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 and national oil companies. NAT's fleet achieved an average time charter equivalent of $30,656 per day per ship, with daily operating costs around $9,000. The company declared its 109th consecutive quarterly dividend of $0.04 per share, payable January 16, 2025. NAT plans fleet expansion and notes that its ships have operated in 68 countries over the past five years. The company emphasizes its non-participation in 'dark fleet' operations and avoidance of Suez Canal routes.
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, in aumento rispetto ai 7,5 milioni di dollari del terzo trimestre del 2023. L'azienda ha ottenuto contratti di noleggio a tempo del valore di circa 125 milioni di dollari con compagnie petrolifere nazionali e internazionali. La flotta di NAT ha raggiunto un equivalente di noleggio a tempo medio di 30.656 dollari al giorno per nave, con costi operativi giornalieri intorno ai 9.000 dollari. L'azienda ha dichiarato il suo 109° dividendo trimestrale consecutivo di 0,04 dollari per azione, pagabile il 16 gennaio 2025. NAT prevede di espandere la flotta e segnala che le sue navi hanno operato in 68 paesi negli ultimi cinque anni. L'azienda sottolinea la sua non partecipazione nelle operazioni della 'flotta oscura' e l'evitare le rotte del Canale di Suez.
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, un incremento respecto a los 7.5 millones de dólares en el tercer trimestre de 2023. La compañía aseguró contratos de flete a tiempo por un valor aproximado de 125 millones de dólares con compañías petroleras internacionales y nacionales. La flota de NAT logró un equivalente promedio de flete a tiempo de 30,656 dólares por día por barco, con costos operativos diarios alrededor de 9,000 dólares. La empresa declaró su 109° dividendo trimestral consecutivo de 0.04 dólares por acción, a pagar el 16 de enero de 2025. NAT planea expandir su flota y señala que sus barcos han operado en 68 países en los últimos cinco años. La compañía enfatiza su no participación en las operaciones de 'flota oscura' y la evitación de las rutas del Canal de Suez.
노르딕 아메리칸 탱커스(NAT)는 2024년 3분기에 870만 달러의 순이익(주당 0.04 달러)을 보고했으며, 이는 2023년 3분기에 비해 증가한 수치입니다. 이 회사는 국제 및 국내 석유 회사와 약 1억 2500만 달러 규모의 정기용선 계약을 체결했습니다. NAT의 함대는 선박당 평균 30,656달러의 정기용선 동등 수치를 달성했으며, 일일 운영 비용은 약 9,000달러입니다. 이 회사는 연속적인 109번째 분기 배당금인 주당 0.04달러를 선언했으며, 2025년 1월 16일에 지급될 예정입니다. NAT는 함대 확장을 계획하고 있으며, 지난 5년 동안 68개국에서 선박을 운영한 기록이 있습니다. 이 회사는 '어두운 함대' 운영에 참여하지 않으며 수에즈 운하 경로를 피하고 있다고 강조합니다.
Les Tankers nord-américains (NAT) ont 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 affrètement d'une valeur d'environ 125 millions de dollars avec des compagnies pétrolières internationales et nationales. La flotte de NAT a atteint un équivalent de temps d'affrètement moyen de 30 656 dollars par jour et par navire, avec des coûts d'exploitation quotidiens d'environ 9 000 dollars. La société a déclaré son 109ème dividende trimestriel consécutif de 0,04 dollar par action, payable le 16 janvier 2025. NAT prévoit d'élargir sa flotte et note que ses navires ont opéré dans 68 pays au cours des cinq dernières années. L'entreprise souligne son non-participation dans les opérations de 'flotte sombre' et évite les routes du canal de Suez.
Nordic American Tankers (NAT) meldete für das 3. Quartal 2024 einen Nettogewinn von 8,7 Millionen Dollar (0,04 Dollar pro Aktie), was einem Anstieg von 7,5 Millionen Dollar im 3. Quartal 2023 entspricht. Das Unternehmen sicherte sich Zeitcharterverträge im Wert von etwa 125 Millionen Dollar mit internationalen und nationalen Ölgesellschaften. Die Flotte von NAT erreichte einen durchschnittlichen Zeitcharteräquivalent von 30.656 Dollar pro Tag und Schiff, mit täglichen Betriebskosten von etwa 9.000 Dollar. Das Unternehmen erklärte seine 109. aufeinanderfolgende vierteljährliche Dividende von 0,04 Dollar pro Aktie, die am 16. Januar 2025 zahlbar ist. NAT plant eine Flottenerweiterung und stellt fest, dass seine Schiffe in den letzten fünf Jahren in 68 Ländern eingesetzt wurden. Das Unternehmen betont seine Nichtexistenz an 'dunklen Flotten' und den Verzicht auf Suezkanal-Routen.
- Net profit increased to $8.7M from $7.5M YoY
- 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
- Low EPS of $0.04 despite profitable quarter
- Geographic restrictions limiting business opportunities (no Red Sea/Suez operations)
Insights
The Q3 2024 results reveal a solid performance with
The strategic decision to avoid the Red Sea region and sanctioned trade demonstrates risk management, while potential US policy changes in 2025 could create additional opportunities. The planned fleet expansion and consistent dividend policy (109th consecutive quarter) indicate financial stability and growth potential. The current
The Suezmax tanker market dynamics are favorable, with vessel scarcity driving long-term charter contracts. NAT's extensive global presence across 68 countries demonstrates strong market penetration and operational flexibility. The company's focus on high-quality operations and major oil company relationships, avoiding the "dark fleet" trade, positions it well in the premium segment of the market.
The potential regulatory changes post-January 2025 could reshape market dynamics, potentially benefiting compliant operators like NAT. The company's environmental focus through voyage planning and speed optimization aligns with increasing ESG demands, enhancing its competitive position in the evolving market landscape.
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
FAQ
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