Nordic American Tankers Limited (NAT) (NYSE: NAT) Letter to Shareholders From the Chairman and CEO -- An Update

Nordic American Tankers Limited (NAT) (NYSE: NAT) Letter to Shareholders From 
the Chairman and CEO -- An Update 
HAMILTON, BERMUDA -- (Marketwired) -- 06/25/13 --  Nordic American
Tankers Limited (NYSE: NAT) 
Dear Shareholder, 
As Chairman and CEO, I try to keep our shareholders well-informed
about developments in your company and the tanker world in general.
This is a good time to send you one of my occasional letters, since
much is going on in our industry and the world.  
The tanker markets remain soft, due primarily to the excess supply of
vessels. The longer term outlook, however, is more encouraging. The
order book for new vessels is declining and starting in 2014 we
expect only a modest number of newbuildings will be launched. We also
expect older vessels will continue to be scrapped. Consequently, the
suezmax tanker markets should start tightening again.  
In early June, we announced that our subsidiary, Orion Tankers
Limited, had renewed its commercial agreement with a subsidiary of
ExxonMobil Corporation for two years. This important contract
demonstrates the oil major`s continued faith in the company`s sound
financial position and validates management`s dedication to safety
and quality operations of its large, high standard suezmax fleet.  
We take pride in how well we maintain our fleet, ensuring the
longevity of our vessels. Many operators cannot afford such
maintenance in the current market. If you would like to read more
about our operations and philosophy on running a business efficiently
and with integrity, please take a look at "QUALITY COUNTS," the cover
story in the May/June issue of FORUM, published by DNV. DNV is one of
the most prominent classification societies in the world dealing with
safety and risk management for ships, offshore units and for
industry.  
Here is the link: 
http://www.dnv.com/resources/publications/dnv_forum/2013/forum_01_2013/Quality_c
ounts.asp 
Based upon proceeds from our follow-on offering of shares in April
this year and undrawn amounts from our $ 430 million credit facility,
the company has the financial resources to expand its fleet, which
now numbers 20 ships. Due to extensive delays, we cancelled our
acquisition of a 2013 built suezmax tanker in June, with full return
of our deposit. But this does not diminish in any way our interest in
purchasing additional vessels in this market, as long as it is done
in a prudent manner which also could include newbuildings.  
Our primary objective is to maximize total return to our
shareholders, including maximizing our quarterly cash dividend. Over
time we have produced a competitive total return for our shareholders
and we believe that we are in an excellent position to achieve such
results in the future. Nordic American is a company with limited
downside and all upside.  
Dividend is a central element in our strategy. During the periods of
soft tanker markets, the company has paid a modest quarterly
dividend. When the markets start tightening again, the dividends can
be expected to rise. Our model ensures that the interests of our
shareholders and our management are fully aligned. If our
shareholders do well, so do management and vice versa. I never
comment on the stock price. Let me say,though, that over the recent
past I and my immediate family have increased our investment in
Nordic American significantly and we are now the largest shareholder
of the company. 
Going forward, I feel strongly that Nordic American is in the best
possible position to navigate the global economic seas, be they calm
or stormy. We are privileged to be in a business that the world
needs, with a company's success determined by how well it manages the
shifting tides of that world. 
Please feel free to contact me personally at
herbjorn.hansson@scandicamerican.com to give me any views or
suggestions that you may have. It is always refreshing to hear from
you. 
All the best! 
Sincerely,
 Herbjorn Hansson
 Chairman & CEO 
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 world
wide 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. 
Press release (PDF): http://hugin.info/201/R/1711837/568002.pdf 
Contacts:
Scandic American Shipping Ltd 
Manager for:
Nordic American Tankers Limited
P.O Box 56, 3201 Sandefjord, Norway
Tel: + 47 33 42 73 00 
E-mail: nat@scandicamerican.com  
Jacob Ellefsen 
Manager, Investor Relations and Research, Monaco
Nordic American Tankers Limited
Tel: + 377 93 25 89 07 
or + 33 678 631 959 
Rolf Amundsen 
Advisor, Norway
Nordic American Tankers Limited
Tel: +1 800 601 9079 
or + 47 908 26 906 
Turid M. Sorensen 
EVP & CFO, Norway
Nordic American Tankers Limited
Tel: +47 33 42 73 00 
or +47 90 57 29 27 
Gary J. Wolfe
Seward & Kissel LLP 
New York, USA
Tel: +1 212 574 1223 
 
 
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