Nordic American Tankers Limited (NYSE: NAT) – Report as per June 30, 2026 – The direction of NAT is unquestionably upwards – rates & values are up

Thursday, August 27, 2026

TO SHAREHOLDERS AND INVESTORS,

In our report to you a short while ago, we described how Nordic American Tankers Ltd (NAT) fared this summer. Summary:

We succeeded in getting three of our NAT ships through the Hormuz strait, leaving the area. The three ships had been stuck in the Arabian Gulf since February 28th, 2026, when hostilities between Iran and the US began. Two of the ships are now trading internationally and one, built in 2003, has been sold at USD 26 million. Our Hormuz action was essential and solved a serious problem on our hands. NAT is in the best market that we have seen for decades. The vessels collect in the range of USD 60,000 – USD 90,000 a day in the spot market, sometimes even more. The major oil companies are our main customers. Operating costs are below USD 10,000/day, resulting in a substantial accumulation of cash, which now stands at USD 175 million. A month ago, a NAT ship was attacked in the Black Sea, but we managed to get away, and the vessel is out of danger. The safety of the crew is always our main concern. As a policy we ensure that banks do not influence our business. Presently, NAT has the financial partners A) Dallas based Beal Bank and B) Ocean Yield. Although we are only halfway through the year, 2026 promises to be the best year for NAT since it was first listed on the stock exchange in 1995.

HIGHLIGHTS:

$47,600 PER DAY PER SHIP IN THE PREVIOUS QUARTER. THIRD QUARTER BOOKINGS CONTINUE THE STRONG TREND WITH ABOUT 75% OF OUR FLEET BOOKED AT ABOUT $54,000 PER DAY PER SHIP.

$46.3 MILLION.

PROSPECTS FOR NAT ARE EXCELLENT.

Please see the enclosed comprehensive report for further information.

Sincerely, Herbjørn Hansson

founder, Chairman & CEO Nordic American Tankers Ltd

Our Fleet

As of June 30, 2026, our fleet consisted of 17 well maintained Suezmax tankers and two newbuildings on order for delivery in 2028.

Suezmax tankers are a versatile ship, offering a combination of economy of scale and flexibility in loading & discharging, with its cargo lifting capacity of 1 million barrels of oil each. We only have Suezmaxes in our fleet and most of our ships are built in South Korea.

During the first quarter we entered into sales agreements for two ships, a 2003-built and a 2005-built tanker. The first vessel was delivered to the new owners during the second quarter and a gain on the sale is recorded in this report. The second vessel was delivered to the buyers at the beginning of the third quarter and the vessel is as such still listed as held for sale in this report. The delivery was delayed due to the vessel being trapped inside the Strait of Hormuz.

We take extra care to maintain our vessels to the highest standards for the safety of crew, cargo and the environment. The outcome of the inspections of our ships by oil companies (“vetting”) reflects the good quality and maintenance of our fleet.

In a capital-intensive industry like ours, careful maintenance of our ships and the timing & financing of expansion are key elements to ensure both our financial stability and our commitment to paying cash dividends.

Results for the second quarter of 2026

The second quarter of 2026 saw rates continuing the strong momentum from the previous quarter. The demand for our ships has continued very strong.

The second quarter 2026 produced a Net profit of $68.3 million or an EPS of $0.32. This includes a book profit on sale of assets of $21.3 million. It further includes Loss of Hire insurance recoveries. The previous quarter (1Q26) came in at a net profit of $46.3m or an EPS of $0.22, including a book profit on sale of assets of $14.4 million. The same quarter in the previous year 2Q2025 had a Net loss of -$0.9 million including a book profit from sale of assets of $7.1m.

The NAT result came in with an adjusted EBITDA of $67.6 million for 2Q 2026. The previous quarter (1Q26) came in at $54 million, and the same quarter last year (2Q25) produced a quarterly EBITDA of

$15.8 million. The adjusted EBITDA includes loss of hire insurance recoveries for three vessels unable to transit the Strait of Hormuz of $14.6 million.

The average time charter equivalent (TCE) for our fleet during the second quarter of 2026 came in at

$63,000 per day per vessel (including loss of hire insurance recoveries) versus $47,600 per day per ship in the first quarter of 2026. These numbers are on a discharge-to-discharge basis.

For detailed information about our statement of operations (P&L), balance sheet, cash flow and reconciliation of certain non-GAAP financial measures, we refer to tables on pages 5 and 6 of this press release.

Financing

Our Net Debt (total liabilities, less current assets) stood at $215.8 million, which averages $12.7 million per ship across our 17 vessels, as of June 30, 2026.

The details of our two financing arrangements are as follows;

As of June 30, 2026, the current portion of long-term debt was $35.4 million net of transaction costs.

$28 million was related to the Ocean Yield financing and $7.4 million was related to the Beal/CLMG financing.

We have not utilized any ATM offerings in 2026.

For the second quarter of 2026 a cash dividend of 27 cent ($0.27) per share has been declared. This is our 116^th consecutive quarterly dividend declaration.

Payment of the dividend will be on September 24, 2026, to shareholders of record on September 10, 2026.

World Economy and the Tanker Market

We continue to see high demand for oil and oil transportation, especially for emerging economies that continue to have energy consumption per capita that is significantly lower than that of OECD-countries. The magnitude of geopolitical events affecting the global energy chain is unprecedented and we do not see this going away anytime soon. This is also creating additional demand for energy and transportation work. Should the Strait of Hormuz open fully, more oil volume should become available and allow for re-stocking of depleted international oil stocks and expansion of strategic oil stocks from countries who have learned a hard lesson from the Strait of Hormuz closure. This should continue to keep demand for transportation of oil strong and is good for the NAT fleet. Seasonal variations will occur, but as we have seen so far, these last years, the trend supports future earnings at higher levels than in the past.

The world’s Suezmax fleet (excl. shuttle, product & Jones Act tankers) counted 633 vessels as of early August 2026.

The orderbook for new suezmax tankers at the same date stood at 209 vessels. This is an uptick from May this year and the orderbook in percentage of the existing world fleet of conventional Suezmax tankers now stands at 33%. Still, this is a balanced orderbook compared to the age structure of the fleet. 200 new vessels will be delivered into the world fleet between now and the end of 2029. Until the end of 2029 there are 207 conventional suezmax tankers that will turn 20 years of age, or older. A large portion of the oldest part of the world fleet is involved in sanctioned trade, and their future is highly dependent on the same geopolitical developments as mentioned above.

The world suezmax fleet will see 15 new vessels added to the world fleet for the remainder of 2026, 55 in 2027, 70 in 2028, 60 in 2029 and 9 newbuild orders are booked for 2030. These are high annual delivery numbers based on historic capacity at the shipyards. Depending on ordering activity from other ship segments, the risk of slippage to these delivery numbers could increase.

It is anticipated that the tanker markets will continue to be strong in the coming years.

The supply of tanker tonnage is inelastic in the short term. When there are too many ships in an area, rates tend to go down. When there is scarcity of ships, rates tend to go up. Short-term spot tanker rates may be expected to be volatile.

Corporate Governance/Conflict of Interests

It is vital to ensure that there is no conflict of interest among shareholders, management, affiliates and related parties. Interests must be aligned. From time to time in the shipping industry, we see that questionable transactions take place which are not in harmony with sound corporate governance principles, both as to transparency and related party aspects. We have zero tolerance for corruption.

Strategy Going Forward

The NAT strategy is built on expanding and maintaining a homogenous and top-quality fleet, leveraging on our industry network and close customer relationships with major oil companies and oil traders.

We are a dividend company with the objective of having a strong balance sheet and low G&A costs, enabling us to distribute free cash flows to our shareholders.

In an improved market, higher dividends can be expected.

Our fleet of 17 more or less identical vessels is a special feature of NAT that is particularly valuable to our customers.

NAT is firmly committed to protecting its underlying earnings and dividend potential. We shall safeguard and further strengthen this position in a deliberate, predictable and transparent way.

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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 worldwide 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.