Nordic American Tankers Ltd (NYSE: NAT) – A snapshot of the present market conditions

Thursday, March 7, 2024

Dear Shareholders and Investors,

We have recently concluded the following fixtures:

• Nordic Castor (2004) was fixed to a Far Eastern Major for a voyage from Arabian Gulf to Singapore. The TCE is USD 34,000 over 30 days.
• Nordic Space (2017) was fixed to a Major for a voyage from Europe to Singapore (routed via South Africa). The TCE is USD 70,000 over 51 days.
• Nordic Star (2016) was fixed to a Major for a voyage from South America to Europe. The TCE is USD 30,000 over 43 days.
• Nordic Luna (2004) was fixed to a Far Eastern Major for a voyage from Arabian Gulf to Singapore. The TCE is USD 38,000 over 34 days.
• Nordic Pollux (2003) was fixed to an Oil Trader for a voyage intra-Middle East. The TCE is USD 32,000 over 37 days. 

The numbers above are approximations. The operating costs for our ships are about USD 9,000 per day per ship.

There is a strong market for NAT, facilitating a pursuit of an aggressive dividend policy. US exports are on the rise, as is Chinese imports, supporting transportation work.

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO

Nordic American Tankers Ltd.                                                         www.nat.bm  

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with 

the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.

Contacts:       

Bjørn Giæver, CFO                                                             
Nordic American Tankers Ltd                                             
Tel: +1 888 755 8391                                  

Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 724 171