• It's like a global airline company (e.g., Delta or American Airlines), but instead of passenger planes, they operate a fleet of massive crude oil tankers to ship oil worldwide.
• Think of it as a specialized, ocean-going version of a major freight carrier (like Union Pacific or FedEx Freight), focused exclusively on transporting crude oil.

• Crude Oil Tanker Chartering: Providing marine transportation services for crude oil globally using its fleet of Suezmax tankers.

Nordic American Tankers (NAT) sells its services primarily to other companies, specifically those involved in the crude oil industry. The company's customer base is diversified, and according to its financial filings, no single customer accounted for 10% or more of its total revenues in recent years. Therefore, specific names of "major customers" are not publicly disclosed.

Based on their business operations and public disclosures, Nordic American Tankers' customers generally fall into the following categories:

• Leading International Oil Companies: These are major integrated energy companies that engage in exploration, production, refining, and marketing of crude oil and petroleum products globally.
• State-Owned Oil Companies (National Oil Companies - NOCs): These are government-owned entities that control a nation's oil and gas resources and operations, requiring tanker services for crude oil transport.
• Oil Trading Companies: These firms specialize in buying, selling, and arbitraging crude oil and refined products on a global scale, and they charter tankers to facilitate their trading activities.

Herbjørn Hansson, Founder, Chairman, President & Chief Executive Officer

Herbjørn Hansson founded Nordic American Tankers and has served as its Chairman and CEO since its inception. He previously held positions as Executive Chairman at Nordic American Offshore Ltd., Chief Executive Officer at Ugland Nordic Shipping AS, Chief Economist & Research Manager at INTERTANKO, Chief Financial Officer at Anders Jahres Humanitaere Stiftelse and Kosmos A/S, and Vice Chairman at Teekay Norway AS. He earned his MBA from both the Norwegian School of Economics & Business Administration and Harvard Business School. Hansson is recognized for the company's consistent dividend payments to shareholders since 1997. The Hansson family is the largest private shareholder group in Nordic American Tankers.

Bjørn Giæver, CFO

Bjørn Giæver serves as the Chief Financial Officer for Nordic American Tankers and is available for company inquiries.

Alexander Hansson, Vice-Chairman

Alexander Hansson is the Non-Executive Vice Chairman and a Board Member of Nordic American Tankers. He is the son of Herbjørn Hansson and holds an MBA from the Norwegian School of Economics & Business Administration. He actively accumulates shares in the company, contributing to the Hansson family's position as the largest private shareholder group.

Erik Tomstad, Executive Vice President – Chartering

Erik Tomstad is the Executive Vice President of Chartering at Nordic American Tankers. He is responsible for overseeing the chartering activities, including the employment of the company's Suezmax fleet, and, alongside Herbjørn Hansson, manages the sale and purchase of vessels. He works out of the Oslo office.

Key Risks to Nordic American Tankers (NAT)

1. Volatility in Tanker Charter Rates and Global Oil Demand: Nordic American Tankers' financial performance is highly susceptible to the inherent instability of tanker freight rates, particularly due to its reliance on the spot market for chartering its Suezmax crude oil tankers. Fluctuations in these rates are directly influenced by global crude oil consumption, changes in OPEC's petroleum production levels, and the overall supply and demand balance for tankers. A downturn in global oil production or demand can negatively impact the company's cash flow and profitability.
2. Geopolitical Instability and Disruptions to Shipping Routes: The crude oil tanker industry operates within a complex global geopolitical landscape, making it vulnerable to political events and conflicts. Disruptions to critical shipping routes, such as the Strait of Hormuz, can lead to significant increases in operational costs, including insurance and fuel, as vessels are forced to reroute. Such events can also cause rapid and substantial shifts in tanker rates and introduce considerable uncertainty into global energy supply chains.
3. Regulatory Changes and Environmental Concerns: As an operator of crude oil tankers, Nordic American Tankers faces ongoing risks related to environmental regulations and the potential for oil spills. The transport of crude oil by sea, despite advances in safety, carries the risk of environmental damage and significant liability. Changes in governmental rules and regulations, as well as the need for continuous compliance with international conventions (e.g., SOLAS, MARPOL), can increase operating expenses and impose stricter operational requirements.

The global energy transition, characterized by increasing efforts and investments in renewable energy sources and a gradual shift away from fossil fuels, presents a clear emerging threat to Nordic American Tankers. As the world moves towards decarbonization and reduces its reliance on crude oil, the long-term demand for the cargo transported by NAT's Suezmax tanker fleet is projected to decline. This structural decrease in crude oil demand could lead to lower utilization rates for tankers, depressed freight rates, and a potential oversupply of vessels, thereby impacting the economic viability of NAT's core business model.

Here are 3-5 expected drivers of future revenue growth for Nordic American Tankers (NAT) over the next 2-3 years:

1. Sustained Strong Tanker Rates: Nordic American Tankers' revenue is highly sensitive to the prevailing Suezmax spot tanker rates. Recent reports indicate strong tanker rates, particularly in late 2025 and early 2026, driven by factors such as Middle East supply disruptions and tightening vessel supply. Management commentary and analyst expectations suggest that these elevated rates could persist, supported by ongoing geopolitical tensions and increased demand for Suezmax vessels, thereby driving higher revenue per vessel.
2. Fleet Expansion and Modernization: The company is actively engaged in strategically expanding and modernizing its fleet. Nordic American Tankers acquired two Suezmax tankers in the first half of 2025 and has also entered into an agreement to build two new vessels, with delivery planned for 2028. Additionally, the company is selling older ships, which contributes to a more efficient and potentially higher-earning fleet. This fleet growth, coupled with modernization efforts, is expected to increase the company's carrying capacity and optimize its operational efficiency, leading to higher revenue.
3. Increasing Global Demand for Crude Oil and Suezmax Vessels: The overall Suezmax oil tanker market is projected to grow, primarily fueled by rising global energy needs, especially in emerging markets. As crude oil production shifts to new regions, Suezmax vessels are increasingly sought after for their efficiency in transporting oil through key global routes. This broader market demand provides a favorable environment for NAT to secure charters and generate revenue.
4. Geopolitical Factors Affecting Shipping Routes: Geopolitical events, such as disruptions requiring vessels to take longer routes (e.g., around the Cape of Good Hope instead of through the Suez Canal), effectively reduce the available global shipping capacity. This tightening of vessel supply increases demand for existing tankers and can lead to higher freight rates, directly boosting NAT's revenue from its Suezmax fleet. While a return to shorter routes could exert downward pressure, the ongoing volatility and strategic importance of these routes continue to influence demand and rates.

Share Repurchases

• Nordic American Tankers reported no share repurchases for fiscal years 2025, 2023, 2022, and 2021.
• The company made share repurchases totaling $3.55 million in fiscal year 2024.

Share Issuance

• Nordic American Tankers issued shares worth $80.05 million in fiscal year 2021 and $49.1 million in fiscal year 2022.
• In fiscal year 2024, share issuances amounted to $8.93 million, with no shares issued in fiscal year 2025 or 2023.

Inbound Investments

• In March 2026, the Founder, Chairman & CEO of NAT, Herbjorn Hansson, purchased 200,000 shares at $5.7016 per share, and Vice-Chair Alexander Hansson bought 200,000 shares at $5.6959 per share.
• Following these transactions, the Hansson family collectively owns 11,050,000 shares, representing 5.2% of the total outstanding shares in NAT.

Outbound Investments

• During the first half of 2025, Nordic American Tankers acquired two 2016-built Suezmax tankers.
• In the second half of 2025, the company entered into an agreement with a South Korean shipyard to build two new vessels, with delivery planned for 2028; this agreement was finalized in January 2026.

Capital Expenditures

• Capital expenditures amounted to $136.45 million in fiscal year 2025, $73.67 million in fiscal year 2023, $95.42 million in fiscal year 2022, and $17.73 million in fiscal year 2021.
• A primary focus of capital expenditures includes fleet adjustment and renewal, evidenced by the acquisition of two 2016-built Suezmax tankers in 2025 and an agreement to build two new vessels for 2028 delivery.
• The company also sold several older vessels built between 2003 and 2005 in 2025 and early 2026 as part of its fleet modernization efforts.