Nordic American Tankers Ltd (NYSE: NAT) – Update on contracts

Monday, August 15, 2022

Dear Shareholders and Investors,

Below are the latest contracts for our suezmax ships, showing the level of the market.

The rates we experience now are far above recent quarters.  

12th Aug.: Vessel fixed on subjects to US Oil Major for voyage from Mediterranean to Asia. Time Charter Equivalent (TCE) about USD 60,000 over 35 days

12th Aug.: Vessel fixed on subjects to Asian interests for voyage from AG to Singapore. Time Charter Equivalent (TCE) about USD 19,000 over 36 days

4th Aug.: Vessel fixed to Asian interests for voyage cross Mediterranean. Time Charter Equivalent (TCE) about USD 40,000 over 15 days

3rd Aug.: Vessel fixed to Asian interests for voyage from Red Sea to Asia. Time Charter Equivalent (TCE) about USD 21,500 over 45 days

28th July: Vessel fixed to Asian interests for voyage from AG to Singapore. Time Charter Equivalent (TCE) about USD 46,500 over 26 days

25th July: Vessel fixed to American interests for voyage (positioning voyage) from AG to US Gulf. Time Charter Equivalent (TCE) about USD 13,500 over 65 days

25th July: Vessel fixed to European interests for voyage from Brazil to Europe. Time Charter Equivalent (TCE) about USD 30,000 over 40 days

21st July: Vessel fixed to European interests for voyage from US Gulf to Europe. Time Charter Equivalent (TCE) about USD 55,000 over 40 days

20th July: Vessel fixed to Indian interests for voyage from AG to EC India. Time Charter Equivalent (TCE) about USD 37,000 over 20 days

15th July: Vessel fixed to Singapore interests for voyage from AG to Singapore. Time Charter Equivalent (TCE) about USD 30,000 over 32 days

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

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Limited 

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 72 41 71     

www.nat.bm

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