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

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.

Nordic American Tankers Ltd, press release