Nordic American Tankers Ltd. (NYSE:NAT) – Our company is reaping the benefits of the strong tanker market.

Hamilton, Bermuda - January 16, 2020

Dear Investors,

In a January 7, 2020 message we informed you about our first fixture of 2020 with a Time Charter Equivalent (TCE) in excess of $100,000 per day.

For reference, but not for accounting purposes, below is a list of our last spot market fixtures concluded up until the release of this message:

Fixture 1: TCE $50,000 per day for 50 days
Fixture 2: TCE $90,000 per day for 40 days
Fixture 3: TCE $65,000 per day for 35 days
Fixture 4: TCE $75,000 per day for 50 days
Fixture 5: TCE $31,000 per day for 25 days

The operating costs of our vessels are about $8,000 per day per ship.

The above fixtures illustrate the strong start of the first quarter 2020, that is well above the last quarter of 2019, on which we have provided guidance earlier.

It is also good for the tanker market that China and USA seem to be coming to terms on expanding energy cooperation.

In summary, the strong tanker market is continuing, far above the numbers for many years.

We shall publish our 4Q 2019 results February 18, 2020. Our dividend declaration shall be on the same date.

Going forward, there is scope for increased dividends compared with the last years.

Chairman & CEO
Herbjørn Hansson
Nordic American Tankers Ltd.

Nordic American Tanker Shipping Ltd., press release