Nordic American Tanker Shipping Ltd. - (NYSE: NAT) Announces agreement to extend the $500m Credit Facility by three years until September 2013.

Hamilton, Bermuda, April 15, 2008

Nordic American Tanker Shipping Limited ("the Company") today announced that it has agreed with its lending banks to extend its $500 million Credit Facility from September 2010 until September 2013 on the same terms as agreed when the Credit Facility was established in September 2005. The Credit Facility is a non-amortizing facility; that is, the Company pays interest only on the drawn amount. At this time the Company has drawn $115 million. Going forward the Company anticipates that the extension will not impact the dividend payments to shareholders. The Credit Facility has been arranged by DnB NOR, Nordea and the Danske Bank - leading international shipping banks.

Herbjørn Hansson, the Company's Chairman and Chief Executive Officer commented: "We are very pleased to have completed this transaction, showing the strong position of the Company which has been able to conclude this extension of the Credit Facility in the present financial environment. It is a vote of confidence in the Company extended by the banks. This extension offers us further significant flexibility for future expansion".

Nordic American Tanker Shipping