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Nordic American Tankers Ltd: Covid – Dividend – Scrubbers

Dear Shareholders and Investors,

The question of Covid-19 is often in focus. We addressed this in the first quarter of 2020, informing you that we did not see important implications for NAT from the Covid virus. We noted in our messages to you that the future of the tanker market to a large extent is dependent upon the Far East, where economic growth is sound. We are upholding this view. For us it is a question of transportation distance (ton miles), not necessarily the volume of oil itself. We see every day the strong push we have from the Far East. This is encouraging.

Secondly, we assure you that NAT will continue to be a dividend company. We have paid dividend every quarter since the first NAT vessels were delivered to us in 1997. We shall continue on this path. While recognizing that dividend is a reflection of our earnings, we are optimistic on the future of the tanker market and the impact on NAT.

Thirdly, already in October 2017 we informed you that the so called scrubber (Exhaust gas cleaning) installation is outside the scope of our activity. We did not wish to go for scrubbers above all because our philosophy is always to reduce risk to the maximum extent. We now observe that scrubbers may be banned in several parts of the world. We use fully compliant fuel on the engines of our vessels.

Our objective is always to inform you as precisely as we can.

Best wishes for this day, December 1, 2020, when we are approaching Christmas.
Source: Nordic American Tankers Ltd.

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