Nordic American Tankers Limited (NAT) 20-F 29 Apr 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Entity Addresses [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-13944
Entity Registrant Name	NORDIC AMERICAN TANKERS Ltd
Entity Central Index Key	0001000177
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Swan Building
Entity Address, Address Line Two	26 Victoria Street
Entity Address, City or Town	Hamilton
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 12
Title of 12(b) Security	Common Shares, $0.01 par value
Trading Symbol	NAT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	208,796,444
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Firm ID	1363
Auditor Name	KPMG AS
Auditor Location	Oslo, Norway
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	Swan Building
Entity Address, Address Line Two	26 Victoria Street
Entity Address, City or Town	Hamilton
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 12
City Area Code	441
Contact Personnel Name	Herbjorn Hansson
Local Phone Number	292-7202

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Voyage Revenues	$ 391,687	$ 339,340	$ 191,075
Other Income	0	0	4,684
Voyage Expenses	(129,507)	(170,515)	(128,263)
Vessel Operating Expenses	(60,003)	(63,430)	(67,676)
Depreciation Expenses	(51,397)	(50,421)	(68,352)
Impairment Loss on Vessels	0	(314)	(60,311)
Gain on Disposal of Vessels	0	6,005	0
General and Administrative Expenses	(22,890)	(18,798)	(15,620)
Net Operating Income (Loss)	127,890	41,867	(144,463)
Interest Income	1,302	266	3
Interest Expenses	(30,498)	(27,055)	(26,380)
Other Financial Income (Expense)	137	46	(429)
Total Other Expenses	(29,059)	(26,743)	(26,806)
Net Income (Loss) Before Income Taxes	98,831	15,124	(171,269)
Income Tax Expense	(120)	(23)	(59)
Net Income (Loss)	$ 98,711	$ 15,101	$ (171,328)
Basic Income (Loss) per Share (in dollars per share)	$ 0.47	$ 0.07	$ (1.05)
Diluted Income (Loss) per Share (in dollars per share)	$ 0.47	$ 0.07	$ (1.05)
Basic Average Number of Common Shares Outstanding (in shares)	208,796,444	202,032,942	162,549,611
Dilutive Average Number of Common Shares Outstanding (in shares)	208,811,300	202,032,942	162,549,611

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net Income (Loss)	$ 98,711	$ 15,101	$ (171,328)
Other Comprehensive Income (Loss)
Translation Differences	(89)	(210)	(102)
Unrealized Gain (Loss) on Defined benefit plan	(192)	(22)	(163)
Other Comprehensive Income (Loss)	(281)	(232)	(265)
Total Comprehensive Income (Loss)	$ 98,430	$ 14,869	$ (171,593)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and Cash Equivalents	$ 31,078	$ 59,583
Restricted Cash	2,283	3,719
Accounts Receivable, Net	26,287	20,474
Prepaid Expenses	4,319	5,975
Inventory	31,183	25,430
Voyages in Progress	11,178	23,997
Other Current Assets	2,582	3,484
Total Current Assets	108,910	142,662
Non-Current Assets
Vessels	768,584	735,134
Right of Use Assets	578	1,209
Other Non-Current Assets	1,124	878
Total Non-Current Assets	770,286	737,221
Total Assets	879,196	879,883
Current Liabilities
Accounts Payable	3,446	6,960
Accrued Voyage Expenses	11,748	11,315
Other Current Liabilities	10,858	14,439
Dividends Payable	12,528	0
Current Portion of Long-Term Debt	31,898	39,700
Total Current Liabilities	70,478	72,414
Non-Current Liabilities
Long-Term Debt	269,697	266,337
Operating Lease Liabilities	0	535
Other Non-Current Liabilities	717	615
Total Non-Current Liabilities	270,414	267,487
Commitments and Contingencies
Shareholders' Equity
Common Stock, par value $0.01 per share 360,000,000 authorized, 208,796,444 issued and outstanding at December 31, 2023 and December 31, 2022, respectively.	2,087	2,087
Additional Paid-in Capital	191,004	188,801
Contributed Surplus	404,823	507,134
Accumulated Other Comprehensive Loss	(2,094)	(1,813)
Retained Earnings (Accumulated Deficit)	(57,516)	(156,227)
Total Shareholders' Equity	538,304	539,982
Total Liabilities and Shareholders' Equity	$ 879,196	$ 879,883

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Shareholders' Equity
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	360,000,000	360,000,000
Common Stock, shares issued (in shares)	208,796,444	208,796,444
Common Stock, shares outstanding (in shares)	208,796,444	208,796,444

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Treasury Shares [Member]	Common Shares [Member]	Additional Paid-In Capital [Member]	Contributed Surplus [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings (Accumulated Deficit) [Member]	Total
Balance (in shares) at Dec. 31, 2020	42,000	151,446,112
Balance at Dec. 31, 2020		$ 1,514	$ 59,412	$ 539,516	$ (1,316)	$ 0	$ 599,126
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)		$ 0	0	0	0	(171,328)	(171,328)
Common Shares Issued, net of issuance cost (in shares)	0	32,248,084
Common Shares Issued, net of issuance cost		$ 322	79,729	0	0	0	80,051
Other Comprehensive Loss		$ 0	0	0	(265)	0	(265)
Share Based Compensation (in shares)	(42,000)	0
Share Based Compensation		$ 0	339	0	0	0	339
Dividends		$ 0	0	(9,700)	0	0	(9,700)
Balance (in shares) at Dec. 31, 2021	0	183,694,196
Balance at Dec. 31, 2021		$ 1,836	139,480	529,816	(1,581)	(171,328)	498,223
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)		$ 0	0	0	0	15,101	15,101
Common Shares Issued, net of issuance cost (in shares)	0	25,102,248
Common Shares Issued, net of issuance cost		$ 251	48,845	0	0	0	49,096
Other Comprehensive Loss		$ 0	0	0	(232)	0	(232)
Share Based Compensation (in shares)	0	0
Share Based Compensation		$ 0	476	0	0	0	476
Dividends		$ 0	0	(22,682)	0	0	(22,682)
Balance (in shares) at Dec. 31, 2022	0	208,796,444
Balance at Dec. 31, 2022		$ 2,087	188,801	507,134	(1,813)	(156,227)	539,982
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)		0	0	0	0	98,711	98,711
Other Comprehensive Loss		$ 0	0	0	(281)	0	(281)
Share Based Compensation (in shares)	0	0
Share Based Compensation		$ 0	2,203	0	0	0	2,203
Dividends		$ 0	0	(102,311)	0	0	(102,311)
Balance (in shares) at Dec. 31, 2023	0	208,796,444
Balance at Dec. 31, 2023		$ 2,087	$ 191,004	$ 404,823	$ (2,094)	$ (57,516)	$ 538,304

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]
Common Shares Issued, issuance costs	$ 1.4	$ 2.3

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities
Net Income (Loss)	$ 98,711	$ 15,101	$ (171,328)
Reconciliation of Net Income (Loss) to Net Cash Provided by / (Used In) Operating Activities
Depreciation Expense	51,397	50,421	68,352
Impairment Loss on Vessels	0	314	60,311
Gain on Disposal of Vessels	0	(6,005)	0
Drydock Expenditure	(9,497)	(8,215)	(7,318)
Amortization of Deferred Finance Costs	1,447	3,589	2,989
Share-based Compensation	2,203	476	339
Other, net	(150)	84	502
Changes in Operating Assets and Liabilities
Accounts Receivables	(5,813)	(11,100)	(3,025)
Inventory	(5,753)	(4,558)	(1,465)
Prepaid Expenses and Other Current Assets	2,558	(2,694)	286
Accounts Payable and Accrued Liabilities	(8,477)	230	11,743
Voyages in Progress	12,819	(13,509)	(5,844)
Net Cash Provided by / (Used In) Operating Activities	139,445	24,134	(44,458)
Cash Flows from Investing Activities
Investment in Vessels	(73,526)	(5,116)	(3,868)
Investment in Other Fixed Assets	(144)	0	(589)
Investment in Newbuilds	0	(90,301)	(13,270)
Sale of Vessels	0	81,074	14,262
Net Cash Used In Investing Activities	(73,670)	(14,343)	(3,465)
Cash Flows from Financing Activities
Proceeds from Issuance of Common Stock	0	49,096	80,051
Proceeds from Vessel Financing	54,000	88,000	0
Repayment of Vessel financing	(14,671)	(11,476)	(7,958)
Repayments on Borrowing Facility	(44,549)	(93,933)	(30,780)
Transaction Costs Borrowing Facilities	(669)	0	(1,100)
Dividends Distributed	(89,783)	(22,682)	(9,700)
Net Cash Provided by / (Used In) Financing Activities	(95,672)	9,005	30,513
Net Increase / (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(29,897)	18,796	(17,410)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	63,302	44,648	62,070
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(44)	(142)	(12)
Cash, Cash Equivalents, and Restricted Cash at End of Year	33,361	63,302	44,648
Supplemental Disclosure of Cash Flow information
Cash and Cash Equivalents	31,078	59,583	34,739
Restricted Cash	2,283	3,719	9,909
Cash Paid for Taxes	23	59	64
Cash Paid for Interest, Net of Amounts Capitalized	$ 29,040	$ 23,455	$ 23,392

NATURE OF BUSINESS

NATURE OF BUSINESS	12 Months Ended
	Dec. 31, 2023
NATURE OF BUSINESS [Abstract]
NATURE OF BUSINESS	1. NATURE OF BUSINESS Nordic The Company is an international tanker company that has a fleet of 20 Suezmax tankers as of December 31, 2023. In 2023, the Company has added one 2016-built vessel, Nordic Hawk, to its fleet. The vessels in the fleet are considered homogeneous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo. including shorter-term time-charter agreements, together with two vessels built in 2022 expire in 2028 and two vessels chartered out on longer term time-charter agreements that expire in the latter part of 2024. The Company’s Fleet The Company’s fleet as of December 31, 2023, consists of 20 Suezmax crude oil tankers of which the vast majority have been built in Korea. Vessel Built in Deadweight Tons Nordic Apollo 2003 159,998 Nordic Pollux 2003 150,103 Nordic Castor 2004 150,249 Nordic Luna 2004 150,037 Nordic Freedom 2005 159,331 Nordic Skier 2005 159,089 Nordic Sprinter 2005 159,089 Nordic Cross 2010 158,475 Nordic Light 2010 158,475 Nordic Vega 2010 163,940 Nordic Breeze 2011 158,597 Nordic Zenith 2011 158,645 Nordic Hawk 2016 158,594 Nordic Star 2016 157,738 Nordic Space 2017 157,582 Nordic Aquarius 2018 157,338 Nordic Cygnus 2018 157,526 Nordic Tellus 2018 157,407 Nordic Harrier 2022 157,094 Nordic Hunter 2022 157,037

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis Principles of Consolidation: Reclassifications: The Company made certain reclassifications to the prior years’ financial statements to conform them to the presentation as of and for the year ended December 31, 2023. These reclassifications had no effect on consolidated financial position, net earnings, shareholders’ equity, or net cash flows for any of the periods presented. Use of Estimates: Foreign Currency Translation: . Revenue and Expense Recognition: Spot Charters: As the Company’s performance obligations are services which are received and consumed by our customers as we perform such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. Freight is generally billed to the customers after the cargo has been discharged and the performance obligation fulfilled by the Company. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the load and discharge ports. Demurrage earned during a spot charter represents a variable consideration. The Company recognizes such revenues in the voyage estimates only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Voyage estimates are reviewed and updated over the duration of the spot charter contract. When the Company’s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations. Time Charters: Vessel Operating Expenses: Cash, Cash Equivalents and Restricted Cash: Accounts Receivable, Net: Inventories: Vessels: Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation and impairment. Financing costs incurred during the construction period of the vessels are capitalized and included in vessels’ cost for qualifying assets. Certain subsequent expenditures for conversions and major improvements are capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value and is expensed over the estimated useful life of the related assets using the straight-line method. The residual value is estimated to be $8.0 million per vessel and the estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. repairs and maintenance are expensed as incurred. Vessels are classified separately as held for sale as part of current assets in the balance sheet when their carrying amount is expected to be recovered through a sale rather than continued use. For this to be the case, certain criteria should be met including, but not limited to, that the vessel must be available for immediate sale in its present condition, an active program to locate a buyer must be initiated, its sale must be highly probable, and the sale should be expected to be completed within one year. Vessels classified as held for sale are stated at their fair value less cost to sell. Fair value is based on broker estimates that could be adjusted if there are actual entity-specific comparable transactions available. Impairment of Vessels: The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Undiscounted future cash flows are estimated on a vessel-by-vessel basis if events or change in circumstances indicate that carrying amounts may not be recoverable. When applicable, estimates of future undiscounted cash flows are prepared and include assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel, net of brokerage commissions, expected outflows for vessels’ maintenance and vessel operating expenses (including planned drydocking expenditures). The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical company-specific average rates for the remaining estimated life of the vessel. The Company may apply a probability-weighted approach when estimating undiscounted cash flows if multiple outcomes are reasonably possible, such as vessel sales or to account for estimation uncertainty. If the Company’s estimate of undiscounted future cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down to its fair value, by recording an impairment charge. The impairment loss is determined by the difference between the carrying amount of the asset and its fair value. Fair value is based on broker estimates that could be adjusted if there are actual entity specific comparable transactions available. Drydocking: The Company’s vessels are required to be drydocked approximately every 30 to months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. Amortization expense of the drydocking costs is included in depreciation expense. Leases: The Company bareboat charters certain vessels under leasing agreements. Sale-leaseback arrangements where the transaction is not considered a sale under ASC 606 are accounted for as a financing transaction. Consideration received in such sale-leaseback arrangements is recorded as a financial liability. Each lease payment is allocated between liability and interest expense to achieve a constant rate on the financial liability outstanding. The interest element is charged as Interest Expense over the lease period. The Company has certain office lease contracts resulting in a right-of-use asset and a lease liability and the Company has applied an incremental borrowing rate as the discount rate to calculate the respective asset and liability. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Segment Information: Fair Value of Financial Instruments: Deferred Financing Costs: Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. . Share Based Compensation: The Company grants stock options as incentive-based compensation to certain employees. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost over the requisite service period. Income Taxes: Two of the Company’s subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 22% for the years ended December 31, 2023, 2022 and 2021, respectively, of their taxable profit. The income tax expensed for year ended December 31, 2023, 2022 and 2021 was $120,000, $23,000 and $59,000, respectively. Deferred tax assets related to these entities are insignificant. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes. Concentration of Credit Risk: For the years ending December 31, 2023, December 31, 2022, and December 31, 2021, one customer accounted for 11.3%, 12.2% and 12.5% of the voyage revenues, respectively. Accounts receivable, Net, as of December 31, 2023, and December 31, 2022, were $26.3 million and $20.5 million, respectively. As of December 31, 2023, four charterers accounted for 73.2% of the outstanding accounts receivable, each representing 22.5%, 19.3%, 15.8% and 15.6% of the balance. As of December 31, 2022, three charterers accounted for 54% of the outstanding accounts receivable, each representing 29.8%, 13.3% and 10.9% of the balance. Accounts Receivable, Net, as of December 31, 2023, and December 31, 2022, are net of a provision for credit losses of $88,000 and $130,000, respectively. Recently Adopted Accounting Standards and Recent Accounting Pronouncements In March 2020 and January 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04 and ASU 2021-01, respectively, Reference Rate Reform (ASC 848), which provided relief and clarification of guidance for companies preparing for discontinuation of interest rates such as LIBOR. The Company applied some of the expedients and exceptions for applying GAAP provided by the updates when the LIBOR reference rates were discontinued and replaced with alternative reference rates. No material effects from these transitions occurred and we refer to footnote 8 for further details related to amendments agreed with lenders in 2023. The FASB issues Accounting Standards Updates (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of ASUs issued. As of December 31, 2023, no ASUs have been issued that are expected to have a material impact on the consolidated financial statements.

REVENUES

REVENUES	12 Months Ended
	Dec. 31, 2023
REVENUES [Abstract]
REVENUES	3. REVENUES Our voyage revenues consist of time charter revenues and spot charter revenues with the following split: All figures in USD ‘000 2023 2022 2021 Spot Charter Revenues 346,409 296,810 170,242 Time Charter Revenues 45,278 42,530 20,833 Total Voyage Revenues 391,687 339,340 191,075 The future minimum revenues as at December 31, 2023 related to time charter revenues are as follows: All figures in USD ‘000 Amount 2024 47,783 2025 17,155 2026 17,155 2027 17,155 2028 and thereafter 7,406 Total Future Minimum Revenues 106,654 Time charter revenues specified in the table above include revenues from six vessels in 2024 and two vessels in the following years. Our voyage contracts have a duration of one year or less and we applied the exemption related to excluding the disclosure of remaining performance obligations. As of December 31, 2023, and December 31, 2022, the Company has capitalized fulfilment cost of $0.1 million and $1.3 million, respectively.

VESSELS

VESSELS	12 Months Ended
	Dec. 31, 2023
VESSELS [Abstract]
VESSELS	4. VESSELS Vessels consists of the carrying value of 20 and 19 vessels for the year ended December 31, 2023, and December 31, 2022, respectively. Vessels includes capitalized drydocking costs. All figures in USD ‘000 2023 2022 Vessels Cost as of January 1 1,078,996 1,244,148 Additions Vessels 73,526 117,677 Disposals Vessels - (282,829 ) Drydocking Cost as of January 1 68,324 80,047 Additions Drydocking 11,275 12,774 Disposals Drydocking - (24,497 ) Total Cost Vessels and Drydocking 1,232,121 1,147,320 Less Accumulated Depreciation (449,464 ) (398,113 ) Less Accumulated Impairment Loss on Vessels (14,073 ) (14,073 ) Net Book Value Vessels as of December 31 768,584 735,134 Impairment and Gain on Disposal of Vessels The Company has recorded impairment losses on vessels of $ nil If events or change in circumstances indicate that carrying amounts may not be recoverable, the Company reviews its vessels for impairment on an asset-by-asset basis by comparing the carrying value of its vessels to estimated undiscounted cash flows for the remaining useful life of its vessels. If applicable, the Company develops undiscounted future cash flows for the remaining useful life of the vessels with assumptions and estimates made based on historical trends as well as future expectations. The most important assumption in determining undiscounted cash flows are the estimated charter rates. Charter rates are volatile, and the analysis have in prior periods been based on market rates obtained from third parties, in combination with historical achieved rates by the Company. No events or change in circumstances were identified as of December 31, 2023, that indicated that the carrying values may not be recoverable. The impairment charge of $60.3 million recorded in 2021 was related to six vessels built in the period from 2002 to 2003. In 2022, five of these vessels were sold with an accumulated gain of $6.0 million. The gain relates in all material respects to the last vessel sold in October 2022, as a result of increasing second-hand vessel prices throughout 2022. No vessels have been disposed of in 2023.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	5. RELATED PARTY TRANSACTIONS The Company has an agreement with a company owned by a Board member for the use of an asset for corporate and marketing activities. The Company has in 2023 paid operating cost of $1.3 million and fees associated with actual use. In 2023, 2022 and 2021, the Company recognized an expense of $0.2 million, $0.3 million and $0.3 million, respectively, for utilization of the asset. No amounts were due to the related party

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	12 Months Ended
	Dec. 31, 2023
OTHER NON-CURRENT ASSETS [Abstract]
OTHER NON-CURRENT ASSETS	6. OTHER NON-CURRENT ASSETS All figures in USD ‘000 2023 2022 Fixture, Furniture and Equipment, Net 969 730 Other 155 148 Total as of December 31, 1,124 878

SHARE-BASED COMPENSATION PLAN

SHARE-BASED COMPENSATION PLAN	12 Months Ended
	Dec. 31, 2023
SHARE-BASED COMPENSATION PLAN [Abstract]
SHARE-BASED COMPENSATION PLAN	7. SHARE-BASED COMPENSATION PLAN In 2011, the Board of Directors decided to establish an incentive plan and the Company has amended its 2011 Equity Incentive Plan (the “Plan”) in 2015, 2019 and 2022. 4,000,000 stock options are authorized under the Plan, as of December 31, 2023. Stock Option Awards In October 2019, the 2011 Equity Incentive Plan was amended to reserve 1,000,000 stock options for issuance to persons employed in the management of the Company and members of the Board of Directors. The Company granted 755,000 and 234,000 two and , 4.70 In November 2022, the 2011 Equity Incentive Plan was amended to reserve an additional 3,000,000 stock options for issuance to persons employed in the management of the Company and members of the Board of Directors. The Company granted 3,990,000 stock options with vesting over a period of two years and an exercise price of $3.60 per share, adjusted for dividends. The options are exercisable in a period of twelve months following the vesting date. The Company used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model; Assumptions Volatility 69.0% Dividend yield* 0.0% Risk-free interest rate 4.54% Weighted-average grant date fair value $ 1.15 *Applied nil e exercise price is adjusted for dividends The expected volatility was based on historical volatility observed from historical company-specific data during the two years prior to the grant date. The compensation expense related to equity incentive awards was $2.2 million, $0.4 million and $0.2 million for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively, and the remaining unrecognized cost as of December 31, 2023, related to non-vested stock options was $1.8 million with a remaining average remaining vesting period of 0.8 years. No stock options were forfeited in 2022. During 2023, 135,000 stock options have forfeited and a cost of $0.1 million has been reversed in 2023. No stock options were exercisable as of December 31, 2023.

LONG-TERM DEBT AND CURRENT PORT

LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2023
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT [Abstract]
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT	8. LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT The Company has two lenders financing its fleet of twenty Suezmax tankers; (1) the 2019 Senior Secured Credit Facility, including the $30 million Accordion Loan, secured by fourteen vessels built prior to 2017, and (2) the Financing of 2018-built vessels that is related to the three vessels built in 2018, the Financing of 2022-built vessels that is related to the two vessels built in 2022 and the Financing of Nordic Hawk that is related to the 2016-built vessel, Nordic Hawk, delivered to the Company in 2023 2019 Senior Secured Credit Facility and $30 million Accordion Loan: On February 12, 2019, the Company entered into a new five-year senior secured credit facility for $306.1 million (the “2019 Senior Secured Credit Facility”). Borrowings under the 2019 Senior Secured Credit Facility are secured by first priority mortgages over fourteen vessels built in the period from 2003 to 2017 and assignments of earnings and insurance. The loan is amortizing with a twenty-year maturity profile, carries a floating interest rate and matures in February 2025 The loan had an original maturity date in February 2024. In 2023, the Company has signed amendments to the borrowing agreement extending the maturity date to February 2025, revised the required minimum liquidity covenant from $30.0 million to $20.0 million, negotiated a reduced interest rate for the remaining balance of the portion of the loan that was paid out in 2019 and replaced the LIBOR interest rate element in the agreement with the Federal Funds Rate. On December 16, 2020, the Company entered into a new loan agreement for the borrowing of $30.0 million (the “$30 million Accordion Loan”). The loan is considered an accordion loan to the 2019 Senior Secured Credit Facility loan agreement and has the same amortization profile, carries a floating interest rate and matures in February 2025 Modifications made to the loan agreement in 2023 are discussed in the paragraph above. The Company has repaid $44.6 million of the facility in the twelve months ended December 31, 2023 and as of December 31, 2023 and December 31, 2022 the Company had $84.6 million and $129.2 million drawn under its 2019 Senior Secured Credit Facility, respectively. As of December 31, 2023, the Company has presented $11.7 million, net of deferred financing cost of $0.4 million, under Current Portion of Long-Term Debt. The Excess Cash Flow payment generated from the earnings in the fourth quarter of 2023 has been waived by the lender and the Company applied this cash to the acquisition of the 2016-built vessel, Nordic Hawk, that was delivered to us in December 2024. Subsequent to December 31, 2023, the Company has repaid in total $3.0 million, and the total outstanding balances as of the date of this report is Financing of 2018-built Vessels The Company has three vessels that were built and delivered in sixty sixty expired in 2023 and the next anniversaries are in 2025 as of December 31, 2023, the financing agreements include interest charges composed of a floating term SOFR element that is subject to annual adjustment, plus a margin of 4.52% and a credit adjustment spread of 0.25%. The outstanding amounts under this financing arrangement were $87.2 million and $96.0 million as of December 31, 2023 and 2022, respectively, where $8.9 million and $8.5 million, net of deferred financing costs, have been presented as Current Portion of Long-Term Debt, respectively. Financing of 2022-built Vessels The two vessels, Nordic Harrier and Nordic Hunter, were delivered from Samsung shipyard in 2022. Under the terms of the financing agreement, the lender provided financing of 80.0% of the purchase price for each of the two vessels. Upon delivery of each of the vessels, the Company entered into ten-year bareboat charter agreements. The Company has obligations to purchase the vessels for $16.5 million for each vessel upon the completion of the ten-year bareboat charter agreements and has the option to purchase the vessels after sixty In 2023, the Company has agreed a replacement of the original LIBOR element with a term Secured Overnight Financing Rate (“SOFR”), plus a Credit Adjustment Spread (“CAS”) of 26 basis points and as of December 31, 2023, the financing agreements include interest charges composed of a floating term SOFR element that is subject to quarterly adjustment, plus a margin of 4.50% and a credit adjustment spread of 0.26% The outstanding amounts under this financing arrangement were $79.4 million and $84.9 million as of December 31, 2023 and 2022, respectively, where $5.4 million and $5.4 million, net of deferred financing costs, have been presented as Current Portion of Long-Term Debt, respectively. Financing of Nordic Hawk The 2016-built vessel, Nordic Hawk, was delivered to the Company in December 2023. Under the terms of the financing agreement, the lender provided financing of 75.0% of the purchase price. Upon delivery of the vessel, the Company entered into an eight-year bareboat charter agreement. The Company has an obligation to purchase the vessel for $5.9 million upon the completion of the eight-year bareboat charter agreement and has the option to purchase the vessel after sixty The outstanding amounts under this financing arrangement were $53.5 million and $ nil nil As of December 31, 2023, the aggregate annual principal payments required to be made under the Company’s outstanding debt facilities are as follows: Debt repayments in $’000s* Total 2024 2025 2026 2027 2028 More than 5 years 2019 Senior Secured Credit Facility including the $ 30 84,640 12,079 72,561 - - - - Financing of 2018-built Vessels 87,239 9,138 9,534 9,974 10,434 48,159 - Financing of 2022-built Vessels 79,351 5,515 5,500 5,500 5,500 5,515 51,521 Financing of Nordic Hawk 53,540 6,016 6,016 6,000 6,000 6,016 23,492 Total 304,770 32,748 93,611 21,474 21,934 56,690 75,313 The table above includes contractual repayments for the 2019 Senior Secured Credit Facility and the excess cash flow mechanism could result in higher loan repayments than indicated above if the Company generates excess cash from operations. The Company monitors compliance with financial covenants on a regular basis and as at December 31, 2023, the Company was in compliance with the financial covenants in its debt facilities. The financial minimum liquidity covenant has historically been the most sensitive covenant. As of December 31, 2023, the cash balance of the Company was $31.1 million. On a regular basis, the Company performs cash flow projections to evaluate whether it will be in a position to cover the liquidity needs for the next 12-month period and the compliance with financial and security ratios under its existing and future financing agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels’ future performance, market rates, operating expenses, capital expenditure, fleet utilization, general and administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations. The Company prepares cash flow projections for different scenarios and a key input factor to the cash flow projections is the estimated freight rates. The Company applies an average of several broker estimates in combination with own estimates for the coming 12-months’ period. The average freight rates achieved in 2023 have been strong compared to the historical long-term average freight rates achieved by the Company. As such, the Company has generated significant positive cash flows from operations that could be used for dividends, investments, or repayment of outstanding loan balances. The 2019 Senior Secured Credit Facility matures in February 2025 and the remaining loan balance at maturity will have to be repaid from cash generated from operations in the preceding period, refinanced with a new loan or a further extension of the revised maturity date with the lenders . The Suezmax freight rates in the first quarter of 2024 has continued to generate significant positive earnings and the Company expects that additional loan repayments can be made during 2024 due to the excess cash flow mechanism included in the 2019 Senior Secured Credit Facility. The low loan-to-value ratio for the 2019 Senior Secured Credit Facility has allowed for the excess cash flow payments to be waived in certain quarters during 2023 that contributed to increased dividends and to apply excess liquidity as equity in the acquisition of the 2016-built vessel, Nordic Hawk, that was delivered to the Company in December 2023. Given the current conditions of the Suezmax tanker market, which the Company and external market sources expect to continue at least until maturity of the 2019 Senior Secured Credit facility and the $30 million Accordion Loan in February 2025 and considering various reasonable sensitivities, the Company expects that it could be able to repay the debt with cash flows from operations. The ability to repay the loan balance in full upon maturity with cash flows generated from operations is also impacted by the size of dividends expected to be declared in the period.

INTEREST EXPENSES

INTEREST EXPENSES	12 Months Ended
	Dec. 31, 2023
INTEREST EXPENSES [Abstract]
INTEREST EXPENSES	9. INTEREST EXPENSES Interest expenses consist of interest expense on the long-term debt and amortization of deferred financing costs related to the facilities described in Note 8. All figures in USD ‘000 2023 2022 2021 Interest Expenses, net of capitalized interest 29,040 23,455 23,392 Amortization of Deferred Financing Costs 1,458 3,600 2,988 Total Interest Expenses 30,498 27,055 26,380 For the years ended December 31, 2023, 2022 and 2021, $ nil

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2023
OTHER CURRENT LIABILITIES [Abstract]
OTHER CURRENT LIABILITIES	10. OTHER CURRENT LIABILITIES All figures in USD ‘000 2023 2022 Accrued Expenses 5,293 6,472 Other Liabilities 1,616 1,821 Deferred Revenues 3,949 6,146 Total as of December 31, 10,858 14,439

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2023
EARNINGS (LOSS) PER SHARE [Abstract]
EARNINGS (LOSS) PER SHARE	11. EARNINGS (LOSS) PER SHARE Basic earnings per share (“EPS”) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period. All figures in USD except number of shares and earnings (loss) per common share 2023 2022 2021 Numerator Net Income (Loss) 98,711 15,101 (171,328 ) Denominator: Basic - Weighted Average Common Shares Outstanding 208,796,444 202,032,942 162,549,611 Dilutive – Weighted Average Common Shares Outstanding 208,811,300 202,032,942 162,549,611 Earnings (Loss) per Common Share: Basic 0.47 0.07 (1.05 ) Diluted 0.47 0.07 (1.05 ) Potentially dilutive equity instruments include the effects from unexercised stock options described in note 7 and additional dilution could result from the use of the ATM offering as further described in note 12

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
SHAREHOLDERS' EQUITY [Abstract]
SHAREHOLDERS' EQUITY	12. SHAREHOLDERS’ EQUITY Authorized, issued and outstanding common shares roll-forward is as follows: Authorized Shares Issued and Outstanding Shares Common Stock Balance as of January 1, 2021 360,000,000 151,446,112 1,514 $ 60 - 22,025,979 220 $60 million 2021 ATM - 10,222,105 102 Balance as of December 31, 2021 360,000,000 183,694,196 1,836 $60 million 2021 ATM - 10,764,990 108 $60 million 2022 ATM - 14,337,258 143 Balance as of December 31, 2022 360,000,000 208,796,444 2,087 $60 million 2022 ATM - - - Balance as of December 31, 2023 360,000,000 208,796,444 2,087 On October 16, 2020, the Company entered into an equity distribution agreement with B. Riley FBR, Inc., acting as a sales agent, under which we may, from time to time, offer and sell shares of our common stock through an At-the-Market Offering (the “$60 million 2020 ATM”) program having an aggregate offering price of up to $60,000,000. In 2021, the Company raised $60.0 million and $58.5 million in gross and net proceeds, respectively by issuing 22,025,979 common shares and this ATM was fully utilized. The 2020 $60 million ATM program was terminated on October 14, 2021. On September 29, 2021, the Company entered into a new equity distribution agreement with B. Riley Securities, Inc, acting as sales agent, under which the Company may, from time to time, offer and sell common stock through an At-the-Market Offering (the “$60 million 2021 ATM”) program having an aggregate offering price of up to $60,000,000. As of December 31, 2021, the Company had raised gross and net proceeds (after deducting sales commissions and other fees and expenses) of $22.3 million and $21.7 million, respectively, by issuing and selling 10,222,105 common shares. In the period from January 1 through to February 14, 2022, the Company raised gross and net proceeds of $16.9 million and $16.5 million, respectively, by issuing and selling 10,764,990 common shares. The $60 million 2021 ATM was terminated on February 14, 2022, after having utilized $39.2 million of the program. On February 14, 2022, the Company entered into a new equity distribution agreement with B. Riley Securities, Inc, acting as sales agent, under which the Company may, from time to time, offer and sell common stock through an At-the-Market Offering (the “$60 million 2022 ATM”) program having an aggregate offering price of up to $60,000,000. In 2022, the Company raised gross and net proceeds of $33.6 million and $32.7 million, respectively, by selling and issuing 14,337,258 commons shares. No common shares have been issued in 2023 and the remaining available balance under this ATM is $26.4 million. Based on the share price of the Company of $3.80 as of April 19, 2024, it would have resulted in 6,958,723 new shares being issued, if fully utilizing the remaining balance available of the $60 million 2022 ATM. Additional Paid-in Capital Included in Additional Paid-in Capital is the Company’s Share Premium Fund as defined by Bermuda law. The Share Premium Fund cannot be distributed without complying with certain legal procedures designed to protect the creditors of the Company, including public notice to its creditors and a subsequent period for creditor notice of concern, regarding the Company’s intention, following shareholder approval, to transfer such funds to the Company’s Contributed Surplus Account and thereby make such funds available for distribution. The Share Premium Fund was $167.1 million and $167.1 million as of December 31, 2023 and 2022, respectively. Credits to Additional Paid in Capital are a result of accounting for the Company’s share-based compensation program and issuance of shares. Contributed Surplus Account The Company’s Contributed Surplus Account as defined by Bermuda law, consists of amounts previously recorded as share premium, transferred to Contributed Surplus Account when resolutions are adopted by the Company’s shareholders to make Share Premium Fund distributable or available for other purposes. As indicated by the laws governing the Company, the Contributed Surplus Account can be used for dividend distribution and to cover accumulated losses from its operations. For the year ended December 31, 2023, the Company declared dividends of $102.3 million that was charged to the Contributed Surplus Account. The Company paid out $89.8 million of the declared dividends in 2023 and the remaining $12.5 million was paid out in January 2024. For the year ended December 31, 2022, the Company paid a dividend of $22.7 million that was charged to the Contributed Surplus Account. The Company’s Contributed Surplus account was $404.8 million and $507.1 million as of December 31, 2023 and 2022, respectively. Shareholders’ Rights Plan On June 16, 2017, the Board of Directors adopted a new shareholders’ rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth one-thousandth This shareholders’ rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. Our shareholders’ rights plan is not intended to deter offers that the Board determines are in the best interests of our shareholders.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES The Company may become a party to various legal proceedings generally incidental to its business and is subject to a variety of environmental and pollution control laws and regulations. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings resulting from operating the vessels in numerous jurisdictions worldwide. Although the ultimate disposition of legal proceedings cannot be predicted with certainty, it is the opinion of the Company’s management that the outcome of any claim which might be pending or threatened, either individually or on a combined basis, will not have a materially adverse effect on the financial position of the Company, but could materially affect the Company’s results of operations in a given year. No material claims have been filed against the Company as of December 31, 2023 and 2022. The Company does not have any material commitments outside the ordinary operations of the Company.

FINANCIAL INSTRUMENTS AND OTHER

FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 2023
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES	14. FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES The majority of the Company’s transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a material negative effect on the value of the Company’s cash flows. The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets. - The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value. - The estimated fair value for the long-term debt is considered to be approximately equal to the carrying values, adjusted for deferred financing cost presented as a reduction of the nominal borrowing amounts, since it bears spreads and variable interest rates which approximate market rates. The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2023 and 2022, are as follows: All figures in USD ‘000 Recurring: Fair Value Hierarchy Level 2023 Fair Value 2023 Carrying Value 2022 Fair Value 2022 Carrying Value Cash and Cash Equivalents 1 31,078 31,078 59,583 59,583 Restricted Cash 1 2,283 2,283 3,719 3,719 2019 Senior Secured Credit Facility including $ 30 2 (84,640 ) (84,155 ) (129,189 ) (127,600 ) Financing of 2018-built Vessels 2 (87,239 ) (86,145 ) (95,950 ) (94,622 ) Financing of 2022-built Vessels 2 (79,351 ) (78,425 ) (84,851 ) (83,815 ) Financing of Nordic Hawk 2 (53,540 ) (52,871 ) - -

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS On February 29, 2024, the Company declared a cash dividend of $0.12 per share in respect of the results for the fourth quarter of 2023. The dividend of $25.1 million was paid on April 10, 2024.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Accounting	Basis
Principles of Consolidation	Principles of Consolidation:
Reclassifications	Reclassifications: The Company made certain reclassifications to the prior years’ financial statements to conform them to the presentation as of and for the year ended December 31, 2023. These reclassifications had no effect on consolidated financial position, net earnings, shareholders’ equity, or net cash flows for any of the periods presented.
Use of Estimates	Use of Estimates:
Foreign Currency Translation	Foreign Currency Translation: .
Revenue and Expense Recognition	Revenue and Expense Recognition: Spot Charters: As the Company’s performance obligations are services which are received and consumed by our customers as we perform such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. Freight is generally billed to the customers after the cargo has been discharged and the performance obligation fulfilled by the Company. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the load and discharge ports. Demurrage earned during a spot charter represents a variable consideration. The Company recognizes such revenues in the voyage estimates only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Voyage estimates are reviewed and updated over the duration of the spot charter contract. When the Company’s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations. Time Charters:
Vessel Operating Expenses	Vessel Operating Expenses:
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash:
Accounts Receivable, Net	Accounts Receivable, Net:
Inventories	Inventories:
Vessels	Vessels: Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation and impairment. Financing costs incurred during the construction period of the vessels are capitalized and included in vessels’ cost for qualifying assets. Certain subsequent expenditures for conversions and major improvements are capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value and is expensed over the estimated useful life of the related assets using the straight-line method. The residual value is estimated to be $8.0 million per vessel and the estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. repairs and maintenance are expensed as incurred. Vessels are classified separately as held for sale as part of current assets in the balance sheet when their carrying amount is expected to be recovered through a sale rather than continued use. For this to be the case, certain criteria should be met including, but not limited to, that the vessel must be available for immediate sale in its present condition, an active program to locate a buyer must be initiated, its sale must be highly probable, and the sale should be expected to be completed within one year. Vessels classified as held for sale are stated at their fair value less cost to sell. Fair value is based on broker estimates that could be adjusted if there are actual entity-specific comparable transactions available.
Impairment of Vessels	Impairment of Vessels: The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Undiscounted future cash flows are estimated on a vessel-by-vessel basis if events or change in circumstances indicate that carrying amounts may not be recoverable. When applicable, estimates of future undiscounted cash flows are prepared and include assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel, net of brokerage commissions, expected outflows for vessels’ maintenance and vessel operating expenses (including planned drydocking expenditures). The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical company-specific average rates for the remaining estimated life of the vessel. The Company may apply a probability-weighted approach when estimating undiscounted cash flows if multiple outcomes are reasonably possible, such as vessel sales or to account for estimation uncertainty. If the Company’s estimate of undiscounted future cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down to its fair value, by recording an impairment charge. The impairment loss is determined by the difference between the carrying amount of the asset and its fair value. Fair value is based on broker estimates that could be adjusted if there are actual entity specific comparable transactions available.
Drydocking	Drydocking: The Company’s vessels are required to be drydocked approximately every 30 to months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. Amortization expense of the drydocking costs is included in depreciation expense.
Leases	Leases: The Company bareboat charters certain vessels under leasing agreements. Sale-leaseback arrangements where the transaction is not considered a sale under ASC 606 are accounted for as a financing transaction. Consideration received in such sale-leaseback arrangements is recorded as a financial liability. Each lease payment is allocated between liability and interest expense to achieve a constant rate on the financial liability outstanding. The interest element is charged as Interest Expense over the lease period. The Company has certain office lease contracts resulting in a right-of-use asset and a lease liability and the Company has applied an incremental borrowing rate as the discount rate to calculate the respective asset and liability. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Segment Information	Segment Information:
Fair Value of Financial Instruments	Fair Value of Financial Instruments:
Deferred Financing Costs	Deferred Financing Costs: Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. .
Share Based Compensation	Share Based Compensation: The Company grants stock options as incentive-based compensation to certain employees. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost over the requisite service period.
Income Taxes	Income Taxes: Two of the Company’s subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 22% for the years ended December 31, 2023, 2022 and 2021, respectively, of their taxable profit. The income tax expensed for year ended December 31, 2023, 2022 and 2021 was $120,000, $23,000 and $59,000, respectively. Deferred tax assets related to these entities are insignificant. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.
Concentration of Credit Risk	Concentration of Credit Risk: For the years ending December 31, 2023, December 31, 2022, and December 31, 2021, one customer accounted for 11.3%, 12.2% and 12.5% of the voyage revenues, respectively. Accounts receivable, Net, as of December 31, 2023, and December 31, 2022, were $26.3 million and $20.5 million, respectively. As of December 31, 2023, four charterers accounted for 73.2% of the outstanding accounts receivable, each representing 22.5%, 19.3%, 15.8% and 15.6% of the balance. As of December 31, 2022, three charterers accounted for 54% of the outstanding accounts receivable, each representing 29.8%, 13.3% and 10.9% of the balance. Accounts Receivable, Net, as of December 31, 2023, and December 31, 2022, are net of a provision for credit losses of $88,000 and $130,000, respectively.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements	Recently Adopted Accounting Standards and Recent Accounting Pronouncements In March 2020 and January 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04 and ASU 2021-01, respectively, Reference Rate Reform (ASC 848), which provided relief and clarification of guidance for companies preparing for discontinuation of interest rates such as LIBOR. The Company applied some of the expedients and exceptions for applying GAAP provided by the updates when the LIBOR reference rates were discontinued and replaced with alternative reference rates. No material effects from these transitions occurred and we refer to footnote 8 for further details related to amendments agreed with lenders in 2023. The FASB issues Accounting Standards Updates (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of ASUs issued. As of December 31, 2023, no ASUs have been issued that are expected to have a material impact on the consolidated financial statements.

NATURE OF BUSINESS (Tables)

NATURE OF BUSINESS (Tables)	12 Months Ended
	Dec. 31, 2023
NATURE OF BUSINESS [Abstract]
Current Fleet	The Company’s fleet as of December 31, 2023, consists of 20 Suezmax crude oil tankers of which the vast majority have been built in Korea. Vessel Built in Deadweight Tons Nordic Apollo 2003 159,998 Nordic Pollux 2003 150,103 Nordic Castor 2004 150,249 Nordic Luna 2004 150,037 Nordic Freedom 2005 159,331 Nordic Skier 2005 159,089 Nordic Sprinter 2005 159,089 Nordic Cross 2010 158,475 Nordic Light 2010 158,475 Nordic Vega 2010 163,940 Nordic Breeze 2011 158,597 Nordic Zenith 2011 158,645 Nordic Hawk 2016 158,594 Nordic Star 2016 157,738 Nordic Space 2017 157,582 Nordic Aquarius 2018 157,338 Nordic Cygnus 2018 157,526 Nordic Tellus 2018 157,407 Nordic Harrier 2022 157,094 Nordic Hunter 2022 157,037

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
	Dec. 31, 2023
REVENUES [Abstract]
Voyage Revenues	Our voyage revenues consist of time charter revenues and spot charter revenues with the following split: All figures in USD ‘000 2023 2022 2021 Spot Charter Revenues 346,409 296,810 170,242 Time Charter Revenues 45,278 42,530 20,833 Total Voyage Revenues 391,687 339,340 191,075
Future Minimum Revenues	The future minimum revenues as at December 31, 2023 related to time charter revenues are as follows: All figures in USD ‘000 Amount 2024 47,783 2025 17,155 2026 17,155 2027 17,155 2028 and thereafter 7,406 Total Future Minimum Revenues 106,654

VESSELS (Tables)

VESSELS (Tables)	12 Months Ended
	Dec. 31, 2023
VESSELS [Abstract]
Vessels	Vessels consists of the carrying value of 20 and 19 vessels for the year ended December 31, 2023, and December 31, 2022, respectively. Vessels includes capitalized drydocking costs. All figures in USD ‘000 2023 2022 Vessels Cost as of January 1 1,078,996 1,244,148 Additions Vessels 73,526 117,677 Disposals Vessels - (282,829 ) Drydocking Cost as of January 1 68,324 80,047 Additions Drydocking 11,275 12,774 Disposals Drydocking - (24,497 ) Total Cost Vessels and Drydocking 1,232,121 1,147,320 Less Accumulated Depreciation (449,464 ) (398,113 ) Less Accumulated Impairment Loss on Vessels (14,073 ) (14,073 ) Net Book Value Vessels as of December 31 768,584 735,134

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER NON-CURRENT ASSETS [Abstract]
Other Non-current Assets	All figures in USD ‘000 2023 2022 Fixture, Furniture and Equipment, Net 969 730 Other 155 148 Total as of December 31, 1,124 878

SHARE-BASED COMPENSATION PLAN (

SHARE-BASED COMPENSATION PLAN (Tables)	12 Months Ended
	Dec. 31, 2023
SHARE-BASED COMPENSATION PLAN [Abstract]
Share-based Payment Award Stock Options Valuation Assumptions	The Company used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model; Assumptions Volatility 69.0% Dividend yield* 0.0% Risk-free interest rate 4.54% Weighted-average grant date fair value $ 1.15 *Applied nil e exercise price is adjusted for dividends

LONG-TERM DEBT AND CURRENT PO_2

LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT [Abstract]
Aggregate Annual Principal Payments of Debt	As of December 31, 2023, the aggregate annual principal payments required to be made under the Company’s outstanding debt facilities are as follows: Debt repayments in $’000s* Total 2024 2025 2026 2027 2028 More than 5 years 2019 Senior Secured Credit Facility including the $ 30 84,640 12,079 72,561 - - - - Financing of 2018-built Vessels 87,239 9,138 9,534 9,974 10,434 48,159 - Financing of 2022-built Vessels 79,351 5,515 5,500 5,500 5,500 5,515 51,521 Financing of Nordic Hawk 53,540 6,016 6,016 6,000 6,000 6,016 23,492 Total 304,770 32,748 93,611 21,474 21,934 56,690 75,313

INTEREST EXPENSES (Tables)

INTEREST EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
INTEREST EXPENSES [Abstract]
Interest Expense on Long-term Debt	Interest expenses consist of interest expense on the long-term debt and amortization of deferred financing costs related to the facilities described in Note 8. All figures in USD ‘000 2023 2022 2021 Interest Expenses, net of capitalized interest 29,040 23,455 23,392 Amortization of Deferred Financing Costs 1,458 3,600 2,988 Total Interest Expenses 30,498 27,055 26,380

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER CURRENT LIABILITIES [Abstract]
Other Current Liabilities	All figures in USD ‘000 2023 2022 Accrued Expenses 5,293 6,472 Other Liabilities 1,616 1,821 Deferred Revenues 3,949 6,146 Total as of December 31, 10,858 14,439

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
EARNINGS (LOSS) PER SHARE [Abstract]
Basic and Diluted Earnings Per Share	Basic earnings per share (“EPS”) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period. All figures in USD except number of shares and earnings (loss) per common share 2023 2022 2021 Numerator Net Income (Loss) 98,711 15,101 (171,328 ) Denominator: Basic - Weighted Average Common Shares Outstanding 208,796,444 202,032,942 162,549,611 Dilutive – Weighted Average Common Shares Outstanding 208,811,300 202,032,942 162,549,611 Earnings (Loss) per Common Share: Basic 0.47 0.07 (1.05 ) Diluted 0.47 0.07 (1.05 )

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
SHAREHOLDERS' EQUITY [Abstract]
Authorized, Issued and Outstanding Common Shares Roll-forward	Authorized, issued and outstanding common shares roll-forward is as follows: Authorized Shares Issued and Outstanding Shares Common Stock Balance as of January 1, 2021 360,000,000 151,446,112 1,514 $ 60 - 22,025,979 220 $60 million 2021 ATM - 10,222,105 102 Balance as of December 31, 2021 360,000,000 183,694,196 1,836 $60 million 2021 ATM - 10,764,990 108 $60 million 2022 ATM - 14,337,258 143 Balance as of December 31, 2022 360,000,000 208,796,444 2,087 $60 million 2022 ATM - - - Balance as of December 31, 2023 360,000,000 208,796,444 2,087

FINANCIAL INSTRUMENTS AND OTH_2

FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2023
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]
Carrying Value of Estimated Fair Value of Financial Instruments	The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2023 and 2022, are as follows: All figures in USD ‘000 Recurring: Fair Value Hierarchy Level 2023 Fair Value 2023 Carrying Value 2022 Fair Value 2022 Carrying Value Cash and Cash Equivalents 1 31,078 31,078 59,583 59,583 Restricted Cash 1 2,283 2,283 3,719 3,719 2019 Senior Secured Credit Facility including $ 30 2 (84,640 ) (84,155 ) (129,189 ) (127,600 ) Financing of 2018-built Vessels 2 (87,239 ) (86,145 ) (95,950 ) (94,622 ) Financing of 2022-built Vessels 2 (79,351 ) (78,425 ) (84,851 ) (83,815 ) Financing of Nordic Hawk 2 (53,540 ) (52,871 ) - -

NATURE OF BUSINESS (Details)

NATURE OF BUSINESS (Details)	12 Months Ended
	Dec. 31, 2023 Vessel t	Dec. 31, 2022 Building
NATURE OF BUSINESS [Abstract]
Total number of vessels | Vessel	20
Number of vessels added | Vessel	1
Number of new buildings | Building		2
Number of operating vessels | Vessel	20
Agreement period for time charter	6 years
Number of vessels chartered out on agreements | Vessel	2
Nordic Apollo [Member]
Current Fleet [Abstract]
Deadweight tons	159,998
Nordic Pollux [Member]
Current Fleet [Abstract]
Deadweight tons	150,103
Nordic Castor [Member]
Current Fleet [Abstract]
Deadweight tons	150,249
Nordic Luna [Member]
Current Fleet [Abstract]
Deadweight tons	150,037
Nordic Freedom [Member]
Current Fleet [Abstract]
Deadweight tons	159,331
Nordic Skier [Member]
Current Fleet [Abstract]
Deadweight tons	159,089
Nordic Sprinter [Member]
Current Fleet [Abstract]
Deadweight tons	159,089
Nordic Cross [Member]
Current Fleet [Abstract]
Deadweight tons	158,475
Nordic Light [Member]
Current Fleet [Abstract]
Deadweight tons	158,475
Nordic Vega [Member]
Current Fleet [Abstract]
Deadweight tons	163,940
Nordic Breeze [Member]
Current Fleet [Abstract]
Deadweight tons	158,597
Nordic Zenith [Member]
Current Fleet [Abstract]
Deadweight tons	158,645
Nordic Hawk [Member]
Current Fleet [Abstract]
Deadweight tons	158,594
Nordic Star [Member]
Current Fleet [Abstract]
Deadweight tons	157,738
Nordic Space [Member]
Current Fleet [Abstract]
Deadweight tons	157,582
Nordic Aquarius [Member]
Current Fleet [Abstract]
Deadweight tons	157,338
Nordic Cygnus [Member]
Current Fleet [Abstract]
Deadweight tons	157,526
Nordic Tellus [Member]
Current Fleet [Abstract]
Deadweight tons	157,407
Nordic Harrier [Member]
Current Fleet [Abstract]
Deadweight tons	157,094
Nordic Hunter [Member]
Current Fleet [Abstract]
Deadweight tons	157,037

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Cash, Cash Equivalents and Restricted Cash (Details)	12 Months Ended
	Dec. 31, 2023
Cash, Cash Equivalents and Restricted Cash [Abstract]
Original maturities of deposits classified as cash and cash equivalents	3 months

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Vessels (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Vessels [Abstract]
Estimate useful life of vessel	25 years
Market rates for the initial period	2 years
Historical and average spot market rate	15 years
Residual value of the vessel	$ 8
Ballast Tank [Member]
Vessels [Abstract]
Improvements amortized over a period	8 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Drydocking (Details)	12 Months Ended
	Dec. 31, 2023
Drydocking [Abstract]
Period when vessels are required to be drydocked, minimum	30 months
Period when vessels are required to be drydocked, maximum	60 months

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segment Information (Details)	12 Months Ended
	Dec. 31, 2023 Vessel Segment
Segment Information [Abstract]
Number of segments | Segment	1
Number of types of vessel | Vessel	1

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Subsidiary	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Tax [Abstract]
Income tax rate	0%
Income tax expense	$ 120	$ 23	$ 59
Norwegian Tax Administration [Member]
Income Tax [Abstract]
Number of wholly owned subsidiaries | Subsidiary	2
Income tax rate	22%	22%	22%
Income tax expense	$ 120	$ 23	$ 59

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Charter Customer	Dec. 31, 2022 USD ($) Charter Customer	Dec. 31, 2021 Customer
Concentration of Risk [Abstract]
Accounts receivable, net	$ 26,300	$ 20,500
Provision for credit losses	$ 88	$ 130
Accounts Receivable [Member] | Three Charterers [Member]
Concentration of Risk [Abstract]
Number of charterers accounted for outstanding amount | Charter	4	3
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Charterers [Member]
Concentration of Risk [Abstract]
Concentration of credit risk percentage	73.20%	54%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Charterer One [Member]
Concentration of Risk [Abstract]
Concentration of credit risk percentage	22.50%	29.80%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Charterer Two [Member]
Concentration of Risk [Abstract]
Concentration of credit risk percentage	19.30%	13.30%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Charterer Three [Member]
Concentration of Risk [Abstract]
Concentration of credit risk percentage	15.80%	10.90%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Charterer Four [Member]
Concentration of Risk [Abstract]
Concentration of credit risk percentage	15.60%
Revenues [Member] | Customer Concentration Risk [Member] | One Customer [Member]
Concentration of Risk [Abstract]
Number of customers | Customer	1	1	1
Concentration of credit risk percentage	11.30%	12.20%	12.50%

REVENUES (Details)

REVENUES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Vessel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Abstract]
Voyage Revenues	$ 391,687	$ 339,340	$ 191,075
Future Minimum Revenues [Abstract]
2024	47,783
2025	17,155
2026	17,155
2027	17,155
2028 and thereafter	7,406
Future minimum revenues	$ 106,654
Number of vessels in which time charter revenues are derived for next twelve months | Vessel	6
Number of vessels in which time charter revenues are derived for subsequent years | Vessel	2
Capitalized cost	$ 100	1,300
Maximum [Member]
Future Minimum Revenues [Abstract]
Term of voyage contract	1 year
Spot Charter [Member]
Disaggregation of Revenue [Abstract]
Voyage Revenues	$ 346,409	296,810	170,242
Time Charter [Member]
Disaggregation of Revenue [Abstract]
Voyage Revenues	$ 45,278	$ 42,530	$ 20,833

VESSELS (Details)

VESSELS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Vessel	Dec. 31, 2022 USD ($) Vessel	Dec. 31, 2021 USD ($)
VESSELS [Abstract]
Number of vessels | Vessel	20	19
Vessels [Abstract]
Total	$ 1,232,121	$ 1,147,320
Less Accumulated Depreciation	(449,464)	(398,113)
Less Accumulated Impairment Loss on Vessels	(14,073)	(14,073)
Net Book Value Vessels	768,584	$ 735,134
Number of vessels sold | Vessel		5
Impairment loss on vessels	$ 0	$ 314	$ 60,311
Number of vessels built | Vessel	6
Accumulated gain on vessel	$ 0	6,005	$ 0
Number of vessels disposed | Vessel	0
Vessels [Member]
Vessels [Abstract]
Additions	$ 73,526	117,677
Disposals	0	(282,829)
Total	1,078,996	1,244,148
Drydocking [Member]
Vessels [Abstract]
Additions	11,275	12,774
Disposals	0	(24,497)
Total	$ 68,324	$ 80,047

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Abstract]
Accounts payable	$ 10,858	$ 14,439
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Board Member [Member]
Related Party Transaction [Abstract]
Operating costs	$ 1,300
Costs and expenses, related party	200	$ 300	$ 300
Accounts payable	$ 0	$ 0

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER NON-CURRENT ASSETS [Abstract]
Fixture, Furniture and Equipment, Net	$ 969	$ 730
Other	155	148
Total	$ 1,124	$ 878

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended				12 Months Ended
		Nov. 30, 2022	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Grant Date Fair Value of Options [Abstract]
Compensation expense related to the stock option awards						$ 2,203	$ 476	$ 339
Share based compensation						$ 2,203	476	339
Stock Option [Member]
Share-based Compensation Grant Date Fair Value of Options [Abstract]
Volatility						69%
Dividend yield	[1]					0%
Risk-free interest rate						4.54%
Weighted-average grant date fair value (in dollars per share)						$ 1.15
2011 Equity Incentive Plan [Member] | Stock Option [Member]
Share-based Compensation [Abstract]
Number of shares authorized (in shares)						4,000,000
Amended 2011 Equity Incentive Plan [Member]
Share-based Compensation Grant Date Fair Value of Options [Abstract]
Compensation expense related to the stock option awards						$ 2,200	$ 400	$ 200
Unrecognized cost related to non-vested stock options						$ 1,800
Average vesting period						9 months 18 days
Amended 2011 Equity Incentive Plan [Member] | Stock Option [Member]
Share-based Compensation [Abstract]
Shares available for future issuance (in shares)		3,000,000			1,000,000
Stock option grants (in shares)			989,000
Vesting period		12 months
Stock option exercise price (in dollars per share)		$ 3.6			$ 4.7
Share-based Compensation Grant Date Fair Value of Options [Abstract]
Forfeiture shares (in shares)						135,000	0
Share based compensation						$ 100
Stock option, exercised (in shares)						0
Amended 2011 Equity Incentive Plan [Member] | Options with Two Year Vesting [Member] | Stock Option [Member]
Share-based Compensation [Abstract]
Stock option grants (in shares)		3,990,000		755,000	755,000
Vesting period		2 years				2 years
Amended 2011 Equity Incentive Plan [Member] | Options with Three Year Vesting [Member] | Stock Option [Member]
Share-based Compensation [Abstract]
Stock option grants (in shares)					234,000
Vesting period						3 years
[1]Applied nil

LONG-TERM DEBT AND CURRENT PO_3

LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT (Details) $ in Thousands			1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Feb. 12, 2019 USD ($)	Dec. 01, 2017 USD ($)	Feb. 28, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) Lender Vessel	Dec. 31, 2022 USD ($) Vessel Building	Dec. 31, 2020 USD ($) Building	Dec. 31, 2018 Vessel	Apr. 29, 2024 USD ($)	Dec. 31, 2021 USD ($)	Dec. 16, 2020 USD ($)
Line of Credit Facility [Abstract]
Number of lenders | Lender						2
Current portion of long-term debt					$ 31,898	$ 31,898	$ 39,700
Number of new buildings | Building							2
Contractual Obligation [Abstract]
2024					32,748	32,748
2025					93,611	93,611
2026					21,474	21,474
2027					21,934	21,934
2028					56,690	56,690
More than 5 years					75,313	75,313
Total					304,770	304,770
Cash balance					31,078	$ 31,078	$ 59,583				$ 34,739
2019 Senior Secured Credit Facility [Member]
Line of Credit Facility [Abstract]
Number of vessels used as collateral | Vessel						20
Debt instrument term						5 years
Maximum borrowing capacity	$ 306,100				30,000	$ 30,000
Loan amortizing, maturity period						20 years
Maturity date						Feb. 28, 2025
Discretionary excess cash mechanism for the lender that equals to net earnings from collateral vessels	50%
Deferred financing costs					400	$ 400	1,500
Debt covenants, minimum liquidity	$ 20,000					20,000	30,000
Debt covenants percentage in loan-to-vessel ratio	70%
Drawn amount					84,600	84,600	129,200
Current portion of long-term debt					$ 11,700	11,700	25,800
Repayment of debt						$ 44,600
Additional payment related to excess cash flow mechanism			$ 15,200
Contractual Obligation [Abstract]
Number of vessels used as loan collateral | Vessel						14
2019 Senior Secured Credit Facility [Member] | Forecast [Member]
Line of Credit Facility [Abstract]
Drawn amount										$ 81,600
2019 Senior Secured Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Repayment of debt				$ 3,000
2019 Senior Secured Credit Facility [Member] | Maximum [Member]
Contractual Obligation [Abstract]
Percentage of loan-to-value ratio					15%	15%
$30 Million Accordion Loan [Member]
Line of Credit Facility [Abstract]
Maximum borrowing capacity												$ 30,000
Maturity date						Feb. 28, 2025
Financing of 2018-built Vessels [Member]
Line of Credit Facility [Abstract]
Number of vessels delivered | Vessel									3
Deferred financing costs		$ 2,300
Drawn amount					$ 87,200	$ 87,200	96,000
Percentage of purchase price expected to pay by lending provider		77.50%
Term of bareboat charter agreement						10 years
Obligation to purchase the vessels		$ 13,600
First flexibility period to purchase the vessels						60 months
Second flexibility period to purchase the vessels						84 months
Minimum value adjusted equity		$ 175,000
Minimum value adjusted equity ratio		25%
Minimum liquidity value		$ 20,000
Long term debt current					8,900	$ 8,900	$ 8,500
Contractual Obligation [Abstract]
2024					9,138	9,138
2025					9,534	9,534
2026					9,974	9,974
2027					10,434	10,434
2028					48,159	48,159
More than 5 years					0	0
Total					$ 87,239	$ 87,239
Financing of 2018-built Vessels [Member] | SOFR [Member]
Line of Credit Facility [Abstract]
Basis spread on margin						4.52%
Basis spread on variable rate					0.26%	0.25%
2019 Senior Secured Credit Facility including $30 mill Accordion Loan [Member]
Line of Credit Facility [Abstract]
Number of vessels used as collateral | Vessel						14
Contractual Obligation [Abstract]
2024					$ 12,079	$ 12,079
2025					72,561	72,561
2026					0	0
2027					0	0
2028					0	0
More than 5 years					0	0
Total					84,640	84,640
Financing of 2022-built Vessels [Member]
Line of Credit Facility [Abstract]
Number of vessels delivered | Vessel							2
Deferred financing costs					5,400	5,400	$ 5,400
Drawn amount					79,400	$ 79,400	$ 84,900
Percentage of purchase price expected to pay by lending provider							80%
Term of bareboat charter agreement						10 years
Obligation to purchase the vessels								$ 16,500
First flexibility period to purchase the vessels						60 months
Second flexibility period to purchase the vessels						84 months
Minimum liquidity value					20,000	$ 20,000
Number of new buildings | Building								2
Contractual Obligation [Abstract]
2024					5,515	5,515
2025					5,500	5,500
2026					5,500	5,500
2027					5,500	5,500
2028					5,515	5,515
More than 5 years					51,521	51,521
Total					$ 79,351	$ 79,351
Financing of 2022-built Vessels [Member] | SOFR [Member]
Line of Credit Facility [Abstract]
Basis spread on margin						4.50%
Basis spread on variable rate					0.26%	0.26%
Financing of Nordic Hawk [Member]
Line of Credit Facility [Abstract]
Drawn amount					$ 53,500	$ 53,500	$ 0
Percentage of purchase price expected to pay by lending provider						75%
Term of bareboat charter agreement						8 years
Obligation to purchase the vessels						$ 5,900
First flexibility period to purchase the vessels						60 months
Second flexibility period to purchase the vessels						84 months
Minimum liquidity value					20,000	$ 20,000
Long term debt current					5,900	5,900	$ 0
Contractual Obligation [Abstract]
2024					6,016	6,016
2025					6,016	6,016
2026					6,000	6,000
2027					6,000	6,000
2028					6,016	6,016
More than 5 years					23,492	23,492
Total					$ 53,540	$ 53,540
Financing of Nordic Hawk [Member] | SOFR [Member]
Line of Credit Facility [Abstract]
Basis spread on margin						4.76%

INTEREST EXPENSES (Details)

INTEREST EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INTEREST EXPENSES [Abstract]
Interest Expenses, net of capitalized interest	$ 29,040	$ 23,455	$ 23,392
Amortization of Deferred Financing Costs	1,458	3,600	2,988
Total Interest Expenses	30,498	27,055	26,380
Interest expenses, capitalized interest	$ 0	$ 800	$ 1,500

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER CURRENT LIABILITIES [Abstract]
Accrued Expenses	$ 5,293	$ 6,472
Other Liabilities	1,616	1,821
Deferred Revenues	3,949	6,146
Total	$ 10,858	$ 14,439

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator [Abstract]
Net Income (Loss)	$ 98,711	$ 15,101	$ (171,328)
Denominator [Abstract]
Basic - Weighted Average Common Shares Outstanding (in shares)	208,796,444	202,032,942	162,549,611
Dilutive - Weighted Average Common Shares Outstanding (in shares)	208,811,300	202,032,942	162,549,611
Earnings (Loss) per Common Share, Basic [Abstract]
Basic (in dollars per share)	$ 0.47	$ 0.07	$ (1.05)
Earnings (Loss) per Common Share, Diluted [Abstract]
Diluted (in dollars per share)	$ 0.47	$ 0.07	$ (1.05)

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details)			1 Months Ended	2 Months Ended	12 Months Ended
	Apr. 19, 2024 $ / shares shares	Feb. 14, 2022 USD ($)	Jan. 31, 2024 USD ($) shares	Feb. 14, 2022 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Sep. 29, 2021 USD ($)	Oct. 16, 2020 USD ($)	Jun. 16, 2017 $ / shares
Authorized Shares [Roll forward]
Balance at beginning of period (in shares) | shares			360,000,000		360,000,000
Balance at end of period (in shares) | shares					360,000,000	360,000,000
Issued and Outstanding Shares [Roll forward]
Balance at beginning of period, issued (in shares) | shares			208,796,444		208,796,444
Balance at beginning of period, outstanding (in shares) | shares			208,796,444		208,796,444
Balance at end of period, issued (in shares) | shares					208,796,444	208,796,444
Balance at end of period, outstanding (in shares) | shares					208,796,444	208,796,444
Common Stock [Roll forward]
At-the-Market Offering, Value						$ 49,096,000	$ 80,051,000
Additional Paid in Capital [Abstract]
Share premium fund					$ 167,100,000	167,100,000
Contributed Surplus Account [Abstract]
Dividend paid					89,800,000	22,700,000
Dividend charged to contribution surplus account					102,300,000
Contribution to surplus account					$ 404,800,000	$ 507,100,000
Shareholders' Rights Plan [Abstract]
Preferred share purchase right										0.001
Common share, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Shareholders rights, exercise price (in dollars per share) | $ / shares										$ 30
Percentage of common share ownership										15%
Subsequent Event [Member]
Contributed Surplus Account [Abstract]
Dividend paid			$ 12,500,000
60 Million 2020, ATM Program [Member]
Common Stock [Abstract]
Gross amount of at-the-market offering of common stock					$ 60,000,000
Net amount at-the-market offering of common stock					58,500,000
60 Million 2020, ATM Program [Member] | Maximum [Member]
Common Stock [Abstract]
At-the-market offering of common Stock									$ 60,000,000
60 Million 2021, ATM Program [Member]
Common Stock [Abstract]
Gross amount of at-the-market offering of common stock				$ 16,900,000	22,300,000
At-the-market offering, gross amount utilized		$ 39,200,000
Net amount at-the-market offering of common stock				$ 16,500,000	$ 21,700,000
Common shares issued (in shares) | shares				10,764,990	10,222,105
60 Million 2021, ATM Program [Member] | Maximum [Member]
Issued and Outstanding Shares [Roll forward]
At-the-Market Offering (in shares) | shares							10,222,105
Common Stock [Roll forward]
At-the-Market Offering, Value							$ 102,000
Common Stock [Abstract]
At-the-market offering of common Stock								$ 60,000,000
60 Million 2022, ATM Program [Member]
Common Stock [Abstract]
Gross amount of at-the-market offering of common stock					$ 33,600,000
Net amount at-the-market offering of common stock					$ 32,700,000
Common shares issued (in shares) | shares					0	14,337,258
Remaining available proceeds from offering					$ 26,400,000
60 Million 2022, ATM Program [Member] | Subsequent Event [Member]
Common Stock [Abstract]
Share price (in dollars per share) | $ / shares	$ 3.8
Remaining balance available, fully utilizing the new shares issued (in shares) | shares	6,958,723
60 Million 2022, ATM Program [Member] | Maximum [Member]
Issued and Outstanding Shares [Roll forward]
At-the-Market Offering (in shares) | shares					0	14,337,258
Common Stock [Roll forward]
At-the-Market Offering, Value					$ 0	$ 143,000
Common Stock [Abstract]
At-the-market offering of common Stock		$ 60,000,000		$ 60,000,000
Common Stock [Member]
Authorized Shares [Roll forward]
Balance at beginning of period (in shares) | shares			360,000,000	360,000,000	360,000,000	360,000,000	360,000,000
Balance at end of period (in shares) | shares					360,000,000	360,000,000	360,000,000
Issued and Outstanding Shares [Roll forward]
Balance at beginning of period, issued (in shares) | shares			208,796,444	183,694,196	208,796,444	183,694,196	151,446,112
Balance at beginning of period, outstanding (in shares) | shares			208,796,444	183,694,196	208,796,444	183,694,196	151,446,112
At-the-Market Offering (in shares) | shares						25,102,248	32,248,084
Balance at end of period, issued (in shares) | shares					208,796,444	208,796,444	183,694,196
Balance at end of period, outstanding (in shares) | shares					208,796,444	208,796,444	183,694,196
Common Stock [Roll forward]
Balance at beginning of period			$ 2,087,000	$ 1,836,000	$ 2,087,000	$ 1,836,000	$ 1,514,000
At-the-Market Offering, Value						251,000	322,000
Balance at end of period					2,087,000	$ 2,087,000	$ 1,836,000
Common Stock [Member] | 60 Million 2020, ATM Program [Member]
Issued and Outstanding Shares [Roll forward]
At-the-Market Offering (in shares) | shares							22,025,979
Common Stock [Roll forward]
At-the-Market Offering, Value							$ 220,000
Common Stock [Abstract]
At-the-market offering of common Stock							60,000,000
Common Stock [Member] | 60 Million 2021, ATM Program [Member]
Issued and Outstanding Shares [Roll forward]
At-the-Market Offering (in shares) | shares						10,764,990
Common Stock [Roll forward]
At-the-Market Offering, Value						$ 108,000
Common Stock [Abstract]
At-the-market offering of common Stock						60,000,000	$ 60,000,000
Common Stock [Member] | 60 Million 2022, ATM Program [Member]
Common Stock [Abstract]
At-the-market offering of common Stock					$ 60,000,000	$ 60,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Claim	Dec. 31, 2023	Dec. 31, 2022
Purchase Commitment [Abstract]
Number of claims filed	0	0

FINANCIAL INSTRUMENTS AND OTH_3

FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Accordion loan amount	$ 30,000
Fair Value [Member] | Level 1 [Member] | Recurring [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents	31,078	$ 59,583
Restricted Cash	2,283	3,719
Fair Value [Member] | Level 2 [Member] | Recurring [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
2019 Senior Secured Credit Facility including $30 million Accordion Loan	(84,640)	(129,189)
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Financing of 2018-built Vessels [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Estimated fair value	(87,239)	(95,950)
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Financing of 2022-built Vessels [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Estimated fair value	(79,351)	(84,851)
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Financing of Nordic Hawk [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Estimated fair value	(53,540)	0
Carrying Value [Member] | Level 1 [Member] | Recurring [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents	31,078	59,583
Restricted Cash	2,283	3,719
Carrying Value [Member] | Level 2 [Member] | Recurring [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
2019 Senior Secured Credit Facility including $30 million Accordion Loan	(84,155)	(127,600)
Carrying Value [Member] | Level 2 [Member] | Recurring [Member] | Financing of 2018-built Vessels [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Estimated fair value	(86,145)	(94,622)
Carrying Value [Member] | Level 2 [Member] | Recurring [Member] | Financing of 2022-built Vessels [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Estimated fair value	(78,425)	(83,815)
Carrying Value [Member] | Level 2 [Member] | Recurring [Member] | Financing of Nordic Hawk [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Estimated fair value	$ (52,871)	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - Dividend Declared 2024 Q1 [Member] [Member] $ / shares in Units, $ in Millions	Feb. 29, 2024 USD ($) $ / shares
Dividends [Abstract]
Dividend declare date	Feb. 29, 2024
Dividend declared (in dollars per share) | $ / shares	$ 0.12
Dividend paid | $	$ 25.1
Dividend paid date	Apr. 10, 2024