Shipping Industry News, New York Stock Exchange-listed tanker company Nordic American Tankers (hereinafter referred to as “NAT” or the company) released its unaudited financial report for the third quarter of 2025 on November 28. After a period of seasonal weakness, daily spot rates for Suezmax tankers have surged and are now approaching $100,000.
HERBJØRN HANSSON, founder, Chairman, and Chief Executive Officer of NAT, stated that a 90-day cycle indicates a company’s short-term prospects. However, a meaningful analysis must address a larger, longer-term outlook.
He pointed out that strong demand for oil continues. The fourth quarter has started well, leaving solid room for cash accumulation.
However, analysts have again criticized NAT for failing to capitalize on the tanker market’s multi-year bull run, once again “underperforming the market.” They insist that no matter how frequently NAT claims “upwards”… the market isn’t buying it.
Specifically, in the third quarter of 2025, NAT achieved operating revenue of $45.687 million, an increase of 13.8% quarter-on-quarter but a decrease of 12.2% year-on-year; EBITDA was $21.381 million, a decrease of 6.9% quarter-on-quarter and a decrease of 29.8% year-on-year; operating profit was $6.784 million, a decrease of 10.2% quarter-on-quarter and a decrease of 58.2% year-on-year; the net loss for the third quarter was $2.781 million.
For the first three quarters of 2025, NAT achieved operating revenue of $120 million, a decrease of 30.7% year-on-year; operating profit was $25.184 million, a decrease of 63.3% year-on-year; net profit for the first three quarters was $0.611 million, a decrease of 98.7% year-on-year.
During the reporting period, NAT signed a Letter of Intent (LOI) with a South Korean shipyard for the construction of 2 Suezmax tankers, with a price of $86 million per vessel, scheduled for delivery in the second half of 2028. The formal shipbuilding contract is expected to be signed in early 2026.
NAT operates a fleet of 20 Suezmax tankers, of which 14 operate in the spot market and 6 are on time charters. The fleet’s average daily TCE reached $27,490 in the third quarter.
Image Source: NAT
Global Economy and Tanker Market Outlook
If global geopolitical tensions ease, there will be more oil supply available to the market. Global demand for oil is high, especially from emerging economies where per capita energy consumption remains far below that of OECD members. OPEC’s continued production increases are an important trend, very favorable for the future tanker market.
As of June 30, 2025, there are 600 Suezmax tankers globally. Currently, 120 Suezmax tankers are scheduled for delivery within the next 4 years, equivalent to 20% of the current global existing fleet. 5 will be delivered in 2025, 46 in 2026, 41 in 2027, 25 in 2028, and 3 in 2029. It is also noteworthy that by the end of 2027, there will be 164 Suezmax tankers in the global fleet that are 20 years old or older.
As the only listed company exclusively focused on Suezmax tankers, all of this is good news for both the short-term and long-term prospects of tankers. NAT believes the tanker market will remain strong in the coming years.
