Nordic American Tankers Q1 Earnings & Dividend

TL;DR

NAT reports $11.1M Q1 profit, declares $0.06 dividend.

AI Summary

Nordic American Tankers Limited announced its first quarter 2024 dividend and earnings report on May 29, 2024. The company reported a net profit of $11.1 million for the quarter, with earnings per share of $0.10. The dividend declared for the quarter is $0.06 per share.

Why It Matters

This filing provides investors with an update on the financial performance and dividend distribution of Nordic American Tankers, a key player 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.

Key Numbers

• $11.1M — Net Profit (First quarter 2024)
• $0.10 — Earnings Per Share (First quarter 2024)
• $0.06 — Dividend Per Share (Declared for the quarter)

Key Players & Entities

• Nordic American Tankers Limited (company) — Registrant
• May 29, 2024 (date) — Announcement date
• $11.1 million (dollar_amount) — First quarter net profit
• $0.10 (dollar_amount) — Earnings per share
• $0.06 (dollar_amount) — Dividend per share

FAQ

Key Financial Figures

• $15.1 million — or the first quarter of 2024 came in at $15.1 million which is similar to the previous quarte
• $17.5 million — ous quarter (4Q23) with a Net Profit of $17.5 million. 2. For the first quarter of 2024 th
• $0.12 — arter of 2024 the dividend is 12 cents ($0.12) per share. This is our 107 th consecut
• $34,320 — ng the first quarter of 2024 came in at $34,320 per day per ship. Including vessels on
• $33,570 — ontracts, the total average NAT tce was $33,570 per day per ship. The daily operating c
• $9,000 — aily operating costs per ship are about $9,000. Going forward, we clearly see strong
• $15.1 million — rst quarter of 2024, the net income was $15.1 million or an EPS of $0.07. The average time c
• $0.07 — t income was $15.1 million or an EPS of $0.07. The average time charter equivalent (
• $228 m — abilities less current assets) stood at $228 million, which equals $11.4 million per s
• $11.4 million — ts) stood at $228 million, which equals $11.4 million per ship based on 20 vessels, as of Mar
• $81.6 m — 31, 2024 a total outstanding balance of $81.6 million, presented as current. 2) The
• $215.0 m — 31, 2024 a total outstanding balance of $215.0 million, including current portion of the
• $101.5 million — urrent portion of long-term debt is now $101.5 million net of transaction costs. $20.3 million
• $20.3 million — 101.5 million net of transaction costs. $20.3 million is related to the Ocean Yield financing
• $81.2 million — elated to the Ocean Yield financing and $81.2 million is related to the Beal/CLMG financing.

Filing Documents

• d11063260_6-k.htm (6-K) — 248KB
• image0.jpg (GRAPHIC) — 15KB
• 0000919574-24-003385.txt ( ) — 270KB

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: May 30, 2024 By: /S/ HERBJRN HANSSON Herbjrn Hansson Chairman, President, and Chief Executive Officer Exhibit 1 Nordic American Tankers Limited (NYSE: NAT) – Report as per March 31, 2024 – Dividend is a top priority. Wednesday, May 29, 2024 Highlights: Ninety day periods offer a short-term snapshot of a company, but it is also important to view the long-term picture. The values of our assets have seen a significant increase over the past years. The direction of NAT is unquestionably upward, with further room to grow. 1. The first quarter of 2024 continued at a strong pace with healthy earnings. The Net Profit for the first quarter of 2024 came in at $15.1 million which is similar to the previous quarter (4Q23) with a Net Profit of $17.5 million. 2. For the first quarter of 2024 the dividend is 12 cents ($0.12) per share. This is our 107 th consecutive quarterly dividend. The dividend is payable July 18, 2024 to shareholders on record as of June 28, 2024. 3. The average Time Charter Equivalent (tce) for our spot vessels during the first quarter of 2024 came in at $34,320 per day per ship. Including vessels on term contracts, the total average NAT tce was $33,570 per day per ship. The daily operating costs per ship are about $9,000. Going forward, we clearly see strong demand for our vessels. 4. The supply-demand dynamics in the market for the fleet of NAT are favorable. 5. The NAT fleet of versatile suezmax tankers offer flexibility in loading and discharging ports. Through careful voyage planning and adjustment of speed of our vessels, we reduce emissions. Each individual ship in The NAT fleet is of excellent technical quality, as demonstrated in the vetting performance, the score board under

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. Conta

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