NAT Nordic American Tankers
Tankers Crude Β· Suezmax Β· 44 documents
Nordic American Tankers' 17-vessel crude tanker fleet should earn about $71,147 a day in 2026Q3 and pay $0.30 a share. That is our forecast (PATTERN payout on MODELLED TCE), at a rate beyond the $63,000/d its dividend history covers. 75% of those vessel-days are already fixed at rates Nordic American Tankers has disclosed; the rest are priced at 66% of the index, the share it has historically captured.
Yields annualise each quarter Γ4 at the last close, $7.66 (2026-10-16). Our model is not company guidance.
What will Nordic American Tankers pay for 2026Q3?
Booked vs market $/day
| Class | Booked | At | Spot now |
|---|---|---|---|
| Fleet Β· applied to every class | 75% | $54,000 | β |
Track record forecast vs paid
| Quarter | Forecast | Paid | Miss |
|---|---|---|---|
| 2026Q2 | $0.19 | $0.27 | -31% |
| 2026Q1 | $0.18 | $0.22 | -17% |
At 2026Q2βs actual $63,000/d, our model gives $0.26 against $0.27 declared (6 quarters, out-of-sample RΒ² 0.880). Big misses came from forecasting the rate, not the payout.
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our modelβs figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Suezmax Β· 17 | $63,0002026Q2 Β· fleet avg | $54,00075% of days | $540,6212026-10 median Β· 4 routes | +222% |
Company earned: the issuerβs own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates open days only β booked days stay at the booked rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Ξ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list Γ the quarter's calendar days for Suezmax: no off-hire or drydock days are deducted there. |
1,564 | 1,564 | |||||||||
By class
| |||||||||||
| Fleet TCE, $/day modelled | 71,147 | 71,147 | |||||||||
Revenue (TCE basis), $m modelledVessel-days Γ fleet TCE. |
111.3 | 111.3 | |||||||||
Vessel opex, $m assumed2026Q2: $15.7m over 1,564 vessel-days, held per day. Disclosed, but not the modelβs break-even: these cost lines do not explain the companyβs dividend history, so the break-even below is the one its dividends imply. Source (2026Q2) |
(15.7) | ||||||||||
G&A, $m assumed2026Q2: $9.6m over 1,564 vessel-days, held per day. Disclosed, but not the modelβs break-even: these cost lines do not explain the companyβs dividend history, so the break-even below is the one its dividends imply. Source (2026Q2) |
(9.6) | ||||||||||
EBITDA, $m assumedDisclosed, but not the modelβs break-even: these cost lines do not explain the companyβs dividend history, so the break-even below is the one its dividends imply. |
86.0 | ||||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
β | ||||||||||
Interest expense, $m assumed2026Q2: $7.9m over 1,564 vessel-days, held per day. Disclosed, but not the modelβs break-even: these cost lines do not explain the companyβs dividend history, so the break-even below is the one its dividends imply. Source (2026Q2) |
(7.9) | ||||||||||
Scheduled debt amortisation, $m stated2026Q4: $9.0m over 1,564 vessel-days, held per day (the issuerβs scheduled principal). Disclosed, but not the modelβs break-even: these cost lines do not explain the companyβs dividend history, so the break-even below is the one its dividends imply. |
(9.0) | ||||||||||
Drydock cost, $mNo separate drydock cash line on file. |
β | β | |||||||||
At the payout floor, $m patternThe rate below which this companyβs dividends stop, from its own history. It sits below its own cash costs of $27,023/day: it has paid from cash when rates ran under them. |
(6.7) | (6.7) | |||||||||
Payout floor, $/day patternThe rate below which this companyβs dividends stop, from its own history. It sits below its own cash costs of $27,023/day: it has paid from cash when rates ran under them. |
4,275 | 4,275 | |||||||||
| Cushion vs fleet TCE, $/day | 66,872 | 66,872 | |||||||||
Cash above the payout floor, $m modelledRevenue β payout floor Γ vessel-days: what the dividend is paid from in this model, not net of the company's cash costs. |
104.6 | 104.6 | |||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the modelβs cash. |
β | ||||||||||
Dividend policy pattern
No stated payout policy on file.
It paid 60% of the cash above break-even over 2025Q1β2026Q2 (6 quarters); that share is applied to the cash line.
| Output | Model | Your scenario | Ξ |
|---|---|---|---|
| Estimated distributable cash, $m | 62.5 | ||
| Estimated DPS, $/share modelled | $0.30 | ||
| Forward yield, run-rate % | 15.4% | ||
| vs last declared ($0.27, 2026Q2) | +9% |
Yield annualises the quarterβs DPS Γ 4 (a run-rate, not a forecast of the year) against the $7.66 close on 2026-10-16.
Showing the modelβs own figures. Setting your own rates needs JavaScript.
Dividend per share declared Β· model Β· you
Market context β rates, the dividend, and the price
Rates and dividend β benchmark, realized and declared
The earned figure includes $14.6m of loss-of-hire insurance recoveries on the Hormuz-stranded vessels β the issuer's own printed fleet TCE, and the numerator of the ratio above.
A settled quarter carries two bars: the lighter one is the fleet-weighted benchmark β what the market paid for a fleet of this class mix β and the solid one is what this fleet actually earned. The gap between them is the share of the index this issuer captured. Dashed-outline bars are the model estimate β see Dividend forecast.
The line is the declared dividend per share β dashed where it is the model's estimate. The shaded band is how wrong this model has actually been over its 2 scored quarters β the observed spread, not a symmetric guess around it, with a tick per observation so its width can be counted. Those quarters came in 31% and 17% below what was paid. Model estimate β not issuer guidance.
Forward (our model β model quarter Γ4): $1.18/yr Β· @ $7.66 (as of 2026-10-16) = 15.4% yield (forward, model) Β· Trailing TTM $0.79/yr = 10.3%
Fleet rate β what the market pays a fleet like this one
Fleet-weighted market rate with the class benchmarks behind it: 90 points, 2025-01-03 to 2026-10-16; NAT fleet-weighted latest 540,621.00; SUEZMAX benchmark latest 540,621.00.
Latest $540,621/day at 2026-10-16 (-6.9% on the prior print), weighted 17ΓSUEZMAX.
This fleet is one class, so its fleet-weighted rate and its class benchmark are the same series β the line is that class's blend. Each class benchmark is a median across every route mapped to that class, not a single assessment. A laden-leg benchmark runs hotter than a fleet earns β ballast days, waiting time, TC-out legs and off-hire all dilute it β so this is market direction, not revenue. What this fleet actually captured is the panel above.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β
Where NAT departs from that
- Rate 1.1x the highest it has earned ($63,000/d).
- Vessel-days are modelled from the fleet list (ships Γ days in the quarter); no issuer day count is curated for this quarter.
- SUEZMAX: index realized at 66% β this issuer captured 66% of the index across 5 closed quarters (range 52%-74%; 5 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index.
- SUEZMAX: using issuer guidance 75% fixed @ $54,000/day β a FLEET-wide figure applied to this class; the issuer did not split coverage by class.
What drives it β fleet TCE, 2026Q3
Earnings bridge β 2026Q2 β 2026Q3
Dividend history & forecast accuracy
Upcoming
| Quarter | Ex-date (est.) | Forecast DPS | Actual DPS |
|---|---|---|---|
| 2026Q3 E | β | $0.30 | β |
| 2026Q4 E | β | $0.99 | β |
| Quarter | Ex-date | Forecast DPS | Actual DPS | Error |
|---|---|---|---|---|
| 2026Q2 | β | $0.19 | $0.27 | -31.2% |
| 2026Q1 | β | $0.18 | $0.22 | -16.6% |
DPS method: payout of cash above break-even.
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
17Γ suezmax current
Fleet model β 2026Q3
Fleet model estimate β not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Suezmax | 17 | 0 | 17 | 75% | 54,000 | 185,993 | 71,147 | β | 111.3 |
| Total | 17 | 71,147 | β | 111.3 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians for the open days.
Bear uses booked coverage only; Base adds open vessels at this issuer's realized share of the latest Gibson median; Bull reruns them at the same share of the recent 3-month peak index.
Model gaps & assumptions
suezmax: index realized at 66% β this issuer captured 66% of the index across 5 closed quarters (range 52%-74%; 5 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· suezmax: using issuer guidance 75% fixed @ $54,000/day β a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· suezmax: 2026Q3 has ended β open days are priced at the mean of its own monthly medians, $185,993/day, not the newest month (owner 2026-10-19) Β· DPS = 60% (own history) of cash above the $4,275/day payout floor (dividend history) over 1,564 vessel-days Β· its dividends stop at $4,275/day, below its own cash costs of $27,023/day: it has paid from cash when rates ran under its costs, so the floor is its payout behaviour, not a cash break-even Β· one-model DPS extrapolated: TCE $71,147/day is 13% outside the $24,714-$63,000/day its dividend history covers β costs are per day, so the dividend still rises with the rate, but the payout share is untested out there
Forecast accuracy β fleet TCE
The model's fleet TCE for each quarter β the fleet-mix-weighted Gibson class benchmark, one quantity per fleet, never a shared class rate β scored against the TCE the company went on to report. Error is model minus reported, as a share of reported β positive means the model was too high.
| Quarter | Model TCE | Reported TCE | Error |
|---|---|---|---|
| 2026Q2 | $85,047/day | $63,000/day | +35.0% |
| 2026Q1 | $91,597/day | $47,600/day | +92.4% |
| 2025Q4 | $63,966/day | $35,000/day | +82.8% |
| 2025Q3 | $41,706/day | $27,490/day | +51.7% |
| 2025Q2 | $36,971/day | $26,880/day | +37.5% |
| 2025Q1 | $33,564/day | $24,714/day | +35.8% |
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Ξ |
|---|---|---|---|
| Revenue | $104.7M | $106.5M | +57.0% |
| Opex | $15.7M | $15.9M | -14.7% |
| Net income | $68.3M | $46.3M | n/m |
Full P&L grid β 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 104.7 | 106.5 | 85.9 | 75.0 | 66.7 | 64.8 |
| Voyage expenses $M | 25.4 | 28.9 | 27.1 | 29.3 | 26.6 | 26.8 |
| Vessel opex $M | 15.7 | 15.9 | 15.5 | 16.5 | 18.4 | 16.5 |
| G&A $M | 9.6 | 9.3 | 8.6 | 7.0 | 6.4 | 6.8 |
| Depreciation $M | 12.8 | 14.0 | 14.2 | 15.3 | 15.0 | 13.2 |
| Interest expense, gross $M | β | β | β | β | β | 7.4 |
| Net income $M | 68.3 | 46.3 | 11.7 | β2.8 | β0.9 | 4.2 |
| Declared DPS | 0.27 | 0.22 | 0.17 | 0.13 | 0.10 | 0.07 |
Profit statement β highlights SEC EDGAR company facts
| Line | FY2008 | FY2009 | 2010Q4 (FY β 9M) | FY2010 | 2011Q4 (FY β 9M) | FY2011 | H1 2012 | FY2012 | H1 2013 | FY2013 | FY2014 | H1 2015 | FY2015 | H1 2016 | 2016Q4 (FY β 9M) | FY2016 | 2017Q4 (FY β 9M) | FY2017 | H1 2018 | 2018Q4 (FY β 9M) | FY2018 | H1 2019 | FY2019 | H1 2020 | FY2020 | H1 2021 | FY2021 | H1 2022 | FY2022 | H1 2023 | FY2023 | H1 2024 | FY2024 | FY2025 | YoY Ξ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | 357.5 | 72.5 | 297.1 | 140.0 | 86.1 | 289.0 | 154.4 | 317.2 | 254.7 | 354.6 | 100.4 | 191.1 | 124.2 | 339.3 | 220.5 | 391.7 | 193.1 | 349.7 | 291.7 | -16.6% |
| EBITDA / operating income | 121.3 | 2.4 | -12.4 | 0.8 | -17.9 | -71.2 | -15.9 | -67.9 | -58.2 | -93.6 | -4.8 | 64.6 | 128.1 | 51.2 | 4.3 | 53.3 | -143.6 | -175.7 | -28.7 | 5.4 | -38.6 | 13.4 | 32.0 | 105.3 | 81.2 | -40.1 | -144.5 | -19.0 | 41.9 | 88.8 | 127.9 | 52.3 | 77.3 | 46.3 | -40.1% |
| Operating expenses | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| Net result | 118.8 | 1.0 | -12.8 | -0.8 | -17.7 | -72.3 | -17.3 | -73.2 | -64.1 | -105.4 | -13.2 | 58.6 | 114.6 | 42.3 | -39.2 | -4.5 | -151.4 | -205.0 | -46.9 | -10.5 | -95.3 | -9.3 | -10.4 | 88.7 | 50.0 | -53.7 | -171.3 | -30.9 | 15.1 | 73.7 | 98.7 | 36.7 | 46.6 | 12.3 | -73.6% |
| Declared DPS | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
Full P&L grid β 4 lines Γ 34 quarters
| Line item | FY2008 | FY2009 | Q4 2010 | FY2010 | Q4 2011 | FY2011 | H1 2012 | FY2012 | H1 2013 | FY2013 | FY2014 | H1 2015 | FY2015 | H1 2016 | Q4 2016 | FY2016 | Q4 2017 | FY2017 | H1 2018 | Q4 2018 | FY2018 | H1 2019 | FY2019 | H1 2020 | FY2020 | H1 2021 | FY2021 | H1 2022 | FY2022 | H1 2023 | FY2023 | H1 2024 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating revenues | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | 357.5 | 72.5 | 297.1 | 140.0 | 86.1 | 289.0 | 154.4 | 317.2 | 254.7 | 354.6 | 100.4 | 191.1 | 124.2 | 339.3 | 220.5 | 391.7 | 193.1 | 349.7 | 291.7 |
| Operating expenses | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| Operating income | 121.3 | 2.4 | -12.4 | 0.8 | -17.9 | -71.2 | -15.9 | -67.9 | -58.2 | -93.6 | -4.8 | 64.6 | 128.1 | 51.2 | 4.3 | 53.3 | -143.6 | -175.7 | -28.7 | 5.4 | -38.6 | 13.4 | 32.0 | 105.3 | 81.2 | -40.1 | -144.5 | -19.0 | 41.9 | 88.8 | 127.9 | 52.3 | 77.3 | 46.3 |
| Profit for the period | 118.8 | 1.0 | -12.8 | -0.8 | -17.7 | -72.3 | -17.3 | -73.2 | -64.1 | -105.4 | -13.2 | 58.6 | 114.6 | 42.3 | -39.2 | -4.5 | -151.4 | -205.0 | -46.9 | -10.5 | -95.3 | -9.3 | -10.4 | 88.7 | 50.0 | -53.7 | -171.3 | -30.9 | 15.1 | 73.7 | 98.7 | 36.7 | 46.6 | 12.3 |
Fleet exposure assets reviewed Β· 2026-03-31
| Class | Ships | TC | Spot | Mix | Guided $/day | Qtr | Next-Q booked | Expected blend |
|---|---|---|---|---|---|---|---|---|
| Suezmax | 17 | β | β | β | β | 68,000 | β |
Guidance & sources
Issuer guidance β forward-looking
No current-quarter guidance on file.
Sources β press, filings & documents
Press & filings by quarter
Recent documents
- mfn 2026-10-06T15:53:17 Nordic American Tankers Ltd (NYSE: NAT) - The Hansson family now collectively own 12 million NAT shares (2026-10-06)
- mfn 2026-09-28T11:45:25 Nordic American Tankers Ltd (NYSE: NAT) β 2026 Annual General Meeting of Shareholders (AGM) (2026-09-28)
- edgar 2026-09-28 6-K β Current Report (2026-09-28)
- edgar 2026-09-28 6-K exhibit (2026-09-28)
- mfn 2026-09-23T11:40:10 Nordic American Tankers Ltd (NYSE: NAT) β the Direction is Up (2026-09-23)
- mfn 2026-09-15T15:13:35 Nordic American Tankers Ltd (NYSE: NAT) β Exceptional conditions for our vessels (2026-09-15)
- mfn 2026-08-27T11:50:55 Nordic American Tankers Ltd (NYSE: NAT) β Report as per June 30, 2026 β The direction of NAT is unquestionably upwards β rates & values are up (2026-08-27)
- edgar 2026-08-27 6-K β Current Report (2026-08-27)
- edgar 2026-08-27 6-K exhibit (2026-08-27)
- mfn 2026-07-23T12:21:06 Nordic American Tankers Ltd (NYSE: NAT) β An optimistic summer message from NAT (2026-07-23)
- mfn 2026-07-14T20:04:53 Nordic American Tankers Ltd (NYSE: NAT) β Excellent business conditions for NAT (2026-07-14)
- mfn 2026-07-10T15:38:35 Nordic American Tankers Ltd (NYSE: NAT) β Herbjorn Hansson, increased holding in NAT (2026-07-10)