Nordic American Tankers Limited : Nordic American Tankers Limited. (NAT)-(NYSE:NAT) Letter to Shareholders from the Chairman and

      Nordic American Tankers Limited : Nordic American Tankers Limited.
(NAT)-(NYSE:NAT) Letter to Shareholders from the Chairman and CEO - An update

Hamilton, Bermuda, June 25, 2013

Dear Shareholder,

As Chairman and CEO, Itryto keepour shareholders well-informedabout
developments in yourcompany 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 remainsoft,due primarilytotheexcess supply of vessels.
The longer term outlook, however, is more encouraging.The order book fornew
vessels is decliningand starting in2014 we expect only amodest 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_counts.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 new buildings.

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 thatthe 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 immediatefamily have increased our investmentin 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 mepersonally 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.

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 + 33678 631959

Rolf Amundsen, Advisor, Norway
Nordic American Tankers Limited
Tel: +1 800 601 9079 or + 47 908 26906

Turid M. Sørensen, 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
Press release (PDF)

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Source: Nordic American Tankers Limited via Thomson Reuters ONE
HUG#1711837
 
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