Key Highlights

  • Net result rose to $68.3 million from $46.3 million in Q1 2026.
  • Average TCE rate reached $63,000 per day per ship.
  • Quarterly Dividend raised to $0.27 per share from $0.22.
  • Shares closed at $8.79, unchanged, at Tuesday's close.

Nordic American Tankers Limited (NYSE:NAT)'s second quarter combined higher time charter equivalent rates with a net result that rose sharply from the prior quarter, as three vessels that had been unable to transit the Strait of Hormuz since February 2026 successfully exited the Arabian Gulf during the period. The company said two of the ships resumed international trading, while a third, built in 2003, was sold.

NAT owns and operates a fleet of 17 Suezmax Crude Oil tankers, chartering vessels in the spot and period market to oil companies and other customers. The company said daily operating costs remained below $10,000 per vessel during the quarter.

The company said approximately 75% of its third-quarter fleet days had been booked at approximately $54,000 per day per ship as of its report.

Second quarter 2026 compared with the first quarter

Net result was $68.3 million for the second quarter, against $46.3 million in the first quarter and a net loss of $0.9 million in the second quarter of 2025. The result included a $21.3 million gain on vessel sales and $14.6 million of loss-of-hire insurance recoveries related to the three vessels affected by the Hormuz restrictions.

Adjusted EBITDA was $67.6 million, against $54 million in the first quarter and $15.8 million in the second quarter of 2025. Average time charter equivalent Revenue was approximately $63,000 per day per vessel, against $47,600 in the first quarter, sequential growth of approximately 32%.

The company had $139 million outstanding under its Beal Bank/CLMG senior secured Credit agreement and approximately $270.7 million outstanding under its Ocean Yield financing arrangements at quarter-end. Net Debt was $215.8 million across the fleet, averaging $12.7 million per ship. Cash reserves rose to $175 million.

Management outlook and stated risks

Management said market conditions remained favorable moving into the third quarter, with vessels collecting between $60,000 and $90,000 per day in the spot market, and sometimes more, from its main customers, major oil companies. The company said approximately 75% of its third-quarter fleet days had been booked at approximately $54,000 per day per ship.

Final Analysis

Management said it considers the Strait of Hormuz transit of its three previously stranded vessels an essential resolution to a serious operational issue, and that the company is in the best tanker market it has seen in decades. The company said it continues to prioritize crew safety as a main concern.