Shipping Company Nordic American's Q3 Earnings Fall Short Of Expectations: Details

Nordic American Tankers Ltd NAT reported third-quarter FY23 net voyage revenue of $48.04 million, a slight growth of 1.4% year-over-year, missing the consensus of $59.14 million.

EPS for the quarter was $0.04, down from $0.05 in 3Q22, missing the consensus of $0.05.

NAT reported a net operating income of $14.47 million, compared to $17.15 million in the same quarter a year ago.

Nordic American Tankers' operating cash flow totaled $126.07 million for the nine months ended September 30, 2023.

Adjusted EBITDA stood at $27.11 million (-4.3% Y/Y), and the margin contracted by 333 bps to 56.4%.

As of September 30, 2023, NAT's fleet consisted of 19 Suezmax tankers with a cargo lifting capacity of 1 million barrels of oil each.

The company's 73% spot voyage days in 4Q23 have been booked at an average TCE of $43,160 per day per ship.

NAT's net debt stood at $170.8 million, which equals $9 million per ship, at the end of the quarter.

Dividend: The company declared a dividend per share of $0.06, payable on January 17, 2024, to shareholders of record as of December 20, 2023. 

The company is scheduled to take delivery of the recently purchased Suezmax tanker on December 4, 2023, after which NAT's fleet will stand at 20 Suezmax tankers.

Price Action: NAT shares traded lower by 8.4% at $3.92 on Wednesday.