Announced on 02/26, the Press release is via bullet points. My summary “NAT earned enough in Q4 2025 to pay a 17c/sh dividend. TCE for fleet in Q4 2025 was $35K daily, and allowed NAT to build up cash reserves to over $100M. TCE for spot trading vessels is over $55K daily. NAT has ordered a pair of vessels, and sold three older vessels”
Market seems to have responded very positively to the results. NAT’s Q1 2026 rates are similar to TNK. slightly lower than INSW, and much lower than ECO or FRO. This does suggest age of vessels is a factor in the Suezmax market.