Declaration of Dividend for the 76th consecutive quarter. Solid results in the second quarter.

NAT vessel

Hamilton, Bermuda, July 28, 2016

THE SECOND QUARTER OF 2016 SHOWS SOLID RESULTS. THE RECENT DELIVERIES OF FOUR JAPANESE-BUILT SECOND HAND SHIPS (COSTING $106M) AND THE PURCHASE OF TWO NEW VESSELS FROM KOREA ($64M CASH DELIVERY PAYMENT IN TOTAL FOR BOTH) TO BE DELIVERED IN THE NEXT SIX MONTHS ARE BEING FINANCED FROM OUR OWN RESOURCES, WITHOUT RAISING NEW EQUITY. THE MAKING OF THIS CASH PAYMENT IN TOTAL OF $170M, WHICH BRINGS THE FLEET TO 30 VESSELS AND ENHANCES OUR EARNINGS POTENTIAL SIGNIFICANTLY, GUIDED US IN SETTING THE DIVIDEND FOR 2Q2016. THE TANKER MARKET IS VOLATILE. A HIGHER DEMAND FOR TANKERS SHOULD RESULT IN HIGHER DIVIDENDS. WE BELIEVE THAT IN THE PRESENT CIRCUMSTANCES THE STRATEGY OF DEPLOYING OUR CASH BOTH TO PAY DIVIDEND AND TO BUY SHIPS AND THEREBY INCREASE OUR DIVIDEND CAPACITY IS IN THE BEST INTERESTS OF THE NAT SHAREHOLDERS. GOING FORWARD, COMPETITIVE DIVIDEND PAYMENTS, A STRONG BALANCE SHEET AND A HIGH LIQUIDITY IN THE STOCK, COMPARED WITH OUR COMPETITORS, CONTINUE TO BE PRIORITIZED OBJECTIVES FOR NAT.

 

In view of the above, the Board of Nordic American Tankers Limited has declared a cash dividend of $0.25 per share to shareholders of record August 17, 2016. The dividend is expected to be paid on or about August 31, 2016.

 

The 2Q2016 earnings report is expected to be released Monday August 8, 2016 before NYSE opening.

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General Dynamics NASSCO Marks Seventh Ship Delivery in Just Over a Year

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This milestone includes the deliveries of lead ships for three separate classes constructed for four different customers, including the U.S. Navy and commercial shipping companies

SAN DIEGO, July 26, 2016 /PRNewswire/ — On Monday, July 25, General Dynamics NASSCO marked its seventh ship delivery in the span of just over a year. The Garden State, an ECO Class tanker built for longtime customer American Petroleum Tankers, was delivered during a special signing ceremony and is one of three classes of ships delivered by the San Diego-based shipyard since June of last year.

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Endless Story, Destroyer Operations in the Great War

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The publisher is to be commended for bringing back into print a best seller that was last seen 80 years ago. The author served in destroyers during WWI and therefore had a first hand experience of the subject. This is a very important book that describes the technology, tactics and deployment of the smaller warships that served in great numbers and with great distinction. Highly recommended, a must read book about a hugely important part of WWI naval history.

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