# EDGAR Filing Document

**Accession Number:** 0001000177
**File Stem:** 0000919574-26-003779
**Filing Date:** 2026-6
**Character Count:** 25622
**Document Hash:** e16cf0e8e806a96e1c25ef4c8819bca9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-26-003779.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000919574-26-003779

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260630

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORDIC AMERICAN TANKERS Ltd
- **CENTRAL INDEX KEY:** 0001000177
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13944
- **FILM NUMBER:** 261050967

**BUSINESS ADDRESS:**
- **STREET 1:** SWAN BUILDING
- **STREET 2:** 26 VICTORIA STREET
- **CITY:** HAMILTON HM12
- **STATE:** D0
- **ZIP:** 00000
- **BUSINESS PHONE:** (441) 292-7202

**MAIL ADDRESS:**
- **STREET 1:** SWAN BUILDING
- **STREET 2:** 26 VICTORIA STREET
- **CITY:** HAMILTON HM12
- **STATE:** D0
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORDIC AMERICAN TANKER SHIPPING LTD
- **DATE OF NAME CHANGE:** 19950906

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13A-16 OR 15D-16 OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of June 2026**

**Commission File Number: 001-13944**

**NORDIC AMERICAN TANKERS LIMITED**

**(Translation of registrant's name into English)**

**Swan building, 26 Victoria Street, Hamilton, HM12, Bermuda**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**INFORMATION CONTAINED IN THIS FORM 6-K REPORT**

Attached as [Exhibit 1](p12171655_ex-1.htm) is a press release of Nordic American Tankers Limited (the "Company") dated May 28, 2026, announcing the Company's dividend and earnings report for the first quarter ended March 31, 2026.

This Report on Form 6-K is hereby incorporated by reference into the Company's Registration Statement on Form F-3 (File No. 333-285720), filed with the U.S. Securities and Exchange Commission with an effective date of March 11, 2025.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **NORDIC AMERICAN TANKERS LIMITED** | **NORDIC AMERICAN TANKERS LIMITED** |
|  | (registrant) | (registrant) |
| Dated: June 1, 2026 | By: | /S/ HERBJØRN HANSSON |
|  |  | **Herbjørn Hansson** |
|  |  | **Chairman, President, and Chief Executive Officer** |

---

## Ex-1

**Exhibit 1**

![](image_001.jpg)

**Nordic American Tankers Limited (NYSE: NAT) – Report as per March 31, 2026 – NAT continues to prosper and raises its dividend. Market conditions for NAT are now the best for several decades.** 

**Thursday, May 28, 2026<br>** 

<br> **Highlights:**

**1.** **The dividend for the first quarter 2026 is 22 cents ($0.22) per share. This is the 115th consecutive quarterly cash dividend since NAT became stock listed September 15, 1996. Dividend is payable June 24, 2026, to shareholders on record as of June 10, 2026.** 

**2.** **About 90% of our fleet has been booked at about $68,000 per day in the second quarter of 2026. The equivalent number for the first quarter came in at $47,600 per day per ship. Now, we book voyages well into 3Q26. Our operating costs are below $10,000/day/ship – resulting in improved ability to pay dividends and accumulate cash.** 

**3.** **The Net result for the first quarter 2026 was $46.3 million. The net result for the first three months of 2026 beat the full 12 months Net Result of 2025.** 

**4.** **In mid January 2026 we signed the agreement for the construction of two suezmax tankers with a South-Korean Shipyard. The vessels are due for delivery in 2028.** 

**5.** **The top quality of the NAT vessels is reflected in the vetting performance (the score card) undertaken by the major oil companies. They lease about 50% of our vessels. As per March 31, 2026, the NAT fleet consist of 18 vessels. We have two ships on order.** 

**6.** **Thanks to careful voyage planning of our vessels, emissions are reduced.** 

**7.** **Over the last five years our vessels have visited 68 countries, loading and discharging. Thus, our business provides us with some insight into global affairs.** 

**8.** **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 March 31, 2026, our fleet consisted of 18 well maintained Suezmax tankers.

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.

In the final quarter of 2025, we agreed to sell two vessels built in 2004- and 2005. The ships were delivered to the new owners in mid-January and a gain of $14.4 million is recorded in our 1Q 2026 result.

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 after the quarter and the second vessel has yet to be delivered to the buyers. Both vessels are listed as being held for sale in this report.

The two newbuilding-contracts we agreed to in 4Q25 were both signed in January 2026.

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 first quarter of 2026**

The first quarter of 2026 saw rates continuing the strong momentum that started in 4Q 2025. The demand for our ships accelerated even further at the very end of the quarter when tensions in the Middle East exploded with the closure of the Strait of Hormuz.

The first quarter of 2026 produced a net income of $46.3 million, compared to the fourth quarter of 2025 with a net income of 11.7$ million.

The adjusted EBITDA for the first quarter came in at $54.0 million, an improvement from the third quarter with $34.7 million adjusted EBITDA.

The average time charter equivalent (TCE) for our fleet during the first quarter of 2026 came in at $47,600 per day per vessel versus $27,490 per day per ship in the fourth quarter of 2025. 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 $250,4 million, which averages $13.9 million per ship across our 18 vessels, as of March 31, 2026.

The details of our two financing arrangements are as follows;

1) The $150 million five-year Senior Secured Credit agreement with CLMG/Beal Bank dated 6<sup>th</sup> February 2025 had a total outstanding balance of $140.9 million as of March 31, 2026, including current portion of the debt. The loan is secured in 7 of our suezmax tankers.

2) The 8 vessels financed through Ocean Yield had as of March 31, 2026, a total outstanding balance of $277.9 million, including current portion of the debt.

As of March 31, 2026, the current portion of long-term debt was $35.4 million net of transaction costs. $28.0 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 2025.

For the first quarter of 2026 a cash dividend of 22 cent ($0.22) per share has been declared. This is our 115<sup>th</sup> consecutive quarterly dividend declaration.

Payment of the dividend will be on June 24, 2026, to shareholders of record on June 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. Should the Strait of Hormuz open up fully, more oil volume should become available and allow for re-stocking of depleted international oil stocks, commercial and strategic. 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 622 vessels as of mid May 2026.

The orderbook for new suezmax tankers at the same date stood at 178 vessels. This is an uptick from February this year and the orderbook in percentage of the existing world fleet of conventional Suezmax tankers now stands at 28%. Still, this is a balanced orderbook compared to the age structure of the fleet. 171 new vessels will be delivered into the world fleet between now and the end of 2029. Until the end of 2029 there are 218 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 geopolitical scene.

The world suezmax fleet will see 24 new vessels added to the world fleet for the remainder of 2026, 49 in 2027, 50 in 2028, 48 in 2029 and 7 newbuild orders are booked for 2030.

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 18 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.

\* \* \* \* \*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NORDIC AMERICAN TANKERS LIMITED** | **NORDIC AMERICAN TANKERS LIMITED** | **NORDIC AMERICAN TANKERS LIMITED** | **NORDIC AMERICAN TANKERS LIMITED** | **NORDIC AMERICAN TANKERS LIMITED** | **NORDIC AMERICAN TANKERS LIMITED** |
| &nbsp;&nbsp;**CONSOLIDATED CONDENSED STATEMENTS OF OPERATION<br> (UNAUDITED)** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Twelve Months Ended** |
| &nbsp;&nbsp;**CONSOLIDATED CONDENSED STATEMENTS OF OPERATION<br> (UNAUDITED)** | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** |  | &nbsp;&nbsp;**Mar. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2025** |
| &nbsp;&nbsp;Amounts in USD '000 | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** |  | &nbsp;&nbsp;**Mar. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2025** |
| &nbsp;&nbsp;**Net Voyage Revenue** | &nbsp;&nbsp;**77513** | &nbsp;&nbsp;**58755** |  | &nbsp;&nbsp;**37945** | &nbsp;&nbsp;**182540** |
| &nbsp;&nbsp;**Other Income** | &nbsp;&nbsp;**1806** &nbsp;&nbsp;<sup>\*</sup> | &nbsp;&nbsp;**730** | &nbsp;&nbsp;<sup>\*\*</sup> | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**730** |
| &nbsp;&nbsp;Vessel Operating Expenses | &nbsp;&nbsp;(15876) | &nbsp;&nbsp;(15516) |  | &nbsp;&nbsp;(16503) | &nbsp;&nbsp;(66938) |
| &nbsp;&nbsp;Depreciation Expenses | &nbsp;&nbsp;(14000) | &nbsp;&nbsp;(14196) |  | &nbsp;&nbsp;(13246) | &nbsp;&nbsp;(57735) |
| &nbsp;&nbsp;General and Administrative Expenses | &nbsp;&nbsp;(9279) | &nbsp;&nbsp;(8612) |  | &nbsp;&nbsp;(6848) | &nbsp;&nbsp;(28873) |
| &nbsp;&nbsp;Gain on Disposal of Vessels | &nbsp;&nbsp;14449 | &nbsp;&nbsp;0 |  | &nbsp;&nbsp;9504 | &nbsp;&nbsp;16621 |
| &nbsp;&nbsp;Operating Expenses | &nbsp;&nbsp;(24706) | &nbsp;&nbsp;(38324) |  | &nbsp;&nbsp;(27093) | &nbsp;&nbsp;(136925) |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**54613** | &nbsp;&nbsp;**21161** |  | &nbsp;&nbsp;**10852** | &nbsp;&nbsp;**46345** |
| &nbsp;&nbsp;Interest Income | &nbsp;&nbsp;427 | &nbsp;&nbsp;323 |  | &nbsp;&nbsp;489 | &nbsp;&nbsp;1608 |
| &nbsp;&nbsp;Interest Expense | &nbsp;&nbsp;(8597) | &nbsp;&nbsp;(9332) |  | &nbsp;&nbsp;(7359) | &nbsp;&nbsp;(35752) |
| &nbsp;&nbsp;Other Financial Income (Expenses) | &nbsp;&nbsp;(152) | &nbsp;&nbsp;(492) |  | &nbsp;&nbsp;264 | &nbsp;&nbsp;70 |
| &nbsp;&nbsp;Total Other Expenses | &nbsp;&nbsp;(8322) | &nbsp;&nbsp;(9501) |  | &nbsp;&nbsp;(6606) | &nbsp;&nbsp;(34074) |
| &nbsp;&nbsp;**Net Income (Loss)** | &nbsp;&nbsp;**46291** | &nbsp;&nbsp;**11660** |  | &nbsp;&nbsp;**4246** | &nbsp;&nbsp;**12271** |
| &nbsp;&nbsp;Basic and Diluted Earnings (Loss) per Share | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; 0.06 |  | &nbsp;&nbsp; 0.02 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;Weighted Average Number of Common Shares Outstanding | &nbsp;&nbsp;211750663 | &nbsp;&nbsp;211750663 |  | &nbsp;&nbsp;211750663 | &nbsp;&nbsp;211750663 |
| &nbsp;&nbsp;Common Shares Outstanding | &nbsp;&nbsp;211750663 | &nbsp;&nbsp;211750663 |  | &nbsp;&nbsp;211750663 | &nbsp;&nbsp;211750663 |

---

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| |
|:---|
| &nbsp;&nbsp;\* Insurance proceeds related to prior-period asset event, presented as Other Income |
| &nbsp;&nbsp;\*\*A distribution of $730,484 from The Norwegian Shipowner Mutual WarRisk Insurance Association, received in December 2025, presented as Other Income |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**CONSOLIDATED CONDENSED BALANCE SHEET (UNAUDITED)** |  | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** |
| &nbsp;&nbsp;Amounts in USD '000 |  | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** |
| &nbsp;&nbsp;Cash and Cash Equivalents |  | &nbsp;&nbsp; 81120 | &nbsp;&nbsp; 45863 |
| &nbsp;&nbsp;Accounts Receivable, Net |  | &nbsp;&nbsp; 23183 | &nbsp;&nbsp; 19039 |
| &nbsp;&nbsp;Prepaid Expenses |  | &nbsp;&nbsp; 20487 | &nbsp;&nbsp; 8401 |
| &nbsp;&nbsp;Inventory |  | &nbsp;&nbsp; 15926 | &nbsp;&nbsp; 19930 |
| &nbsp;&nbsp;Voyages in Progress |  | &nbsp;&nbsp; 23014 | &nbsp;&nbsp; 17566 |
| &nbsp;&nbsp;Other Current Assets |  | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 4053 |
| &nbsp;&nbsp;Vessels Held For Sale | &nbsp;&nbsp;<u> </u> | &nbsp;&nbsp; 30639 | &nbsp;&nbsp; 36016 |
| &nbsp;&nbsp;**Total Current Assets** |  | &nbsp;&nbsp; **194907** | &nbsp;&nbsp; **150868** |
| &nbsp;&nbsp;Vessels, Net |  | &nbsp;&nbsp; 703411 | &nbsp;&nbsp; 748207 |
| &nbsp;&nbsp;Other Non-Current Assets |  | &nbsp;&nbsp; 2939 | &nbsp;&nbsp; 3089 |
| &nbsp;&nbsp;**Total Non-Current Assets** |  | &nbsp;&nbsp; **706350** | &nbsp;&nbsp; **751296** |
| &nbsp;&nbsp;**Total Assets** |  | &nbsp;&nbsp; **901257** | &nbsp;&nbsp; **902164** |
| &nbsp;&nbsp;Accounts Payable |  | &nbsp;&nbsp; 5654 | &nbsp;&nbsp; 2528 |
| &nbsp;&nbsp;Accrued Voyage Expenses |  | &nbsp;&nbsp; 14585 | &nbsp;&nbsp; 15242 |
| &nbsp;&nbsp;Other Current Liabilities |  | &nbsp;&nbsp; 9340 | &nbsp;&nbsp; 14246 |
| &nbsp;&nbsp;Current Portion of Long Term Debt |  | &nbsp;&nbsp; 35404 | &nbsp;&nbsp; 35404 |
| &nbsp;&nbsp;**Total Current liabilities** |  | &nbsp;&nbsp; **64983** | &nbsp;&nbsp; **67420** |
| &nbsp;&nbsp;Long-Term Debt |  | &nbsp;&nbsp; 379990 | &nbsp;&nbsp; 388740 |
| &nbsp;&nbsp;Other Non-Current Liabilities |  | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;**Total Non-current Liabilities** |  | &nbsp;&nbsp; **380333** | &nbsp;&nbsp; **389223** |
| &nbsp;&nbsp;Shareholders' Equity |  | &nbsp;&nbsp; 455941 | &nbsp;&nbsp; 445521 |
| &nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** |  | &nbsp;&nbsp; **901257** | &nbsp;&nbsp; **902164** |

---

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| | | |
|:---|:---|:---|
| **NORDIC AMERICAN TANKERS LIMITED** |  |  |
| &nbsp;&nbsp;**CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW<br> (UNAUDITED)** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Twelve Months Ended** |
| &nbsp;&nbsp;**CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW<br> (UNAUDITED)** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Twelve Months Ended** |
|  | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** |
| &nbsp;&nbsp;Amounts in USD '000 | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** |
| &nbsp;&nbsp;**Net Cash Provided by Operating Activities** | &nbsp;&nbsp;**29739** | &nbsp;&nbsp;**19824** |
| &nbsp;&nbsp;Investment in Vessels | &nbsp;&nbsp;38 | &nbsp;&nbsp;(134450) |
| &nbsp;&nbsp;Proceeds from Sale of Vessels | &nbsp;&nbsp;50357 | &nbsp;&nbsp;46751 |
| &nbsp;&nbsp;**Net Cash Provided By (Used In) Investing Activities** | &nbsp;&nbsp;**50395** | &nbsp;&nbsp;**(87699)** |
| &nbsp;&nbsp;Proceeds from Borrowing Facility | &nbsp;&nbsp;0 | &nbsp;&nbsp;190659 |
| &nbsp;&nbsp;Repayments of Vessel Financing | &nbsp;&nbsp;(7063) | &nbsp;&nbsp;(26227) |
| &nbsp;&nbsp;Repayment of Borrowing Facility | &nbsp;&nbsp;(1875) | &nbsp;&nbsp;(8225) |
| &nbsp;&nbsp;Transaction Costs Borrowing Facilities | &nbsp;&nbsp;0 | &nbsp;&nbsp;(2514) |
| &nbsp;&nbsp;Dividends Distributed | &nbsp;&nbsp;(35998) | &nbsp;&nbsp;(84700) |
| &nbsp;&nbsp;**Net Cash Provided By (Used In) Financing Activities** | &nbsp;&nbsp;**(44936)** | &nbsp;&nbsp;**68993** |
| &nbsp;&nbsp;Net Increase in Cash and Cash Equivalents | &nbsp;&nbsp;35198 | &nbsp;&nbsp;1118 |
| &nbsp;&nbsp;Effect of exchange rate changes on Cash | &nbsp;&nbsp;59 | &nbsp;&nbsp;361 |
| &nbsp;&nbsp;Cash and Cash Equivalents at Beginning of Period | &nbsp;&nbsp;45863 | &nbsp;&nbsp;44384 |
| &nbsp;&nbsp;**Cash and Cash Equivalents at End of Period** | &nbsp;&nbsp;**81120** | &nbsp;&nbsp;**45863** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **NORDIC AMERICAN TANKERS LIMITED** | **NORDIC AMERICAN TANKERS LIMITED** | **NORDIC AMERICAN TANKERS LIMITED** | **NORDIC AMERICAN TANKERS LIMITED** | **NORDIC AMERICAN TANKERS LIMITED** |
| &nbsp;&nbsp;**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Twelve Months Ended** |
| &nbsp;&nbsp;Amounts in USD '000 | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Mar. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2025** |
| &nbsp;&nbsp;Voyage Revenue | &nbsp;&nbsp;106462 | &nbsp;&nbsp;85903 | &nbsp;&nbsp;64790 | &nbsp;&nbsp;292420 |
| &nbsp;&nbsp;Voyage Expense | &nbsp;&nbsp;(28949) | &nbsp;&nbsp;(27148) | &nbsp;&nbsp;(26846) | &nbsp;&nbsp;(109880) |
| &nbsp;&nbsp;**Net Voyage Revenue <sup>(1)</sup>** | &nbsp;&nbsp;**77513** | &nbsp;&nbsp;**58755** | &nbsp;&nbsp;**37945** | &nbsp;&nbsp;**182540** |
|  | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Twelve Months Ended** |
| &nbsp;&nbsp;Amounts in USD '000 | &nbsp;&nbsp;**Mar. 31, 2026** | &nbsp;&nbsp;**Dec. 31, 2025** | &nbsp;&nbsp;**Mar. 31, 2025** | &nbsp;&nbsp;**Dec. 31, 2025** |
| &nbsp;&nbsp;Net Income (Loss) | &nbsp;&nbsp;46291 | &nbsp;&nbsp;11660 | &nbsp;&nbsp;4246 | &nbsp;&nbsp;12271 |
| &nbsp;&nbsp;Interest Expense (Income), net | &nbsp;&nbsp;8170 | &nbsp;&nbsp;8839 | &nbsp;&nbsp;6870 | &nbsp;&nbsp;35752 |
| &nbsp;&nbsp;Depreciation Expense | &nbsp;&nbsp;14000 | &nbsp;&nbsp;14196 | &nbsp;&nbsp;13246 | &nbsp;&nbsp;57735 |
| &nbsp;&nbsp;**EBITDA <sup>(2)</sup>** | &nbsp;&nbsp;**68461** | &nbsp;&nbsp;**34695** | &nbsp;&nbsp;**24362** | &nbsp;&nbsp;**105758** |
| &nbsp;&nbsp;(Gain) on Disposal of Vessel | &nbsp;&nbsp;(14449) | &nbsp;&nbsp;0 | &nbsp;&nbsp;(9504) | &nbsp;&nbsp;(16621) |
| &nbsp;&nbsp;**ADJUSTED EBITDA** | &nbsp;&nbsp;**54012** | &nbsp;&nbsp;**34695** | &nbsp;&nbsp;**14858** | &nbsp;&nbsp;**89137** |

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(1) Net voyage revenues represents voyage revenues less voyage expenses such as bunker fuel, port fees, canal tolls and brokerage commissions. Net voyage revenues is included because certain investors use this data to measure a shipping company's financial performance. Net voyage revenues is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States.

(2) Earnings before interest, taxes, depreciation and amortization (or EBITDA) is included because certain investors use this data to measure a shipping company's financial performance. EBITDA is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States.

**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.

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| |
|:---|
| &nbsp;&nbsp;**Contacts:** |
| &nbsp;&nbsp; <br> Bjørn Giæver, CFO<br> Nordic American Tankers Limited<br> Tel: +1 888 755 8391<br>Alexander Kihle, Finance Manager<br> Nordic American Tankers Limited<br> Tel: +47 91 72 41 71<br>|
| &nbsp;&nbsp; Web-site: www.nat.bm<br>|

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