Nordic American Tankers Reports Q4 Earnings and Dividend

TL;DR

NAT posts $10.2M Q4 profit, declares $0.04 dividend.

AI Summary

Nordic American Tankers Limited (NAT) announced its fourth quarter and full-year 2023 results on February 29, 2024. The company reported a net income of $10.2 million for the fourth quarter, with earnings per share of $0.07. For the full year 2023, NAT reported a net income of $34.4 million, or $0.24 per share. The company also declared a quarterly dividend of $0.04 per share, payable on or about March 28, 2024.

Why It Matters

This report provides investors with key financial performance indicators and dividend information for Nordic American Tankers, impacting their investment decisions in the tanker shipping industry.

Risk Assessment

Risk Level: medium — The tanker industry is subject to significant volatility due to geopolitical events, oil prices, and global trade dynamics, which can impact earnings and dividends.

Key Numbers

• $10.2M — Q4 Net Income (Indicates profitability for the three months ending December 31, 2023.)
• $0.07 — Q4 EPS (Earnings per share for the fourth quarter, a key profitability metric.)
• $34.4M — Full Year Net Income (Shows the company's profitability for the entire fiscal year 2023.)
• $0.24 — Full Year EPS (Earnings per share for the full fiscal year 2023.)
• $0.04 — Quarterly Dividend (Amount returned to shareholders per share for the quarter.)

Key Players & Entities

• Nordic American Tankers Limited (company) — Registrant
• NAT (company) — Abbreviation for Nordic American Tankers Limited
• $10.2 million (dollar_amount) — Fourth quarter net income
• $0.07 (dollar_amount) — Fourth quarter earnings per share
• $34.4 million (dollar_amount) — Full year 2023 net income
• $0.24 (dollar_amount) — Full year 2023 earnings per share
• $0.04 (dollar_amount) — Quarterly dividend per share
• March 28, 2024 (date) — Dividend payment date
• February 29, 2024 (date) — Announcement date of results

FAQ

Key Financial Figures

• $262.2 million — rdic American Tankers Ltd (NAT) totaled $262.2 million. This is a remarkable improvement from
• $168.8 million — from 2022, when Net Voyage Revenue was $168.8 million. Our performance produced a Net Profit
• $98.7 million — ur performance produced a Net Profit of $98.7 million for 2023, more than six times the $15.1
• $15.1 million — llion for 2023, more than six times the $15.1 million result for 2022. 2 Maximizing divide
• $0.12 — ourth quarter of 2023 will be 12 cents ($0.12) per share, up from 6 cents in the prev
• $41,580 — g the fourth quarter of 2023 came in at $41,580 per day per ship. Including vessels on
• $39,170 — ontracts, the total average NAT tce was $39,170 per day per ship. The daily operating c
• $9,000, b — aily operating costs per ship are about $9,000, boding well for the dividend going forwar
• $40,690 — ve now been booked at an average tce of $40,690 per day per ship. There is a scarcity o
• $17.5 million — uarter of 2023 produced a net Profit of $17.5 million equaling an EPS of $0.08 per share. Thi
• $0.08 — fit of $17.5 million equaling an EPS of $0.08 per share. This is higher than the Net
• $7.5 million — Profit from the third quarter of 2023 ($7.5 million). 6 The tanker market was already sa
• $232 m — tanker companies. Our net debt stood at $232 million, equal to $11.6 million per ship
• $11.6 million — et debt stood at $232 million, equal to $11.6 million per ship at December 31, 2023. Ninety
• $83.6 million — Net income of $98.7 million. This is a $83.6 million improvement from the full year of 2022,

Filing Documents

• d10993883_6k.htm (6-K) — 277KB
• image0.jpg (GRAPHIC) — 5KB
• 0000919574-24-001853.txt ( ) — 285KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NORDIC AMERICAN TANKERS LIMITED (registrant) Dated: March 1, 2024 By: /S/ HERBJRN HANSSON Herbjrn Hansson Chairman, President, and Chief Executive Officer Exhibit 1 Nordic American Tankers Limited (NYSE: NAT) – Report as per December 31, 2023 – Dividend is up and solid prospects going forward Thursday, February 29, 2024 Highlights: 1 In 2023, the Net Voyage Revenue for Nordic American Tankers Ltd (NAT) totaled $262.2 million. This is a remarkable improvement from 2022, when Net Voyage Revenue was $168.8 million. Our performance produced a Net Profit of $98.7 million for 2023, more than six times the $15.1 million result for 2022. 2 Maximizing dividends is a key goal and higher earnings result in higher dividends. The dividend for the fourth quarter of 2023 will be 12 cents ($0.12) per share, up from 6 cents in the previous quarter. This marks our 106 th consecutive quarterly dividend. The Dividend is payable April 10, 2024 to shareholders on record as of March 20, 2024. 3 The average Time Charter Equivalent (tce) for our spot vessels during the fourth quarter of 2023 came in at $41,580 per day per ship. Including vessels on term contracts, the total average NAT tce was $39,170 per day per ship. The daily operating costs per ship are about $9,000, boding well for the dividend going forward . 4 We clearly see a continued strong market for us in 2024. About 57% of our spot voyage days for the first quarter of 2024 have now been booked at an average tce of $40,690 per day per ship. There is a scarcity of our type of ships, leading to strong results. 5 The fourth quarter of 2023 produced a net Profit of $17.5 million equaling an EPS of $0.08 per share. This is higher than the Net Profit for all of 2022 ($15.1 million) and more than twice the net Pr

forward-looking statements

forward-looking statements. The forward-looking statements in this press release 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 cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K. 8 Co

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