Nordic American Tankers Ltd (NYSE

NAT) – A snapshot of the present market conditions

 

Thursday, March 7, 2024

 

Dear Shareholders and Investors,

 

We have recently concluded the following fixtures:

• Nordic Castor (2004) was fixed to a Far Eastern Major for a voyage from Arabian Gulf to Singapore. The TCE is USD 34,000 over 30 days.
• Nordic Space (2017) was fixed to a Major for a voyage from Europe to Singapore (routed via South Africa). The TCE is USD 70,000 over 51 days.
• Nordic Star (2016) was fixed to a Major for a voyage from South America to Europe. The TCE is USD 30,000 over 43 days.
• Nordic Luna (2004) was fixed to a Far Eastern Major for a voyage from Arabian Gulf to Singapore. The TCE is USD 38,000 over 34 days.
• Nordic Pollux (2003) was fixed to an Oil Trader for a voyage intra-Middle East. The TCE is USD 32,000 over 37 days. 

The numbers above are approximations. The operating costs for our ships are about USD 9,000 per day per ship.

There is a strong market for NAT, facilitating a pursuit of an aggressive dividend policy. US exports are on the rise, as is Chinese imports, supporting transportation work.

 

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO

Nordic American Tankers Ltd.                                                         www.nat.bm  

 

 

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.