Nordic American Tankers Ltd (NAT) has told shareholders that the direction of the company is "unquestionably upwards," with both rates and values rising in what management describes as the best tanker market it has seen in decades. In an update dated August 28, 2026, the company raised its quarterly dividend and reported sharply higher second-quarter earnings. Because much of the fleet trades in the spot market, the results offer a fairly direct read on prevailing tanker rates, and this quarter the dividend increase arrived in step with the rise in daily earnings.

The company said it succeeded in getting three of its ships through the Strait of Hormuz and out of the area. The strait is the narrow gateway between the Arabian Gulf and the open ocean and one of the world's most important oil-shipping chokepoints. The three vessels had been stuck in the Arabian Gulf since February 28, 2026, when hostilities between Iran and the United States began. Two of the ships are now trading internationally, while one, built in 2003, has been sold for USD 26 million. NAT described the Hormuz action as essential, saying it solved a serious problem the company had on its hands.

According to the update, NAT vessels are collecting in the range of USD 60,000 – USD 90,000 per day in the spot market, and sometimes even more, with the major oil companies serving as its main customers. With operating costs below USD 10,000 per day, the company said it has built a substantial cash position, which now stands at USD 175 million. The spread itself explains the cash build: at the low end of the spot range, a single week of earnings covers roughly six weeks of operating cost for one vessel.

A month ago, a NAT ship was attacked in the Black Sea, but the vessel managed to get away and is now out of danger. Taken together with the Gulf entanglement, the company has now had vessels exposed to two separate conflict zones this year. The company said the safety of the crew is always its main concern. As a policy, NAT ensures that banks do not influence its business. Its present financial partners are Dallas-based Beal Bank and Ocean Yield. Although the year is only half over, the company said 2026 promises to be the best year for NAT since it was first listed on the stock exchange in 1995.

The update listed the following highlights:

• The dividend for Q2 2026 is 27 cents ($0.27) per share, up from 22 cents in the previous quarter. This is the 116th consecutive quarterly cash dividend since NAT became stock listed on September 15, 1996, a streak spanning three decades. The dividend is payable September 24, 2026, to shareholders on record as of September 10, 2026.
• The time charter equivalent (TCE), the shipping industry's standard measure of average daily earnings per vessel, came in at $63,000 per day per ship during the second quarter, compared with $47,600 per day per ship in the previous quarter. Third-quarter bookings continue the strong trend, with about 75% of the fleet booked at about $54,000 per day per ship.
• The net result for the second quarter of 2026 was $68.3 million, compared with a net result of $46.3 million in the previous quarter.
• The geopolitical uncertainty seen now is not a new feature in the company's business, NAT said, adding that it expects this uncertainty to continue and believes demand for its services will continue to be strong. Over the last five years, its vessels have loaded and discharged in 68 countries, which the company said provides some insight into global affairs.
• The top quality of the NAT fleet is reflected in the vetting performance (the "score card") undertaken by the major oil companies, which lease about 50% of the company's vessels. As per June 30, 2026, the NAT fleet consisted of 17 vessels, with two ships on order.
• Thanks to careful voyage planning of its vessels, emissions are reduced, the company said.

For readers tracking the story from here, the update itself sets out the markers to watch: how the remaining third-quarter days price relative to the roughly $54,000 per day already booked, the arrival of the two ships on order, and the next quarterly declaration following the September 24 payment. Management's stated backdrop is continued geopolitical uncertainty alongside continued strong demand.

Source: Nordic American Tankers via X (Twitter), as republished by Hellenic Shipping News.