Dividends

Our policy is to declare quarterly dividends to shareholders, based on our net operating cash flow during the previous quarter, after reserves as the Board of Directors may from time to time determine are required, taking into account contingent liabilities, the terms of our financing arrangements, our other cash needs and the requirements of Bermuda law. However, if we declare a dividend in respect of a quarter in which an equity issuance has taken place, we calculate the dividend per share based on our net operating cash flow for the quarter (after taking into account the factors described above) divided by the weighted average number of shares over that quarter. Net operating cash flow represents net income plus depreciation and certain non-cash administrative charges. The dividend paid is the calculated dividend per share multiplied by the number of shares outstanding at the end of the quarter.

NAT has made the following dividend payments to its shareholders:

The table illustrates the quarter in which the dividend was announced, and is based on the earnings of the preceding quarter.

Amount per share (USD)

 1st Quarter2nd Quarter3rd Quarter4th QuarterTotal Year
20240.12
20230.150.150.130.06***0.49
20220.010.020.030.050.11
20210.020.020.010.010.06
20200.070.140.200.040.45
20190.040.030.010.020.10
20180.030.010.020.010.07
20170.200.200.15*0.030.53
20160.430.430.250.261.37
20150.220.380.400.381.38
20140.120.230.25**0.140.61
20130.160.160.160.160.64
20120.300.300.30 0.301.20
20110.250.300.300.301.15
20100.250.600.600.251.70
20090.870.880.500.102.35
20080.501.181.601.614.89
20071.001.241.170.403.81
20061.881.581.071.325.85
20051.621.150.840.604.21
20041.151.700.881.114.84
20030.631.270.780.373.05
20020.360.340.330.321.35
20011.411.190.720.553.87
20000.340.450.671.102.56
19990.320.350.350.361.38
19980.400.410.320.301.43
1997   0.300.30

* incl. distribution of NAO shares eqiv. to $0.05 per share

** incl. distribution of NAO shares eqiv. to $0.16 per share

*** The dividend announced in 4th quarter 2023 was paid out in January 2024.