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28 November 2025
Dear Shareholders and Investors,
The direction of NAT is on the upswing. Safety for crew, safety for ships and dividends remain our main priorities. The so-called grey/black fleet is invalidated, reducing the available fleet in the market place and improving the position of NAT. Our ships have not carried Russian oil for more than four years.
Major oil companies are the main customers of NAT.
Ninety day periods offer a short-term snapshot of NAT. A more meaningful analysis must contain a longer-term picture.
Highlights:
1. The dividend for the third quarter is 13 cents ($0.13) per share. This is our 113th consecutive quarterly cash dividend. The dividend is payable December 22, 2025, to shareholders on record as of December 8, 2025.
2. The strong demand for oil continues. During a slow third quarter rates held up well compared to the second quarter. The fourth quarter is starting out well, leaving solid room for cash accumulation.
3. We have entered into a preliminary agreement with a South Korean shipyard to construct two new Suezmax tankers for delivery in the second half of 2028. We expect to sign a firm contract early in 2026. The NAT fleet currently consist of 20 well maintained Suezmax tankers.
4. The average time charter equivalent (TCE) for the NAT fleet for the third quarter of 2025 came in at $27,490 per day per ship. Operating costs are $9,000/day/ship. The adjusted EBITDA for 3Q 2025 was $21.4 million. We recorded a net book loss of -$2.8 million for 3Q 2025. Our cash position at the day of this report is above $70 million.
5. The top quality of the NAT vessels is reflected in the vetting performance (the score card) undertaken by the major oil companies.
6. Thanks to careful voyage planning and adjustment of speed of our ships, we reduce emissions.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.
Nordic American Tankers Ltd, press release
