Nordic American Tankers Ltd (NAT)

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Nordic American Tankers Ltd (NYSE: NAT) - Adjustment of the NAT fleet. Continued strong tanker market.

Friday 23 November 2018



Dear Shareholders,

We would like to inform you that we have sold our two 1999 built tankers, the Nordic Aurora and the Nordic Sprite. Both ships have their so called special surveys in January next year, normally costing $1 mill or more for each ship. The ships have been sold at a price of about $10 mill per unit net to us. The ships are scheduled to be delivered to the new owners in December 2018. The contracts contain provisions related to the Hong Kong Convention (2009) for ships.

After having sold eight ships this summer, built in 1997/1998, the NAT fleet now consists of ships built in 2000 and onwards. The accumulated sale of the ten ships in 2018 is a part of our commercial strategy. The NAT top quality fleet now counts 23 suezmax tankers with an average age of 10 years.

The tanker market for our suezmaxes is strong - the strongest we have seen for many years. The payment of dividend will continue to remain a key element of our strategy. Our fleet is well positioned to reap the benefits of the buoyant tanker market.