Nordic American Tankers Ltd (NYSE: NAT) – Report as per September 30, 2024 – Prospects for our Suezmax tankers are good
Nordic American Tankers (NAT) reported a net profit of $8.7 million ($0.04 per share) for Q3 2024, up from $7.5 million in Q3 2023. The company secured time-charter contracts worth approximately $125 million with international oil companies. NAT's fleet achieved an average time charter equivalent of $30,656 per day with operating costs of $9,000 per day. The company declared its 109th consecutive quarterly dividend of $0.04 per share, payable January 16, 2025. NAT plans fleet expansion and notes strong market conditions due to ship scarcity, while maintaining its policy of not participating in sanctioned oil trade or Red Sea operations.
Nordic American Tankers (NAT) ha riportato un utile netto di 8,7 milioni di dollari (0,04 dollari per azione) per il terzo trimestre del 2024, rispetto ai 7,5 milioni di dollari del terzo trimestre del 2023. L'azienda ha assicurato contratti di noleggio a tempo del valore di circa 125 milioni di dollari con compagnie petrolifere internazionali. La flotta di NAT ha raggiunto una media di noleggio a tempo equivalente di 30.656 dollari al giorno, con costi operativi di 9.000 dollari al giorno. L'azienda ha dichiarato il suo 109° dividendo trimestrale consecutivo di 0,04 dollari per azione, che sarà pagabile il 16 gennaio 2025. NAT prevede un'espansione della flotta e sottolinea le forti condizioni di mercato dovute alla scarsità di navi, mantenendo intatta la propria politica di non partecipare al commercio di petrolio sanzionato o alle operazioni nel Mar Rosso.
Nordic American Tankers (NAT) reportó una utilidad neta de 8.7 millones de dólares (0.04 dólares por acción) para el tercer trimestre de 2024, en comparación con 7.5 millones de dólares en el tercer trimestre de 2023. La empresa aseguró contratos de fletamento por un valor aproximado de 125 millones de dólares con compañías petroleras internacionales. La flota de NAT logró un promedio de 30,656 dólares diarios en alquiler a tiempo, con costos operativos de 9,000 dólares por día. La compañía declaró su 109º dividendo trimestral consecutivo de 0.04 dólares por acción, que se pagará el 16 de enero de 2025. NAT planea la expansión de su flota y señala las fuertes condiciones del mercado debido a la escasez de buques, manteniendo su política de no participar en el comercio de petróleo sancionado ni en operaciones en el Mar Rojo.
노르딕 아메리칸 탱커스(NAT)는 2024년 3분기에 870만 달러(주당 0.04달러)의 순이익을 보고했으며, 이는 2023년 3분기 750만 달러에서 증가한 수치입니다. 이 회사는 국제 석유 회사와 약 1억 2500만 달러 규모의 시간 임대 계약을 체결했습니다. NAT의 함대는 하루 평균 30,656달러의 시간 차터에 해당하는 수익을 올렸으며, 운영 비용은 하루 9,000달러입니다. 이 회사는 0.04달러의 분기배당금을 109번째로 선언했으며, 이는 2025년 1월 16일에 지급될 예정입니다. NAT는 함대 확장을 계획하고 있으며, 선박 부족으로 인한 강력한 시장 상황을 언급하면서 제재된 석유 거래나 홍해 작전에는 참여하지 않겠다는 정책을 유지합니다.
Nordic American Tankers (NAT) a annoncé un bénéfice net de 8,7 millions de dollars (0,04 dollar par action) pour le troisième trimestre 2024, en hausse par rapport à 7,5 millions de dollars au troisième trimestre 2023. L'entreprise a sécurisé des contrats de temps de fret d'une valeur d'environ 125 millions de dollars avec des sociétés pétrolières internationales. La flotte de NAT a atteint un équivalent de charter à temps moyen de 30 656 dollars par jour avec des coûts d'exploitation de 9 000 dollars par jour. L'entreprise a déclaré son 109ème dividende trimestriel consécutif de 0,04 dollar par action, payable le 16 janvier 2025. NAT prévoit une expansion de sa flotte et souligne les fortes conditions du marché dues à la rareté des navires, tout en maintenant sa politique de ne pas participer au commerce de pétrole sanctionné ou aux opérations en mer Rouge.
Nordic American Tankers (NAT) vermeldete einen Nettogewinn von 8,7 Millionen Dollar (0,04 Dollar pro Aktie) für das dritte Quartal 2024, ein Anstieg von 7,5 Millionen Dollar im dritten Quartal 2023. Das Unternehmen sicherte sich Zeit-Charterverträge im Wert von etwa 125 Millionen Dollar mit internationalen Erdölgesellschaften. Die Flotte von NAT erzielte einen durchschnittlichen Zeitcharteräquivalent von 30.656 Dollar pro Tag bei Betriebskosten von 9.000 Dollar pro Tag. Das Unternehmen gab seine 109. aufeinanderfolgende vierteljährliche Dividende von 0,04 Dollar pro Aktie bekannt, die am 16. Januar 2025 zahlbar ist. NAT plant eine Flottenerweiterung und weist auf starke Marktbedingungen aufgrund von Schiffsengpässen hin, während es seine Politik aufrechterhält, nicht am Handel mit sanktioniertem Öl oder an Operationen im Roten Meer teilzunehmen.
- Net profit increased to $8.7M from $7.5M year-over-year
- Secured time-charter contracts worth $125M
- Strong daily revenue of $30,656 per ship vs $9,000 operating costs
- 109th consecutive quarterly dividend maintained
- Planned fleet expansion to enhance dividend potential
- None.
Insights
Nordic American Tankers reported solid Q3 2024 results with several positive indicators. The company secured
The average time charter equivalent of
The consistent dividend policy, marking their 109th consecutive quarterly payment at
Friday, November 29, 2024
Dear Shareholders and Investors,
Highlights:
The international profile of NAT is reflected in the fact that during the last five years our ships have loaded & discharged in 68 countries. Ninety day periods offer a short-term snapshot of a company. However, it is more constructive to view the longer-term picture. The direction of NAT is unquestionably upwards, and there is room for profitable growth.
1. During the third quarter 2024, we concluded time-charter (T/C) contracts with international and national oil companies. These contracts represent an aggregate net revenue of about
2. During the last few years, the amount of sanctioned oil transported by the low quality “dark fleet” has grown. NAT does not participate in this trade. We do not transit the Suez canal or trade in the Red Sea. Measures that are expected to be implemented by the new US administration after January 20, 2025, could impact NAT positively, creating more transportation work.
3. For the ninety-two day period ending September 30, 2024, NAT produced a net profit of
4. During the third quarter of 2024 the average NAT time charter equivalent for all our ships, in spot and on time charter, was
5. Since its inception in 1995, NAT has been a dividend company, a path we shall continue to follow. We plan to increase our fleet with a couple of ships, which should positively impact dividend payments. The dividend for the third quarter is 4 cents (
6. Through careful voyage planning and adjustment of speed of our vessels, we reduce emissions. It is a fact that each individual ship in the NAT fleet is of excellent technical condition, 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 was NAT's net profit for Q3 2024?
What is NAT's Q3 2024 dividend payment and date?
What was NAT's time charter equivalent rate in Q3 2024?
What is the value of NAT's new time-charter contracts in Q3 2024?
