05/29
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
https://ml-eu.globenewswire.com/Resource/Download/2a31a1ad-1063-4b73-9aa5-9f10a249626d
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%