Core Viewpoint - Nordic American Tankers (NAT) reported a significant increase in Suezmax tanker day rates, nearing $100,000, following seasonal weakness, indicating a positive outlook for cash accumulation in Q4 2025 [1][3] Financial Performance - For Q3 2025, NAT achieved revenue of $45.687 million, a 13.8% increase quarter-over-quarter but a 12.2% decrease year-over-year [4] - EBITDA for Q3 2025 was $21.381 million, down 6.9% from Q2 2025 and down 29.8% from Q3 2024 [4] - Operating profit for Q3 2025 was $6.784 million, reflecting a 10.2% decrease quarter-over-quarter and a 58.2% decrease year-over-year [4] - The net loss for Q3 2025 was $2.781 million, a significant increase in losses compared to the previous quarter [4] Year-to-Date Performance - For the first nine months of 2025, NAT reported total revenue of $123.785 million, a decrease of 30.7% compared to the same period in 2024 [4] - Year-to-date operating profit was $25.184 million, down 63.3% year-over-year [4] - The net profit for the first nine months of 2025 was $0.611 million, a drastic decline of 98.7% compared to the same period in 2024 [4] Fleet and Future Plans - NAT has signed a Letter of Intent (LOI) with a South Korean shipyard to construct two Suezmax tankers at a price of $86 million each, with delivery expected in the second half of 2028 [5] - The company operates a fleet of 20 Suezmax tankers, with an average TCE of $27,490 per day in Q3 2025 [5] Market Outlook - The global demand for oil remains strong, particularly in emerging economies, and OPEC's continued production increases are favorable for the tanker market [7] - As of June 30, 2025, there are 600 Suezmax tankers globally, with 120 expected to be delivered over the next four years, which is 20% of the current fleet [7] - NAT, being the only publicly listed company focused solely on Suezmax tankers, anticipates a strong tanker market in the coming years [7]