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Dec 31, 2025
Nordic American Tankers Q4 2025 Earnings Report
Nordic American Tankers reported its strongest quarter of 2025 with higher tanker rates, solid profitability and continued dividend payments in Q4 2025.
Key Takeaways
In Q4 2025, Nordic American Tankers generated net voyage revenue of 58755000 and net income of 11660000, with EBITDA of 34695000, supported by an average TCE of 35000 per day per vessel.
Net income was 11660000 compared to a net loss of 2781000 in Q3 2025.
Adjusted EBITDA reached 34695000, the highest quarterly result of the year.
Average TCE increased to 35000 per day per vessel, up 25% from the prior quarter.
Declared a quarterly dividend of 0.17 per share, marking the 114th consecutive quarterly dividend.
Forward Guidance
Management indicated strong tanker market conditions with significant spot bookings above 50000 per day and a positive short- and long-term outlook, but did not provide formal financial guidance.
Positive Outlook
- More than two-thirds of 1Q26 spot days booked at about 55000 per day.
- Entered a 1-year fixed contract above 50000 per day.
- Scarcity of compliant ships supports higher rates.
- Solid dividend track record with 114 consecutive quarterly dividends.
- Strong cash position above 100000000 at time of report.
Challenges Ahead
- Spot tanker rates expected to remain volatile.
- Seasonal variations may impact short-term performance.
- Exposure to geopolitical and global economic conditions.
- High capital intensity and reliance on tanker market cycles.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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