Nordic American Tankers Limited (0UC0.L) delivered QQ3 2024 revenue of $52.036 million, with gross profit of $22.054 million (gross margin 42.38%) and EBITDA of $16.412 million. Operating income was $16.22 million and net income stood at $8.686 million, or $0.0416 per share. YoY revenue increased 8.33% versus QQ3 2023, while QoQ revenue declined 46.80% from the prior quarter, reflecting typical tanker market cyclicality and a sharp sequential downshift in charter rates/utilization during the quarter. The company generated free cash flow of $34.354 million in the quarter, supported by $34.825 million of operating cash flow and limited capital expenditures ($0.471 million). Dividends of $25.055 million were paid during the period, contributing to a net cash outflow from financing of $33.273 million, with overall cash at period end of $48.836 million. Net debt stood at $237.25 million against total assets of $839.832 million, yielding a modest liquidity profile (current ratio 0.73) given the near-term liabilities relative to working capital. The stock continues to operate with a 24-vessel Suezmax fleet and a long-standing strategy of delivering stable distributions in a cyclical market, though leverage remains a material consideration for risk/return assessment.