NORDIC AMERICAN TANKERS Business Summary

Nordic American Tankers Ltd (NAT) operates a specialized maritime business model focused exclusively on the Suezmax crude oil tanker segment, generating revenue through a combination of spot market voyage charters and long-term time charter agreements. As of early 2026, the company maintains a fleet of 20 Suezmax vessels, each capable of transporting approximately one million barrels of crude oil. NAT’s primary business segment is the international transportation of crude oil for major oil companies and petroleum traders, leveraging a high-dividend payout strategy and a lean operating structure with daily vessel costs optimized at approximately $9,000. The company competes directly with diversified tanker giants such as Frontline plc, Teekay Tankers Ltd., and Tsakos Energy Navigation Ltd. Within this landscape, NAT distinguishes itself as a high-exposure pure-play Suezmax specialist, maintaining a more concentrated asset class strategy than its multi-vessel-type peers while currently executing a fleet renewal program to modernize its aging tonnage. Leadership is centered around Founder, Chairman, and CEO Herbjørn Hansson, who established the company in 1995 and has overseen its NYSE listing for over three decades. The executive team includes Bjørn Giæver, who serves as Chief Financial Officer and Company Secretary, and Erik Tomstad, the Executive Vice President of Chartering. The Board of Directors features notable figures such as Vice Chairman Alexander Hansson—the founder’s son and a significant private investor—alongside Jim Kelly and Jenny Chu. The Hansson family remains the company's largest private shareholder group, collectively holding over 10.6 million shares (approximately 5.3% of the company) as of early 2026. This leadership pedigree is defined by a long-term commitment to shareholder distributions, evidenced by NAT’s track record of over 114 consecutive quarterly dividend payments.