Nordic American Tankers (NAT) - 2024 Q4 - Annual Report

Financial Performance - Nordic American Tankers achieved a net voyage revenue of $225 million for the full year 2024, with a net income of $46.6 million[4] - Voyage revenue for the twelve months ended December 31, 2024, was $349,742,000, down 10.7% from $391,687,000 in 2023[29] - Net income for the twelve months ended December 31, 2024, was $46,644,000, a decline of 52.8% compared to $98,711,000 in 2023[29] - Net cash provided by operating activities for the twelve months ended December 31, 2024, was $124,611,000, a decrease of 10.5% from $139,445,000 in 2023[28] - The company reported an interest expense of $30,739,000 for the twelve months ended December 31, 2024, compared to $29,196,000 in 2023, indicating an increase of 5.3%[29] Fleet and Operations - The fleet consisted of 20 Suezmax tankers, each with a cargo capacity of 1 million barrels of oil[5] - The average time charter equivalent (TCE) for the fleet in Q4 2024 was $26,416 per day per ship, with operating costs around $9,000 per day[4] - The tanker market is anticipated to remain strong due to high demand for oil and limited supply of Suezmax tankers[21] - The orderbook for Suezmax tankers is currently 97 vessels, representing 17% of the existing fleet, indicating limited new supply[18] Financial Position - The net debt as of December 31, 2024, stood at $210 million, equating to $10.5 million per ship based on 20 vessels[13] - Long-term debt decreased to $248,144,000 in 2024 from $269,697,000 in 2023, a reduction of 8.0%[27] - Total current liabilities decreased to $59,785,000 in 2024 from $70,478,000 in 2023, reflecting a reduction of 15.2%[27] - Cash, cash equivalents, and restricted cash at the end of the period increased to $44,384,000 in 2024 from $33,361,000 in 2023[28] Investments and Dividends - A cash dividend of $0.06 per share was declared for Q4 2024, marking the 110th consecutive quarterly dividend[4] - Dividends distributed were $87,695,000 in 2024, slightly down from $89,783,000 in 2023[28] - The company sold a 2003-built suezmax tanker for proceeds of $23 million, enhancing financial flexibility[3] - A new suezmax tanker, built in 2016, is set to be delivered in Q2 2025, expected to be financed with cash and lease financing[2] - The company plans to exercise purchase options for two 2018-built vessels, with transactions expected to conclude in Q3 2025[7] Cash Flow - Net cash used in investing activities was $2,620,000 for the twelve months ended December 31, 2024, significantly lower than $73,670,000 in 2023[28] - Net voyage revenue for the twelve months ended December 31, 2024, was $225,096,000, a decrease of 14.2% from $262,180,000 in 2023[29]