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].

Group 1 - 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] - The author expresses a long position in NAT shares, indicating a belief in the company's potential value [1] Group 2 - The article does not provide specific investment advice and encourages readers to conduct their own due diligence before making any investment decisions [2] - It highlights that past performance is not indicative of future results, and opinions expressed may not reflect the views of the platform as a whole [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

Summary of Key Points Core Viewpoint - The recent share purchases by key executives of Nordic American Tankers Ltd (NAT) indicate strong insider confidence in the company's future performance, as both the Non-Executive Vice Chairman and the Founder, Chairman & CEO have acquired shares at $2.19 each, increasing their collective ownership significantly [1]. Company Actions - Alexander Hansson, the Non-Executive Vice Chairman, purchased 100,000 shares at a price of $2.19 per share, bringing his total holdings to 4,400,000 shares [1]. - Herbjorn Hansson, the Founder, Chairman & CEO, also bought 100,000 shares at the same price, resulting in the Hansson family owning a total of 9,050,000 shares, making them the largest private shareholder group in the company [1]. Shareholder Structure - The Hansson family now holds a significant stake in NAT, which reflects their commitment and confidence in the company's direction and performance [1].

  Monday, April 7, 2025   Dear Shareholders and Investors, I wish personally to reassure our shareholders/investors that Nordic American is in a very strong position. In these volatile markets we have maneuvered conservatively, creating an upwards path for NAT. All the best, Sincerely, Herbjorn HanssonFounder, Chairman & CEO Nordic American Tankers Ltd.                                                        www.nat.bm      CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Matters discussed in this p ...

Company Overview - Nordic American Tankers Ltd. (NAT) has recently acquired a suezmax tanker built in South Korea, expected to be delivered by the end of March 2025 [1] - The company has also agreed to acquire a sister vessel from the same owner, which will be delivered in April 2025 at a price in the mid/high USD 60s [2] - Following these acquisitions, NAT's fleet will consist of 21 well-maintained suezmax tankers, enhancing its earnings and dividend capacity [2] Market Position - 2025 is anticipated to be an active year for NAT, indicating a strong market position and growth potential [3]

Financial Performance - Nordic American Tankers achieved a net voyage revenue of $225 million for the full year 2024, with a net income of $46.6 million[4] - Voyage revenue for the twelve months ended December 31, 2024, was $349,742,000, down 10.7% from $391,687,000 in 2023[29] - Net income for the twelve months ended December 31, 2024, was $46,644,000, a decline of 52.8% compared to $98,711,000 in 2023[29] - Net cash provided by operating activities for the twelve months ended December 31, 2024, was $124,611,000, a decrease of 10.5% from $139,445,000 in 2023[28] - The company reported an interest expense of $30,739,000 for the twelve months ended December 31, 2024, compared to $29,196,000 in 2023, indicating an increase of 5.3%[29] Fleet and Operations - The fleet consisted of 20 Suezmax tankers, each with a cargo capacity of 1 million barrels of oil[5] - The average time charter equivalent (TCE) for the fleet in Q4 2024 was $26,416 per day per ship, with operating costs around $9,000 per day[4] - The tanker market is anticipated to remain strong due to high demand for oil and limited supply of Suezmax tankers[21] - The orderbook for Suezmax tankers is currently 97 vessels, representing 17% of the existing fleet, indicating limited new supply[18] Financial Position - The net debt as of December 31, 2024, stood at $210 million, equating to $10.5 million per ship based on 20 vessels[13] - Long-term debt decreased to $248,144,000 in 2024 from $269,697,000 in 2023, a reduction of 8.0%[27] - Total current liabilities decreased to $59,785,000 in 2024 from $70,478,000 in 2023, reflecting a reduction of 15.2%[27] - Cash, cash equivalents, and restricted cash at the end of the period increased to $44,384,000 in 2024 from $33,361,000 in 2023[28] Investments and Dividends - A cash dividend of $0.06 per share was declared for Q4 2024, marking the 110th consecutive quarterly dividend[4] - Dividends distributed were $87,695,000 in 2024, slightly down from $89,783,000 in 2023[28] - The company sold a 2003-built suezmax tanker for proceeds of $23 million, enhancing financial flexibility[3] - A new suezmax tanker, built in 2016, is set to be delivered in Q2 2025, expected to be financed with cash and lease financing[2] - The company plans to exercise purchase options for two 2018-built vessels, with transactions expected to conclude in Q3 2025[7] Cash Flow - Net cash used in investing activities was $2,620,000 for the twelve months ended December 31, 2024, significantly lower than $73,670,000 in 2023[28] - Net voyage revenue for the twelve months ended December 31, 2024, was $225,096,000, a decrease of 14.2% from $262,180,000 in 2023[29]

Friday, February 28, 2025 Dear Shareholders and Investors, Ninety day periods offer a short-term snapshot of a company, but it is more instructive to look at the bigger, longer-term picture. The direction of NAT is unquestionably upwards as we create room for profitable growth. Whatever we do, dividends remain our primary objective. As part of our plan to buy a few ships and sell a few ships, we have since the end of 2024 agreed to purchase one 2016-built suezmax tanker from a first class owner. The ves ...

Group 1 - The article expresses a cautious stance on Nordic American Tankers (NYSE: NAT), suggesting that investors should remain on the sidelines due to a lack of positive catalysts in the near future [1] - The author has a background in hedge fund management and analysis, indicating a level of expertise in evaluating investment opportunities [1] Group 2 - There are no disclosed positions in Nordic American Tankers or any related derivatives, and there are no plans to initiate such positions in the immediate future [2] - The article is based on the author's own opinions and does not represent any business relationship with the companies mentioned [2]

REPEAT Wednesday, February 5, 2025   Dear Shareholders and Investors, A major project for 2025 is to renew and grow our fleet. We plan to buy two or three ships and to sell two or three.As a first step, last week we agreed to sell one of our suezmaxes, built in 2003, which will net our company USD 22.5 million and thus strengthen our balance sheet. The buyer will take over the vessel in Q1 2025.We are helped in this major project by our two longtime financing partners, Beal Bank based in Dallas, and Ocean Y ...