Equity Research Update on NAT

5 months ago

Aurelion Research

"NAT (update): Modern 20-vessel Suezmax fleet (2016-2018), 50% on contracts. Solid financials: $103M cash, $210M debt, 24% debt/assets ratio. High-teens dividend yield ($0.07/qtr), covered even at lower rates. Q1'25 net income $4.2M, TCE $24,714/day, costs $9k/day. Bear case $2.20-2.40, base $2.60-2.70, bull $3.00-3.50. Upside from tightening tanker supply-demand."

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