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NORDIC AMERICAN TANKERS Ltd

CIK:0001000177|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Voyage Revenues	$ 291,690	$ 349,742	$ 391,687
Other Income	730	0	0
Voyage Expenses	(109,880)	(124,646)	(129,507)
Vessel Operating Expenses	(66,938)	(62,809)	(60,003)
Depreciation Expense	(57,735)	(56,151)	(51,397)
Gain on Disposal of Vessels	16,621	0	0
General and Administrative Expenses	(28,143)	(28,825)	(22,890)
Net Operating Income	46,345	77,311	127,890
Interest Income	1,608	731	1,302
Interest Expense	(35,752)	(30,739)	(30,498)
Other Financial Income (Expense)	118	(670)	137
Total Other Expenses	(34,026)	(30,678)	(29,059)
Net Income Before Income Taxes	12,319	46,633	98,831
Income Tax Expense (benefit)	(48)	10	(120)
Net Income	$ 12,271	$ 46,643	$ 98,711
Basic Income per Share (in dollars per share)	$ 0.06	$ 0.22	$ 0.47
Diluted Income per Share (in dollars per share)	$ 0.06	$ 0.22	$ 0.47
Basic Average Number of Common Shares Outstanding (in shares)	211,750,663	209,227,286	208,796,444
Dilutive Average Number of Common Shares Outstanding (in shares)	211,750,663	209,898,006	208,811,300

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net Income	$ 12,271	$ 46,643	$ 98,711
Reconciliation of Net Income (Loss) to Net Cash Provided by / (Used In) Operating Activities
Depreciation Expense	57,735	56,151	51,397
Impairment Loss on Vessels	0	0	0
Gain on Disposal of Vessels	(16,621)	0	0
Drydock Expenditure	(17,321)	(1,874)	(9,497)
Amortization of Deferred Finance Costs	745	850	1,447
Share-based Compensation	0	1,847	2,203
Other, net	273	(590)	(150)
Changes in Operating Assets and Liabilities
Accounts Receivables	(2,877)	10,065	(5,813)
Inventory	2,000	9,252	(5,753)
Prepaid Expenses and Other Current Assets	(2,791)	(2,763)	2,558
Accounts Payable and Accrued Liabilities	(2,594)	3,970	(8,477)
Voyages in Progress	(10,996)	4,607	12,819
Net Cash Provided by Operating Activities	19,824	128,158	139,445
Cash Flows from Investing Activities
Investment in Vessels	(134,450)	(870)	(73,526)
Investment in other Fixed Assets	0	(1,750)	(144)
Proceeds from Sale of Vessels	46,751	0	0
Net Cash Used in Investing Activities	(87,699)	(2,620)	(73,670)
Cash Flows from Financing Activities
Proceeds from Borrowing activities	190,659	0	0
Proceeds from Issuance of Common Stock	0	8,932	0
Repurchase of Equity Awards	0	(3,547)	0
Proceeds from Vessel Financing	0	0	54,000
Repayment of Vessel financing	(26,227)	(20,662)	(14,671)
Repayments on Borrowing Facility	(8,225)	(12,079)	(44,549)
Transaction Costs Borrowing Facilities	(2,514)	0	(669)
Dividends Distributed	(84,700)	(87,695)	(89,783)
Net Cash Provided by / (Used In) Financing Activities	68,993	(115,051)	(95,672)
Net Increase / (Decrease) in Cash, Cash Equivalents, and Restricted Cash	1,118	10,487	(29,897)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	44,384	33,361	63,302
Effect of Exchange Rate Changes on Cash and Cash Equivalents	361	536	(44)
Cash, Cash Equivalents, and Restricted Cash at End of Year	45,863	44,384	33,361
Supplemental Disclosure of Cash Flow information
Cash and Cash Equivalents	45,863	39,177	31,078
Restricted Cash	0	5,207	2,283
Total Cash, Cash equivalents and Restricted Cash Shown in the Statement of Cash Flows	45,863	44,384	33,361
Cash Paid for Taxes	33	10	23
Cash Paid for Interest, Net of Amounts Capitalized	$ 35,007	$ 29,890	$ 29,040

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash and Cash Equivalents	$ 45,863	$ 39,177
Restricted Cash	0	5,207
Accounts Receivable, Net	19,039	16,223
Prepaid Expenses	8,401	6,227
Inventory	19,930	21,931
Voyages in Progress	17,566	6,570
Other Current Assets	4,053	3,436
Vessels Held for Sale	36,016	0
Total Current Assets	150,868	98,771
Non-Current Assets
Vessels	748,207	715,273
Right of Use Assets	738	975
Other Non-Current Assets	2,351	2,568
Total Non-Current Assets	751,296	718,816
Total Assets	902,164	817,587
Current Liabilities
Accounts Payable	2,528	4,257
Accrued Voyage Expenses	15,242	12,294
Deferred Revenue	3,836	5,632
Other Current Liabilities	10,410	7,572
Dividends Payable	0	8,470
Current Portion of Long-Term Debt	35,404	21,560
Total Current Liabilities	67,420	59,785
Non-Current Liabilities
Long-Term Debt	388,740	248,144
Other Non-Current Liabilities	483	845
Total Non-Current Liabilities	389,223	248,989
Commitments and Contingencies
Shareholders' Equity
Common Stock, par value $0.01 per share 360,000,000 authorized, 211,750,663 and 211,750,663 issued and outstanding at December 31, 2024, and 2023, respectively	2,117	2,117
Additional Paid-in Capital	198,206	198,206
Contributed Surplus	244,955	321,185
Accumulated Other Comprehensive Loss	(1,155)	(1,822)
Retained Earnings (Accumulated Deficit)	1,398	(10,873)
Total Shareholders' Equity	445,521	508,813
Total Liabilities and Shareholders' Equity	$ 902,164	$ 817,587