Nordic American Tankers reports exceptionally strong Suezmax charter rates
Nordic American Tankers (NAT) has reported exceptionally strong chartering conditions for its Suezmax tanker fleet, with recent spot voyage fixtures generating substantial daily earnings as the company approaches the final weeks of 2026.
In a market update issued on November 9, the NYSE-listed tanker owner said its latest 10 spot voyage fixtures achieved an average Time Charter Equivalent (TCE) rate of approximately $144,000 per vessel per day. The voyages have an average duration of 60 days and are primarily associated with the fourth quarter of 2026.
Individual fixtures varied considerably, with the highest reaching $347,000 per day and the lowest standing at $59,000 per day. The wide range highlights the volatility of current tanker chartering conditions, even as recent fixtures indicate a particularly strong earnings environment for NAT’s vessels.
The company reported cash operating costs of less than $10,000 per vessel per day, leaving a substantial difference between operating expenditure and the TCE rates achieved on its latest spot fixtures. However, these figures do not represent fleetwide net profit, as financing expenses and other costs must also be considered.
Approximately half of NAT’s fleet is currently employed in the spot market, while the remaining vessels operate under existing charter agreements. This employment structure provides exposure to current spot market rates alongside earnings from contracted vessel employment.
Herbjorn Hansson, Founder, Chairman and CEO of Nordic American Tankers, indicated that the strength of the tanker market supports his expectations for continued dividend distributions.
“Based on the strength of the market for our tankers, I expect that NAT will continue to pay healthy dividends,” said Herbjorn Hansson, Founder, Chairman and CEO of Nordic American Tankers.
The company also cautioned that short-term fluctuations in charter rates are expected to continue, reflecting the variation observed across its recent fixtures.
NAT is scheduled to release its financial results for the third quarter of 2026 on November 30. The forthcoming report will provide further information on the company’s financial performance, although the latest fixture figures mainly relate to fourth-quarter vessel employment.
The November update offers a snapshot of recent Suezmax chartering activity rather than a complete assessment of fleetwide earnings, with actual quarterly performance depending on vessel employment, voyage timing and the terms of individual charter agreements.
