Nordic American Tankers Limited (NYSE:NAT) -- Arbitration claim versus Gulf Navigation Holding PJSC -- award of $10.2 million in

Nordic American Tankers Limited (NYSE:NAT) -- Arbitration claim versus Gulf
Navigation Holding PJSC -- award of $10.2 million in favour of NAT

HAMILTON, Bermuda, Jan. 31, 2014 (GLOBE NEWSWIRE) -- Nordic American Tankers
(NAT) today announced that an arbitration panel in London has produced an
award in favour of NAT. Gulf Navigation Holding PJSC (GulfNav) was the other
party in the arbitration. The case relates to the 6 year bareboat charter with
GulfNav of the Suezmax vessel Gulf Scandic (now named Nordic Harrier) covering
the period 2004 to 2010.

When the vessel was redelivered to NAT by the charterer in October 2010, it
was in very poor technical condition. The vessel had not been technically
operated according to sound maintenance practices by the charterer. NAT had
the vessel repaired in the autumn of 2010/spring 2011, and made a claim
against GulfNav for costs incurred. A London arbitration panel ruled in favour
of NAT and awarded the Company $10.2 million plus direct costs and calculated
interest.

In the maritime press there have been reports regarding the financial position
of GulfNav. This award has no significant accounting impact on NAT.

          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/1758365/594453.pdf

CONTACT: 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, CFO & EVP, 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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