Nordic American Tankers Ltd (NYSE:NAT) reported a Q2 FY23 revenue of $67.80 million, missing the consensus of $68.32 million.
EPS for the quarter improved to $0.13 from a loss per share of $(0.02) in Q2 FY22, missing the consensus of $0.14.
NAT reported a net operating income of $34.15 million, compared to a profit of $1.92 million in the year-ago quarter.
Adjusted EBITDA stood at $47.24 million, significantly higher than $14.07 million a year ago.
Nordic American Tankers’ operating cash flow totaled $102.41 million for the six months ended June.
As of June 30, 2023, NAT’s fleet consisted of 19 Suezmax tankers with a cargo lifting capacity of 1 million barrels of oil each.
The average time charter equivalent (TCE) for the second quarter was $39,300 per day per ship, up from the $20,080 per day per vessel as of Q2 FY22.
The company’s 57% of spot voyage days for Q3 FY23 have been booked at an average TCE of $34,800 per day per ship.
NAT’s net debt stood at $159.8 million, which equals $8.4 million per ship, as of June 30, 2023.
Dividend: The company declared a dividend per share of $0.13, payable on October 5, 2023, to shareholders of record as of September 14, 2023.
Price Action: NAT shares are trading lower by 0.37% at $4.08 on the last check Monday.
