Nordic American Tankers Limited (NAT) 6-K 30 Sep 24 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Entity Registrant Name	NORDIC AMERICAN TANKERS Ltd
Entity Central Index Key	0001000177

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Voyage Revenues	$ 193,096	$ 220,534
Voyage Expenses	(66,425)	(65,643)
Vessel Operating Expenses	(32,329)	(29,877)
Depreciation Expenses	(28,071)	(25,449)
General and Administrative Expenses	(13,934)	(10,742)
Net Operating Income	52,337	88,823
Interest Income	427	656
Interest Expenses	(15,916)	(15,738)
Other Financial Income (Expenses)	(186)	(20)
Total Other Expenses	(15,675)	(15,102)
Net Income Before Income Taxes	36,662	73,721
Income Tax Expense	0	0
Net Income	$ 36,662	$ 73,721
Basic Income per Share (in dollars per share)	$ 0.17	$ 0.35
Diluted Income per share (in dollars per share)	$ 0.17	$ 0.35
Basic Weighted Average Number of Common Shares Outstanding (in shares)	208,796,444	208,796,444
Diluted Weighted Average Number of Common Shares Outstanding (in shares)	209,640,819	208,796,444

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net Income	$ 36,662	$ 73,721
Other Comprehensive Income (Loss)
Translation Differences	(112)	(216)
Total Other Comprehensive Income (Loss)	(112)	(216)
Total Comprehensive Income	$ 36,550	$ 73,505

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and Cash Equivalents	$ 40,758	$ 31,078
Restricted Cash	6,828	2,283
Accounts Receivable, Net	22,805	26,287
Prepaid Expenses	6,610	4,319
Inventory	23,914	31,183
Voyages in Progress	15,097	11,178
Other Current Assets	1,448	2,582
Total Current Assets	117,460	108,910
NON-CURRENT ASSETS
Vessels, net	740,802	768,584
Right of Use Assets	783	578
Other Non-Current Assets	2,767	1,124
Total Non-Current Assets	744,352	770,286
Total Assets	861,812	879,196
Current Liabilities
Accounts Payable	2,616	3,446
Accrued Voyage Expenses	9,378	11,748
Other Current Liabilities	12,055	10,858
Dividends Payable	25,056	12,528
Current Portion of Long-Term Debt	98,731	31,898
Total Current Liabilities	147,836	70,478
Long-Term Debt	187,024	269,697
Operating Lease Liabilities	418	0
Other Non-Current Liabilities	684	717
Total Non-Current Liabilities	188,126	270,414
Commitments and Contingencies
SHAREHOLDERS' EQUITY
Common Stock, par value $0.01 per Share; 360,000,000 shares authorized, 208,796,444 and 208,796,444 shares issued and outstanding at June 30, 2024, and December 31, 2023, respectively	2,087	2,087
Additional Paid-in Capital	192,112	191,004
Contributed Surplus	354,711	404,823
Accumulated other comprehensive loss	(2,206)	(2,094)
Accumulated Deficit	(20,854)	(57,516)
Total Shareholders' Equity	525,850	538,304
Total Liabilities and Shareholders' Equity	$ 861,812	$ 879,196

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net Income (Loss)	$ 36,662	$ 73,721
Reconciliation of Net Income to Net Cash Provided by Operating Activities
Depreciation Expense	28,071	25,449
Dry-dock Expenditures	0	(65)
Amortization of Deferred Finance Costs	425	939
Share-based Compensation	1,108	1,147
Other, net	196	45
Changes in Operating Assets and Liabilities:
Accounts Receivables	3,483	(7,061)
Inventory	7,269	2,196
Prepaid Expenses and Other Current Assets	(1,158)	1,040
Accounts Payable and Accrued Liabilities	(1,789)	(13,203)
Voyages in Progress	(3,919)	14,912
Net Cash Provided by Operating Activities	70,348	99,120
Cash Flows from Investing Activities
Investment in Vessels	(313)	(347)
Investment in other Fixed Assets	(1,750)	0
Net Cash Used In Investing Activities	(2,063)	(347)
Cash Flows from Financing Activities
Repayments on Borrowing Facility	(6,040)	(21,245)
Repayment of Vessel financing	(10,227)	(6,998)
Dividends Distributed	(37,583)	(31,319)
Net Cash Used in Financing Activities	(53,850)	(59,562)
Net Increase / (Decrease) in Cash, Cash Equivalents, and Restricted Cash	14,435	39,211
Cash, Cash Equivalents and Restricted Cash at the Beginning of Period	33,361	63,302
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(210)	(99)
Cash, Cash Equivalents, and Restricted Cash at the End of Period	47,586	102,414
Supplemental Disclosure of Cash Flow information
Cash and Cash Equivalents	40,758	96,480
Restricted cash	6,828	5,934
Total Cash, Cash equivalents and Restricted Cash Shown in the Statement of Cash Flows	47,586	102,414
Cash Paid for Interest, Net of Amounts Capitalized	$ (15,491)	$ (14,818)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Common Stock [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, 2022	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	$ 0	0	0	0	73,721	73,721
Share based compensation (in shares)	0
Share based compensation	$ 0	1,147	0	0	0	1,147
Other comprehensive income	0	0	0	(216)	0	(216)
Dividends	$ 0	0	(62,639)	0	0	(62,639)
Balance (in shares) at Jun. 30, 2023	208,796,444
Balance at Jun. 30, 2023	$ 2,087	189,948	444,495	(2,029)	(82,506)	551,995
Balance (in shares) at Dec. 31, 2023	208,796,444
Balance at Dec. 31, 2023	$ 2,087	191,004	404,823	(2,094)	(57,516)	538,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	$ 0	0	0	0	36,662	36,662
Share based compensation (in shares)	0
Share based compensation	$ 0	1,108	0	0	0	1,108
Other comprehensive income	0	0	0	(112)	0	(112)
Dividends	$ 0	0	(50,112)	0	0	(50,112)
Balance (in shares) at Jun. 30, 2024	208,796,444
Balance at Jun. 30, 2024	$ 2,087	$ 192,112	$ 354,711	$ (2,206)	$ (20,854)	$ 525,850

INTERIM FINANCIAL DATA

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2024
INTERIM FINANCIAL DATA [Abstract]
INTERIM FINANCIAL DATA	1. INTERIM FINANCIAL DATA The unaudited interim condensed consolidated financial statements for Nordic American Tankers Limited, together with its subsidiaries, (the “Company”) have been prepared on the same basis as the Company’s annual financial statements, except in respect of the new accounting standard noted below, and, in the opinion of management, include all material adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial position and results of operations in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements and notes included in the Annual Report on Form 20-F for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission on April 29, 2024.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES A summary of the Company’s significant accounting policies is included in note 2 of the Company’s annual financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 20-F.

VOYAGE REVENUES

VOYAGE REVENUES	6 Months Ended
	Jun. 30, 2024
VOYAGE REVENUES [Abstract]
VOYAGE REVENUES	3. VOYAGE REVENUES Our voyage revenues consist of time charter revenues and spot charter revenues with the following split for the six-month periods ended June 30, 2024 and June 30, 2023: All amounts in USD ‘000 2024 2023 Spot Charter Revenues 155,014 196,803 Time Charter Revenues 38,082 23,731 Total Voyage Revenues 193,096 220,534 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 June 30, 2024, and December 31, 2023, the Company has capitalized fulfilment cost of $0.6 million and $0.1 million, respectively. The future minimum revenues as of June 30, 2024, related to time charter revenues are as follows: All amounts in USD ‘000 Amount 2024 24,787 2025 17,155 2026 17,155 2027 17,155 2028 7,405 Thereafter - Future minimum revenues 83,657 As of June 30, 2024, the Company has seven vessels on time charter contracts, where two of the vessels are on long-term time charter contracts for a six-year period that commenced in 2022.

LONG-TERM DEBT AND CURRENT PORT

LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT	6 Months Ended
	Jun. 30, 2024
LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT [Abstract]
LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT	4. LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT The Company has two lenders financing its active fleet of Suezmax tankers; (1) the 2019 Senior Secured Credit Facility, including the $30 million Accordion Loan, secured by the fourteen vessels built prior to 2017, and (2) the Financing of 2018-built vessels, the Financing of the 2022-built and the Financing of Nordic Hawk. 2019 Senior Secured Credit Facility and $30 million Accordion Loan On February 12, 2019 the Company entered into a five-year senior secured credit facility for $306.1 million (the “2019 Senior Secured Credit Facility”). On December 16, 2020, the Company entered into a loan agreement for the borrowing of $30.0 million (the “$30 million Accordion Loan”). Further details regarding the facility are disclosed in our 2023 Annual report. As of December 31, 2023, the Company had $84.6 million drawn under its 2019 Senior Secured Credit Facility, where $11.7 million, net of deferred financing cost of $0.4 million, was presented as Current Portion of Long-Term Debt. The Company has repaid $6.0 million of the facility in the six months ended June 30, 2024 and as of June 30, 2024, the total outstanding balance was $78.6 million. Excess Cash Flow Payments generated from earnings in 2024 have been waived by the lender The credit facility matures in February 2025 Financing of 2018-built Vessels The Company has three The outstanding amounts under this financing arrangement were $82.7 million and $87.2 million as of June 30, 2024 and December 31, 2023, respectively, where $9.1 million and $8.9 million, net of deferred financing costs, have been presented as Current Portion of Long-Term Debt, respectively. Financing of the 2022-built Vessels The two vessels under this financing arrangement were delivered from the shipyard to the Company in 2022. The lender provided financing of 80.0% of the purchase price for each of the two 2022-built 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 upon the completion of the ten-year bareboat charter agreements for a consideration of $16.5 million for each vessel and has options to purchase the vessels after sixty The outstanding amounts under this financing arrangement were $76.6 million and $79.4 million as of June 30, 2024 and December 31, 2023, 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. 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 $50.5 million and $53.5 million as of June 30, 2024, and December 31, 2023, respectively, where $5.9 million and $5.9 million, net of deferred financing costs, have been presented as Current Portion of Long-Term Debt, respectively. As of June 30, 2024, the Company has the following scheduled principal repayments required to be made under the Company’s debt facilities as follows: Debt repayments in $’000s Total 2024* 2025 2026 2027 2028 Thereafter 2019 Senior Secured Credit Facility 78,601 5,290 73,311 - - - - Financing of 2018-built Vessels 82,747 4,646 9,534 9,974 10,434 48,159 - Financing of 2022-built Vessels 76,609 2,773 5,500 5,500 5,500 5,515 51,821 Financing of Nordic Hawk 50,548 3,025 6,016 6,000 6,000 6,016 23,491 Total 288,505 15,734 94,361 21,474 21,934 59,690 75,312 *Q3 and Q4 2024 repayments 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 and the funds are applied against the loan balance. The Company monitors compliance with the financial covenants on a regular basis and as at June 30, 2024, the Company was in compliance with the financial covenants in the debt facilities. 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 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. Based on the current estimates the Company believes that current cash, cash equivalents and restricted cash and cash expected to be generated from operations, together with the ATM program, are sufficient to meet the working capital needs and other liquidity requirements for the next 12 months from the date of this report. Further information related to the maturity of the 2019 Senior Secured Credit Facility in February 2025 is included and discussed above .

VESSELS

VESSELS	6 Months Ended
	Jun. 30, 2024
VESSELS [Abstract]
VESSELS	5. VESSELS Vessels, net, consist of the carrying value of 20 vessels as of June 30, 2024, and December 31, 2023. The book value of vessels includes capitalized drydocking costs The vessels held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not reflect its recoverable amount. If impairment indicators are present, the Company compares the estimate of the undiscounted cash flows expected to be generated by the assets to its carrying value when determining whether the assets are recoverable. All figures in USD ‘000 June 30, 2024 December 31, 2023 Vessels and Drydocking Cost 1,232,383 1,232,121 Less Accumulated Depreciation and Impairment Loss on Vessels (491,581 ) (463,537 ) Net Book Value Vessels 740,802 768,584

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2024
OTHER CURRENT LIABILITIES [Abstract]
OTHER CURRENT LIABILITIES	6. OTHER CURRENT LIABILITIES All figures June 30, 2024 December 31, 2023 Accrued Expenses 4,456 5,293 Other Liabilities 2,412 1,616 Deferred Revenues 5,187 3,949 Total as of 12,055 10,858 Deferred revenues relate to prepaid charter hire from customers.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	7. EARNINGS PER SHARE Basic earnings per share (“EPS”) are computed by dividing net income 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. Six months ended June 30, All figures in USD ‘000 except share and per share amounts 2024 2023 Numerator Net Income 36,662 73,721 Denominator Basic – Weighted Average Common Shares Outstanding 208,796,444 208,796,444 Dilutive – Weighted Average Common Shares Outstanding 209,640,819 208,796,444 Net Income per Common Share Basic 0.17 0.35 Diluted 0.17 0.35

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2024
SHAREHOLDERS' EQUITY [Abstract]
SHAREHOLDERS' EQUITY	8. SHAREHOLDERS’ EQUITY Authorized, issued and outstanding common shares roll-forward is as follows: Authorized Shares Issued and Outstanding Shares Common Stock Balance as of December 31, 2023 360,000,000 208,796,444 2,087 $60 million 2022 ATM offering - - - Balance as of June 30, 2024 360,000,000 208,796,444 2,087 On February 14, 2022, the Company entered into an 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. The Company has not raised any proceeds through the arrangement in the six months’ period ending June 30, 2024 and there is a remaining available balance of $26.4 million under this ATM. Further information about utilization in prior periods can be found in the 2023 Annual Report. Based on the share price of the Company of $3.62 as of September 26, 2024, it would have resulted in 7,304,736 new shares being issued, if fully utilizing the remaining balance available. In 2022, the Company granted 3,990,000 stock options to persons employed in the management of the Company and members of the Board of Directors. The Company has recognized a cost of $1.1 million from this stock incentive plan in 2024 and accordingly credited Additional Paid in Capital. The unexercised stock options have potential dilutive effect on the Earnings per Share presented in footnote 7 and are included in the diluted EPS calculation as of June 30, 2024. In the first six months of 2024, the Company has declared $50.1 million in dividends, or $0.24 per share. The Company has paid out $37.6 million in the period of which $12.5 million was related to the dividend declared in the fourth quarter of 2023. The dividend of $25.1 million, or $0.12 per share, declared in the second quarter of 2024 has been distributed in July 2024 and is presented in the balance sheet as Dividends Payable as of June 30, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES No material claims have been filed against the Company or are outstanding as of December 31, 2023 and as of June 30, 2024. 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS On August 29, 2024, the Company declared a dividend of $0.12 cent per share in respect of the results for the second quarter of 2024, which is payable on November 26, 2024.

VOYAGE REVENUES (Tables)

VOYAGE REVENUES (Tables)	6 Months Ended
	Jun. 30, 2024
VOYAGE REVENUES [Abstract]
Voyage Revenues	Our voyage revenues consist of time charter revenues and spot charter revenues with the following split for the six-month periods ended June 30, 2024 and June 30, 2023: All amounts in USD ‘000 2024 2023 Spot Charter Revenues 155,014 196,803 Time Charter Revenues 38,082 23,731 Total Voyage Revenues 193,096 220,534
Future Minimum Revenues	The future minimum revenues as of June 30, 2024, related to time charter revenues are as follows: All amounts in USD ‘000 Amount 2024 24,787 2025 17,155 2026 17,155 2027 17,155 2028 7,405 Thereafter - Future minimum revenues 83,657

LONG-TERM DEBT AND CURRENT PO_2

LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT [Abstract]
Aggregate Annual Principal Payments of Debt	As of June 30, 2024, the Company has the following scheduled principal repayments required to be made under the Company’s debt facilities as follows: Debt repayments in $’000s Total 2024* 2025 2026 2027 2028 Thereafter 2019 Senior Secured Credit Facility 78,601 5,290 73,311 - - - - Financing of 2018-built Vessels 82,747 4,646 9,534 9,974 10,434 48,159 - Financing of 2022-built Vessels 76,609 2,773 5,500 5,500 5,500 5,515 51,821 Financing of Nordic Hawk 50,548 3,025 6,016 6,000 6,000 6,016 23,491 Total 288,505 15,734 94,361 21,474 21,934 59,690 75,312 *Q3 and Q4 2024 repayments

VESSELS (Tables)

VESSELS (Tables)	6 Months Ended
	Jun. 30, 2024
VESSELS [Abstract]
Vessels	The vessels held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not reflect its recoverable amount. If impairment indicators are present, the Company compares the estimate of the undiscounted cash flows expected to be generated by the assets to its carrying value when determining whether the assets are recoverable. All figures in USD ‘000 June 30, 2024 December 31, 2023 Vessels and Drydocking Cost 1,232,383 1,232,121 Less Accumulated Depreciation and Impairment Loss on Vessels (491,581 ) (463,537 ) Net Book Value Vessels 740,802 768,584

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
OTHER CURRENT LIABILITIES [Abstract]
Other Current Liabilities	All figures June 30, 2024 December 31, 2023 Accrued Expenses 4,456 5,293 Other Liabilities 2,412 1,616 Deferred Revenues 5,187 3,949 Total as of 12,055 10,858

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE [Abstract]
Basic and Diluted Earnings per Share	Basic earnings per share (“EPS”) are computed by dividing net income 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. Six months ended June 30, All figures in USD ‘000 except share and per share amounts 2024 2023 Numerator Net Income 36,662 73,721 Denominator Basic – Weighted Average Common Shares Outstanding 208,796,444 208,796,444 Dilutive – Weighted Average Common Shares Outstanding 209,640,819 208,796,444 Net Income per Common Share Basic 0.17 0.35 Diluted 0.17 0.35

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
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 December 31, 2023 360,000,000 208,796,444 2,087 $60 million 2022 ATM offering - - - Balance as of June 30, 2024 360,000,000 208,796,444 2,087

VOYAGE REVENUES (Details)

VOYAGE REVENUES (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) Vessel	Jun. 30, 2023 USD ($)	Dec. 31, 2022	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Abstract]
Voyage Revenues	$ 193,096	$ 220,534
Capitalized cost	$ 600			$ 100
Future Minimum Revenues [Abstract]
Number of vessels on time charter contracts | Vessel	7
Number of vessels on long-term time charter contracts | Vessel	2
Term on long term time charter agreement			6 years
Maximum [Member]
Disaggregation of Revenue [Abstract]
Term of voyage contracts	1 year
Spot Charter [Member]
Disaggregation of Revenue [Abstract]
Voyage Revenues	$ 155,014	196,803
Time Charter [Member]
Disaggregation of Revenue [Abstract]
Voyage Revenues	38,082	$ 23,731
Future Minimum Revenues [Abstract]
2024	24,787
2025	17,155
2026	17,155
2027	17,155
2028	7,405
Thereafter	0
Future minimum revenues	$ 83,657

LONG-TERM DEBT AND CURRENT PO_3

LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT (Details) $ in Thousands			6 Months Ended	12 Months Ended
		Dec. 01, 2017 USD ($)	Jun. 30, 2024 USD ($) Vessel Lender	Dec. 31, 2023 USD ($)	Dec. 31, 2022 Vessel	Dec. 31, 2020 USD ($) Building	Dec. 31, 2018 Vessel	Dec. 16, 2020 USD ($)	Feb. 12, 2019 USD ($)
Line of Credit Facility [Abstract]
Number of lenders | Lender			2
Current portion of long-term debt			$ 98,731	$ 31,898
Contractual Obligation [Abstract]
2024	[1]		15,734
2025			94,361
2026			21,474
2027			21,934
2028			59,690
Thereafter			75,312
Total			$ 288,505
2019 Senior Secured Credit Facility [Member]
Line of Credit Facility [Abstract]
Maximum borrowing capacity									$ 306,100
Number of vessels used as collateral | Vessel			14
Debt instrument term			5 years
Drawn amount			$ 78,600	84,600
Current portion of long-term debt			78,300	11,700
Deferred financing costs			300	400
Repayment of debt			$ 6,000
Maturity date			Feb. 28, 2025
Number of vessels used as loan collateral | Vessel			14
Contractual Obligation [Abstract]
2024	[1]		$ 5,290
2025			73,311
2026			0
2027			0
2028			0
Thereafter			0
Total			$ 78,601
2019 Senior Secured Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Percentage of loan-to-value ratio			12%
$30 Million Accordion Loan [Member]
Line of Credit Facility [Abstract]
Maximum borrowing capacity								$ 30,000
Financing of 2018-built Vessels [Member]
Line of Credit Facility [Abstract]
Number of vessels delivered | Vessel							3
Drawn amount			$ 82,700	87,200
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
Second flexibility period to purchase the vessels			84 months
Long term debt current			$ 9,100	8,900
Contractual Obligation [Abstract]
2024	[1]		4,646
2025			9,534
2026			9,974
2027			10,434
2028			48,159
Thereafter			0
Total			82,747
Financing of 2022-built Vessels [Member]
Line of Credit Facility [Abstract]
Number of vessels delivered | Vessel					2
Drawn amount			$ 76,600	79,400
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
Long term debt current			$ 5,400	5,400
Number of new buildings | Building						2
Contractual Obligation [Abstract]
2024	[1]		2,773
2025			5,500
2026			5,500
2027			5,500
2028			5,515
Thereafter			51,821
Total			76,609
Financing of Nordic Hawk [Member]
Line of Credit Facility [Abstract]
Drawn amount			50,500	$ 53,500
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
Long term debt current			5,900	$ 5,900
Contractual Obligation [Abstract]
2024	[1]		3,025
2025			6,016
2026			6,000
2027			6,000
2028			6,016
Thereafter			23,491
Total			$ 50,548
[1]Q3 and Q4 2024 repayments

VESSELS (Details)

VESSELS (Details) $ in Thousands	Jun. 30, 2024 USD ($) Vessel	Dec. 31, 2023 USD ($) Vessel
VESSELS [Abstract]
Number of vessels | Vessel	20	20
Vessels and Drydocking Cost	$ 1,232,383	$ 1,232,121
Less Accumulated Depreciation and Impairment Loss on Vessels	(491,581)	(463,537)
Net Book Value Vessels	$ 740,802	$ 768,584

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
OTHER CURRENT LIABILITIES [Abstract]
Accrued Expenses	$ 4,456	$ 5,293
Other Liabilities	2,412	1,616
Deferred Revenues	5,187	3,949
Total	$ 12,055	$ 10,858

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Numerator [Abstract]
Net Income	$ 36,662	$ 73,721
Denominator [Abstract]
Basic - Weighted Average Common Shares Outstanding (in shares)	208,796,444	208,796,444
Dilutive - Weighted Average Common Shares Outstanding (in shares)	209,640,819	208,796,444
Net Income per Common Share [Abstract]
Basic (in dollars per share)	$ 0.17	$ 0.35
Net Income per Common Share [Abstract]
Diluted (in dollars per share)	$ 0.17	$ 0.35

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 26, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Feb. 14, 2022
Authorized Shares [Roll forward]
Balance at beginning of period (in shares)				360,000,000
Balance at end of period (in shares)		360,000,000	360,000,000	360,000,000
Issued and Outstanding Shares [Roll forward]
Balance at beginning of period, issued (in shares)				208,796,444
Balance at beginning of period, outstanding (in shares)				208,796,444
Balance at end of period, issued (in shares)		208,796,444	208,796,444	208,796,444
Balance at end of period, outstanding (in shares)		208,796,444	208,796,444	208,796,444
Common Stock [Abstract]
Share based compensation				$ 1,108,000	$ 1,147,000
Dividends [Abstract]
Dividend paid		$ 25,100,000		$ 50,100,000
Dividend declared (in dollars per share)		$ 0.12		$ 0.24
Dividends paid			$ 12,500,000	$ 37,600,000
Stock Option [Member]
Common Stock [Abstract]
Stock option grants (in shares)						3,990,000
Share based compensation						$ 1,100,000
60 Million 2022 ATM Offering [Member]
Common Stock [Abstract]
Proceeds at-the-market offering of common stock				0
Remaining available proceeds from offering				$ 26,400,000
60 Million 2022 ATM Offering [Member] | Subsequent Event [Member]
Common Stock [Abstract]
Share price (in dollars per share)	$ 3.62
Remaining balance available, fully utilizing the new shares issued (in shares)	7,304,736
60 Million 2022 ATM Offering [Member] | Maximum [Member]
Common Stock [Abstract]
At-the-market offering of common Stock							$ 60,000,000
Common Stock [Member]
Authorized Shares [Roll forward]
Balance at beginning of period (in shares)				360,000,000
Balance at end of period (in shares)		360,000,000	360,000,000	360,000,000
Issued and Outstanding Shares [Roll forward]
Balance at beginning of period, issued (in shares)				208,796,444
Balance at beginning of period, outstanding (in shares)				208,796,444
Balance at end of period, issued (in shares)		208,796,444	208,796,444	208,796,444
Balance at end of period, outstanding (in shares)		208,796,444	208,796,444	208,796,444
Common Stock [Roll forward]
Balance at beginning of period				$ 2,087,000
Balance at end of period		$ 2,087,000	$ 2,087,000	2,087,000
Common Stock [Abstract]
Share based compensation				$ 0	$ 0
Common Stock [Member] | 60 Million 2022 ATM Offering [Member]
Issued and Outstanding Shares [Roll forward]
At-the-Market Offering (in shares)				0
Common Stock [Roll forward]
At-the-Market Offering				$ 0
Common Stock [Abstract]
At-the-market offering of common Stock		$ 60,000,000		$ 60,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Claim	Jun. 30, 2024	Dec. 31, 2023
Purchase Commitment [Abstract]
Number of claims filed or outstanding	0	0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended	6 Months Ended
	Aug. 29, 2024	Jun. 30, 2024	Jun. 30, 2024
Dividends [Abstract]
Dividend declared (in dollars per share)		$ 0.12	$ 0.24
Subsequent Event [Member] | 2024 Q2 Dividends [Member]
Dividends [Abstract]
Dividend declare date	Aug. 29, 2024
Dividend declared (in dollars per share)	$ 0.12
Dividend payable date	Nov. 26, 2024