Nordic American Tankers Limited - Report as per March 31, 2026 - NAT continues to prosper and raises its dividend. Market conditions for NAT are now the best for several decades.

Thursday, May 28, 2026

Dear Shareholders and Investors,

Highlights:

1. The dividend for the first quarter 2026 is 22 cents ($0.22) per share. This is the 115th consecutive quarterly cash dividend since NAT became stock listed September 15, 1996. Dividend is payable June 24, 2026, to shareholders on record as of June 10, 2026.

1. About 90% of our fleet has been booked at about $68,000 per day in the second quarter of 2026. The equivalent number for the first quarter came in at $47,600 per day per ship. Now, we book voyages well into 3Q26. Our operating costs are below $10,000/day/ship - resulting in improved ability to pay dividends and accumulate cash.

1. The Net result for the first quarter 2026 was $46.3 million. The net result for the first three months of 2026 beat the full 12 months Net Result of 2025.

1. In mid January 2026 we signed the agreement for the construction of two suezmax tankers with a South-Korean Shipyard. The vessels are due for delivery in 2028.

1. The top quality of the NAT vessels is reflected in the vetting performance (the score card) undertaken by the major oil companies. They lease about 50% of our vessels. As per March 31, 2026, the NAT fleet consist of 18 vessels. We have two ships on order.

1. Thanks to careful voyage planning of our vessels, emissions are reduced.

1. Over the last five years our vessels have visited 68 countries, loading and discharging. Thus, our business provides us with some insight into global affairs.

1. Prospects for NAT are excellent.
   
   

Please see the enclosed comprehensive report for further information.

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO

Nordic American Tankers Ltd.

Contacts:

Bjørn Giæver, CFO
Nordic American Tankers Ltd
Tel: [phone]

Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: [phone]

For further information please see our homepage www.nat.bm

Attachment

• NAT 1Q2026 report