Nordic American Tankers Ltd (NAT)

[Eurotradr]

Nordic American Tankers Ltd (NYSE: NAT) – An extremely busy period for NAT. Political uncertainty normally stimulate the NAT activities

Wednesday, March 9, 2022

Dear Shareholders and Investors,

The following transactions indicate how active NAT has been recently:

Two six-year time charters with Oman interest concluded, securing cashflow, return and financial stability
First drawdown for the $88 million newbuilding financing
Sale of three Suezmax vessels concluded – value $45 million

The elements above stimulate the NAT business.

Yesterday the US imposed a ban on imports of Russian Oil. Russian crude oil accounted for about 3% of total US crude oil imports last year.

Europe imports about one third of its oil from Russia.

With increased sanctions and prolonged uncertainty, Europe will source oil from elsewhere, such as West Africa, Americas and the Middle East.

Therefore, oil has to travel longer distances and more transportation work is good for the NAT vessels.

Some of the Russian oil may go to the East/Far East creating a strong ton-mile effect and improving the position for our ships further.

NAT now has 22 Suezmax tankers including 2 newbuildings.

A large part of the NAT fleet is currently in the spot market. NAT will instantly see the effect of increased transportation work and higher rates for our vessels.

Sincerely,

Herbjorn Hansson

Founder, Chairman & CEO

Nordic American Tankers Ltd. www.nat.bm