Key Highlights

  • Second quarter 2026 Earnings reached USD 68.3 million, or USD 0.32 a share, versus USD 46.3 million, or USD 0.22 a share, in the first quarter.
  • Earnings per ship per day climbed to USD 63,000 from USD 47,600, and about 75% of third quarter days were already contracted near USD 54,000.
  • The 116th consecutive quarterly cash dividend, USD 0.27 per share, was paid on September 24, 2026 to holders of record on September 10.
  • Cash stood at USD 133.3 million on June 30, 2026, and net Debt of USD 215.8 million works out to about USD 12.7 million per ship across 17 Suezmax tankers.

Spot Rates and Hormuz Insurance Payments Drive the Quarter

Nordic American Tankers (NYSE:NAT) operates Suezmax vessels that carry crude oil. A report dated August 27, 2026 put the net result roughly 48% above the first quarter, a gap derived from two reported figures, and the company called the market the strongest in decades. Adjusted EBITDA of USD 67.6 million included USD 14.6 million of loss-of-hire insurance recoveries tied to three vessels trapped in the Strait of Hormuz. Those ships have since left the area, so that income may not return in later quarters.

Vessel Sale, Credit Lines and an Unused Share Program

Management said its at-the-market share offering programs went unused in 2026, which matters because such programs can dilute existing holders when new stock is sold. The company sold a 2003-built ship for USD 26 million and has two newbuildings due in 2028. Because a newbuilding adds earning capacity only once it enters service, those 2028 deliveries will shape the fleet's profile well after the current quarter. Borrowing includes a USD 150 million Facility with Beal Bank secured on seven vessels, alongside financing from Ocean Yield on eight ships. Cash was USD 133.3 million at June 30, and the letter cited USD 175 million more recently.

An 854.98% EPS Screen Figure Built on a Weak Base

A stock screen labeled the shares an aggressive small cap, showing a 1 year EPS change of 854.98%, a price near USD 7.20, and a 3.16% decline. These screen figures are unconfirmed published market data with no snapshot date, and whether they are GAAP or adjusted is unknown. Growth that size is easy to generate from a low starting point, and published coverage of the third quarter of 2025 pointed to a loss. With the shares classed as small, a limited number of trades can move the price, spreads can be wide, and quoted moves can reverse. No confirmed date exists for the third quarter report, though last year's equivalent arrived in late November.

Where Things Stand

Only partly, on the evidence supplied. Nordic American Tankers (NYSE:NAT) lifted its quarterly net result to USD 68.3 million mainly because earnings per ship per day reached USD 63,000, helped by insurance recoveries tied to ships affected in the Strait of Hormuz. Net debt of USD 215.8 million looks manageable, and the dividend stands at USD 0.27. However, roughly three quarters of the third quarter is contracted near USD 54,000, the insurance income is unlikely to repeat, and tanker earnings move with the cycle. The 854.98% EPS figure reflects a low base and remains unconfirmed.