Nordic American Tankers Ltd (NYSE: NAT) – Report as per June 30, 2024 – A dividend company with good prospects
Nordic American Tankers (NYSE: NAT) reported a net profit of $21.6 million for Q2 2024, up from $15.1 million in Q1. The company declared a dividend of $0.12 per share, payable on November 26, 2024, marking its 108th consecutive quarterly dividend. NAT's average time charter rate was $36,600 per day per ship, with daily operating costs around $9,000, resulting in a solid margin. The company benefits from a shortage of suezmax tankers and increased oil demand in Asia. NAT has not transported Russian oil in the last 3.5 years and focuses on major oil and energy companies as clients. The company emphasizes its upward trajectory and potential for further growth.
Nordic American Tankers (NYSE: NAT) ha riportato un utile netto di 21,6 milioni di dollari per il secondo trimestre del 2024, in aumento rispetto ai 15,1 milioni di dollari del primo trimestre. L'azienda ha dichiarato un dividendo di $0,12 per azione, pagabile il 26 novembre 2024, segnando il suo 108° dividendo trimestrale consecutivo. Il tasso medio di noleggio per tempo di NAT era di $36.600 al giorno per nave, con costi operativi giornalieri intorno ai $9.000, risultando in un margine solido. L'azienda beneficia di una carenza di tanker suezmax e di un aumento della domanda di petrolio in Asia. NAT non ha trasportato petrolio russo negli ultimi 3,5 anni e si concentra su grandi aziende petrolifere ed energetiche come clienti. L'azienda sottolinea la sua traiettoria ascendente e il potenziale di ulteriore crescita.
Nordic American Tankers (NYSE: NAT) reportó un beneficio neto de 21,6 millones de dólares para el segundo trimestre de 2024, un aumento respecto a los 15,1 millones de dólares del primer trimestre. La compañía declaró un dividendo de $0,12 por acción, pagadero el 26 de noviembre de 2024, marcando su 108° dividendo trimestral consecutivo. La tarifa de fletamento promedio de NAT fue de $36,600 por día por buque, con costos operativos diarios alrededor de $9,000, lo que resultó en un sólido margen. La empresa se beneficia de una escasez de buques cisterna suezmax y del aumento de la demanda de petróleo en Asia. NAT no ha transportado petróleo ruso en los últimos 3,5 años y se enfoca en grandes compañías de petróleo y energía como clientes. La compañía enfatiza su trayectoria ascendente y su potencial para un mayor crecimiento.
노르딕 아메리칸 탱커스(NYSE: NAT)는 2024년 2분기에 2160만 달러의 순이익을 발표했으며, 이는 1분기의 1510만 달러에서 증가한 수치입니다. 이 회사는 2024년 11월 26일에 지급될 주당 0.12달러의 배당금을 선언했으며, 이는 108번째 연속 분기 배당금을 기록합니다. NAT의 평균 용선료는 선박당 하루 36,600달러였으며, 하루 운영 비용은 약 9,000달러로, 견고한 마진을 달성했습니다. 이 회사는 수에즈맥스 유조선의 부족과 아시아의 증가하는 석유 수요로 혜택을 보고 있습니다. NAT는 지난 3.5년간 러시아 석유를 운송하지 않았으며, 주요 석유 및 에너지 회사들을 고객으로 삼고 있습니다. 이 회사는 상승세와 추가 성장 가능성을 강조합니다.
Nordic American Tankers (NYSE: NAT) a annoncé un bénéfice net de 21,6 millions de dollars pour le deuxième trimestre 2024, en hausse par rapport aux 15,1 millions de dollars du premier trimestre. L'entreprise a déclaré un dividende de 0,12 dollar par action, payable le 26 novembre 2024, marquant son 108e dividende trimestriel consécutif. Le taux moyen de charte à temps de NAT était de 36 600 dollars par jour par navire, avec des coûts d'exploitation quotidiens d'environ 9 000 dollars, ce qui a donné lieu à une marge solide. L'entreprise bénéficie d'une pénurie de tankers Suezmax et d'une demande accrue de pétrole en Asie. NAT n'a pas transporté de pétrole russe au cours des 3,5 dernières années et se concentre sur de grandes entreprises pétrolières et énergétiques en tant que clients. L'entreprise souligne sa trajectoire ascendante et son potentiel de croissance supplémentaire.
Nordic American Tankers (NYSE: NAT) berichtete für das 2. Quartal 2024 von einem Nettoergebnis von 21,6 Millionen Dollar, ein Anstieg von 15,1 Millionen Dollar im 1. Quartal. Das Unternehmen erklärte eine Ausschüttung von 0,12 Dollar pro Aktie, die am 26. November 2024 zahlbar ist, und markiert damit die 108. aufeinanderfolgende Quartalsdividende. Der durchschnittliche Zeitcharterpreis von NAT betrug 36.600 Dollar pro Tag pro Schiff, bei täglichen Betriebskosten von etwa 9.000 Dollar, was zu einer soliden Marge führte. Das Unternehmen profitiert von einem Engpass an Suezmax-Tankern und der steigenden Ölnachfrage in Asien. NAT hat in den letzten 3,5 Jahren kein russisches Öl transportiert und konzentriert sich auf große Öl- und Energieunternehmen als Kunden. Das Unternehmen betont seine Aufwärtsentwicklung und das Potenzial für weiteres Wachstum.
- Net profit increased from $15.1 million in Q1 to $21.6 million in Q2 2024
- 108th consecutive quarterly dividend payment of $0.12 per share
- High average time charter rate of $36,600 per day per ship
- Low daily operating costs of about $9,000 per ship, resulting in solid margins
- Benefiting from shortage of suezmax tankers and increased oil demand in Asia
- None.
Thursday, August 29, 2024
Dear Shareholders and Investors,
Highlights:
Ninety day periods offer a short-term snapshot of a company. However, it is more important to view the long-term picture. The direction of NAT is unquestionably upward, with further room to grow.
- For the second quarter of 2024, NAT produced a net profit of
$21.6 million , which is a substantial improvement compared with the previous quarter (1Q24) with a net Profit of$15.1 million .
- The dividend for the second quarter is 12 cents (
$0.12) per share. This is our 108th consecutive quarterly cash dividend payment. The dividend is payable November 26, 2024, to shareholders on record as of September 26, 2024. NAT has paid an aggregate dividend of more than$50 per share since NAT became stocklisted in New York, September 15, 1995.
- During the second quarter of 2024 the total average NAT time charter for all our ships was
$36,600 per day per ship. The daily operating costs per ship are about$9,000 , leaving NAT with a solid margin.
- There is a shortage of the type of ships that NAT is operating and the ongoing hostilities in the Middle East are exacerbating this situation.
- Oil demand continues to grow in Asia, creating more need for our vessels. India, the most populous country on the planet, is the world’s third largest importer of oil. China is also a key country for NAT together with Japan and South Korea.
NAT has not transported Russian oil the last 3.5 years. - The NAT fleet of versatile suezmax tankers offer flexibility in loading and discharging ports. Through careful voyage planning and adjustment of speed of our vessels, we reduce emissions. Each individual ship in the NAT fleet is of excellent technical quality, as demonstrated in the vetting performance, the score card undertaken by our customers.
Most of our business is with major oil and energy companies.
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
Attachment
FAQ
What is NAT's dividend for Q2 2024?
How much profit did NAT report for Q2 2024?
What was NAT's average time charter rate in Q2 2024?
How many consecutive quarterly dividends has NAT paid?
Has NAT transported Russian oil recently?
