A Bermudian-based tanker company has reported booming earnings and raised its dividend as geopolitical tensions and surging demand for oil transportation lift global shipping markets.

Nordic American Tankers Ltd said first-quarter net income reached $46.3 million, exceeding the company’s earnings for the whole of 2025. The company also declared a quarterly cash dividend of 22 cents per share. It is the 115th consecutive quarterly dividend since listing in 1996.

The company said market conditions were now “the best for several decades” as rates for Suezmax tankers climbed sharply amid tightening vessel availability and disruption risks linked to the Middle East.

About 90 per cent of the company’s fleet has already been booked at roughly $68,000 per day during the second quarter of 2026, compared with an average of $47,600 per day per vessel during the first quarter.

NAT said demand accelerated further near the end of the quarter “when tensions in the Middle East exploded with the closure of the Strait of Hormuz”.

The operator said the outlook for tanker markets remained strong as global oil demand rose, particularly in emerging economies.

As of March 31, the company operated a fleet of 18 Suezmax tankers and had two additional vessels on order from a South Korean shipyard for delivery in 2028.

The company also pointed to what it described as a relatively balanced global order book despite an increase in new vessel construction.

NAT said 171 new Suezmax vessels are expected to enter the global fleet by the end of 2029, while 218 existing vessels will be 20 years old or older during the same period.

The company added: “Prospects for NAT are excellent.”