Nordic American Tankers Ltd (NYSE: NAT) - Doubling of the dividend in the first quarter 2020

Hamilton, Bermuda - March 24, 2020

Dear shareholders,

On March 17, 2020 we indicated that the dividend for the fourth quarter 2019 could be expected to double in 1Q 2020.

The timecharter for our fleet in 1Q 2020 will be about $45,000/day per ship. NAT has 23 suezmaxes. Operating costs are $8,000/day per ship.

The Board of NAT has decided that the actual dividend will be 14 cent per share for 1Q 2020 versus 7 cent for 4Q 2019. The dividend for 1Q 2019 was 3 cent per share.

The first quarter 2020 report will be announced May 18, 2020. The record date for the dividend will be Tuesday May 26, 2020 and the payment date will be Friday June 5, 2020.

NAT has an objective to prioritize dividend.

The market for our ships remains very strong.

Best regards,

Herbjørn Hansson
Chairman & CEO

Nordic American Tanker Shipping Ltd., press release