Friday, November 21, 2025 Dear Shareholders and Investors, Nordic American Tankers Limited (NYSE:NAT) conducted its Annual General Meeting of Shareholders (the "Meeting") today, on November 21, 2025. We experienced a very high turnout at this year's AGM and all resolutions were approved and adopted at the Meeting: Election of Herbjorn Hansson, Alexander Hansson, Jenny Chu and Jim Kelly to serve as Directors of the Board.Approval of the appointment of KPMG as the Company's independent auditors. We are ...

Core Viewpoint - Okeanis Eco Tankers Corp. is planning to offer new common shares, with a trading halt on its shares on Euronext Oslo Børs to facilitate the bookbuilding process [1][2]. Company Overview - Okeanis Eco Tankers Corp. is a prominent international tanker company engaged in the transportation of crude oil and refined products, incorporated on April 30, 2018, under the laws of the Republic of the Marshall Islands [3]. - The company is listed on both the Oslo Stock Exchange (symbol: OET) and the New York Stock Exchange (symbol: ECO) [3]. - The fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [3].

Buy when the price looks expensive, and sell when valuation seems like the investment of a lifetime. That is the mantra investors should have for most cyclical companies, and especially companies like Nordic American Tankers Limited ( NATMy name is Andres Veurink and I have been in the financial markets for over a decade at this point, spending the majority of that in a hedge fund here in Rotterdam, working my way up as an analyst. My work relfect rigourious standards as I myself have a very high standard a ...

Core Insights - Teekay Tankers reported strong financial performance in Q3 2025, with GAAP net income of $92.1 million or $2.66 per share, and adjusted net income of $53.3 million or $1.54 per share, marking the best performance in the last twelve months [4] - The tanker market is experiencing robust spot rates, with VLCC, Suezmax, and Aframax LR2 fleets securing rates of $63,745, $50,000, and $35,200 per day respectively, indicating a strong winter market ahead [1][5] - The company generated approximately $69 million in free cash flow from operations, ending the quarter with a cash position of $775 million and no debt, positioning it well for future growth [3][18] Financial Performance - The combined gross proceeds from the sale of five Suezmax tankers amounted to $158.5 million, with an estimated book gain of approximately $47.5 million expected to be recorded [2] - Teekay Tankers declared a regular fixed dividend of 25¢ per share, reflecting its commitment to returning capital to shareholders [1] - The company has lowered its fleet's free cash flow breakeven from $13,000 per day to $11,300 per day, enhancing its cash flow generation capabilities [18] Market Dynamics - Spot tanker rates have improved significantly, remaining above historical averages, driven by increased global oil supply and rising production in the Atlantic Basin [5][6] - Global oil production has risen due to the unwinding of OPEC plus supply cuts, with a notable increase of 1.6 million barrels per day in Q3 compared to Q2 levels [7][8] - The tanker market is expected to benefit from geopolitical events and trade inefficiencies, particularly with sanctions affecting Russian oil exports, leading to increased demand for compliant tankers [12][13] Strategic Outlook - The company is focused on renewing its fleet by investing in modern vessels while selling older tonnage, aiming to maximize shareholder value through exposure to the strong spot market [19] - Teekay Tankers is prioritizing investments in its core segments, Aframax and Suezmax, while remaining open to opportunities in adjacent sectors [27] - The medium-term outlook for the tanker market appears balanced, with global oil demand projected to increase by 1.1 million barrels per day in 2026 [14][15]

Financial Data and Key Metrics Changes - Teekay Tankers reported a GAAP net income of $92.1 million or $2.66 per share, with an adjusted net income of $53.3 million or $1.54 per share for Q3 2025 [7][8] - The company generated approximately $69 million in free cash flow from operations, ending the quarter with a cash position of $775 million and no debt [9][10] - The free cash flow break-even level was reduced from $13,000 per day to $11,300 per day due to fleet management strategies [23] Business Line Data and Key Metrics Changes - Spot rates remained strong, significantly above historical averages for Q3, with rates for VLCC, Suezmax, and Aframax fleets secured at $63,745, $45,500, and $35,200 per day respectively for Q4 [10][11] - The company executed a fleet renewal strategy, acquiring one modern Suezmax and a 50% interest in a VLCC, while selling five Suezmax tankers for combined gross proceeds of $158.5 million [9][10] Market Data and Key Metrics Changes - Global oil production increased by 1.6 million barrels per day compared to Q2 levels, driven by OPEC unwinding supply cuts and new production from non-OPEC countries [14][15] - Seaborne crude oil trade volumes reached record highs, with expectations for further increases in Q4 due to higher oil production and demand [16][20] Company Strategy and Development Direction - The company aims to maximize shareholder value through exposure to the strong spot market while renewing its fleet with modern vessels [24] - Teekay Tankers is focusing on its core business of medium-sized tankers, particularly Aframax and Suezmax segments, while remaining open to opportunities in adjacent sectors [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a firm winter market for tankers, supported by strong crude oil trade volumes and geopolitical factors creating trade inefficiencies [20][22] - The outlook for global oil demand is projected to increase by 1.1 million barrels per day in 2026, with a balanced fleet supply side [20][21] Other Important Information - Teekay Tankers declared a regular fixed dividend of $0.25 per share [11] - The company has a strong balance sheet with no debt, allowing for disciplined fleet growth and capital returns to shareholders [23] Q&A Session Summary Question: Strength in Suezmax and Aframax segments - Management noted that all tanker segments, including VLCC, Suezmax, and Aframax, are experiencing strength, with traditional dynamics returning where larger ships lead the market [30][40] Question: Future capital deployment strategy - The focus remains on investing in core segments (Aframax and Suezmax) rather than expanding into the MR segment at this time [52] Question: Fleet renewal and sales - Management confirmed they are close to the minimum fleet size and aim to purchase new core Aframax and Suezmax vessels to offset future sales [56] Question: Impact of U.S.-China trade deal - The new trade agreement is seen as positive for the industry, although it does not significantly impact Teekay's operations directly [72] Question: Total shareholder returns and market valuation - Management emphasized the importance of focusing on value creation, which they believe will ultimately be recognized by the market [80]

Financial Data and Key Metrics Changes - Teekay Tankers Ltd. reported a GAAP net income of $92.1 million, or $2.66 per share, and an adjusted net income of $53.3 million, or $1.54 per share for Q3 2025, marking the best quarter in the last 12 months [5][7] - The company generated approximately $69 million in free cash flow from operations, ending the quarter with a cash position of $775 million and no debt [7][12] Business Line Data and Key Metrics Changes - The company completed the acquisition of one modern Suezmax and a 50% ownership interest in a VLCC, while selling five Suezmax tankers for combined gross proceeds of $158.5 million, with an estimated book gain of approximately $47.5 million [11][12] - Teekay Tankers secured time charter rates of $42,500 per day for one Suezmax and an average of $33,275 per day for two Aframax vessels [12][13] Market Data and Key Metrics Changes - Spot tanker rates remained strong in Q3 2025, significantly above historical averages, with rates for VLCC, Suezmax, and Aframax fleets at $63,745, $50,000, and $35,200 per day respectively for the fourth quarter to date [13][14] - Global oil production increased by 1.6 million barrels per day compared to Q2 levels, driven by OPEC unwinding supply cuts and new supply from non-OPEC countries [16][18] Company Strategy and Development Direction - The company aims to maximize shareholder value through exposure to the strong spot market while renewing its fleet by investing in modern vessels and selling older tonnage [33][34] - Teekay Tankers is focused on its core business of medium-sized tankers, prioritizing investments in Aframax and Suezmax segments over potential expansion into the MR segment [60][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the tanker market's positioning for a firm winter market, supported by strong crude oil trade volumes and geopolitical factors creating trade inefficiencies [22][26] - The medium-term outlook for global oil demand is projected to increase by 1.1 million barrels per day in 2026, with a balanced fleet supply side and an aging tanker fleet [28][31] Other Important Information - Teekay Tankers declared a regular fixed dividend of $0.25 per share [13] - The company has lowered its fleet's free cash flow breakeven from $13,000 per day to $11,300 per day, enhancing its cash flow generation capabilities [32][33] Q&A Session Summary Question: Market strength and segment interaction - Management noted that the second half of the year has shown strength across all tanker segments, with VLCC rates leading the way and positively impacting Suezmax and Aframax rates [36][40] Question: Future capital deployment strategy - Management confirmed that the focus remains on investing in core segments (Aframax and Suezmax) rather than expanding into the MR segment at this time [55][60] Question: Fleet renewal and sales strategy - Management indicated that they are close to the minimum fleet size and aim to purchase new core Aframax and Suezmax vessels to offset future sales [64][65] Question: Time charter agreements - Management expressed a willingness to engage in more time charter agreements given the elevated rates, viewing each deal opportunistically [67][72] Question: Impact of the China-U.S. deal - Management stated that while the new deal is positive for the industry, it does not significantly impact Teekay Tankers due to its limited exposure to the affected sectors [79][81] Question: Total shareholder returns and valuation - Management emphasized a focus on value creation over valuation, confident that the market will ultimately recognize their efforts in building intrinsic value [86][89]

Financial Highlights - Teekay Tankers achieved a GAAP net income of $92.1 million, resulting in an EPS of $2.66 in Q3 2025 [6] - The adjusted net income for Q3 2025 was $53.3 million, with an adjusted EPS of $1.54 [6] - The company's free cash flow (FCF) for Q3 2025 reached $68.7 million [6] - Teekay Tankers held $775 million in cash, cash equivalents, restricted cash, and short-term investments as of September 30, 2025 [6] Spot Rate Performance - Spot rates in Q3 2025 were strong, on par with 2022-2024 levels and above the 15-year average for the third quarter [12] - VLCC spot rates for Q3 2025 averaged $30,900, compared to $30,800 in Q3 2024 and $31,500 in Q2 2025 [8] - Suezmax spot rates for Q3 2025 averaged $33,400, compared to $31,000 in Q3 2024 and $31,100 in Q2 2025 [8] - Aframax/LR2 spot rates for Q3 2025 averaged $30,900, compared to $35,900 in Q3 2024 and $38,900 in Q2 2025 [8] - Q4 2025 to-date spot rates show VLCC at $37,200 with 52% of days booked, Suezmax at $28,400 with 47% of days booked, and Aframax/LR2 at $30,500 with 54% of days booked [10] Strategic Transactions and Capital Allocation - Teekay Tankers completed the acquisition of one 2017-built Suezmax and one 2013-built VLCC [11] - The company completed four vessel sales in Q3-25 and Q4-25 to-date, with one remaining vessel to be sold, generating total gross proceeds of $158.5 million and estimated gains of approximately $47.5 million [11] - A fixed quarterly dividend of $0.25 per share was declared for November 2025 [11]

Group 1 - U.S. stock futures are higher, with Dow futures gaining approximately 100 points [1] - Quantum Computing Inc. raised $750 million from institutional investors in a market-priced private placement, leading to a sharp decline in its shares by 11.7% to $21.70 in pre-market trading [1] Group 2 - Rich Sparkle Holdings Ltd experienced a significant drop of 15% to $22.10 in pre-market trading after a 10% decline on Friday [3] - Nordic American Tankers Ltd fell 7.8% to $3.07 in pre-market trading [3] - Smurfit WestRock PLC shares decreased by 5.8% to $39.54 in pre-market trading [3] - Mesoblast Ltd shares declined 5.2% to $17.45 in pre-market trading, despite an 8% gain on Friday following the announcement of Ryoncil receiving a J-Code from Medicare & Medicaid Services [3] - Invesco Mortgage Capital Inc saw a decline of 4.4% to $7.42 in pre-market trading [3] - Inventiva ADR shares fell 4.2% to $6.26 in pre-market trading after the appointment of Andrew Obenshain as CEO [3] - International Paper Co dropped 4.2% to $45.21 in pre-market trading ahead of its third-quarter earnings release on October 30 [3] - Lufax Holding Ltd – ADR fell 3.7% to $3.85 in pre-market trading after an 8% decline on Friday [3] - Larimar Therapeutics Inc shares decreased by 3.3% to $4.71 in pre-market trading after a 14% jump on Friday [3]

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Company Insights - Western Union announced the acquisition of Intermex for approximately $500 million, aimed at strengthening its position in the high-growth Latin American markets [1] - Johnson Controls raised its dividend from 37 cents to 40 cents per share on September 10 [2] - MNTN reported a second-quarter loss of 65 cents per share, an improvement from a loss of 69 cents per share a year ago, with quarterly sales of $68.460 million, exceeding analyst estimates of $64.483 million [2] - Nordic American Tankers posted weaker-than-expected quarterly sales on August 28, leading to a negative outlook from analysts [3] - Occidental Petroleum maintained a Neutral rating from UBS, with a price target increase from $45 to $46 [3][4] - Kenvue received a Neutral rating from Citigroup, with a price target reduction from $22 to $20 [4] Stock Performance - Western Union shares fell 1.7% to settle at $8.20 [7] - Johnson Controls shares gained 1% to close at $108.48 [7] - MNTN shares rose 0.1% to settle at $20.08 [7] - Nordic American shares fell 0.3% to $3.30 [7] - Occidental Petroleum shares rose 0.4% to close at $47.36 [7] - Kenvue shares fell 1.3% to settle at $18.10 [7]