Nordic American Tankers Faces Rough Seas: Q1 Revenue Misses Estimates Amid Fleet Expansion

Zinger Key Points
  • Nordic American Tankers' Q1 revenue of $60.572M and EPS of $0.07 missed estimates.
  • NAT's average TCE was $33,570 per day per ship, with net operating income down to $23.063M from $54.676M a year ago.
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Nordic American Tankers Limited NAT shares are trading lower after it reported the first-quarter FY24 net voyage revenue of $60.572 million, missed the consensus of $76.562 million.

The company’s average time charter equivalent (TCE) for its fleet came in at $33,570 per day per ship in the quarter.

NAT reported a net operating income of $23.063 million, compared to $54.676 million in the same quarter a year ago.

Adjusted EBITDA stood at $37.056 million vs. $67.668 million a year ago. EPS for the quarter was $0.07, missing the consensus of $0.11.

Nordic American Tankers’ operating cash flow totaled $37.589 million for the three months ended March 31.

As of March-end, NAT’s fleet consisted of 20 Suezmax tankers, each capable of lifting 1 million barrels of oil.

NAT’s net debt stood at $228 million, which equals $11.4 million per ship based on 20 vessels as of March-end.

Dividend: The company declared a dividend per share of $0.12, payable on July 18 to shareholders of record as of June 28. 

The company says that its six new vessels will enter the Suezmax fleet in 2024, 23 in 2025, and 38 in 2026, and so far, 13 new build orders have been booked for 2027 and only 1 for 2028.

Investors can gain exposure to the stock via TrueShares Active Yield ETF ERNZ.

Price Action: NAT shares traded lower by 8.75% at $3.86 at the last check Wednesday.

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