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Nordic American Tankers Ltd (NYSE: NAT) – Report March 31, 2023 (First quarter 2023) – History in the making!

Monday, May 22, 2023


Dear Shareholders and Investors,



  1. The average Time Charter Equivalent (TCE) for our spot vessels (15) during the first quarter of 2023 came in at $60,005 per day per ship. Including vessels on term contracts (4), the total average NAT TCE was $51,902 per day per ship. This is the second strongest first quarter TCE ever achieved in NAT’s 28 year history. Our operating costs are about $8,000 per day per vessel.

  2. The net profit for 1Q 2023 landed at $46.9 million or an earnings per share (EPS) of $0.22. The previous quarter saw a net profit of $36 million and an EPS of $0.17. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 1Q 2023 came in with a positive $67.7 million, compared to an adjusted EBITDA of $51.1 million in 4Q 2022. 

  3. The board has decided that the dividend after the first quarter of 2023 will be 15 cents ($0.15) per share. The Dividend will be payable on July 6, 2023 to shareholders on record as of June 15, 2023.

  4. The seasonal slowdown seen so far in 2Q 2023 has already bottomed, at levels that in previous years would have been perceived as peak season earnings. This goes to illustrate that the scarcity of Suezmax tankers should secure a very interesting market for NAT going forward. Seasonal variations will occur, but we expect earnings to be at higher levels than in the past due to the low orderbook of new ships.

  5. 65% of our spot voyage days for the second quarter of 2023 have now been booked at an average TCE of $42,111 per day per ship. Spot rates have now turned upwards, but if this level is achieved for the full second quarter, it is a second quarter level only achieved three times in the past for NAT.

  6. On the demand side, last year was focused on Europe’s energy challenge following the Russian invasion in Ukraine. This year will see the populations in China and other nations returning to mobility and travel in a big way. We expect the re-emergence of India and the Far East after the pandemic to have a significant effect on oil markets. This should add to an already tight market for NAT.

  7. NAT has one of the lowest debt levels among publicly listed tanker companies. Our net debt stood at $168 million equal to $8.9 million per ship at March 31, 2023.

  8. The NAT fleet of versatile suezmax tankers offers flexibility in loading and discharging ports. Through careful voyage planning and adjustment of speed of our vessels, the NAT fleet is reducing emissions.

  9. Financial information for the first quarter of 2023 and for other periods is included later in this report.



Herbjorn Hansson
Founder, Chairman & CEO

Nordic American Tankers Ltd.                                              




Matters discussed in this press release 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. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify 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.



Bjørn Giæver, CFO                                                             
Nordic American Tankers Ltd                                             
Tel: +1 888 755 8391                                  

Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 724 171    



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