Nordic American Tankers

Name

Nordic American Tankers

Legal name

Nordic American Tankers Limited

Website

https://nat.bm

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Maritime Crude Oil Transportation

SIC

Water Transportation (4400)

akta.pro primary industry

Liquid Bulk / Crude & Product Tanker Operators (VLCC/Suezmax/Aframax/MR) (TLADABAD)

akta.pro secondary industries

Crude Oil & Petroleum Products Tanker Transport (TLADALAA), Crude Oil Tanker Shipping (EUALADAG)

Keywords

• Crude oil transportation
• Suezmax tanker shipping
• Vessel chartering services
• Maritime oil logistics
• Tanker fleet operations

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Others

Revenue model

1. Vessel Chartering (Spot & Time Charter): NAT generates revenue by chartering its Suezmax vessels to trading houses, refiners, and energy companies on both spot voyage charters and longer-term time charter arrangements. Spot rates are tied to prevailing Suezmax freight market rates; time charter contracts lock in fixed daily rates providing revenue predictability. Approximately 50%+ of business is with major oil companies on contracted terms, with the remainder in the spot market.
2. Vessel Asset Management & Sales: NAT periodically sells older vessels (built 2003–2005) at favorable prices as part of fleet optimization. Recent sales include a 2005-built vessel for ~$40M (March 2026) and two vessels (2004 and 2005-built) for a combined $50M (January 2026), with expected book profits of ~$14M from the latter sale.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Nordic American Tankers owns and operates a homogeneous fleet of approximately 20 Suezmax crude oil tankers, each capable of carrying approximately 1 million barrels of oil. The company generates revenue by chartering these vessels to major integrated oil companies on long-term time charters and to oil trading houses and refiners on the spot market. NAT is the only stock-listed Suezmax-only tanker operator and has paid quarterly cash dividends to shareholders every quarter since 1996.

Product overview

Nordic American Tankers is a shipping company listed on NYSE that operates a focused, homogeneous fleet of Suezmax crude oil tankers only. The company offers two primary services: spot market chartering for individual voyages and time charter contracts for fixed periods with major oil companies. The fleet consists of approximately 18-20 vessels as of 2026, including vessels built between 2005-2022, with two newbuildings on order for 2028 delivery at Daehan Shipbuilding in South Korea. Over 50% of business comes from the world's largest oil companies including Exxon, Shell, British Petroleum, Total, and Equinor. The company also offers a Dividend Reinvestment and Direct Stock Purchase Plan for investors.

Differentiator

Problem solved

Functional benefit

Products and services

• Spot Market Chartering

Quantifiable outcome

• Q1 2026 net income of $46.3 million exceeded full-year 2025 net result, driven by TCE rates of $47,600/ship/day in Q1 rising to ~$68,000/ship/day in Q2 2026 with 90% fleet booked
• +4 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Scandic American Shipping Ltd.coreOthersScandic American Shipping Ltd. serves as the primary manager of Nordic American Tankers, providing corporate management, administrative, and secretarial services. The company is based in Sandefjord, Norway with operations tied to Bermuda through Appleby Global Corporate Services.
• Nat Chartering AScoreChannel Partner/ Reseller/ DistributorNat Chartering AS, based in Oslo, Norway, is NAT's dedicated chartering arm handling all commercial vessel chartering operations including spot market engagements and time charter negotiations with oil trading houses and refiners.
• Daehan Shipbuilding (DH Shipbuilding)minorStrategic or Co-development PartnerSouth Korean shipyard contracted to build two Suezmax newbuildings for NAT at $86 million per vessel, with delivery scheduled for the second half of 2028. A preliminary agreement was signed in November 2025; firm contract signed January 2026.
• Computershare Trust Company N.A.minorOthersTransfer agent and administrator of NAT's Dividend Reinvestment and Direct Stock Purchase Plan, based in College Station, Texas. Handles share registration, dividend payments, and plan enrollment for shareholders.
• KPMGminorOthersIndependent auditor of Nordic American Tankers, appointed at the 2025 Annual General Meeting. Provides audit services for the company's SEC filings and annual reports on Form 20-F.

Scale indicators10 records

Recent moves14 records

Expansion highlights4 records

Direct peers

• Euronav NV: Euronav is one of the largest independent crude tanker operators globally with strong exposure to VLCC and Suezmax segments, directly competing with NAT for major oil company charter business in the same trade lanes.
• Capital Product Partners L.P. Capital Product Partners operates a fleet of tanker and container vessels including Suezmax and MR product tankers, with overlap in the crude oil tanker market and similar institutional oil major counterparties.
• Torm plc: Torm operates a diversified fleet of MR, LR2, and Suezmax tankers, with the Suezmax segment directly competing with NAT for crude oil charter business from the same oil major customers.
• Tsakos Energy Navigation Ltd. Tsakos Energy Navigation operates a diversified fleet including VLCC, Suezmax, Aframax, and product tankers, directly competing with NAT in the Suezmax crude tanker segment and serving the same global oil major customer base.
• Imperial Petroleum Inc. Imperial Petroleum operates a smaller fleet of MR, Aframax, and Suezmax tankers, providing a comparable pure-play crude tanker model and competing with NAT for charter business, particularly in the spot market.
• International Seaways, Inc. International Seaways operates a diversified crude and product tanker fleet including VLCCs, Suezmaxes, Aframaxes/LR2s, and Panamaxes, overlapping directly with NAT's Suezmax offering and similar major oil company clientele.
• Scorpio Tankers Inc. Scorpio Tankers operates a large fleet of product and crude tankers, including LR2 and MR vessels, with significant overlap in the same customer base and oil transportation markets as NAT.
• DHT Holdings, Inc. DHT is a pure-play crude tanker operator focused primarily on VLCCs, serving the same major oil company charterers and directly competing with NAT for long-haul crude oil transportation contracts.
• Frontline plc: Frontline is a leading global tanker operator with a large fleet that includes VLCCs and Suezmax vessels, making it the most direct competitor to NAT's pure-play Suezmax strategy. Both target the same major oil company charterers and compete in the same spot and time charter markets.
• Ardmore Shipping Corporation: Ardmore Shipping operates a diversified tanker fleet of MR and LR2 product tankers serving similar oil major and trading house customers, competing with NAT for charter relationships though in adjacent product tanker segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nordic American Tankers