Nordic American Tankers (NAT) is a Bermuda-based shipping company that owns and operates a fleet of Suezmax crude oil tankers. Suezmax vessels carry roughly 1 million barrels of oil and are among the largest tankers that can transit the Suez Canal, making them suitable for both long-haul and medium-haul crude oil routes — including West Africa, the Black Sea, the Mediterranean, South America, and the Arabian Gulf. NAT's customers are major oil companies, oil traders, and independent oil companies. NAT charters vessels on either short-term spot contracts or multi-year time charters, with most of the fleet operating in the spot market. NAT operates a deliberately uniform, all-Suezmax fleet — what it calls the "Nordic American System" — which reduces operational complexity and keeps costs low. As of year-end 2025, NAT operated 20 vessels, though fleet size will drop to 16 following post-year-end asset sales, excluding two newbuildings contracted for delivery in 2028. NAT actively recycles the fleet by selling older vessels and acquiring newer ones. NAT funds vessel acquisitions through bank debt and sale-leaseback arrangements, primarily with Ocean Yield. The key earnings driver is the daily time-charter equivalent (TCE) rate, and NAT reports a cash break-even of roughly $10,000/day per vessel. NAT frames itself as a dividend company, paying quarterly dividends for 114 consecutive quarters, and declared $0.36/share in total dividends in 2025.