Tuesday, 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.                                                        www.nat.bm

Contacts:       

Bjørn Giæver, CFO                                                             
Nordic American Tankers Ltd                                             
Tel: +1 888 755 8391                                  

Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 724 171