Nordic American Tankers Ltd. (NYSE: NAT) Report for the first quarter 2020 First quarter net operating earnings beat the full year 2019.

Hamilton, Bermuda - May 18, 2020

Dear Shareholders and Investors,

It is normal in the tanker business to meet with disruptions and unexpected events. We capitalize on such disruptions, which we expect will take place in the future too. Prospects for 2020/2021 are promising.

Highlights:

• Our net profit for 1Q2020 improved from last quarter (4Q2019) and came in at $39.5 million against a net profit of $12.7 million for 4Q2019 and a net profit of $5.6 million in 1Q2019. EBITDA for the first quarter 2020 (non-GAAP measure) in NAT was $64.9 million. This is a 72% increase from the previous quarter (4Q2019) which generated an EBITDA of $37.7 million. EBITDA is an expression of the cash generated from our operations.

• Returning profits to our shareholders through cash dividends is a priority for NAT. On March 24, 2020, we announced our 91st consecutive quarterly dividend. The dividend for the first quarter of 2020 is 14 cents ($0.14) per share, payable on June 5, 2020, to shareholders of record May 26, 2020. This is double the dividend paid in the previous quarter (4Q2019).

• The average Time Charter Equivalent (TCE) achieved for the first quarter of 2020 across our fleet was $44,100 per day per ship, up almost 40% from $31,700 per day per ship in the previous quarter (4Q2019). So far in the second quarter of 2020, about 75% of the trading days of our fleet have been booked at an average TCE of about $50,000 per day per ship. This is an encouraging signal for dividend payments for 2Q2020. Our operating costs are about $8,000 per day per ship.

• Muted supply of ships creates a base for a solid future of the tanker industry. The world economies are gradually reopening, and especially Asian economies are showing encouraging improvements. This bodes well for the tanker markets in the second half of 2020 and the full year 2021. At the end of 1Q2020 NAT is in the best position ever.

• The quality of the NAT fleet is first rate, reflected in the vetting record of our ships. Vetting is the assessment of oil companies to establish the technical and operational quality of our fleet. NAT has 23 suezmax vessels.

• Detailed financial information for 1Q2020 and for other periods is included later in this report.

Nordic American Tanker Shipping Ltd., press release