Thursday, August 27, 2026
Dear Shareholders and Investors,
In our report to you a short while ago, we described how Nordic American Tankers Ltd (NAT) fared this summer. Summary:
We succeeded in getting three of our NAT ships through the Hormuz strait, leaving the area. The three ships had been stuck in the Arabian Gulf since February 28th, 2026, when hostilities between Iran and the US began. Two of the ships are now trading internationally and one, built in 2003, has been sold at USD 26 million. Our Hormuz action was essential and solved a serious problem on our hands. NAT is in the best market that we have seen for decades. The vessels collect in the range of USD 60,000 – USD 90,000 a day in the spot market, sometimes even more. The major oil companies are our main customers. Operating costs are below USD 10,000/day, resulting in a substantial accumulation of cash, which now stands at USD 175 million. A month ago, a NAT ship was attacked in the Black Sea, but we managed to get away, and the vessel is out of danger. The safety of the crew is always our main concern. As a policy we ensure that banks do not influence our business. Presently, NAT has the financial partners A) Dallas based Beal Bank and B) Ocean Yield. Although we are only halfway through the year, 2026 promises to be the best year for NAT since it was first listed on the stock exchange in 1995.
HIGHLIGHTS:
- THE DIVIDEND FOR Q2 2026 IS 27 CENTS ($0.27) PER SHARE, UP FROM 22 CENTS IN THE PREVIOUS QUARTER. THIS IS THE 116TH CONSECUTIVE QUARTERLY CASH DIVIDEND SINCE NAT BECAME STOCK LISTED SEPTEMBER 15, 1996. DIVIDEND IS PAYABLE SEPTEMBER 24, 2026, TO SHAREHOLDERS ON RECORD AS OF SEPTEMBER 10, 2026.
- THE TIME CHARTER EQUIVALENT (TCE) FOR OUR SHIPS CAME IN AT $63,000 PER DAY PER SHIP DURING THE SECOND QUARTER. THIS COMPARES WITH $47,600 PER DAY PER SHIP IN THE PREVIOUS QUARTER. THIRD QUARTER BOOKINGS CONTINUE THE STRONG TREND WITH ABOUT 75% OF OUR FLEET BOOKED AT ABOUT $54,000 PER DAY PER SHIP.
- THE NET RESULT FOR THE SECOND QUARTER 2026 WAS $68.3 MILLION COMPARED TO THE PREVIOUS QUARTER THAT PRODUCED A NET RESULT OF $46.3 MILLION.
- GEOPOLITICAL UNCERTAINTY WE SEE NOW IS NOT A NEW FEATURE IN OUR BUSINESS. WE EXPECT THAT THIS UNCERTAINTY WILL CONTINUE. WE BELIEVE DEMAND FOR OUR SERVICES WILL CONTINUE TO BE STRONG. OVER THE LAST FIVE YEARS OUR VESSELS HAVE LOADED/DISCHARGED IN 68 COUNTRIES, PROVIDING US WITH SOME INSIGHT INTO GLOBAL AFFAIRS.
- THE TOP QUALITY OF THE NAT VESSELS IS REFLECTED IN THE VETTING PERFORMANCE (THE SCORE CARD) UNDERTAKEN BY THE MAJOR OIL COMPANIES. THEY LEASE ABOUT 50% OF OUR VESSELS. AS PER JUNE 30, 2026, THE NAT FLEET CONSIST OF 17 VESSELS. WE HAVE TWO SHIPS ON ORDER.
- THANKS TO CAREFUL VOYAGE PLANNING OF OUR VESSELS, EMISSIONS ARE REDUCED.
PROSPECTS FOR NAT ARE EXCELLENT.
Please see the enclosed comprehensive report for further information.
For further information on Nordic American Tankers. Please see our web page www.nat.bm
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
Contacts:
Bjørn Giæver, CFO
Nordic American Tankers Ltd
Tel: +1 888 755 8391
Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 724 171
Attachment
- NAT 2Q2026 report