Nordic American Tankers (NAT) also reported their Q4 2024 results on 02/28 (like FRO). Included in their results
- Voyage rev of $74.4M
- Net income of $1.3M
- Declared div of 6c/sh
- Subsequent to Q4 2024, the company has taken delivery of a 2016-built Suezmax, and delivered a 2003-built Suezmax to new owners (the vessel swap reduces fleet age by > 0.6 years)
- Utilized an ATM option to sell an additional 2.9M shares and raising around $9M
https://ml-eu.globenewswire.com/Resource/Download/0bfda4c0-d56e-40f3-98d9-e45ddc1bc9ed
Lots of moves by NAT in Q4 2024. Looks like CLMG/Beal Bank financing has been renewed with more flexibility. Collateral used to be the 14 oldest vessels. New collateral is only 7 of the vessels. In addition, NAT intends to exercise the option on 2 of its leased vessels.
Have been hard on NAT in the past. Will say Q4 2024 - Q1 2025 has been an overall positive period for NAT. I’m including Q1 2025 because I am guessing that is when the bank financing was finalized. I’m thinking the leased vessels will become additional collateral for the bank financing. But that is not exactly stated in the release.