Nordic American Tankers Ltd (NYSE: NAT) – Report as per December 31, 2024 – The direction is upwards. Dividend payments continue and are 6 cents this quarter
Nordic American Tankers (NYSE: NAT) reported strong financial results for 2024, with net voyage revenue of $225 million and a net result of $46.6 million. The company's Q4 2024 Time Charter Equivalent (TCE) reached $26,416 per day per ship, with operating costs around $9,000 per day.
NAT announced several strategic fleet movements: purchasing a 2016-built suezmax tanker (mid/high $60's) for delivery in Q2 2025, selling a 2003-built suezmax for $23 million, and exercising purchase options for two 2018-built vessels. The company declared its 110th consecutive quarterly dividend of $0.06 per share, payable March 24, 2025, to shareholders of record as of March 10, 2025.
The company's financial flexibility has improved through a $150 million financing agreement with Beal Bank, leaving seven vessels unencumbered. NAT maintains its position as a fully compliant operator, having not transported Russian oil for 3.5 years, and continues to focus on reducing emissions through careful voyage planning.
Nordic American Tankers (NYSE: NAT) ha riportato risultati finanziari solidi per il 2024, con ricavi netti da viaggio di 225 milioni di dollari e un risultato netto di 46,6 milioni di dollari. Il Time Charter Equivalent (TCE) del quarto trimestre 2024 ha raggiunto i 26.416 dollari al giorno per nave, con costi operativi intorno ai 9.000 dollari al giorno.
NAT ha annunciato diversi movimenti strategici della flotta: l'acquisto di una petroliera suezmax costruita nel 2016 (prezzo medio/alto di 60 milioni di dollari) per la consegna nel secondo trimestre del 2025, la vendita di una petroliera suezmax costruita nel 2003 per 23 milioni di dollari e l'esercizio di opzioni di acquisto per due navi costruite nel 2018. L'azienda ha dichiarato il suo 110° dividendo trimestrale consecutivo di 0,06 dollari per azione, che sarà pagato il 24 marzo 2025 agli azionisti registrati al 10 marzo 2025.
La flessibilità finanziaria dell'azienda è migliorata grazie a un accordo di finanziamento da 150 milioni di dollari con Beal Bank, lasciando sette navi non gravate da vincoli. NAT mantiene la sua posizione di operatore pienamente conforme, non avendo trasportato petrolio russo per 3,5 anni, e continua a concentrarsi sulla riduzione delle emissioni attraverso una pianificazione attenta dei viaggi.
Nordic American Tankers (NYSE: NAT) reportó resultados financieros sólidos para 2024, con ingresos netos por viaje de 225 millones de dólares y un resultado neto de 46,6 millones de dólares. El Time Charter Equivalent (TCE) del cuarto trimestre de 2024 alcanzó los 26,416 dólares por día por barco, con costos operativos alrededor de 9,000 dólares por día.
NAT anunció varios movimientos estratégicos de flota: la compra de un petrolero suezmax construido en 2016 (precio medio/alto de 60 millones de dólares) para entrega en el segundo trimestre de 2025, la venta de un suezmax construido en 2003 por 23 millones de dólares y el ejercicio de opciones de compra para dos embarcaciones construidas en 2018. La compañía declaró su 110° dividendo trimestral consecutivo de 0,06 dólares por acción, que se pagará el 24 de marzo de 2025 a los accionistas registrados hasta el 10 de marzo de 2025.
La flexibilidad financiera de la empresa ha mejorado a través de un acuerdo de financiación de 150 millones de dólares con Beal Bank, dejando siete barcos sin cargas. NAT mantiene su posición como operador plenamente conforme, sin haber transportado petróleo ruso durante 3,5 años, y continúa enfocándose en reducir las emisiones a través de una cuidadosa planificación de los viajes.
노르딕 아메리칸 탱커스 (NYSE: NAT)는 2024년 강력한 재무 결과를 보고했으며, 순 항해 수익은 2억 2천5백만 달러, 순이익은 4천6백60만 달러에 달했습니다. 회사의 2024년 4분기 시간 차터 동등(TCE)은 하루에 선박당 26,416달러에 도달했으며, 운영 비용은 하루 약 9,000달러였습니다.
NAT는 여러 전략적 선대 이동을 발표했습니다: 2016년에 건조된 수에즈막스 유조선(중/상 6천만 달러대)을 2025년 2분기에 인도받기 위해 구매하고, 2003년에 건조된 수에즈막스를 2천3백만 달러에 판매하며, 2018년에 건조된 두 척의 선박에 대한 구매 옵션을 행사했습니다. 회사는 2025년 3월 24일에 지급될 0.06달러의 분기 배당금을 110번째로 연속 선언했으며, 이는 2025년 3월 10일 기준의 주주에게 지급됩니다.
회사의 재무 유연성은 Beal Bank와의 1억 5천만 달러의 금융 계약을 통해 개선되었으며, 7척의 선박이 무담보 상태로 남아 있습니다. NAT는 3.5년 동안 러시아 석유를 운송하지 않아 완전 준수 운영자로서의 입장을 유지하고 있으며, 신중한 항해 계획을 통해 배출가스를 줄이는 데 계속 집중하고 있습니다.
Nordic American Tankers (NYSE: NAT) a annoncé des résultats financiers solides pour 2024, avec des revenus nets de voyage de 225 millions de dollars et un résultat net de 46,6 millions de dollars. L'équivalent de temps de charte (TCE) du quatrième trimestre 2024 a atteint 26 416 dollars par jour et par navire, avec des coûts d'exploitation d'environ 9 000 dollars par jour.
NAT a annoncé plusieurs mouvements stratégiques de flotte : l'achat d'un tanker Suezmax construit en 2016 (prix moyen/élevé de 60 millions de dollars) pour une livraison au deuxième trimestre 2025, la vente d'un Suezmax construit en 2003 pour 23 millions de dollars, et l'exercice d'options d'achat pour deux navires construits en 2018. La société a déclaré son 110e dividende trimestriel consécutif de 0,06 dollar par action, payable le 24 mars 2025, aux actionnaires enregistrés au 10 mars 2025.
La flexibilité financière de l'entreprise s'est améliorée grâce à un accord de financement de 150 millions de dollars avec Beal Bank, laissant sept navires non grevés. NAT maintient sa position d'opérateur entièrement conforme, n'ayant pas transporté de pétrole russe depuis 3,5 ans, et continue de se concentrer sur la réduction des émissions grâce à une planification minutieuse des voyages.
Nordic American Tankers (NYSE: NAT) berichtete über starke finanzielle Ergebnisse für 2024, mit Netto-Einnahmen aus Fahrten von 225 Millionen Dollar und einem Nettogewinn von 46,6 Millionen Dollar. Der Time Charter Equivalent (TCE) des vierten Quartals 2024 erreichte 26.416 Dollar pro Tag und Schiff, mit Betriebskosten von etwa 9.000 Dollar pro Tag.
NAT kündigte mehrere strategische Bewegungen der Flotte an: den Kauf eines 2016 gebauten Suezmax-Tankers (Preis im mittleren/oberen 60-Millionen-Dollar-Bereich) zur Lieferung im zweiten Quartal 2025, den Verkauf eines 2003 gebauten Suezmax für 23 Millionen Dollar und die Ausübung von Kaufoptionen für zwei 2018 gebaute Schiffe. Das Unternehmen erklärte seine 110. aufeinanderfolgende vierteljährliche Dividende von 0,06 Dollar pro Aktie, die am 24. März 2025 an die Aktionäre ausgezahlt wird, die am 10. März 2025 im Aktienregister stehen.
Die finanzielle Flexibilität des Unternehmens hat sich durch eine Finanzierungsvereinbarung über 150 Millionen Dollar mit der Beal Bank verbessert, wodurch sieben Schiffe unbelastet bleiben. NAT behauptet seine Position als vollständig konformer Betreiber, da es seit 3,5 Jahren kein russisches Öl transportiert hat, und konzentriert sich weiterhin darauf, die Emissionen durch sorgfältige Reiseplanung zu reduzieren.
- Net voyage revenue of $225M and net result of $46.6M in 2024
- Strong TCE of $26,416/day vs $9,000/day operating costs
- Seven debt-free vessels providing financial flexibility
- Strategic fleet renewal with sale of older vessel and purchase of newer ones
- 110th consecutive quarterly dividend maintained
- Significant capital expenditure for new vessel acquisition
- Aging fleet requiring continued renewal investments
- Reduced dividend compared to industry peak rates
Friday, February 28, 2025
Dear Shareholders and Investors,
Ninety day periods offer a short-term snapshot of a company, but it is more instructive to look at the bigger, longer-term picture. The direction of NAT is unquestionably upwards as we create room for profitable growth. Whatever we do, dividends remain our primary objective.
As part of our plan to buy a few ships and sell a few ships, we have since the end of 2024 agreed to purchase one 2016-built suezmax tanker from a first class owner. The vessel will be delivered to NAT during the second quarter of this year. The price is in the mid/high 60’s. The new unit will provide additional earnings and dividend capacity to NAT. We expect the vessel to be financed with cash and lease financing.
As previously advised, we have sold one of our 2003-built suezmax tankers and the vessel was delivered to its new owners earlier this week. The proceeds from this sale (
Highlights:
- NAT achieved a net voyage revenue for the full year 2024 of
$225 million and a net result of$46.6 million . The average time charter equivalent (TCE) for our fleet (spot & TC vessels) during the fourth quarter of 2024 came in at$26,416 per day per ship, leaving NAT with a solid operating margin as running costs per vessel are about$9,000 per day.
- The dividend for the fourth quarter is 6 cents (
$0.06) per share. This is our 110th consecutive quarterly cash dividend declaration. The dividend is payable March 24, 2025, to shareholder on record as of March 10, 2025.
- The new administration in the White House is increasing the pressure on sanctioned oil trades and sanctioned vessels. This is one reason why we are optimistic about prospects for 2025, as there will be more transportation work for NAT, a fully compliant company in all respects. NAT has not transported Russian oil the last 3.5 years.
- Following the new and improved
$150 million financing agreement with Beal Bank, seven of our vessels are not encumbered and are debt free, thus providing us with greater financial flexibility.
- In addition, we have exercised the purchase option for two of our 2018-built vessels that are lease-financed through Ocean Yield, one of our two well-established financial partners. The vessels will be transferred to us during the third quarter this year. The market value of these vessels is well in excess of the outstanding loan which gives us extra maneuverability.
- Thanks to careful voyage planning and adjustment of speed, we continue to reduce emissions of our vessels.
- Each ship in the NAT fleet is in excellent technical condition, as proven by the vetting performance.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.
Contacts:
Bjørn Giæver, CFO
Nordic American Tankers Ltd
Tel: +1 888 755 8391
Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 724 171
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