NATNYSEWater TransportationUS GAAP · USD

Nordic American Tankers Limited

Nordic American Tankers Ltd is a U.S.-listed shipping company that owns and operates a fleet of Suezmax crude oil tankers. Its business is the transportation of crude oil on ocean routes for oil companies, oil traders, and other charterers through a standardized fleet structure centered on tanker operations.

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Revenue292m USD
−16.6 %y/y
Operating profit (EBIT)46.3m USD
−40.1 %y/y
EBIT margin15.9%
−6.2 ppy/y
Net income12.3m USD
−73.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2000200400m USD2020: 355 m USD2020: EBIT 81 m USD20202021: 191 m USD2021: EBIT -144 m USD20212022: 339 m USD2022: EBIT 42 m USD20222023: 392 m USD2023: EBIT 128 m USD20232024: 350 m USD2024: EBIT 77 m USD20242025: 292 m USD2025: EBIT 46 m USD202529246
RevenueOperating profit (EBIT)
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Business

Share of revenue
Tanker vessel operations85 %

Transportation of crude oil using Suezmax tankers on the world shipping market.

Charter hire and voyage revenue10 %

Revenue earned from deploying vessels on spot and contracted charter arrangements.

Vessel sales5 %

Proceeds from selling vessels when the fleet is adjusted or refreshed.

Customers

The company serves major oil companies, oil traders, and other commercial charterers that need ocean transport for crude oil. These customers buy shipping capacity to move crude between production centers, storage hubs, and refining markets, with demand tied to tanker availability and oil trade flows.

Major oil companies

Charter tanker capacity to move crude oil between production and refining markets.

Oil traders

Buy spot or short-term shipping capacity to arbitrage global crude flows.

Refiners and commodity shippers

Use vessels to transport feedstock and crude cargoes across trade routes.

Spot charter market

Short-term charterers hire vessels when market conditions or freight needs change.

Strategy

The company’s strategy is to maintain a homogenous, high-quality Suezmax fleet and use that fleet across the crude tanker market. It emphasizes long-term customer relationships, a strong balance sheet, and disciplined operating costs so that free cash flow can be returned to shareholders through dividends.

Maintain a homogeneous Suezmax fleetLong term

Uniform vessels simplify operations, improve commercial flexibility, and support brand consistency with charterers.

Strengthen charterer relationshipsMedium term

Recurring business from oil companies and traders supports vessel employment and market access.

Return free cash flow to shareholdersShort term

Dividend capacity is central to the company’s capital allocation model.

Geography

Nordic American Tankers operates globally, with vessels deployed on international crude oil trade routes rather than in a single home market. Its commercial exposure is tied to worldwide tanker demand, oil production patterns, and route disruptions across major shipping lanes, while corporate and listing ties are connected to the United States and Bermuda-linked corporate structure.

Risks

Nordic American Tankers is exposed to highly cyclical tanker markets, where charter rates and vessel values can swing with oil trade flows, OPEC output, and global demand. Its operating results also depend on bunker fuel, drydocking, insurance, financing availability, vessel downtime, and geopolitical disruptions to shipping routes.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Tanker freight rate volatility1Oil demand and OPEC production shifts2Route disruption and political risk3Financing and refinancing availability4Operating cost inflation5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Tanker freight rate volatilityImpact: HighLikelihood: High

    Revenue is tied to charter rates that fluctuate with vessel supply and crude trade demand.

    Exposure: Spot tanker market

  2. Oil demand and OPEC production shiftsImpact: HighLikelihood: High

    Changes in oil production and consumption alter ton-mile demand for crude transport.

    Exposure: Global crude shipping

  3. Route disruption and political riskImpact: HighLikelihood: Medium

    Accidents, conflicts, and political events can interrupt shipping lanes and cargo flows.

    Exposure: Suez and other trade routes

  4. Financing and refinancing availabilityImpact: HighLikelihood: Medium

    The fleet is capital intensive and depends on access to debt markets and lender support.

    Exposure: Long-term debt

  5. Operating cost inflationImpact: MediumLikelihood: High

    Bunker fuel, drydocking, and insurance costs can compress voyage economics.

    Exposure: Voyage and vessel costs

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Accounting

Judgemental items
Voyage revenue and voyage expenses

Timing of freight earnings and voyage costs can cause quarter-to-quarter swings in reported results.

Impact: Affects earnings comparability across reporting periods

Depreciation of vessels

Tankers are long-lived assets and depreciation materially affects operating results.

Impact: Large non-cash expense tied to fleet book value

Gain or loss on vessel sales

Fleet adjustments can create one-time accounting impacts when ships are sold.

Impact: Can distort underlying operating performance

Drydocking and maintenance estimates

Shipping companies accrue major maintenance costs that may be recognized over time.

Impact: Affects liabilities and period expenses

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Last updated: 28/09/2026