Monday, August 28, 2023
Dear Shareholders and Investors,
Please see HIGHLIGHTS and the enclosed report for first half of 2023.
Highlights:
1. The net income for the first half of 2023 is in excess of $100 million

    higher than for the same period last year. The net income for the first six
    months of 2023 totaled $73.7 million compared to the net loss of -$30.9
    million during the first six months of 2022. The direction of NAT is
    unquestionably on the upward path. The numbers for the second quarter of
    2023 are included later in this report.

2. It has been decided that the dividend for the second quarter of 2023 will be
13 cents ($0.13) per share, up from a 3 cent dividend in the same quarter
last year. The dividend is payable October 5, 2023 to shareholders of record

    as of September 14, 2023. So far in 2023 NAT has declared 43 cents in
    dividends per share. Higher earnings will result in higher dividends.

3. The average Time Charter Equivalent (TCE) for our spot vessels (15) during
the Second quarter of 2023 came in at $43,200 per day per ship. Including
vessels on term contracts (4), the total average NAT TCE was $39,300 per day

    per ship. During the same quarter last year the TCE was $20,080 per day per
    ship. This is one of the strongest second quarter TCE's ever achieved in
    NAT's 28-year history.

4. Bookings for the third quarter are also on track, indicating a historically

    strong third quarter. About 57% of our spot voyage days for the third
    quarter of 2023 have now been booked at an average TCE of $34,800 per day
    per ship. There is a scarcity of our type of ships, leading to better
    results and higher dividend.

5. Oil demand continues to be strong. Higher interest rates combined with
higher oil prices have kept oil inventories low and leaves a limited buffer
ahead of the winter. War, Political uncertainty, a fragmented trade picture

    and a tight supply of ships offer a set of  interesting dynamics ahead for
    the NAT oil tankers.

6. NAT has one of the lowest debt levels among publicly listed tanker

    companies. Our net debt stood at $159.8 million equal to $8.4 million per
    ship at June 30, 2023. The objective of NAT clearly remains to become free
    of debt.

7. The NAT fleet of versatile suezmax tankers offers flexibility in loading and

    discharging ports. Through careful voyage planning and adjustment of speed
    of our vessels is reducing emissions. Irrespective of age, each individual
    ship in the NAT fleet is of excellent technical quality, as demonstrated in
    the vetting statistics.

For contacts, please see the end of this communication.
Sincerely,
Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd.

    www.nat.bm (http://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.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections. We undertake no obligation to update
any forward-looking statement, whether as a result of new information, future
events or otherwise.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, general market conditions, including
fluctuations in charter rates and vessel values, changes in demand in the tanker
market, as a result of changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, changes in our operating expenses,
including bunker prices, drydocking and insurance costs, the market for our
vessels, availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due to accidents
or political events, vessels breakdowns and instances of off-hires and other
important factors described from time to time in the reports filed by the
Company with the Securities and Exchange Commission, including the prospectus
and related prospectus supplement, our Annual Report on Form 20-F, and our
reports on Form 6-K.
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
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