Nordic American Tankers Clocks ~18% Revenue Decline In Q1

Nordic American Tankers Limited NAT reported a first-quarter revenue decline of 17.5% year-over-year to $15.52 million.
Net loss per share for the quarter was $(0.14), compared to $(0.16) a year ago.
Net operating loss widened to $(20.92) million from $(18.38) million in 1Q21.
Net cash used in operating activities for Q1 totaled $(8.63) million.
As of March 31, NAT's fleet consists of 22 well-maintained Suezmax tankers with a cargo lifting capacity of 1 million barrels of oil each.
Adjusted EBITDA loss was $(7.72) million, compared to $(1.27) million a year ago.
As of March 31, 2022, the company's net debt stood at $226.9 million or $11.3 million per vessel based on 20 vessels.
The average TCE for Q1 came in at $8,870 per day per ship. So far in Q2, 70% of the fleet is booked at an average TCE of about $20,000 per day per vessel (+ 125%).
Dividend: The company declared a cash dividend of $0.02 per share, payable on July 6, 2022, to shareholders on record on June 14, 2022.
Price Action: NAT shares are trading lower by 6.30% at $2.16 on the last check Tuesday.