$NAT
NORDIC AMERICAN TANKERS Ltd

2023 Q4 Form 20-F Financial Statement

#000114036124022947 Filed on April 29, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $59.25M $262.2M $168.8M
YoY Change -16.66% 55.3% -11.64%
Cost Of Revenue $15.52M $60.00M $63.43M
YoY Change 1.98% -5.4% -67.63%
Gross Profit $43.73M $202.2M $105.4M
YoY Change -21.73% 91.83% -2266.84%
Gross Profit Margin 73.81% 77.11% 62.43%
Selling, General & Admin $5.856M $22.89M $18.80M
YoY Change 15.14% 21.77% 20.35%
% of Gross Profit 13.39% 11.32% 17.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.28M $51.40M $50.42M
YoY Change 4.29% 1.94% -26.23%
% of Gross Profit 30.36% 25.42% 47.84%
Operating Expenses $19.13M $74.29M $69.22M
YoY Change 7.39% 7.32% -12.7%
Operating Profit $24.60M $127.9M $36.18M
YoY Change -35.37% 253.52% -142.99%
Interest Expense -$7.162M -$29.20M -$27.06M
YoY Change -10.99% 7.91% 2.57%
% of Operating Profit -29.11% -22.83% -74.79%
Other Income/Expense, Net $66.00K $17.00K $289.0K
YoY Change -81.46% -94.12% -167.37%
Pretax Income $17.50M $98.71M $15.10M
YoY Change -51.42% 553.67% -108.82%
Income Tax $120.0K $120.0K $23.00K
% Of Pretax Income 0.69% 0.12% 0.15%
Net Earnings $17.50M $98.71M $15.10M
YoY Change -51.42% 553.67% -108.81%
Net Earnings / Revenue 29.54% 37.65% 8.94%
Basic Earnings Per Share $0.47 $0.07
Diluted Earnings Per Share $0.08 $0.47 $0.07
COMMON SHARES
Basic Shares Outstanding 208.8M 208.8M 202.0M
Diluted Shares Outstanding 208.8M 202.0M

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.08M $31.08M $59.58M
YoY Change -47.84% -47.84% 71.52%
Cash & Equivalents $31.08M $31.08M $59.58M
Short-Term Investments
Other Short-Term Assets $20.36M $20.36M $38.03M
YoY Change -46.45% -46.45% -9.72%
Inventory $31.18M $31.18M $25.43M
Prepaid Expenses $4.319M
Receivables $26.29M $26.29M $20.47M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $108.9M $108.9M $143.5M
YoY Change -24.11% -24.11% 33.99%
LONG-TERM ASSETS
Property, Plant & Equipment $768.6M $768.6M $735.1M
YoY Change 4.55% 4.55% -0.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.702M $1.702M $2.087M
YoY Change -18.45% -18.45% 9.96%
Total Long-Term Assets $770.3M $770.3M $737.2M
YoY Change 4.49% 4.49% -0.92%
TOTAL ASSETS
Total Short-Term Assets $108.9M $108.9M $143.5M
Total Long-Term Assets $770.3M $770.3M $737.2M
Total Assets $879.2M $879.2M $880.7M
YoY Change -0.17% -0.17% 3.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.446M $3.446M $6.960M
YoY Change -50.49% -50.49% 6.23%
Accrued Expenses $11.75M $11.75M $11.32M
YoY Change 3.83% 3.83% -40.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $31.90M $31.90M $39.70M
YoY Change -19.65% -19.65% 5.73%
Total Short-Term Liabilities $70.48M $70.48M $73.27M
YoY Change -3.8% -3.8% 8.31%
LONG-TERM LIABILITIES
Long-Term Debt $269.7M $269.7M $266.3M
YoY Change 1.26% 1.26% -6.02%
Other Long-Term Liabilities $717.0K $717.0K $1.151M
YoY Change -37.71% -37.71% -38.55%
Total Long-Term Liabilities $270.4M $270.4M $267.5M
YoY Change 1.09% 1.09% -6.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.48M $70.48M $73.27M
Total Long-Term Liabilities $270.4M $270.4M $267.5M
Total Liabilities $340.9M $340.9M $340.8M
YoY Change 0.04% 0.04% -3.45%
SHAREHOLDERS EQUITY
Retained Earnings -$57.52M
YoY Change -63.18%
Common Stock $193.1M
YoY Change 1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $538.3M $538.3M $540.0M
YoY Change
Total Liabilities & Shareholders Equity $879.2M $879.2M $880.7M
YoY Change -0.17% -0.17% 3.48%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income $17.50M $98.71M $15.10M
YoY Change -51.42% 553.67% -108.81%
Depreciation, Depletion And Amortization $13.28M $51.40M $50.42M
YoY Change 4.29% 1.94% -26.23%
Cash From Operating Activities $13.37M $139.4M $24.13M
YoY Change -67.02% 477.79% -154.28%
INVESTING ACTIVITIES
Capital Expenditures $73.19M $73.67M $5.116M
YoY Change 1348.37% 1339.99% -214.79%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$9.227M
YoY Change -100.0% -100.0% -1030.14%
Cash From Investing Activities -$73.19M -$73.67M -$14.34M
YoY Change -565.09% 413.63% 313.94%
FINANCING ACTIVITIES
Cash Dividend Paid $89.80M $22.70M
YoY Change 295.59% 134.02%
Common Stock Issuance & Retirement, Net $0.00 $49.10M
YoY Change -100.0% -38.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.09M -95.67M 9.005M
YoY Change -143.33% -1162.43% -70.49%
NET CHANGE
Cash From Operating Activities 13.37M 139.4M 24.13M
Cash From Investing Activities -73.19M -73.67M -14.34M
Cash From Financing Activities 19.09M -95.67M 9.005M
Net Change In Cash -40.73M -29.90M 18.80M
YoY Change -433.14% -259.06% -207.96%
FREE CASH FLOW
Cash From Operating Activities $13.37M $139.4M $24.13M
Capital Expenditures $73.19M $73.67M $5.116M
Free Cash Flow -$59.81M $65.78M $19.02M
YoY Change -268.54% 245.86% -147.54%

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339000
CY2021 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
9700000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
498223000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
15101000
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1400000
CY2022 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
49096000
CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-232000
CY2022 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
476000
CY2022 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
22682000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
539982000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
98711000
CY2023 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-281000
CY2023 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2203000
CY2023 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
102311000
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
538304000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
98711000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
15101000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-171328000
CY2023 us-gaap Depreciation
Depreciation
51397000
CY2022 us-gaap Depreciation
Depreciation
50421000
CY2021 us-gaap Depreciation
Depreciation
68352000
CY2023 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
314000
CY2021 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
60311000
CY2023 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0
CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
6005000
CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0
CY2023 nat Dry Dock Expenditures
DryDockExpenditures
-9497000
CY2022 nat Dry Dock Expenditures
DryDockExpenditures
-8215000
CY2021 nat Dry Dock Expenditures
DryDockExpenditures
-7318000
CY2023 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1447000
CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3589000
CY2021 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2989000
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
2203000
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
476000
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
339000
CY2023 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
150000
CY2022 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-84000
CY2021 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-502000
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5813000
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11100000
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3025000
CY2022 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
22682000
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5753000
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4558000
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1465000
CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2558000
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2694000
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-286000
CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-8477000
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
230000
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
11743000
CY2023 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-12819000
CY2022 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
13509000
CY2021 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
5844000
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
139445000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24134000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-44458000
CY2023 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
73526000
CY2022 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
5116000
CY2021 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
3868000
CY2023 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
144000
CY2022 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
0
CY2021 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
589000
CY2023 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
0
CY2022 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
90301000
CY2021 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
13270000
CY2023 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
0
CY2022 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
81074000
CY2021 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
14262000
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-73670000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14343000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3465000
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
49096000
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
80051000
CY2023 nat Proceeds From Vessel Financing Newbuildings
ProceedsFromVesselFinancingNewbuildings
54000000
CY2022 nat Proceeds From Vessel Financing Newbuildings
ProceedsFromVesselFinancingNewbuildings
88000000
CY2021 nat Proceeds From Vessel Financing Newbuildings
ProceedsFromVesselFinancingNewbuildings
0
CY2023 nat Repayment Of Vessel Financing New Buildings
RepaymentOfVesselFinancingNewBuildings
14671000
CY2022 nat Repayment Of Vessel Financing New Buildings
RepaymentOfVesselFinancingNewBuildings
11476000
CY2021 nat Repayment Of Vessel Financing New Buildings
RepaymentOfVesselFinancingNewBuildings
7958000
CY2023 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
44549000
CY2022 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
93933000
CY2021 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
30780000
CY2023 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
669000
CY2022 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0
CY2021 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1100000
CY2023 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
89783000
CY2021 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9700000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-95672000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9005000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
30513000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-29897000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
18796000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-17410000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
63302000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44648000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62070000
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-44000
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-142000
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-12000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33361000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
63302000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44648000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
31078000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
59583000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
34739000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2283000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3719000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
9909000
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
23000
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
59000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
64000
CY2023 us-gaap Interest Paid Net
InterestPaidNet
29040000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
23455000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
23392000
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">1.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NATURE OF BUSINESS<br/> </div> </td> </tr> </table> <div><br/> </div> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;"><span style="font-weight: normal;">Nordic</span> </span>American Tankers Limited (“NAT”) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company’s shares trade under the symbol “NAT” on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers.</div> <div><br/> </div> <div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The Company is an international tanker company that has a fleet of 20 Suezmax tankers as of December 31, 2023. <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">In 2023, the Company has added one 2016-built vessel, Nordic Hawk, to its fleet. The vessels in the fleet are considered homogeneous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo.</span> The fleet of 20 Suezmax tankers are predominantly employed in the spot market, </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">including shorter-term time-charter agreements, together with</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> two <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">vessels built in 2022</span> chartered out on six-year time charter agreements that </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">expire in 2028 and two vessels chartered out on longer term time-charter agreements that expire in the latter part of 2024.</span> </div> <div><br/> </div> <div><span style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">The Company’s Fleet </span></div> <div><br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s fleet as of December 31, 2023, consists of 20 Suezmax crude oil tankers of which the vast majority have been built in Korea.</div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px auto; width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"> <tr> <td style="width: 33.35%; vertical-align: bottom; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Vessel</span></div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;"> <br/> </span></div> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Built in</span></div> </td> <td style="width: 33.35%; vertical-align: top; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Deadweight </span></div> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Tons</span></div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Apollo<br/> </div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2003</div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">159,998</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Pollux<br/> </div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2003</div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">150,103</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Castor<br/> </div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2004</div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">150,249</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Luna<br/> </div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2004</div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">150,037</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Freedom<br/> </div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2005</div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">159,331</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Skier<br/> </div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2005</div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">159,089</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Sprinter<br/> </div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2005</div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">159,089</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Cross<br/> </div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2010</div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">158,475</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Light<br/> </div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2010</div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">158,475</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Vega<br/> </div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2010</div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">163,940</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Breeze<br/> </div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2011</div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">158,597</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Zenith<br/> </div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2011</div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">158,645</div> </td> </tr> <tr> <td rowspan="1" style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(204, 238, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Nordic Hawk</span></td> <td rowspan="1" style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(204, 238, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">2016</span></div> </td> <td rowspan="1" style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">158,594</td> </tr> <tr> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Star<br/> </div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2016</div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">157,738</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Space<br/> </div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2017</div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">157,582</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Aquarius<br/> </div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2018</div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">157,338</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Cygnus<br/> </div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2018</div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">157,526</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Tellus<br/> </div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2018</div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">157,407</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Harrier<br/> </div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2022</div> </td> <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">157,094</div> </td> </tr> <tr> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Nordic Hunter<br/> </div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2022</div> </td> <td style="width: 33.35%; vertical-align: top;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">157,037</div> </td> </tr> </table>
CY2023Q4 nat Total Number Of Vessels
TotalNumberOfVessels
20
CY2023 nat Number Of Vessels Added
NumberOfVesselsAdded
1
CY2023 nat Number Of Operating Vessels
NumberOfOperatingVessels
20
CY2022 nat Number Of New Buildings
NumberOfNewBuildings
2
CY2023 nat Agreement Period For Time Charter
AgreementPeriodForTimeCharter
P6Y
CY2023 nat Number Of Vessels Chartered Out On Agreements
NumberOfVesselsCharteredOutOnAgreements
2
CY2023Q4 nat Total Number Of Vessels
TotalNumberOfVessels
20
CY2023 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;">Basis</span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><span style="font-weight: bold;"> </span>of Accounting: </span>These consolidated financial statements (“financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</div>
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-align: justify;"><span style="font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Reclassifications:</span><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> The Company made certain reclassifications to the prior years’ financial statements to conform them to the presentation as of and for the year ended December 31, 2023. These reclassifications had no effect on consolidated financial position, net earnings, shareholders’ equity, or net cash flows for any of the periods presented.</span> </div>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Use of Estimates:</span> Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.</div>
CY2023 nat Original Maturities Of Deposits Classified As Cash And Cash Equivalents
OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents
P3M
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q4 us-gaap Property Plant And Equipment Salvage Value
PropertyPlantAndEquipmentSalvageValue
8000000
CY2023Q4 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P25Y
CY2023 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Impairment of Vessels: </span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Undiscounted future cash flows are estimated on a vessel-by-vessel basis if events or change in circumstances indicate that carrying amounts may not be recoverable. When applicable, estimates of future undiscounted cash flows are prepared and include assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel, net of brokerage commissions, expected outflows for vessels’ maintenance and vessel operating expenses (including planned drydocking expenditures).</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical company-specific average rates for the remaining estimated life of the vessel. The Company may apply a probability-weighted approach when estimating undiscounted cash flows if multiple outcomes are reasonably possible, such as vessel sales or to account for estimation uncertainty. <span style="font-weight: normal;">If the Company’s estimate of undiscounted future cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down to its fair value, by recording an impairment charge. The impairment loss is determined by the difference between the carrying amount of the asset and its fair value. Fair value is based on broker estimates that could be adjusted if there are actual entity specific comparable transactions available.</span></span></div>
CY2023 nat Market Rates For The Initial Period
MarketRatesForTheInitialPeriod
P2Y
CY2023 nat Historical And Average Spot Market Rate
HistoricalAndAverageSpotMarketRate
P15Y
CY2023 nat Period When Vessels Are Required To Be Drydocked Minimum
PeriodWhenVesselsAreRequiredToBeDrydockedMinimum
P30M
CY2023 nat Period When Vessels Are Required To Be Drydocked Maximum
PeriodWhenVesselsAreRequiredToBeDrydockedMaximum
P60M
CY2023Q4 nat Number Of Types Of Vessels
NumberOfTypesOfVessels
1
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Concentration of Credit Risk:</span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </span>Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company’s cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">For the years ending December 31, 2023, December 31, 2022, and December 31, 2021, one customer accounted for 11.3%, 12.2% and 12.5% of the voyage revenues, respectively.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Accounts receivable, Net, as of December 31, 2023, and December 31, 2022, were $26.3 million and $20.5 million, respectively. As of December 31, 2023, four charterers accounted for 73.2% of the outstanding accounts receivable, each representing 22.5%, 19.3%, 15.8% and 15.6% of the balance. As of December 31, 2022, three charterers accounted for 54% of the outstanding accounts receivable, each representing 29.8%, 13.3% and 10.9% of the balance. Accounts Receivable, Net, as of December 31, 2023, and December 31, 2022, are net of a provision for credit losses of $88,000 and $130,000, respectively.</div>
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
26300000
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
20500000
CY2023 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
88000
CY2022 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
130000
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
391687000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
339340000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
191075000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
47783000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
17155000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
17155000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
17155000
CY2023Q4 nat Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
7406000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
106654000
CY2023 nat Number Of Vessels In Which Time Charter Revenues Are Derived For Next Twelve Months
NumberOfVesselsInWhichTimeCharterRevenuesAreDerivedForNextTwelveMonths
6
CY2023 nat Number Of Vessels In Which Time Charter Revenues Are Derived For Subsequent Years
NumberOfVesselsInWhichTimeCharterRevenuesAreDerivedForSubsequentYears
2
CY2023Q4 us-gaap Capitalized Contract Cost Gross
CapitalizedContractCostGross
100000
CY2022Q4 us-gaap Capitalized Contract Cost Gross
CapitalizedContractCostGross
1300000
CY2023Q4 nat Vessels Under Operations
VesselsUnderOperations
20
CY2022Q4 nat Vessels Under Operations
VesselsUnderOperations
19
CY2023Q4 nat Vessels Gross
VesselsGross
1232121000
CY2022Q4 nat Vessels Gross
VesselsGross
1147320000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
449464000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
398113000
CY2023Q4 nat Accumulated Impairment Loss On Vessels
AccumulatedImpairmentLossOnVessels
14073000
CY2022Q4 nat Accumulated Impairment Loss On Vessels
AccumulatedImpairmentLossOnVessels
14073000
CY2023Q4 nat Vessels Net
VesselsNet
768584000
CY2022Q4 nat Vessels Net
VesselsNet
735134000
CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
300000
CY2021 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
60300000
CY2021 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
60300000
CY2023 nat Number Of Vessels Built
NumberOfVesselsBuilt
6
CY2022 nat Number Of Vessels Sold
NumberOfVesselsSold
5
CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
6000000
CY2023 nat Number Of Vessels Disposed
NumberOfVesselsDisposed
0
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
969000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
730000
CY2023Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
155000
CY2022Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
148000
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1124000
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
878000
CY2023 nat Number Of Lenders
NumberOfLenders
2
CY2023Q4 us-gaap Contractual Obligation
ContractualObligation
304770000
CY2023Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
32748000
CY2023Q4 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
93611000
CY2023Q4 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
21474000
CY2023Q4 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
21934000
CY2023Q4 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
56690000
CY2023Q4 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
75313000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
31100000
CY2023 nat Interest Expenses Net Of Capitalized Interest
InterestExpensesNetOfCapitalizedInterest
29040000
CY2022 nat Interest Expenses Net Of Capitalized Interest
InterestExpensesNetOfCapitalizedInterest
23455000
CY2021 nat Interest Expenses Net Of Capitalized Interest
InterestExpensesNetOfCapitalizedInterest
23392000
CY2023 us-gaap Interest Expense Debt
InterestExpenseDebt
1458000
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
3600000
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
2988000
CY2023 us-gaap Interest Expense
InterestExpense
30498000
CY2022 us-gaap Interest Expense
InterestExpense
27055000
CY2021 us-gaap Interest Expense
InterestExpense
26380000
CY2022 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
800000
CY2021 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1500000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5293000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6472000
CY2023Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
1616000
CY2022Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
1821000
CY2023Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
3949000
CY2022Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
6146000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
10858000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
14439000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
98711000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
15101000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-171328000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
208796444
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
202032942
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
162549611
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
208811300
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
202032942
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
162549611
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.05
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.05
CY2023Q4 nat Share Premium Fund
SharePremiumFund
167100000
CY2022Q4 nat Share Premium Fund
SharePremiumFund
167100000
CY2023 nat Dividend Charged To Contribution Surplus Account
DividendChargedToContributionSurplusAccount
102300000
CY2023 us-gaap Payments Of Dividends
PaymentsOfDividends
89800000
CY2022 us-gaap Payments Of Dividends
PaymentsOfDividends
22700000
CY2023 us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
404800000
CY2022 us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
507100000
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
30
CY2017Q2 nat Percentage Of Common Share Ownership
PercentageOfCommonShareOwnership
0.15
CY2022Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
0
CY2023Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
0
CY2023Q4 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
30000000

Files In Submission

Name View Source Status
0001140361-24-022947-index-headers.html Edgar Link pending
0001140361-24-022947-index.html Edgar Link pending
0001140361-24-022947.txt Edgar Link pending
0001140361-24-022947-xbrl.zip Edgar Link pending
ef20015371_20f.htm Edgar Link pending
ef20015371_ex12-1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
ef20015371_20f_htm.xml Edgar Link completed
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nat-20231231.xsd Edgar Link pending
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report.css Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
nat-20231231_cal.xml Edgar Link unprocessable
nat-20231231_def.xml Edgar Link unprocessable
nat-20231231_lab.xml Edgar Link unprocessable
nat-20231231_pre.xml Edgar Link unprocessable