Nordic American Tankers posted a net profit of $68.3 million for the second quarter of 2026, rising from $46.3 million in the previous quarter and reversing a net loss of $0.9 million recorded during the same period in 2025.
The result included a $21.3 million gain on vessel sales alongside $14.6 million in loss of hire insurance recoveries for three ships that had been unable to transit the Strait of Hormuz.
Adjusted earnings before interest, tax, depreciation and amortisation reached $67.6 million, up from $54 million in the opening quarter.
Average time charter equivalent rates climbed to $63,000 per day per ship during the three-month period, while approximately 75 per cent of the fleet has been booked for the third quarter at around $54,000 daily.
The tanker owner reported that three vessels trapped in the Arabian Gulf since February 28, following hostilities between Iran and the US, successfully exited the area through the Strait of Hormuz.
Two of those tankers have resumed international trading, whereas a 2003-built vessel was sold for $26 million.
Daily operating costs remained below $10,000 per vessel, helping lift total cash reserves to $175 million.
Net debt stood at $215.8 million across its fleet of 17 Suezmax tankers as of June 30, averaging $12.7 million per ship.
