Nordic American Tanker Shipping Ltd. Announces Purchase Two Suezmax Vessels

Nordic American Tanker Shipping Ltd. (the “Company” or “NAT”) today announced that it has agreed to acquire its eleventh and twelfth Suezmax tanker. These vessels, one built in 2002 and one in 2003 in the Samsung shipyard in South Korea, are sister vessels to the Company’s tenth vessel (built 2003) whose acquisition was announced on July 17. While the tanker market is volatile and difficult to predict, our analysis shows that the spot market results in higher average rates than those achieved in the fixed term-charter market. Therefore, it is presently anticipated that these vessels will be employed in spot or spot related business, like all but one of the Company’s existing vessels. The aggregate price for the three sister vessels is $ 246m. All the twelve vessels of the Company have double hull.