Friday, November 28, 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:
- 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.
- 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.
- 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.
- 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.
- The top quality of the NAT vessels is reflected in the vetting performance (the score card) undertaken by the major oil companies.
- 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. 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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