Nordic American Tankers Ltd (NYSE: NAT) – Report as per March 31, 2025 – The path points upward
Thursday, May 29, 2025
Dear Shareholders and Investors,
Ninety day periods offer a short-term snapshot of a company. However, a meaningful analysis must contain a bigger, longer-term picture. The direction of NAT is unquestionably upwards and we create room for profitable growth. Whatever we do, dividends remain an important objective.
Highlights: The dividend for the first quarter is 7 cents ($0.07) per share. This is our 111th consecutive quarterly cash dividend. The dividend is payable June 26, 2025, to shareholders on record as of June 12, 2025. During the first five months of 2025 we have acquired two 2016-built vessels for a combined price of $132 million and sold two of our 2003-4 built vessels for a combined price of $45 million. Our cash position per March 31st 2025 was $103 million. Increased pressure on sanctioned oil trades or agreements with sanctioned nations, combined with increased OPEC volumes, will increase demand for our ships. The so called 'shadow fleet' is pushed further into the darkness. This is good for NAT. The average time charter equivalent (TCE) for the NAT time charter and spot fleet for the first quarter of 2025 came in at $24,714 per day per ship. The operating costs are $9,000 per unit. Together with the sale of 'Nordic Apollo', this gave a net result of $4.2 million for the first quarter 2025. Thanks to careful voyage planning and adjustment of speed, we continue to reduce emissions of our vessels. The top quality of the NAT vessels is proven by the vetting performance undertaken by the major oil companies. These companies employ about 50% of the NAT fleet.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd. www.nat.bm
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words 'believe,' 'anticipate,' 'intend,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'will,' 'may,' 'should,' 'expect,' 'pending' and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.
Contacts:
Bjørn Giæver, CFO Nordic American Tankers Ltd
Tel: +1 888 755 8391
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
2 hours ago
- Business Wire
Cable One Announces CEO Succession Plan
PHOENIX--(BUSINESS WIRE)--Cable One, Inc. (NYSE: CABO) (the 'Company') today announced that Julia M. Laulis, Chair of the Company's Board of Directors (the 'Board'), President, and Chief Executive Officer, will retire after a distinguished 26-year career with the Company and over 40 years in the cable and broadband industry. She will continue in her current roles until the earlier of December 31, 2025, or the appointment of her successor. Following the transition, Ms. Laulis will serve as a senior advisor to support a seamless leadership handoff. Ms. Laulis' retirement marks the culmination of a remarkable journey defined by visionary leadership, strategic growth, and a deep commitment to connecting underserved communities. Since joining the Company in 1999 and becoming CEO in 2017, she has championed innovation, empowering associates and a differentiated level of customer service. Under her leadership, Cable One rebranded as Sparklight, expanded its national footprint through strategic acquisitions, and transitioned to a broadband-first model, all while earning recognition for its operational excellence and community engagement. The Board is actively working with a leading global executive search firm to identify the Company's next Chief Executive Officer, considering both internal and external candidates. Ms. Laulis will remain in an advisory role following the transition to ensure continuity and support the incoming CEO. 'Julie's leadership has been instrumental in shaping the growth and culture of Cable One,' said Mary Meduski, Lead Independent Director. 'Her unwavering focus on innovation, associate development, and customer service has left an indelible mark. The Board is focused on conducting a comprehensive search and selecting a highly qualified strategic leader to guide Cable One forward and implement its growth plan. We are deeply grateful for Julie's service and her continued support during this transition.' 'Cable One has given me the extraordinary opportunity to live my values through meaningful work,' said Laulis. 'For 26 years, I've been fueled by the privilege of serving alongside remarkable associates, constantly learning, and finding purpose in making a difference in the communities we serve. I consider myself fortunate beyond measure. I'm incredibly proud of what we've built together and step into this next chapter with full confidence in our leadership team and the bright future ahead for Cable One.' Cautionary Statement Regarding Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied by these statements. You can generally identify forward-looking statements by the words 'anticipate,' 'believe,' 'can,' 'continue,' 'could,' 'estimate,' 'expect,' 'forecast,' 'goal,' 'intend,' 'may,' 'might,' 'objective,' 'outlook,' 'plan,' 'potential,' 'predict,' 'projection,' 'seek,' 'should,' 'target,' 'trend,' 'will,' 'would' or the negative version of these words or other comparable words. Any statements regarding the expected date and duration of the Chief Executive Officer transition process and any other statements that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include, but are not limited to, the factors described under 'Risk Factors' in the Company's Annual Report on Form 10-K for the period ended December 31, 2024 and the Company's other filings with the Securities and Exchange Commission, and uncertainties, assumptions and changes in circumstances that may cause actual results to differ materially from those expressed or implied in any forward-looking statement. Each forward-looking statement contained herein speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law. About Cable One Cable One, Inc. (NYSE:CABO) is a leading broadband communications provider delivering exceptional service and enabling more than 1 million residential and business customers across 24 states to thrive and stay connected to what matters most. Through Sparklight ® and the associated Cable One family of brands, we're not just shaping the future of connectivity – we're transforming it with a commitment to innovation, reliability and customer experience at our core. Our robust infrastructure and cutting-edge technology don't just keep our customers connected; they help drive progress in education, business and everyday life. We're dedicated to bridging the digital divide, empowering our communities and fostering a more connected world. When our customers choose Cable One, they are choosing a team that is always working for them – one that believes in the relentless pursuit of reliability, because being a trusted neighbor isn't just what we do – it's who we are.
Yahoo
2 hours ago
- Yahoo
Proficient Auto Logistics Announces Participation in William Blair Growth Stock Conference; Sets Date to Report Second Quarter 2025 Financial Results
JACKSONVILLE, Fla., June 03, 2025 (GLOBE NEWSWIRE) -- Proficient Auto Logistics, Inc. (Nasdaq: PAL) (the 'Company') today announced that Rick O'Dell, Chairman and Chief Executive Officer, Amy Rice, President and Chief Operating Officer, and Brad Wright, Chief Financial Officer will attend the William Blair Growth Stock Conference on June 4, 2025. During this conference, Messrs. O'Dell and Wright and Ms. Rice expect to participate in a series of meetings with members of the investment community. The materials used during the meetings will be posted to the Company's website that day at under 'Investor Relations'. The Company also announced that it will host an investor conference call at 5:00 p.m. EDT on Monday, August 11, 2025, to discuss its operating and financial results for the three months ended June 30, 2025. A press release disclosing those results will be issued at approximately 4:00 p.m. EDT on that day. Investors are invited to join the conference call by registering through this link: once registered, you will receive a dial-in and a unique pin to join the conference. You may also join the listen-only Webcast via About Proficient Auto Logistics We are a leading specialized freight company focused on providing auto transportation and logistics services. Through the combination of seven industry-leading operating companies since our IPO in May 2024, we operate one of the largest auto transportation fleets in North America. We offer a broad range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, or regional rail yards to auto dealerships around the country. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to possible or assume future results of our business, financial condition, results of operations, liquidity, plans and objectives. You can generally identify forward-looking statements because they contain words such as 'may,' 'will,' 'should,' 'expects,' 'plans,' 'anticipates,' 'could,' 'intends,' 'target,' 'projects,' 'contemplates,' 'believes,' 'estimates,' 'predicts,' 'potential' or 'continue' or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions. We have based these forward-looking statements largely on our current expectations and projections regarding future events and trends that we believe may affect our business, financial condition and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section entitled 'Risk Factors' in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2025 (the 'Annual Report'), and elsewhere in the Annual Report. Accordingly, you should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements regarding: the economic conditions in the global markets in which we operate; our ability to successfully implement our business strategy, effectively respond to changes in market dynamics and customer preferences, and achieve the anticipated benefits and associated cost savings of such strategies and actions; our ability to recruit and retain qualified driving associates, independent contractors and third-party auto transportation and logistics companies; an increase in the frequency or severity of accidents or other claims; our expectations regarding the successful implementation of our acquisitions; geopolitical developments and additional changes in international trade policies and relations; the effect of any international conflicts or terrorist activities, on the United States and global economies in general, the transportation industry, or us in particular, and what effects these events will have on our costs and the demand for our services; our ability to manage our network capacity and cost structure for capital expenditures and operating expenses, and match it to shifting and future customer volume levels; our ability to compete effectively against current and future competitors; our ability to maintain our profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; and our future financial and operating results; our expectations regarding the period during which we will qualify as an emerging growth company under the JOBS Act; and our use of the net proceeds from the IPO and the sufficiency of our existing cash to fund our future operating expenses and capital expenditure requirements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investor Relations: Brad WrightChief Financial Officer and SecretaryPhone: 904-506-4317email:
Yahoo
2 hours ago
- Yahoo
Milestone: Diesel benchmark price lowest since September 2021
The benchmark diesel price used to set most fuel surcharges fell Monday to its lowest level since September latest average weekly retail diesel price published by the Department of Energy/Energy Information Administration is $3.451 a gallon. It was down 3.6 cents per gallon from the prior week and has now declined seven of the past eight Sept. 20, 2021, the price posted was $3.406 a gallon. Every price since then has been higher than what was posted this week. The next lowest came late last year, when a price of $3.458 a gallon was posted Dec. declines, offset in part by a 6-cent gain from two weeks ago, have taken the DOE/EIA price down 18.8 cents a gallon since the decline started after an April 7 posting of $3.639. The latest reduction in price comes against a backdrop of futures trading on the CME commodity exchange in ultra low sulfur diesel (ULSD) that has been mostly on a downward trend for almost three weeks, though the first two days of trading this week were significantly higher but would not be showing up yet in retail a recent May 14 high settlement of ULSD at $2.2061 a gallon, two steps backward and one step forward brought ULSD down to a settlement of $2.0172 on Friday. Futures prices moved up Monday despite the weekend news that the OPEC+ group would increase output in July by an additional 411,000 barrels a day, another in a series of increases of that magnitude that have been going on for several months. At this rate, the 2.2 million-barrel-per-day output cut OPEC+ has had in place going back in pieces to 2023 will have been completely unwound by the fall. ULSD settled at $2.0445 on Monday, a gain of 2.73 cents per gallon despite the increase, which had been expected. Prices Tuesday rose again, settling up 5.54 cents to $2.0999 a gallon. Despite the increases in the past two days, the larger picture for U.S. diesel is that the market is being weighed down relative to the crude market by demand that is not just weak in the short term, but is continuing a now-multiyear decline. The decline in diesel consumption compared to the past 10 years of data for the corresponding time at the end of May is of nonjet fuel distillates, a category that is almost 90% ULSD, was 3.65 million barrels a day in the week ended May 23, according to the latest weekly report of the EIA. It's the third consecutive year that the demand figure for the last week of May was less than in the prior it is because of upticks in intermodal service, better diesel engine efficiency, conversion of heating oil usage to natural gas (because heating oil is in that number) or a series of relatively warm winters in the U.S. Northeast where heating oil is the fuel of choice, the demand figure stands in stark contrast to the 10-year average for May's final weekly EIA report of 3.92 million barrels a day. Between 2015 and 2018, weekly U.S. nonjet distillate demand regularly topped 4 million barrels per weakness has pushed the spread between ULSD and world crude benchmark Brent to about 50 cents per gallon in recent days. Outside of a few days in March, that spread has regularly been well above 50 cents this year and was more than 60 cents at the start of 2025. (However, numbers in the 40s were regular occurrences last year.)The weakening spread means diesel has been on a steeper decline in recent weeks that has not been seen in crude markets. Since that recent May 14 high, Brent was down 2.2% through the Monday settlement, but ULSD is down 7.3%. That stability in crude was noted Monday in an interview on CNBC with Helima Croft, the managing director and global head of commodity strategy at RBC Capital Markets. Referring to statements from OPEC that demand for oil remains healthy, Croft said that 'they're saying the market can take these barrels.' 'If you look at where prices are right now, we have not had a major sell-off since OPEC+ announced they were going to start putting more barrels on the market,' Croft said. 'We're not in the 70s, but given all the concerns about the China-U.S. trade war, hanging in in the mid-60s for Brent prices isn't so bad for a number of countries that have some spare capacity.' Brent settled Monday at $64.63 a barrel. It last settled above $70 on April 3. Tuesday's settlement was $65.63b, up $1. More articles by John Kingston Georgia tort reform aims to change practices in judicial 'hell hole' A Lego approach helps prepare Manhattan Associates' TMS for tariff chaos BMO's Q2 earnings show no improvement in credit conditions for trucking The post Milestone: Diesel benchmark price lowest since September 2021 appeared first on FreightWaves. Sign in to access your portfolio
