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

Friday, December 9, 2022

Dear Shareholders and Investors,

Below are the 5 most recent contracts for our suezmax ships, showing the level of the market. All numbers are approximations.

Vessel fixed to a major oil trader for a voyage from West Africa to the US East Coast. Time Charter Equivalent (TCE) of above $70,000/day over more than 40 days.

Vessel fixed to a Far East energy company for a voyage from Arabian Gulf to the Far East. The TCE is above USD 70,000/day over more than 30 days.

Vessel fixed to an international oil major for a voyage from South America to UK/Continent. TCE above USD 80,000/day over more than 40 days.

Vessel fixed to an international oil major for a voyage from US Gulf to UK/Continent. TCE above USD 70,000/day over more than 45 days.

Vessel fixed to a Far East major oil company for a voyage from the Arabian Gulf to the Singapore area. TCE is above USD 50,000/day over more than 30 days.

The numbers above give a picture of the current market level.

The operating costs for our ships are about USD 8,000 per day.

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 91 724 171    

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