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Nordic American Tankers Limited: Nordic American Tankers Limited (NYSE:NAT) - Arbitration claim versus Gulf Navigation Holding

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

Hamilton, Bermuda, January 31, 2014

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.

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, 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

Press release (PDF)

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
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The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Nordic American Tankers Limited via Globenewswire
HUG#1758365
 
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