Nordic American Tankers Limited is a tanker company that owns, operates, and charters double-hull tankers in Bermuda and internationally. As of December 31, 2025, its fleet consisted of 20 Suezmax crude oil tankers. It serves oil companies, oil traders, and other entities requiring crude oil transportation services. The company was formerly known as Nordic American Tanker Shipping Limited and changed its name to American Tankers Limited in June 2011; it was incorporated in 1995 and is based in Hamilton, Bermuda.
Oil Tanker Rates Hit Record Highs as Middle East Shipping Risks Surge
The cost of shipping oil in supertankers surged to fresh record highs this week following the biggest wave of attacks on Middle East shipping since the start of the U.S.-Iran war, Bloomberg reported. Earnings for Very Large Crude Carriers on the benchmark Middle East-to-China route hit a record of nearly $800K/day, while the U.S. Gulf-to-Asia run fetched offers at a record lump-sum fee of $29.5M, nearly $15/bbl before additional war risks or delay fees. The Baltic Exchange, which has begun publishing an index covering the voyage from the Gulf of Oman to east Asia, estimates daily earnings on that route spiked 85% to nearly $386K/day this week. VLCC freight rates for the Middle East to Amsterdam-Rotterdam-Antwerp route also spiked to a fresh high, and the escalation had a wider knock-on effect as rates on the West Africa to Asia route reached a record high as well, according to a Reuters report citing Baltic Exchange data. Freight analysis from data intelligence firm Kpler suggests dayrates for VLCCs will stay above $100K into next year, more than double historic levels that rarely went above $45K.
Nordic American Tankers sees exceptionally strong suezmax market continuing for years
Nordic American Tankers Ltd reported that the market for its one-million-barrel suezmax tankers is exceptionally good and expects high rates to persist for at least a year or two. Founder, Chairman and CEO Herbjorn Hansson highlighted an unprecedented magnitude of geopolitical events affecting global energy, while dismissing outside analysts who do not own ships or trade oil. The company successfully extracted three vessels that had been trapped in the Arabian Gulf since February 28, 2026, and they are now trading worldwide. One ship suffered minor damage in a Black Sea attack but the crew is safe and the vessel has left the area, with no material insurance issues arising from either region. More than half of NAT’s business is conducted with the world’s largest oil companies.
NAT · Demand · Positive Company reports exceptionally strong suezmax market with high rates expected to persist for years, driven by geopolitical events and strong demand from major oil companies.
Nordic American Tankers CEO says suezmax rates to stay high for years amid ship scarcity
Nordic American Tankers CEO Herbjorn Hansson said in a CNBC interview that suezmax tanker rates remain very high due to a scarcity of ships and expects the strong market to continue for at least one to two years. Three NAT vessels that had been trapped in the Arabian Gulf since February 28, 2026, have been successfully extracted and are now trading worldwide, with no significant insurance issues arising from their stay. Hansson noted that more than half of NAT's business is with the world's largest oil companies and that the company's ships have loaded or discharged in 68 countries over the past five years. He added that the company remains vigilant for unforeseen risks despite the favorable conditions.
Trump proposes 20% fee on Hormuz transit, drawing IMO rebuke
President Trump declared the U.S. would act as the 'Guardian of the Hormuz Strait' and charge a 20% fee on all transiting cargo to cover security costs, prompting the International Maritime Organization to state there is no legal basis for mandatory tolls to transit a strait. The announcement follows escalating clashes in which Iran has targeted commercial vessels and vowed to impose its own fees for passage, while the U.S. has conducted airstrikes against Iranian installations. The IMO, the U.N. body overseeing global shipping safety, clarified that freedom of navigation is guaranteed under customary international law, which the U.S. has historically recognized. The proposed fee marks a shift toward transactional foreign policy, raising concerns that allies may seek alternative security arrangements and that other powers could assert similar claims in contested waterways.
BRENT · Geopolitics · Positive Proposed 20% fee on Hormuz transit and escalating Iran tensions threaten supply through a key chokepoint, supporting oil prices.
ECO · Geopolitics · Positive Proposed 20% fee on Hormuz transit increases shipping costs and risks, benefiting tanker owners like Okeanis through higher freight rates.
GNK · Geopolitics · Positive Disruption and potential tolls in Hormuz Strait boost demand for dry bulk shipping as alternative routes or stockpiling increase, benefiting Genco.
HAFN · Geopolitics · Positive Hafnia, as a product tanker operator, stands to gain from higher freight rates due to increased risk and potential rerouting in the Strait of Hormuz.
HSHP · Geopolitics · Positive Himalaya Shipping, a dry bulk carrier, benefits from potential supply chain disruptions and increased ton-mile demand from Hormuz instability.
IMPP · Geopolitics · Positive Imperial Petroleum, as a tanker operator, gains from higher shipping rates and increased demand for its vessels due to Hormuz transit fee and tensions.
Several once-reliable dividend payers are showing signs that their payouts remain unsustainable even after recent cuts. Huntsman slashed its quarterly dividend by roughly 65% in late 2025, yet continues to post negative earnings and burned $53 million in operating cash flow in the first quarter of 2026. Nordic American Tankers' dividend swung 450% in eighteen months, but trailing earnings of $0.27 per share fall far short of the $0.62 per share payout, and capital expenditures dwarfed operating cash flow in 2025. Newell Brands cut its dividend by about 70% in early 2023, but has since reported three straight years of net losses and saw operating cash flow drop from $930 million in 2023 to negative $233 million in the first quarter of 2026. BCE Inc. has reduced its quarterly payout by more than 50% over two years, yet management guides for a 5% to 11% decline in 2026 adjusted earnings per share while funding a $1.7 billion data center build with debt. Dow Inc. halved its dividend in mid-2025, but full-year 2025 free cash flow was negative $1.447 billion against $1.49 billion in dividend payments, and reported earnings per share remained negative in four of the last five quarters.
BCE · Capital · Negative BCE cut dividend by >50% over two years, guides for 5-11% decline in 2026 adjusted EPS, and funds $1.7B data center build with debt, indicating financial strain.
DOW · Capital · Negative Dow halved dividend in mid-2025, but 2025 FCF was -$1.447B vs $1.49B in dividends, and EPS negative in 4 of last 5 quarters, showing payout unsustainability.
HUN · Capital · Negative Huntsman cut dividend ~65% in late 2025, yet continues negative earnings and burned $53M operating cash flow in Q1 2026, indicating ongoing financial weakness.
NAT · Capital · Negative Nordic American Tankers' dividend swung 450% in 18 months, but trailing EPS of $0.27 falls short of $0.62 payout, and capex dwarfed operating cash flow in 2025.
NWL · Capital · Negative Newell Brands cut dividend ~70% in early 2023, but has three straight years of net losses and operating cash flow dropped from $930M to -$233M in Q1 2026.
Nordic American Tankers CEO Herbjorn Hansson buys 100,000 shares, increasing his stake
Nordic American Tankers founder, chairman and CEO Herbjorn Hansson purchased 100,000 shares of the company at $6.03 per share, raising his personal holdings to 5,700,000 shares. Following the transaction, the Hansson family collectively owns 11,700,000 shares, remaining the largest private shareholder group in the company. Hansson stated that the market for the company's vessels is excellent.
Nordic American Tankers Draws Bullish Thesis on Tight Tanker Market and Spot-Rate Leverage
A bullish thesis on Nordic American Tankers Limited highlights the company's leverage to structurally tight tanker markets and spot-rate exposure. The thesis, published on TradersPro's Substack, notes that NAT operates as a pure-play crude tanker operator focused on Suezmax vessels in the spot market, giving it direct exposure to global freight rate volatility. With limited newbuild deliveries and stricter environmental regulations constraining supply, the tanker market remains supported, enhancing NAT's ability to capture elevated spot rates. Recent price action shows a confirmation bar with rising volume, signaling renewed institutional participation and potential momentum. The stock was trading at $5.57 as of June 17th, with trailing and forward P/E ratios of 21.54 and 13.97 respectively.
Global
United States
Iran
China
Netherlands
Singapore