NAT Q1 2024 report

Nordic American Tankers (NAT) announced Q1 2024 results earlier today

  • Rev of $95.3M (have to scroll down to page 5 to fin)
  • Net Income of $15.1M
  • Declared div of 12c/sh
  • Avg TCE of spot trading vessels $34 320
  • Avg TCE of fleet $33 570

NAT CEO likes saying that NAT is a dividend company. Yes, the company just announced its 107th dividend. NAT owns 20 Suezmax tankers. Debt per vessel is $11.4M and a fair number of vessels ( 7 vessels, or 35% of fleet) are over 18 years old. Bank facility of $81.6M is current (due in early 2025). This is a far cry from where NAT once was - zero bank debt and a huge credit facility (for the company size) for liquidity.

On a slightly positive note, 14 vessels serve as collateral for the bank loan. Sell the four oldest vessels, and NAT could likely cut the bank debt over 50%