olivLaw · US equity research
Nordic American Tankers Ltd NAT
Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)
Nordic American Tankers runs an all-Suezmax crude tanker fleet of 20 vessels as of December 31, 2025, carrying crude oil on long-haul routes. Voyage revenues fell 16.60% in fiscal 2025 amid a volatile market, while early 2026 spot rates rose sharply, making rate direction the key factor for the company now.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Nordic American Tankers Ltd (NAT) stock was 6.53 USD (−6.98% on the day), with market capitalisation 1.4 bn USD, P/E 108.8 on diluted EPS of 0.06 USD over the last 12 months, dividend yield 5.51%, beta 0.32, 52-week range 3.37–8.79 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.3
- weak (30–45)
- Bollinger (20, 2)
- 6.72 – 8.85
- below the lower band · %B -0.09 · band width 27.4%
- SMA 50 / 200
- 7.71 / 6.14
- mixed trend
- MACD (12, 26, 9)
- -0.19 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.6% | −1.1% | −19.5 pp | — |
| 3 months | +2.0% | −0.5% | +2.5 pp | — |
| 6 months | +11.4% | +4.4% | +7.0 pp | — |
| Year to date | +89.8% | +12.3% | +77.5 pp | — |
| 1 year | +82.9% | +13.5% | +69.4 pp | +15.2% |
| 3 years | +39.8% | +76.4% | −36.6 pp | +56.7% |
| 5 years | +179.1% | +63.7% | +115.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 5-quarter history (min 8.7, median 11.4, max 57.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 289.0 m | 317.2 m | 354.6 m | 191.1 m | 339.3 m | 391.7 m | 349.7 m | 291.7 m |
| Revenue YoY | −2.7% | +9.8% | +11.8% | −46.1% | +77.6% | +15.4% | −10.7% | −16.6% |
| Net income | -95.3 m | -10.4 m | 50.0 m | -171.3 m | 15.1 m | 98.7 m | 46.6 m | 12.3 m |
| Net income YoY | unavailable | unavailable | unavailable | −442.4% | unavailable | +553.7% | −52.7% | −73.7% |
| Diluted EPS | -0.67 | -0.07 | 0.34 | -1.05 | 0.07 | 0.47 | 0.22 | 0.06 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −408.8% | unavailable | +571.4% | −53.2% | −72.7% |
| net % | -33.0% | -3.3% | 14.1% | -89.7% | 4.5% | 25.2% | 13.3% | 4.2% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 45.9 m USD
- Financial debt
- 424.1 m USD
- Net debt
- 378.3 m USD
- Equity
- 445.5 m USD
- Total assets
- 902.2 m USD
- Debt / equity
- 0.95x
- Current ratio
- 2.24x
- ROE
- 2.6%
- ROA
- 1.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 354.6 m | 191.1 m | 339.3 m | 391.7 m | 349.7 m | 291.7 m | SEC (XBRL)· 29 Apr 2026verified |
| Cost of revenue | 121.1 m | 128.3 m | 170.5 m | 129.5 m | 124.6 m | 109.9 m | SEC (XBRL)· 29 Apr 2026verified |
| Gross profit | 233.5 m ≈ | 62.8 m ≈ | 168.8 m ≈ | 262.2 m ≈ | 225.1 m ≈ | 181.8 m ≈ | SEC (XBRL)· 29 Apr 2026derived |
| Operating income | 81.2 m | -144.5 m | 41.9 m | 127.9 m | 77.3 m | 46.3 m | SEC (XBRL)· 29 Apr 2026verified |
| Interest expense | 31.5 m | 26.4 m | 27.1 m | 30.5 m | 30.7 m | 35.8 m | SEC (XBRL)· 29 Apr 2026verified |
| Pre-tax income | 50.1 m | -171.3 m | 15.1 m | 98.8 m | 46.6 m | 12.3 m | SEC (XBRL)· 29 Apr 2026verified |
| Income tax | 64.0 k | 59.0 k | 23.0 k | 120.0 k | -10.0 k | 48.0 k | SEC (XBRL)· 29 Apr 2026verified |
| Net income | 50.0 m | -171.3 m | 15.1 m | 98.7 m | 46.6 m | 12.3 m | SEC (XBRL)· 29 Apr 2026verified |
| Diluted EPS | 0.34 | -1.05 | 0.07 | 0.47 | 0.22 | 0.06 | SEC (XBRL)· 29 Apr 2026verified |
| Weighted average diluted shares | 149.3 m | 162.5 m | 202.0 m | 208.8 m | 209.9 m | 211.8 m | SEC (XBRL)· 29 Apr 2026verified |
| Dividend per share | 0.44 | 0.05 | 0.11 | 0.43 | 0.40 | 0.36 | SEC (XBRL)· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 57.8 m | 34.7 m | 59.6 m | 31.1 m | 39.2 m | 45.9 m | SEC (XBRL)· 29 Apr 2026verified |
| Receivables | — | 9.4 m | 20.5 m | 26.3 m | 16.2 m | 19.0 m | SEC (XBRL)· 29 Apr 2026verified |
| Current assets | 99.5 m | 107.1 m | 142.7 m | 108.9 m | 98.8 m | 150.9 m | SEC (XBRL)· 29 Apr 2026verified |
| Property, plant & equipment, net | 242.0 k | 756.0 k | 730.0 k | 969.0 k | 749.0 k | — | SEC (XBRL)· 29 Apr 2025verified |
| Total assets | 974.3 m | 851.2 m | 879.9 m | 879.2 m | 817.6 m | 902.2 m | SEC (XBRL)· 29 Apr 2026verified |
| Accounts payable | 4.1 m | 6.6 m | 7.0 m | 3.4 m | 4.3 m | 2.5 m | SEC (XBRL)· 29 Apr 2026verified |
| Short-term debt | 22.1 m | 37.5 m | 39.7 m | 31.9 m | 21.6 m | 35.4 m | SEC (XBRL)· 29 Apr 2026verified |
| Long-term debt | 334.6 m | 283.4 m | 266.3 m | 269.7 m | 248.1 m | 388.7 m | SEC (XBRL)· 29 Apr 2026verified |
| Current liabilities | 39.7 m | 67.6 m | 72.4 m | 70.5 m | 59.8 m | 67.4 m | SEC (XBRL)· 29 Apr 2026verified |
| Equity | 599.1 m † | 498.2 m † | 540.0 m † | 538.3 m † | 508.8 m † | 445.5 m † | SEC (XBRL)· 29 Apr 2026verified |
| Shares outstanding at year end | 151.4 m | 183.7 m | 208.8 m | 208.8 m | 211.8 m | 211.8 m | SEC (XBRL)· 29 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 110.9 m | -44.5 m | 24.1 m | 139.4 m | 128.2 m | 19.8 m | SEC (XBRL)· 29 Apr 2026verified |
| Investing cash flow | -17.5 m | -3.5 m | -14.3 m | -73.7 m | -2.6 m | -87.7 m | SEC (XBRL)· 29 Apr 2026verified |
| Financing cash flow | -93.1 m | 30.5 m | 9.0 m | -95.7 m | -115.1 m | 69.0 m | SEC (XBRL)· 29 Apr 2026verified |
| Dividends paid | 67.2 m | 9.7 m | 22.7 m | 89.8 m | 75.1 m | 76.2 m | SEC (XBRL)· 29 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 22 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet40
- Returns79
- Quality27
- Growth0
- Valuation0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.51 – 6.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.51 – 1.12 (Mid 0.83)14 companies used · median multiple 13.9x · quartiles 8.5x – 18.7xBIP, CCL, DLNG, FLNG, INSW, KEX, KNOP, MATX, NCLH, RCL, RUBI, TDW, TNK, VIK
- Dividend discount (DDM)4.73 – 6.36 (Mid 5.43)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 22/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.9% | 27 (vs peers) | 17% |
| Net margin · Quality | 4.2% | 26 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.9% | 0 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | -5.0% | 0 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 108.8x | 0 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.5% | 79 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality27/100 · 2/3 factors with a value
- Returns· partial79/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NORDIC AMERICAN TANKERS Ltd (NAT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 291.7 m USD in 2025; YoY growth -16.6%; net margin 4.2%; ROE 2.6%.
The estimated value range is 2.62–3.74 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.13 USD, the price of 6.53 USD leaves a potential of -52.1% (value / price − 1) and a margin of safety of -108.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 22/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
- Shareholder yield (distributions): 5.5%
What contradicts it
- ROIC: 5.9%
- Net margin: 4.2%
- Revenue CAGR 3Y: -4.9%
- EPS CAGR 3Y: -5.0%
- Interest coverage: 1.3x
- P/E (TTM): 108.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 89.1 bn | 19.7 | 41.7% | 23.8% | +8.8% | +25% / +210% |
| CCLCarnival Corp Ltd. | 42.1 bn | 13.7 | 24.0% | 11.4% | +6.4% | +21% / +108% |
| BIPBrookfield Infrastructure Partners L.P. | 11.2 bn | 42.0 | 7.7% | 11.0% | +9.8% | +5% / +44% |
| NCLHNorwegian Cruise Line Holdings Ltd. | 8.2 bn | 9.8 | 31.2% | 8.2% | +3.7% | −4% / +16% |
| MATXMatson, Inc. | 6.4 bn | 14.3 | 17.2% | 13.4% | −2.3% | +96% / +123% |
| KEXKirby Corporation | 6.3 bn | 18.4 | 10.4% | 10.2% | +3.0% | +5% / +56% |
| INSWInternational Seaways, Inc. | 4.7 bn | 6.0 | 37.4% | 62.0% | −11.4% | +78% / +107% |
| GLNGGolar Lng Limited | 4.3 bn | 65.7 | 3.4% | 16.7% | +51.1% | +15% / +98% |
| TDWTidewater Inc | 3.4 bn | 14.0 | 19.5% | 18.3% | +0.5% | +28% / +15% |
| SEAL-PASeapeak LLC | 2.0 bn | 76.8 | — | 4.1% | −10.4% | −2% / −2% |
| FLNGFLEX LNG Ltd. | 1.4 bn | 18.8 | 9.8% | 21.5% | −2.4% | +2% / −11% |
| NATNORDIC AMERICAN TANKERS Ltd | 1.4 bn | 108.8 | 2.6% | 4.2% | −16.6% | +83% / +40% |
| GLOP-PAGasLog Partners LP | 1.2 bn | — | -1.7% | -7.2% | −21.9% | −2% / +5% |
| CMDBCostamare Bulkers Holdings Limited | 430.2 m | — | -11.2% | -6.3% | unavailable | +8% / unavailable |
| KNOPKNOT Offshore Partners LP | 288.4 m | 12.4 | — | 6.4% | +14.4% | −15% / +58% |
| EDRYEurodry Ltd. | 102.6 m | — | -4.0% | — | +8.9% | +173% / +79% |
| OMEXOdyssey Marine Exploration, Inc. | 26.0 m | — | — | -13,366.3% | −54.0% | +437% / +200% |
| USEAUnited Maritime Corp | 22.2 m | — | -11.0% | -16.4% | −16.8% | +40% / −4% |
| RUBIRubico Inc. | 682.3 k | 0.0 | 6.6% | 11.2% | −2.8% | −100% / unavailable |
| VIKViking Holdings Ltd | — | 33.5 | 263.5% | 17.7% | +21.9% | +29% / unavailable |
| DLNGDynagas Lng Partners LP | — | 2.2 | 12.9% | — | −100.0% | −16% / +16% |
| TNKTeekay Tankers Ltd. | — | 8.1 | 18.5% | 36.9% | −22.6% | +42% / +65% |
1- and 3-year price returns: for NAT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.38 Total return -48% · Per year -48% | 6.00 Total return -7% · Per year -7% | 9.07 Total return 40% · Per year 40% |
| 3 years | 2.68 Total return -57% · Per year -25% | 5.42 Total return -15% · Per year -5% | 9.09 Total return 42% · Per year 12% |
| 5 years | 2.14 Total return -65% · Per year -19% | 4.90 Total return -21% · Per year -5% | 9.10 Total return 45% · Per year 8% |
- Exit P/E± 1.36
- Net margin± 0.95
- Annual revenue growth± 0.86
- Annual dilution± 0.08
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (28 Sept 2026), 6-K (27 Aug 2026), 6-K (01 Jun 2026).
In brief
Nordic American Tankers runs an all-Suezmax crude tanker fleet of 20 vessels as of December 31, 2025, carrying crude oil on long-haul routes. Voyage revenues fell 16.60% in fiscal 2025 amid a volatile market, while early 2026 spot rates rose sharply, making rate direction the key factor for the company now.
SWOT
Strengths
- The company has a homogenous, interchangeable fleet that simplifies maintenance and lowers operating costs 1.
- Its cash break-even is considered low in the industry, which provides a margin of safety in periods of lower rates 1.
- The company improved liquidity through refinancing and vessel sales, and its fleet is managed by established technical managers 1.
Weaknesses
- Most vessels are employed in the spot market, which makes revenue highly sensitive to changes in tanker rates 1.
- Interest expenses rose in 2025 and the company carries substantial debt that limits funds available for dividends 1.
- Exclusive focus on Suezmax tankers means concentrated exposure to one segment of the shipping market 1.
Opportunities
Risks
- Cyclicality of the Suezmax markethigh
The tanker market is cyclical and volatile, and a period of low rates could reduce revenue, cash flow and the ability to pay dividends 1.
- Exposure to the spot markethigh
Dependence on spot charters means any decline in rates feeds quickly into results, and the company could struggle to repay its debts if this persists 1.
- Debt and refinancingmedium
Debt service limits funds available for other purposes, and restrictive loan covenants could affect growth and dividend payments 1.
- Geopolitical risk and sanctionsmedium
Operations in certain jurisdictions and exposure to conflict zones could lead to sanctions, fines or lost earnings, and the company's reputation could suffer 1.
- Fuel costs and regulationlow
Higher fuel prices and emissions compliance costs could reduce profits if they cannot be passed on to customers 1.
Investment thesis
What would need to be true (bull case)
- Spot tanker rates in the first quarter of 2026 were far above the fourth quarter of 2025 level, and if this recovery holds, results could benefit significantly 1.
- A low operating cost base and a homogenous fleet could allow the company to stay profitable even in periods of lower rates 1.
- Refinancing and vessel sales released liquidity, which could support investment plans and dividend payments 1.
What to watch
- Development of Suezmax spot rates and earnings per vesselQ2 2026
- Completion of the Nordic Pollux sale and payment of the first newbuilding instalment2026
- Dividend levels declared and liquidity trends after refinancingnext 10-K
- Delivery of new Suezmax vessels and evolution of the orderbook2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (28 Sept 2026), 6-K (27 Aug 2026), 6-K (01 Jun 2026).
The business
Nordic American Tankers Limited, formed in Bermuda in 1995 and listed on the NYSE under NAT, is an international company that owns, operates and charters exclusively Suezmax tankers, each with a carrying capacity of one million barrels of oil 1. Its 'Nordic American System' strategy relies on a homogenous, interchangeable fleet, close relations with large oil companies and low costs, with an operating cash break-even of about $10,000 per day per vessel 1. The company presents itself as a dividend-focused business that has declared quarterly dividends for 114 consecutive quarters 1.
Segments
Spot charters
Most vessels operate in the spot market on single voyages, which exposes the company directly to changes in tanker rates 1. Voyage revenues were $291.7 million in fiscal 2025, down from $349.7 million in 2024, mainly because tanker rates were lower in 2025 1.
Market context
According to the data cited in the report, Suezmax earnings averaged $51,800 per day in 2025, up from $38,100 per day in 2024 1. Global tanker fleet net growth was 2.1% in 2025, and the Suezmax orderbook stood at 19.9% of the fleet at the start of 2026, a level that could pressure rates later if deliveries accelerate 1. Spot earnings in the first quarter of 2026 were significantly higher than in the fourth quarter of 2025, pointing to a tighter short-term market 1.
Trends
- Geopolitical tensions and trade routesmixed
Conflicts in Ukraine and the Middle East have disrupted energy flows and shipping, and a potential closure of the Strait of Hormuz has led to rerouting and higher insurance costs 1. Such events could support tanker demand while adding operating uncertainty 1.
- Sanctions and shadow-fleet tonnagetailwind
A significant share of the global fleet was sanctioned in 2025, which effectively reduced compliant fleet growth and supported rates for compliant vessels 1. If sanctions regimes change, this dynamic could shift.
- Rising newbuilding ordersheadwind
The Suezmax orderbook rose from 9.5% of the fleet a year earlier to 19.9% at the start of 2026, and scheduled 2026 deliveries imply sizeable gross fleet growth 1. If deliveries bunch up, pressure on rates could increase.
- Environmental costs and regulationheadwind
The EU Emissions Trading System and FuelEU Maritime have increased voyage costs, and carbon and ballast-water rules could add further expenses 1. These costs could compress margins, especially if they cannot be passed on to customers 1.
Competitive position
The tanker market is shared by captive fleets of oil companies and independent shipowners, who compete for the same spot and time charter contracts 1. Competition is intense, and the company acknowledges it may not succeed in competing effectively in the Suezmax market 1. Its stated advantage is low operating cost and a homogenous fleet 1.
The company operates as a specialist, focused solely on Suezmax tankers, which can bring operational advantages but also greater exposure to a single segment 1. The current portfolio has no diversification into other vessel types 1.
- Oil company captive fleets
Fleets owned or controlled by large oil companies compete directly in crude transport, including for third-party charterers 1.
- Independent tanker shipowners
Independent operators compete for the same spot and time charter contracts on Suezmax routes 1.
- Other Suezmax operators
Other Suezmax owners compete in the same segment, and competitive pressure depends on new orders entering the market 1.
- Aframax and VLCC operators
The Aframax and VLCC segments are correlated with the Suezmax market and can attract the same customers when rates change 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)01 Jun 2026
- Annual report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)02 Mar 2026
- Current report (foreign issuer)28 Nov 2025
- Current report (foreign issuer)24 Nov 2025
- Current report (foreign issuer)30 Sept 2025
- Current report (foreign issuer)03 Sept 2025
- Current report (foreign issuer)04 Jun 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Nordic American Tankers Ltd · 29 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.