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

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.

Nordic American Tankers Ltd, press release