Nordic American Tankers Ltd (NYSE: NAT) - Report as per December 31, 2025 - Full speed ahead

Thursday, February 26, 2026

Dear Shareholders and Investors,

Ninety day periods offer a short-term snapshot. A more meaningful analysis must contain a longer-term picture. The direction of NAT is up. A few days ago, we entered into a 1-year fixed contract with an oil major, giving us more than $50,000 per day.

Highlights: 
         

1. The dividend for the fourth quarter 2025 is 17 cents ($0.17) per share. This is our 114th consecutive quarterly cash dividend. The dividend is payable March 24, 2026, to shareholders on record as of March 10, 2026.

1. The market is very solid for our ships. Nearly two-thirds of our spot days in 1Q26 have been booked at about $55,000 per day. At this stage we are booking ships well into 2Q26, which bodes well. The long-term outlook for our fleet of tankers is bright. The striking scarcity of compliant ships has become obvious as pressure on the so-called shadow fleet has intensified.

1. Our fourth quarter result for 2025 was the best quarter of the year and the average time charter equivalent (TCE) for our fleet came in at $35,000 per day per ship, up 25% from the previous quarter. Our operating costs are about $9,000/day/ship. The net result for the fourth quarter 2025 came in at $11.7 million and the EBITDA was $34.7 million. Our cash position at the day of this report is above $100 million.

1. During the first half of 2025, we acquired two 2016-built suezmax tankers. During the second half of 2025 we also entered into an agreement with a South-Korean shipyard to build two vessels for delivery in 2028 (the signing took place in January 2026). 

1. During the 2025 calendar year we also took advantage of the increasing asset prices and sold four of our vessels built between 2003 and 2005. The two latest vessels were delivered to the buyers in January 2026. In the first quarter of 2026, we also sold a 2003-built ship which is soon to be delivered to the buyers.

1. The top quality of the NAT vessels is reflected in the vetting performance (the score card) undertaken by the major oil companies. Major oil companies charter about 50% of our vessels. As per December 31, 2025, the NAT fleet consist of 20 vessels. We expect to grow our fleet in the time to come.

1. Thanks to careful voyage planning and adjustment of speed of our ships, we reduce emissions.

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.

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    

Attachment

• NAT 4Q2025 report