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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nordic American Tankers Limited | NYSE:NAT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.061 | 1.57% | 3.941 | 3.97 | 3.87 | 3.87 | 2,537,064 | 23:40:06 |
NORDIC AMERICAN TANKERS LIMITED
|
|||
(registrant)
|
|||
Dated: September 1, 2022
|
By:
|
/S/ HERBJØRN HANSSON
|
|
Herbjørn Hansson
|
|||
Chairman, President, and Chief Executive Officer
|
|||
1 |
The average time charter equivalent (TCE) for our fleet during the second quarter of 2022 came in
at $20,080 per day per ship, which is A substantial improvement from the first quarter of $8,870 per day per vessel. The third quarter has started at even a stronger pace. This obviously bodes well for our suezmax tankers.
|
2 |
As this year has shown, energy security is at the top of the global agenda. More oil is clearly needed. Given
the geopolitical realities, oil will have to be transported over longer distances than in the past. This is positve for our fleet of suezmax tankers, which offer flexibility in the marketplace.
|
3 |
The orderbook for new suezmax tankers scheduled to join the global fleet currently stands at only 13 ships
(2% of the world suezmax fleet). This is a historic low by any measure, and major shipyards have limited capacity to deliver more suezmax tankers before 2026. NAT has 20 one million barrel suezmax vessels on the water. Our fleet is in an
excellent position to reap the benefits of a tight market.
|
4 |
Adjusted EBITDA for the second quarter improved significantly and came in with a positive $14.2 million. This
compares with an EBITDA of -$7.7 million in the first quarter of the year. We recorded a net loss of -$4.0 million or an EPS of -$0.02 for the second quarter 2022 compared to the first quarter,
which saw a net loss of -$27 million and an EPS of -$0.14.
|
5 |
Our dividend payment for the second quarter is our one hundreth quarterly payout to our shareholders. We are
proud of this achievement, a record that is unmatched by any other public tanker company. In aggregate, more than $49 per share has been distributed over the years. The dividend number 100 will be 3 Cent ($ 0.03) per share and will be
payable on October 12, 2022 to shareholders on record as of September 15, 2022. NAT is a dividend-driven company, and with improved earnings, higher dividends can be expected.
|
6 |
NAT has one of the lowest debt levels among publicly listed tanker companies. 15 of our ships are financed
through a cooperation with a financial institution in Dallas, Texas, where the current gross borrowing is about USD 10 mill per ship. At the time of this report there are 20 vessels in the NAT fleet. Separate financial arrangements are in
place for the other 5 vessels. The value of the NAT fleet has increased strongly in the recent past.
|
7 |
The first of our recent newbuildings was delivered on May 14th and our second newbuilding was
delivered on June 30, 2022. Both vessels have commenced six-year time charter contracts, ensuring earnings, cashflow and financial stability.
|
8 |
The sale of our last 2002-built suezmax took place in July at a price of about $16 million. The proceeds from
the sale were used to pay down debt.
|
9 |
Financial information for the second quarter of 2022 and for other periods is included later in this report.
|
1) |
The total outstanding balance to CLMG/Beal Bank (including current portion of the debt), was $172.1 million as of June 30, 2022. After the delivery of “Nordic Moon” to new
owners in July, the total outstanding balance to CLMG/Beal Bank as of the date of this report is $155.2 million.
|
2) |
The 5 vessels financed through Ocean Yield has per June 30, 2022 a total outstanding balance of $187.8 million, including current portion of the debt. The full financing of
the two newbuildings were drawn upon during the second quarter.
|
CONSOLIDATED CONDENSED STATEMENTS OF OPERATION (UNAUDITED) |
||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
Amounts in USD '000 |
Jun. 30, 2022
|
Mar. 31, 2022
|
Jun. 30, 2021
|
Jun. 30, 2022
|
Jun. 30, 2021
|
|||||||||||||||
Net Voyage Revenue
|
34,750
|
15,521
|
16,747
|
50,271
|
35,558
|
|||||||||||||||
Vessel Operating Expenses
|
(16,713
|
)
|
(16,670
|
)
|
(17,603
|
)
|
(33,383
|
)
|
(34,053
|
)
|
||||||||||
Depreciation Expenses
|
(12,515
|
)
|
(12,874
|
)
|
(17,402
|
)
|
(25,389
|
)
|
(34,479
|
)
|
||||||||||
General and Administrative Expenses
|
(3,734
|
)
|
(5,621
|
)
|
(3,504
|
)
|
(9,355
|
)
|
(7,168
|
)
|
||||||||||
Gain (Loss) and Impairment on Disposal of Vessels
|
127
|
(1,273
|
)
|
0
|
(1,146
|
)
|
0
|
|||||||||||||
Operating Expenses
|
(32,834
|
)
|
(36,438
|
)
|
(38,509
|
)
|
(69,273
|
)
|
(75,700
|
)
|
||||||||||
Net Operating Income (Loss)
|
1,916
|
(20,917
|
)
|
(21,762
|
)
|
(19,002
|
)
|
(40,142
|
)
|
|||||||||||
Interest Expense
|
(5,633
|
)
|
(6,081
|
)
|
(6,643
|
)
|
(11,713
|
)
|
(13,321
|
)
|
||||||||||
Other Financial Income (Expenses)
|
(237
|
)
|
12
|
(283
|
)
|
(225
|
)
|
(255
|
)
|
|||||||||||
Total Other Expenses
|
(5,870
|
)
|
(6,069
|
)
|
(6,926
|
)
|
(11,938
|
)
|
(13,576
|
)
|
||||||||||
Net Income (Loss)
|
(3,954
|
)
|
(26,986
|
)
|
(28,688
|
)
|
(30,940
|
)
|
(53,718
|
)
|
||||||||||
Basic and Diluted Earnings (Loss) per Share
|
(0.02
|
)
|
(0.14
|
)
|
(0.18
|
)
|
(0.16
|
)
|
(0.35
|
)
|
||||||||||
Weighted Average Number of Common Shares Outstanding
|
201,038,067
|
191,144,879
|
155,595,376
|
196,118,802
|
153,746,698
|
|||||||||||||||
Common Shares Outstanding
|
202,672,862
|
197,738,841
|
158,464,967
|
202,672,862
|
158,464,967
|
CONSOLIDATED CONDENSED BALANCE SHEET (UNAUDITED)
|
|
|
||||||
Amounts in USD '000
|
Jun. 30, 2022
|
Dec. 31, 2021
|
||||||
Cash and Cash Equivalents
|
35,573
|
34,739
|
||||||
Restricted Cash
|
15,111
|
9,909
|
||||||
Accounts Receivable, Net
|
11,387
|
9,374
|
||||||
Prepaid Expenses
|
6,288
|
4,847
|
||||||
Inventory
|
34,054
|
20,873
|
||||||
Voyages in Progress
|
13,081
|
10,488
|
||||||
Other Current Assets
|
5,285
|
1,918
|
||||||
Vessels Held for Sale
|
14,783
|
14,960
|
||||||
Total current assets
|
135,562
|
107,108
|
||||||
Vessels, Net
|
760,986
|
715,264
|
||||||
Vessels under Construction
|
0
|
24,270
|
||||||
Other Non-Current Assets
|
2,619
|
4,511
|
||||||
Total Non-Current Assets
|
763,605
|
744,045
|
||||||
Total Assets
|
899,167
|
851,153
|
||||||
Accounts Payable
|
7,913
|
6,552
|
||||||
Accrued Voyage Expenses
|
23,508
|
14,985
|
||||||
Other Current Liabilities
|
11,751
|
8,561
|
||||||
Dividends Payable
|
4,033
|
0
|
||||||
Current Portion of Long Term Debt
|
41,581
|
37,547
|
||||||
Total Current liabilities
|
88,787
|
67,645
|
||||||
Long-Term Debt
|
312,982
|
283,411
|
||||||
Other Non-Current Liabilities
|
1,499
|
1,873
|
||||||
Total Non-current Liabilities
|
314,481
|
285,284
|
||||||
Shareholders' Equity
|
495,899
|
498,224
|
||||||
Total Liabilities and Shareholders' Equity
|
899,167
|
851,153
|
NORDIC AMERICAN TANKERS LIMITED
|
||||||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(UNAUDITED)
|
Six Months
Ended
|
Twelve Months
Ended
|
||||||
Amounts in USD '000
|
Jun. 30, 2022
|
Dec. 31, 2021
|
||||||
Net Cash Used in Operating Activities
|
(13,961
|
)
|
(44,458
|
)
|
||||
Investment in Vessels
|
(134
|
)
|
(3,868
|
)
|
||||
Investment in Other Fixed Assets
|
0
|
(589
|
)
|
|||||
Investment in Vessels under Construction
|
(89,694
|
)
|
(13,270
|
)
|
||||
Proceeds from Vessel Sales
|
44,335
|
14,262
|
||||||
Net Cash Used in Investing Activities
|
(45,493
|
)
|
(3,465
|
)
|
||||
Proceeds from Issuance of Common Stock
|
34,841
|
80,051
|
||||||
Proceeds from Borrowing Activities
|
88,000
|
0
|
||||||
Repayments of Vessel Financing
|
(4,459
|
)
|
(7,958
|
)
|
||||
Repayment of Borrowing Facility
|
(50,985
|
)
|
(30,780
|
)
|
||||
Financing Transaction Costs
|
0
|
(1,100
|
)
|
|||||
Dividends Distributed
|
(1,945
|
)
|
(9,700
|
)
|
||||
Net Cash Provided by Financing Activities
|
65,452
|
30,513
|
||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
|
5,997
|
(17,409
|
)
|
|||||
Effect of exchange rate changes on Cash
|
38
|
(13
|
)
|
|||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period
|
44,649
|
62,070
|
||||||
Cash, Cash Equivalents and Restricted Cash at End of Period
|
50,684
|
44,648
|
||||||
Cash and Cash Equivalents
|
35,573
|
34,739
|
||||||
Restricted Cash
|
15,111
|
9,909
|
NORDIC AMERICAN TANKERS LIMITED
|
||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||
Amounts in USD '000
|
Jun. 30, 2022
|
Mar. 31, 2022
|
Jun. 30, 2021
|
Jun. 30, 2022
|
Jun. 30, 2021
|
|||||||||||||||
Voyage Revenue
|
74,924
|
49,255
|
52,394
|
124,179
|
100,393
|
|||||||||||||||
Voyage Expense
|
(40,174
|
)
|
(33,734
|
)
|
(35,647
|
)
|
(73,908
|
)
|
(64,835
|
)
|
||||||||||
Net Voyage Revenue (1)
|
34,750
|
15,521
|
16,747
|
50,271
|
35,558
|
Three Months Ended
|
Twelve Months Ended
|
|
||||||||||||||||||
Amounts in USD '000
|
Jun. 30, 2022
|
Mar. 31, 2022
|
Jun. 30, 2021
|
Dec. 31, 2021
|
||||||||||||||||
Net Income (Loss)
|
(3,954
|
)
|
(26,986
|
)
|
(28,688
|
)
|
(171,328
|
)
|
|
|||||||||||
Interest Expense
|
5,633
|
6,081
|
6,643
|
26,380
|
||||||||||||||||
Depreciation Expense
|
12,515
|
12,874
|
17,402
|
68,352
|
|
|||||||||||||||
EBITDA (2)
|
14,194
|
(8,031
|
)
|
(4,643
|
)
|
(76,596
|
)
|
|
||||||||||||
Impairment
|
0
|
312
|
0
|
60,311
|
|
|||||||||||||||
ADJUSTED EBITDA
|
14,194
|
(7,719
|
)
|
(4,643
|
)
|
(16,285
|
)
|
|
(1)
|
Net voyage revenues represents voyage revenues less voyage expenses such as bunker fuel, port fees, canal tolls and brokerage commissions. Net voyage revenues
is included because certain investors use this data to measure a shipping company's financial performance. Net voyage revenues is not required by accounting principles generally accepted in the United States and should not be considered
as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States.
|
||||||||||
(2)
|
EBITDA is included because certain investors use this data to measure a shipping company's financial performance. EBITDA is not required by accounting
principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States.
|
Contacts:
|
|
Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 72 41 71
|
|
Bjørn Giæver, CFO
Nordic American Tankers Limited
Tel: +1 888 755 8391
|
|
Herbjørn Hansson, Chairman & CEO
Nordic American Tankers Limited
|
|
Web-site: www.nat.bm
|
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