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1. Company Snapshot

1.a. Company Description

Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally.It operates a fleet of 24 Suezmax crude oil tankers.The company was formerly known as Nordic American Tanker Shipping Limited and changed its name to Nordic American Tankers Limited in June 2011.


The company was incorporated in 1995 and is based in Hamilton, Bermuda.

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1.b. Last Insights on NAT

Negative drivers behind Nordic American Tankers Limited's recent performance include weak tanker rates, which have declined by 26% since the last report. Analyst estimates for 2025 are likely too optimistic, and using more realistic assumptions, the company is fairly valued at 10x Fwd P/E. Additionally, the company's dividend payments, although safe at 6%, may not be enough to offset the decline in tanker rates. The company's plan to buy two or three ships and sell two or three may also lead to increased costs and decreased efficiency.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Nordic American Tankers: Persistent Underperformance Offset By Generous Payouts - Hold

Dec -01

Source: seekingalpha.com

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Nordic American Tankers (NYSE:NAT) Stock Price Down 3.6% After Earnings Miss

Nov -29

Source: defenseworld.net

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Nordic American Tankers Ltd (NYSE: NAT) – Report as per September 30, 2025 – Increased dividend and solid prospects

Nov -28

Source: globenewswire.com

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Bank of Montreal Can Has $88,000 Stock Position in Nordic American Tankers Limited $NAT

Nov -22

Source: defenseworld.net

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Nordic American Tankers Ltd (NYSE: NAT) – Results of its 2025 Annual General Meeting

Nov -21

Source: globenewswire.com

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Nordic American Tankers: Spot Rates Continue Climbing, Setting The Tone For 2026

Nov -17

Source: seekingalpha.com

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Nordic American Tankers Ltd (NYSE: NAT) – Newbuildings

Nov -03

Source: globenewswire.com

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Ethic Inc. Sells 48,658 Shares of Nordic American Tankers Limited $NAT

Nov -01

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.81%)

6. Segments

Spot Charter

Expected Growth: 4.83%

Nordic American Tankers Limited's 4.83% spot charter growth is driven by increasing global oil demand, improved tanker fleet utilization, and a rise in seaborne trade. Additionally, the company's modern fleet and cost-effective operations enable it to capitalize on a favorable tanker market, further boosting growth.

Time Charter

Expected Growth: 4.65%

Nordic American Tankers Limited's 4.65% growth in Time Charter is driven by increasing global oil demand, rising tanker rates, and a strong tanker market. Additionally, the company's modern fleet, cost-effective operations, and strategic partnerships contribute to its growth. Furthermore, the ongoing recovery in the tanker market, driven by OPEC's production cuts and increasing US crude oil exports, also supports the company's growth.

7. Detailed Products

Crude Oil Transportation

Nordic American Tankers Limited provides crude oil transportation services through its fleet of Suezmax tankers, offering a safe and efficient way to transport crude oil globally.

Product Tankers

The company operates a fleet of product tankers that transport refined petroleum products such as gasoline, diesel, and jet fuel.

Ship Management Services

Nordic American Tankers Limited offers ship management services, including technical management, crew management, and commercial management.

Vessel Chartering

The company charters its vessels to oil majors, trading companies, and other ship owners and operators.

8. Nordic American Tankers Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Nordic American Tankers Limited is moderate due to the availability of alternative transportation methods, such as pipelines and railroads, which can potentially reduce the demand for tanker services.

Bargaining Power Of Customers

The bargaining power of customers is relatively low due to the fragmented nature of the tanker chartering market, which limits their ability to negotiate prices and terms.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of a few large shipyards and equipment suppliers, which can exert some pressure on tanker operators like Nordic American Tankers Limited.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry in the tanker industry, which makes it easier for new companies to enter the market and compete with established players like Nordic American Tankers Limited.

Intensity Of Rivalry

The intensity of rivalry in the tanker industry is high due to the large number of players and the competitive nature of the market, which leads to intense competition for market share and charter rates.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 35.91%
Debt Cost 3.95%
Equity Weight 64.09%
Equity Cost 3.49%
WACC 3.66%
Leverage 56.03%

11. Quality Control: Nordic American Tankers Limited passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.74$

Current Price

3.74$

Potential

-0.00%

Expected Cash-Flows