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Nordic American Tanker operates a fleet of Suezmax crude-oil tankers worldwide. Customers needing to move crude oil pay the company to charter its ships. Most revenue comes from spot charters arranged for individual voyages; the rest comes from time charters, under which customers hire vessels for an agreed period.
Its earnings depend heavily on prevailing tanker rates, which reflect oil transport demand and the supply of available ships. The company bears vessel operating costs, including crew and maintenance, while fuel is a major shipping expense. Sanctions restrict where it can operate and which customers and oil cargoes it can serve, including restrictions on Russian oil transport. Its ships must also comply with marine safety, pollution and emissions rules to keep operating.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Teekay Tankers Ltd. and Nordic American earn money carrying crude oil for charterers, so both are exposed to crude-shipment demand and spot freight rates. Watch Teekay Tankers’ spot-market earnings for a read on Nordic American’s main revenue source.
Okeanis Eco Tankers Corp.’s eight Suezmax crude tankers compete directly with Nordic American for charterers’ cargoes, with spot or short-term employment exposing them to similar rate swings. Watch earnings from those ships rather than its larger VLCCs for the closer comparison.
Frontline Plc competes with Nordic American for paid crude-oil transport: it owned 21 Suezmax tankers at December 31, 2025, serving major oil companies and large oil traders. Its Suezmax charter earnings are the closer comparison for Nordic American, rather than results across its broader fleet.
International Seaways, Inc.’s 13 Suezmax crude tankers compete with Nordic American for charterers’ transport business. Watch that part of its fleet: its other crude and refined-product tankers, and fixed-rate contracts, make company-wide revenue a less direct guide to Nordic American’s spot exposure.
Tsakos Energy Navigation Ltd. and Nordic American both earn charter revenue from oil-industry customers, but TEN spreads its business across more vessel types and long-, medium- and short-term contracts. Watch TEN’s oil-tanker charter rates for signs of the transport market Nordic American faces, rather than treating its whole fleet as comparable.
DHT HOLDINGS, INC. shares Nordic American’s exposure to charterers’ demand for crude transport, but uses larger very large crude carriers (VLCCs) rather than Suezmax tankers. Its spot charter earnings show conditions in that larger-ship market, so watch for differences in rates between vessel sizes before drawing a comparison.
Teekay Corporation Ltd. competes with Nordic American through its controlling stake in Teekay Tankers, which earns money transporting crude oil and refined products for charterers. Watch its tanker segment for shared exposure to crude transport demand and spot earnings; its Australian services for government-owned vessels are a different business.
Rubico Inc.’s two operating Suezmax crude tankers overlap directly with Nordic American’s business, but fixed-rate charters to Clearlake soften their near-term response to market rates. Clearlake was Rubico’s only customer in 2025, so revenue from those contracts is not a direct gauge of Nordic American’s spot earnings.
Teekay Tankers Ltd. earningsTNK
Teekay Tankers’ spot-market results show the rate environment for crude transport that Nordic American also depends on, though the two fleets can earn different rates.
Focus on Teekay Tankers’ spot tanker earnings and rates, not a direct comparison of per-share results. Stronger rates and earnings would suggest crude-shipping demand or vessel availability is supporting the market both companies serve, a possible tailwind for Nordic American’s Suezmax ships. Weaker figures would point to pressure on rates or bookings, but differences in ship size and routes mean they do not establish Nordic American’s own results.
Nordic American Tanker earningsThis company
Nordic American earns most of its revenue carrying crude in Suezmax tankers, and this report will show whether changing freight rates are lifting net voyage revenue.
Read the time charter equivalent (TCE) rate—the net voyage revenue earned per operating day—alongside net voyage revenue and voyage expenses. A higher TCE rate and revenue growing faster than costs such as fuel and port charges would show the fleet earning more per day and widening its operating cushion. A falling rate, or costs outgrowing revenue, would show that spot freight has not translated into better shipping returns.
