Nordic American Tankers Ltd. (NYSE: NAT) – Strong position for our ships

Hamilton, Bermuda - April 2, 2020

Dear Shareholders,

In our messages during March we informed you that the dividend for the first quarter of 2020 would be double the dividend of the last quarter of 2019, rising from 7 cent to 14 cent. Dividend is a priority. The start of 2Q is much stronger than 1Q 2020.

The second quarter of 2020 is continuing in a solid way. Some fixtures in March indicate the freight level:

14 days – USD 80,000 per day
30 days – USD 50,000 per day
68 days – USD 48,000 per day
25 days – USD 57,000 per day
40 days – USD 43,000 per day
28 days – USD 64,000 per day
40 days – USD 26,000 per day
60 days – USD 89,000 per day
60 days – USD 90,000 per day
60 days – USD 75,000 per day
55 days – USD 90,000 per day
18 days – USD 110,000 per day

Please note that NAT has operating costs of USD 8,000/day. We have concluded contracts of longer duration than above.

We expect to see a strong market going forward.

Best regards,
Herbjψrn Hansson
Chairman & CEO
Nordic American Tankers Ltd.

Nordic American Tanker Shipping Ltd., press release