Nordic American (NAT) Q3 2025 results

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11/28 My pals at Nordic American Tankers (NAT) released their Q3 2025 results earlier today. The NAT CEO Herb Hansson is quite the salesman. As in, the first point is

  • The dividend payout. 13c/sh which represents a significant hike from 7c/sh the prior quarter.
  • The next point (mentioned in a prior post) is the LOI on two Suezmax newbuilds, with the orders scheduled early in 2026.
  • Fleet daily TCE of $27490 - reasonable and profitable for Q3 2025 (usually not a strong market for the crude tanker segment).
  • That said, competitors with generally newer Suezmax vessels secured Suezmax averages about 25% - 45% higher than NAT.

https://ml-eu.globenewswire.com/Resource/Download/8812338d-3bfd-48e0-bf7a-3a1d33b5e630

Small NAT position. As noted in other posts, I see NAT as more of a short term trading idea. A good entry point, and good momentum events, can provide nice gains 15% - 30%. If the trade window includes a dividend payout or two, that spruces the NAT return even more.

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I skimmed thru the report again, and an additional data-point was gleamed. In their 2024 Annual Report, NAT had indicated 6 vessels on time-charter. But, the company had also indicated two charters would expire during 2025. Well, those charters have expired. Only four vessels on time charter currently. Is this good? Well, it depends. Though Q4 2024 was not a very strong quarter, Q4’s are typically a stronger quarter. What other Suezmax-owning companies have suggested for Q4-2025-to-date is indeed a stronger quarter. But, as I noted in the OP, their Q3 2025 number were significantly stronger than NAT’s Q3 2025. Were the TC rates (on 6 of 20 vessels) the reason for NAT’s lower avg? Don’t know. If it was, then two additional vessels trading spot should help.

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