Thursday, August 28, 2025 Dear Shareholders and Investors, Ninety day periods offer a short-term snapshot of a company. However, a meaningful analysis must contain a bigger, longer-term picture. The direction of NAT is unquestionably upwards and we create room for profitable growth. Whatever we do, the quality of our ships and dividends remain our priorities. Highlights: The dividend for the second quarter is 10 cents ($0.10) per share. This is our 112th consecutive quarterly cash dividend. The d ...

Core Insights - The article emphasizes a preference for investment opportunities that present clear value propositions, particularly those with low price-to-book (P/B) and price-to-earnings (P/E) ratios rather than those reliant on future growth expectations [1]. Group 1 - The author expresses a beneficial long position in NAT shares, indicating confidence in the company's performance [1]. - The focus is on situations that demonstrate tangible value rather than speculative growth, aligning with the investment philosophies of notable investors like Warren Buffett and Benjamin Graham [1]. Group 2 - The article does not provide specific financial metrics or performance data related to NAT or the broader market [2][3].

Core Points - The Founder, Chairman & CEO of Nordic American Tankers Ltd, Herbjorn Hansson, purchased 100,000 shares at a price of $2.74 per share, increasing his total holdings to 4,950,000 shares [1] - Following this transaction, the Hansson family collectively holds 10 million shares, making them the largest private shareholder group in the company [1]

Core Points - Alexander Hansson, Non-Executive Vice Chairman and Board member of Nordic American Tankers Ltd (NAT), purchased 300,000 shares at a price of $2.72 per share, increasing his total holdings to 5,050,000 shares [1] - The Hansson family now owns a total of 9,900,000 shares, making them the largest private shareholder group in the company [1]

Core Points - Nordic American Tankers Limited ("NAT") has filed its 2024 Annual Report on Form 20-F on April 29, 2025, which is available for download on the SEC website and the company's website [1][2] - Shareholders can request a hard copy of NAT's complete 2024 Form 20-F free of charge [1] - The date for the Annual General Meeting will be decided at a later time [1] Company Information - The report is accessible on both the SEC website and NAT's official website [1] - Contact information for key personnel, including the CFO and Finance Manager, is provided for shareholder inquiries [2]

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2] - The individual has a background in auditing with PricewaterhouseCoopers before transitioning to day trading [2]

Insider Buying Trends - Insiders are making significant purchases in three companies, indicating a belief that stock prices will rise, as noted by investor Peter Lynch [1][2] - Insider buying is viewed as a positive signal, while selling can occur for various reasons and is not necessarily negative [2][10] Nordic American Tankers (NAT) - CEO Herbjorn Hansson and Vice President Alexander Hansson bought 200,000 shares at prices between $2.76 and $2.78, increasing their family's ownership to 9.6 million shares, making them the largest private shareholders [3][4] - Analysts from B. Riley and Jefferies set price targets of $5 and $3 respectively, suggesting a potential upside of around 45% from the June 6 closing price [4] Joby Aviation (JOBY) - Toyota Motor purchased approximately 49.7 million shares of Joby for $250 million at $5.03 per share, causing a nearly 29% increase in Joby's stock price [5][6] - Toyota's investment is not just financial; it is also a design and manufacturing partner, which ties its success to Joby's operational performance [6] TKO Group - TKO Group, owner of UFC and WWE, saw insider buying of $641 million over the last 12 months, significantly outpacing insider selling of $17.6 million [8][9] - Major shareholder Silver Lake West Voteco LLC purchased nearly 1.6 million shares for $250 million, while analysts have set an average price target of just under $188, indicating a potential upside of 13% from the June 6 closing price [9]

Core Viewpoint - The Hansson family, including Founder and CEO Herbjorn Hansson and Vice Chairman Alexander Hansson, has increased their stake in Nordic American Tankers Ltd (NAT) by purchasing 100,000 shares each at prices of $2.78 and $2.76 per share, reinforcing their position as the largest private shareholder group in the company [1]. Shareholder Transactions - Herbjorn Hansson now holds a total of 4,850,000 shares, while Alexander Hansson holds 4,750,000 shares following their recent purchases [1]. - The combined ownership of the Hansson family amounts to 9,600,000 shares in NAT [1].

Core Viewpoint - The company emphasizes a long-term growth trajectory while maintaining a focus on dividends as a key objective [1][3]. Financial Performance - The dividend for Q1 2025 is set at $0.07 per share, marking the 111th consecutive quarterly cash dividend, payable on June 26, 2025, to shareholders on record as of June 12, 2025 [3]. - In the first five months of 2025, the company acquired two vessels built in 2016 for a total of $132 million and sold two vessels built in 2003-2004 for $45 million, with a cash position of $103 million as of March 31, 2025 [3]. Market Dynamics - Increased pressure on sanctioned oil trades and higher OPEC volumes are expected to boost demand for the company's ships, with the "shadow fleet" being pushed further into obscurity, which is favorable for the company [3]. - The average time charter equivalent (TCE) for the fleet in Q1 2025 was $24,714 per day per ship, with operating costs at $9,000 per unit, resulting in a net profit of $4.2 million for the quarter [3]. Environmental Initiatives - The company is actively reducing emissions from its vessels through careful voyage planning and speed adjustments [3]. Fleet Quality - The high quality of the company's vessels is validated by the vetting performance conducted by major oil companies, which utilize approximately 50% of the fleet [3].

Core Viewpoint - Nordic American Tankers (NAT) is experiencing a highly active period in early 2025, focusing on vessel acquisitions and sales while prioritizing dividends [1][4]. Vessel Acquisitions and Sales - NAT has purchased two vessels and declared purchase options on two lease-financed ships, refinancing them as part of its strategic plan [2]. - On January 22, 2025, NAT declared the purchase option for the 2018-built Suezmax Nordic Aquarius at a price of $24 million, with refinancing agreed upon due to strong market value appreciation [3]. - On the same date, NAT sold the 2003-built Suezmax tanker Nordic Apollo for $22.9 million [3]. - On February 28, 2025, NAT purchased a 2016-built Suezmax named Nordic Galaxy for $66 million, financed with 50% lease financing [3]. - On the same date, NAT declared the purchase option for the 2018-built Suezmax tanker Nordic Cygnus at a price of $24 million, with refinancing also agreed upon [3]. - On March 14, 2025, NAT agreed to purchase a second 2016-built Suezmax tanker named Nordic Moon for $66 million, also financed with 50% lease financing [3]. - On May 2, 2025, NAT entered into an agreement to sell the 2004-built Nordic Castor for $22.5 million [4]. Financial Agreements - On February 6, 2025, NAT signed a five-year financing agreement with Beal Bank/CLMG for a Senior Secured Credit Agreement amounting to $150 million, replacing a previous facility from February 2019 [3].