Nordic American Tankers Ltd (NYSE: NAT) – Update on important questions

Monday, March 20, 2023

Dear Shareholders and Investors,

There is nervousness in the stock markets. This nervousness does not impact Nordic American Tankers Ltd (NAT).

We would like to highlight three observations on the market for oil transportation:

Firstly:             We are not affected by the banking crisis that we see.

Secondly:        We are not affected by the fluctuations in the oil price.

Thirdly:            The market for our vessels continue to be strong 

When we experienced uncertainty in the banking world in 2008, the order book for new suezmax tankers the following months and years stood at about 50% of the existing fleet. At this time, the corresponding number is at a low level of 2%, the lowest we have seen for decades. The supply side of our market is protected for years to come, thereby strengthening the fundamentals.

The tonnage balance, the demand and supply of ships are in our favor. Political uncertainty is good for our business. NAT has quality ships, quality operations and not least quality customers. Major oil companies account for about 50% of the total NAT business. 

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO

Nordic American Tankers Ltd.                                                           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:       

Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 724 171   

Bjørn Giæver, CFO                                                             
Nordic American Tankers Ltd                                             
Tel: +1 888 755 8391