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September 15, 2026
Dear Shareholders and Investors,
We are currently experiencing a market for our vessels that is extraordinary.
Below is a snapshot of some recent spot fixtures for our ships - the numbers are approximate.
• Our operating costs per ship are less than $10,000 per day. The difference between the rates below and the operating costs is cash accumulation in NAT:
• Fixture to Oil Major for a 31-day voyage, producing a rate of about $183,000 per day.
• Fixture to Oil Trader for a 60-day voyage, giving a rate of about $200,000 per day.
• Voyage to Oil Trader for a 80-day voyage. The rate is about $98,000 per day.
• To Oil Major for a 65-day voyage. The Time Charter Equivalent (TCE) is about $70,000 per day.
• Spot fixture to Oil Major for a 19-day voyage. The TCE is about $88,000 per day.
• To Oil Major for a 77-day voyage. The TCE is USD 61,000 per day.
• Spot fixture to Oil trader for a 64-day voyage. The TCE is about $60,000 per day.
• NAT vessel to Oil Major for a 53-day voyage. The TCE is about $60,000 per day.
• By nature, spot contracts are volatile, which is why we see short term variations.
• The direction is unquestionably upwards for NAT.
For further information on Nordic American Tankers. Please see our web page www.nat.bm
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.
Nordic American Tankers Ltd, press release
