Nordic American Tankers (NAT) - 2023 Q1 - Quarterly Report

Financial Performance - The net profit for Q4 2022 was $36 million, significantly up from $10 million in Q3 2022, resulting in an EPS of $0.17 compared to $0.05 in the previous quarter[8] - Voyage revenue for the twelve months ended December 31, 2022, was $339.340 million, a significant increase of 73.3% from $195.759 million in 2021[31] - Net income for the twelve months ended December 31, 2022, was $15.101 million, a turnaround from a net loss of $171.328 million in 2021[31] - Net cash provided by operating activities was $24.134 million for the twelve months ended December 31, 2022, compared to a cash outflow of $44.458 million in 2021[30] - Adjusted EBITDA for the twelve months ended December 31, 2022, was $86.886 million, improving from a negative $16.288 million in 2021[31] Dividend and Shareholder Returns - The dividend for Q4 2022 is set at $0.15 per share, up from $0.05 in the previous quarter, payable on March 28, 2023[8] - Shareholders' equity increased to $539.982 million as of December 31, 2022, up from $498.224 million in 2021, representing a growth of about 8.4%[29] Fleet and Operations - The company's fleet consists of 19 Suezmax tankers, each with a cargo capacity of 1 million barrels of oil, maintained to high safety and quality standards[10] - The supply of Suezmax tankers is at a historic low, with only 14 new ships on order, representing 2% of the existing fleet, which is expected to benefit the company[9] - In Q1 2023, 72% of spot voyage days have been booked at an average TCE of $60,630 per day, indicating continued strong rates[8] Market Conditions - Political uncertainties, such as the conflict in Ukraine, are driving demand for oil transport, leading to longer voyages and increased demand for NAT tankers[17] - The tanker market is expected to remain strong in the coming years due to inelastic supply and increasing demand, particularly from Asian economies[23] Financial Position - As of December 31, 2022, the net debt stood at $197 million, equating to $10.3 million per ship, with a cash position of $59.6 million[8] - Cash and cash equivalents at the end of the period increased to $59.583 million from $34.739 million in the previous year, marking a growth of 71.5%[30] - The company reported a net cash increase of $18.796 million in cash, cash equivalents, and restricted cash for the twelve months ended December 31, 2022[30] - Total assets increased to $880.735 million as of December 31, 2022, compared to $851.153 million in 2021, reflecting a growth of approximately 3.4%[29] - Total current liabilities rose to $73.265 million as of December 31, 2022, from $67.645 million in 2021, reflecting an increase of approximately 8.4%[29] Capital Expenditure - Investment in vessels, including newbuildings, totaled $90.301 million for the twelve months ended December 31, 2022, compared to $13.270 million in 2021, indicating a significant increase in capital expenditure[30]