Nordic American Tankers Ltd (NYSE: NAT) – Two suezmax newbuildings delivered and two long term contracts established

Wednesday, June 29, 2022

Dear Shareholders and Investors,

On May 13, 2022, we took delivery of the first of two recent suezmax tanker newbuildings from Samsung shipyard in South Korea. The vessel, which can carry one million barrels of oil, was named Nordic Harrier. We are always pleased to do business with South Korean shipbuilders, since their vessels are first-rate and always delivered on schedule.

The second newbuilding, to be named Nordic Hunter, will be delivered in a few days and will also commence a contract for six years to ASYAD Shipping Company of the Sultanate of Oman. The contract begins promptly upon delivery from the yard, immediately producing earnings and cash-flow and further strengthening the NAT position in the crucial Middle East region.

Both newbuildings mentioned in this message are fully financed via our partner Ocean Yield, a company controlled by Kohlberg Kravis Roberts (KKR), which is headquartered in the US.

The NAT fleet consists of 20 vessels, all of them suezmax tankers, thus ensuring us both the reliability and flexibility of a uniform operation.

For contacts, please see at the end of this communication.                                           

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.

NAT is a Bermuda based company.

Contacts:

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

Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 72 41 71     

www.nat.bm

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