakdown of the information Nordic American Tanker Shipping presented to its investors.

Nordic American Tankers Limited (NAT) is a leading company in the maritime transportation sector, specializing in the operation of Suezmax tankers, which are primarily used for the transport of crude oil across international waters. The company is recognized for maintaining one of the largest fleets of Suezmax tankers globally.

In the third quarter of 2024, Nordic American Tankers reported strong financial results, reflecting its strategic position in a tightening market for Suezmax tankers. The company achieved a net profit of $8.7 million, or $0.04 per share, marking an improvement from the previous year’s $7.5 million in the same quarter. Additionally, NAT secured time-charter contracts with major oil companies, contributing to net revenue of approximately $125 million.

Key financial highlights include an average time charter equivalent of $30,656 per day per ship and daily operating costs of about $9,000, ensuring healthy margins. NAT’s commitment to dividends remains steadfast, declaring its 109th consecutive quarterly dividend. The company also plans to expand its fleet, which is expected to enhance dividend payouts further. NAT’s strong financial position is underscored by its strategic avoidance of the low-quality ‘dark fleet’ and its focus on high-quality shipping operations.

Looking ahead, Nordic American Tankers is well-positioned to benefit from a favorable market environment characterized by a limited supply of new ships and expected regulatory changes. Management remains optimistic about the company’s growth prospects and its ability to continue delivering value to shareholders through disciplined fleet expansion and operational excellence.