Nordic American Tankers, the oil tanker owner incorporated in Bermuda, returned to profit in the fourth quarter of 2025 as rates strengthened and demand rose for vessels compliant with international sanctions on Russian oil.

The company reported net income of $11.7 million for the quarter, compared with a loss of $2.8 million in the previous quarter.

Average daily earnings for its fleet climbed to $35,000 per vessel, up 25 per cent from the third quarter.

The company declared a dividend of 17 cents per share, marking its 114th consecutive quarterly cash dividend.

Nordic American operates a fleet of 20 Suezmax tankers, each capable of carrying about 1 million barrels of oil.

In a statement, Herbjørn Hansson, chairman and chief executive, said pressure on the so-called “shadow fleet” — ships transporting sanctioned oil — is increasing demand for compliant vessels.

“The increased pressure on the so-called shadow fleet and transportation of sanctioned oil is already increasing demand for compliant ships,” the company said.

The sanctions regime imposed on Russian crude following the invasion of Ukraine has led to the rise of this “shadow fleet” of older vessels operating outside western insurance and compliance systems.

Nearly two-thirds of its spot trading days in the first quarter of 2026 have already been booked at about $55,000 per day, according to the report.

The tanker market strengthened towards year-end, with the fourth quarter described as the company’s strongest of 2025.