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Net loss per share for the quarter was $(0.02), in line with the consensus of $(0.02).
NAT reported a net operating income of $1.92 million, compared to a loss of $(21.7) million a year ago.
Nordic American Tankers’ net cash used in operating activities for year-to-date totaled $(13.96) million. It held cash and equivalents of $50.7 million as of June 30, 2022.
As of June 30, 2022, NAT’s fleet consisted of 21 Suezmax tankers with a cargo lifting capacity of 1 million barrels of oil each.
Adjusted EBITDA improved to $14.19 million, from a loss of $(4.6) million a year ago. The margin was 40.9% for the quarter.
As of June 30, 2022, the company’s net debt stood at $267.7 million, which equals $12.7 million per ship based on 21 vessels.
Dividend: NAT declared a cash dividend of $0.03 per share, payable on October 12, 2022, to shareholders of record on September 15, 2022.
The average TCE for Q2 came in at $20,080 per day per ship. The company noted that Q3 has started at an even stronger pace.
Price Action: NAT shares are trading lower by 10.8% at $2.40 on the last check Tuesday.
Editor’s Note: The earnings report has been updated with correct consensus, which means the company beat on revenue instead of a miss reported earlier.
