Nordic American Tankers Ltd. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Nordic American Tankers Ltd. filed its 20-F annual report for the fiscal year ended December 31, 2023, detailing its water transportation business and financial performance over the past three years.</b>

AI Summary

NORDIC AMERICAN TANKERS Ltd (NAT) filed a Foreign Annual Report (20-F) with the SEC on April 29, 2024. Nordic American Tankers Ltd. (NAT) filed its annual report on Form 20-F for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is water transportation. The filing includes financial data for the fiscal years 2023, 2022, and 2021. The company's principal executive offices are located in Hamilton, Bermuda.

Why It Matters

For investors and stakeholders tracking NORDIC AMERICAN TANKERS Ltd, this filing contains several important signals. This 20-F filing provides investors with a comprehensive overview of NAT's financial health, operational activities, and strategic positioning within the tanker market for the fiscal year 2023. The detailed financial statements and disclosures in this report are crucial for stakeholders to assess the company's performance, risks, and future outlook in the volatile shipping industry.

Risk Assessment

Risk Level: low — NORDIC AMERICAN TANKERS Ltd shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new risks or financial distress indicators, suggesting a stable operational status.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand NAT's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-04-29 — Filing Date (FILED AS OF DATE)
• 0001000177 — Central Index Key (CENTRAL INDEX KEY)

Key Players & Entities

• NORDIC AMERICAN TANKERS Ltd (company) — COMPANY CONFORMED NAME
• NAT (company) — tk
• 20-F (document) — FORM TYPE
• 2024-04-29 (date) — FILED AS OF DATE
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• Hamilton (location) — CITY

FAQ

Risk Factors

• Market Volatility [high — market]: The tanker market is subject to significant volatility due to factors such as global economic conditions, geopolitical events, and supply/demand imbalances, which can impact charter rates and profitability.
• Fleet Operations [medium — operational]: The company's operations depend on the efficient and safe operation of its fleet, including maintenance, crewing, and compliance with international maritime regulations.
• Interest Rate Risk [medium — financial]: Fluctuations in interest rates can affect the cost of the company's debt financing, impacting net income and cash flow.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-04-29: Filing Date — Date the 20-F report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — nge on which registered Common Shares, $0.01 par value NAT New York Stock Exchan

Filing Documents

• ef20015371_20f.htm (20-F) — 1921KB
• ef20015371_ex8-1.htm (EX-8.1) — 3KB
• ef20015371_ex12-1.htm (EX-12.1) — 7KB
• ef20015371_ex12-2.htm (EX-12.2) — 7KB
• ef20015371_ex13-1.htm (EX-13.1) — 5KB
• ef20015371_ex13-2.htm (EX-13.2) — 5KB
• ef20015371_ex15-1.htm (EX-15.1) — 2KB
• ef20015371_ex15-2.htm (EX-15.2) — 9KB
• ef20015371_ex97-1.htm (EX-97.1) — 60KB
• image00005.jpg (GRAPHIC) — 38KB
• image00006.jpg (GRAPHIC) — 450KB
• image00007.jpg (GRAPHIC) — 3KB
• 0001140361-24-022947.txt (&nbsp;) — 8034KB
• nat-20231231.xsd (EX-101.SCH) — 58KB
• nat-20231231_cal.xml (EX-101.CAL) — 53KB
• nat-20231231_def.xml (EX-101.DEF) — 213KB
• nat-20231231_lab.xml (EX-101.LAB) — 690KB
• nat-20231231_pre.xml (EX-101.PRE) — 360KB
• ef20015371_20f_htm.xml (XML) — 869KB

RISK FACTORS

RISK FACTORS 1 ITEM 4. INFORMATION ON THE COMPANY 31 A. HISTORY AND DEVELOPMENT OF THE COMPANY 31 B. BUSINESS OVERVIEW 34 C. ORGANIZATIONAL STRUCTURE 51 D. PROPERTY, PLANT AND EQUIPMENT 51 ITEM 4A. UNRESOLVED STAFF COMMENTS 51 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 51 A. OPERATING RESULTS 51 B. LIQUIDITY AND CAPITAL RESOURCES 55 C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. 61 D. TREND INFORMATION 61 E. CRITICAL ACCOUNTING ESTIMATES 61 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 64 A. DIRECTORS AND SENIOR MANAGEMENT 64 B. COMPENSATION 66 C. BOARD PRACTICES 66 D. EMPLOYEES 67 E. SHARE OWNERSHIP 67 F. DISCLOSURE OF REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION 67 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 67 A. MAJOR SHAREHOLDERS 67 B. RELATED PARTY TRANSACTIONS 68 C. INTERESTS OF EXPERTS AND COUNSEL 68 ITEM 8. FINANCIAL INFORMATION 68 A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION 68 B. SIGNIFICANT CHANGES 68 ITEM 9. THE OFFER AND LISTING 68 ITEM 10. ADDITIONAL INFORMATION 69 A. SHARE CAPITAL 69 B. MEMORANDUM AND ARTICLES OF ASSOCIATION 69 C. MATERIAL CONTRACTS 69 D. EXCHANGE CONTROLS 69 E. TAXATION 70 F. DIVIDENDS AND PAYING AGENTS 79 G. 79 H. DOCUMENTS ON DISPLAY 79 I. SUBSIDIARY INFORMATION 79 J. ANNUAL REPORT TO SECURITY HOLDERS 80 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 80 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 80 PART II ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 80 i TABLE OF CONTENTS (continued) Page ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 80 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 81 A. DISCLOSURE CONTROLS AND PROCEDURES. 81 B. MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. 81 C. ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM. 81 D. CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING. 82 ITEM 16. RESERVED 82 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 82 ITEM 16B. CODE OF ETHICS 82 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 82 A. AUDIT FEES 82 B. AUDIT-RELATED FEES 82 C. TAX FEES 82 D. ALL OTHER FEES 82 E. AUDIT COMMITTEE'S PRE-APPROVAL POLICIES AND PROCEDURES 82 F. NOT APPLICABLE. 83 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 83 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PERSONS. 83 ITEM 16F. CHANGE IN REGISTRANT`S CERTIFYING ACCOUNTANT. 83 ITEM 16G. CORPORATE GOVERNANCE 83 ITEM 16H. MINE SAFETY DISCLOSURE 83 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 83 ITEM 16J. INSIDER TRADING POLICIES 83 ITEM 16K. CYBERSECURITY 84 PART III ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 84 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 84 ITEM 19. EXHIBITS 85 ii Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain matters discussed herein may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance, and are not intended to give any assurance as to future results. When used in this document, the words "believe," "expect," "anticipate," "estimate," "intend," "plan," "target," "project," "likely," "will," "would," "may," "seek," "continue," "possible," "might," "forecast," "potential," "should," "could" and similar expressions, terms, or phrases may identify forward-looking statements. The forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we c

Risk Factors

Risk Factors The following constitutes a summary of the material risks relevant to an investment in our company. The occurrence of any of the events described in this section could significantly and negatively affect our business, financial condition, operating results or cash available for dividends or the trading price of our common stock. Summary of Risk Factors If the Suezmax tanker industry, which historically has been cyclical and volatile, is depressed in the future, our revenues, earnings and available cash flow may decrease. We are dependent on spot charters and any decrease in spot charter rates in the future may adversely affect our earnings, our ability to pay dividends and our ability to repay our financial liabilities. Changes in the price of fuel and regulations may adversely affect our profits. Inability to renew the fleet would adversely affect our business, results of operations, financial condition and ability to pay dividends. The international Suezmax tanker industry has experienced volatile charter rates and vessel values and there can be no assurance that these charter rates and vessel values will not decrease in the near future. Our results of operations are subject to seasonal fluctuations, which may adversely affect our financial condition. A shift in consumer demand from oil towards other energy sources or changes to trade patterns for crude oil or refined oil products may have a material adverse effect on our business. 1 Table of Contents The value of our vessels may be depressed at the time we decide to sell a vessel. An over-supply of Suezmax tanker capacity may lead to reductions in charter rates, vessel values, and profitability. Delays or defaults by the shipyards in the construction of newbuildings could increase our expenses and diminish our net income and cash flows. Terrorist attacks and international hostilities and instability can affect the tanker industry, which could adversely affect our business. We rely o

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View this 20-F filing on SEC EDGAR