Nordic American Tankers Ltd (NYSE: NAT) – Report as per September 30, 2025 – Increased dividend and solid prospects

Core Viewpoint - The company is experiencing positive momentum, focusing on crew and ship safety, as well as maintaining dividends, while the reduction of the grey/black fleet enhances its market position [1] Financial Performance - The dividend for Q3 2025 is set at $0.13 per share, marking the 113th consecutive quarterly cash dividend, payable on December 22, 2025, to shareholders on record as of December 8, 2025 [2] - The average time charter equivalent (TCE) for the fleet in Q3 2025 was $27,490 per day per ship, with operating costs at $9,000 per day per ship [2] - The adjusted EBITDA for Q3 2025 was $21.4 million, while a net book loss of -$2.8 million was recorded [2] - The company's cash position exceeds $70 million as of the report date [2] Market and Operational Insights - Strong demand for oil persists, with rates holding steady during a slow Q3 compared to Q2, and the fourth quarter is starting positively, allowing for cash accumulation [2] - A preliminary agreement has been made with a South Korean shipyard to construct two new Suezmax tankers for delivery in the second half of 2028, with a firm contract expected to be signed in early 2026 [2] - The fleet currently consists of 20 well-maintained Suezmax tankers [2] - The high quality of the vessels is demonstrated through favorable vetting performance by major oil companies [2] - Emissions have been reduced through careful voyage planning and speed adjustments of the ships [2]