Full Financing of Two Newbuildings is in place

October 16, 2020

Dear Shareholders and Investors,

Further to our message of September 23, 2020, when NAT announced two Suezmax newbuilding contracts with Samsung Heavy Industries for delivery during the first half of 2022.

We now wish to announce that NAT has entered into a financing agreement with a subsidiary of Ocean Yield ASA for the two vessels.

It is an advantage to secure the long term financing for these two newbuildings at an early stage and with an existing lender.

The financing is for up to 80% of the newbuilding price. The agreements are based on a 10-year bareboat charter for each vessel. NAT has certain options to buy or sell the vessels during the charter period.

Ocean Yield ASA, a company in the Aker sphere, is listed on Oslo Stock Exchange (OSE). One objective of NAT is to become a debt free company.

Best regards,

Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.

Nordic American Tanker Shipping Ltd., press release