On 08/27, Nordic American Tankers (NAT) reported their Q2 2026 results. In typical fashion, NAT reports its main body points in all Caps (like an old fashion telegram). How did the company actually perform?
- Net Voyage rev of $79.3M
- Other income of $14.6M
- Gain on disposal of vessels $21.3M
- Net Income of $68.3M
- Declared div of 27c/sh
- TCE of fleet $63,000 daily
Other income came from insurance proceeds from loss-of-hire - possibly vessels stuck in the MEG region. No indication if they still have vessels stuck in the Gulf. At other times, TCE of $63K daily would be considered a great average. But, in the current market, a few owners are averaging over $100K daily. At the extreme end, ECO managed a Suezmax TCE of $174.9K daily. Yes, NAT does have some vessels on TC, and that would bring down the average. Still, the delta between Top and what NAT managed is huge. Probably fleet age is responsible for the large delta.