Nordic American Tankers Continued to Fall in 3Q17

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Part 2
Nordic American Tankers Continued to Fall in 3Q17 PART 2 OF 5

Analyzing Nordic American Tankers’ Top Line

Voyage revenue

Nordic American Tankers’ voyage revenue in 3Q17 amounted to $55.6 million—compared to $74.4 million in the previous quarter and $71.7 million in 3Q16.

Analyzing Nordic American Tankers&#8217; Top Line

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Nordic’s net voyage revenue

For crude tanker companies, net revenue is calculated as the revenue minus voyage expenses. Nordic American Tankers’ (NAT) net voyage revenue fell to $23.6 million in 3Q17—compared to $39 million in the previous quarter. Its revenue was 48% lower than its 3Q16 revenue of $45.8 million.

Why did the revenues fall?

Most of Nordic American Tankers’ vessels operate in the spot market. Its revenue depends on market conditions. It’s important to note that 3Q17 was very challenging for the crude tanker industry. The company achieved a TCE (time charter equivalent) rate of $10,600 per day in 3Q17—down from $16,100 per day in the previous quarter. Also, the company had eight vessels in drydocking in the third quarter.


Euronav (EURN) already released its 3Q17 results. The company recorded revenues of $104 million—22% lower YoY (year-over-year). Other crude tanker companies haven’t released their results. Below are analysts’ 3Q17 revenue estimates for those companies:

  • Teekay Tankers (TNK) – $75 million or 28% lower YoY
  • Tsakos Energy Navigation (TNP) – $104 million or 4.1% lower YoY
  • DHT Holdings (DHT) – $52.8 million or 5% lower YoY


Nordic American Tankers expects stronger market rates in the fourth quarter. The company had its recent fixtures at $20,000 per day. However, the company stated that the tanker environment could rise or fall quickly.


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