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.
Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksDividendsSmall CapBriefsEnergyOil & Gas Storage & Transportation
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!