Nordic American Tanker Shipping News

"Nordic Apollo", "Nordic Cosmos" and "Nordic Moon" are now in service with GL classification, "Nordic Neptun" will follow soon. The four Suezmax tankers from Norwegian shipowner "Nordic American Tanker Shipping" (NAT) have been transferred to GL class. The contract was signed in early February in Norway. NAT is the world's third largest stock listed tanker operator. The company operates only modern double hull suezmax tankers. The GL Group serves clients from the maritime and oil & gas industries from its six offices in Oslo, Sandefjord, Brevik, Bergen, Aalesund and Stavanger.

Nordic American Tanker Shipping Ltd. ("NAT" or "the Company") announced today that the Company has declared a dividend of $0.25 per share for 4Q10, the same dividend as for 4Q09. The dividend policy will continue. The Company has a very strong balance sheet and we shall protect this position. The Company will pay the dividend of $0.25 per share on or about March 4, 2011 to shareholders of record as of February 24, 2011. After the first three vessels were delivered in the autumn 1997, NAT has always paid a quarterly dividend; including the dividend for 4Q10 the total dividend payment amounts to $41.84 per share. Including two newbuildings there are now 19 vessels in our fleet of which 15 vessels were trading during 4Q10.

According to a report from American Consumer News, Zacks Investment Research analysts upgraded Nordic American Tanker Shipping (NYSE: NAT) from an “underperform” rating to a “neutral” rating in a research note issued to investors on Jan 4. (Source: American Consumer News)

Nordic American Tanker Shipping Ltd. (NYSE: NAT) announced that the dividend for 3Q10 was $0.25 per share compared with $0.10 per share for 3Q09. The full pay out dividend policy will continue. The dividend essentially follows the spot tanker market. The company has a very strong balance sheet. We expect that the fleet of NAT will reach a minimum of 20 vessels by the end of 2011. We have no plans to tap the equity markets to fund this expansion, since the company has ample financial resources. The company will pay the dividend on or about December 3, 2010, to shareholders of record as of November 22, 2010. Since the autumn of 1997, when the company's first three vessels were delivered…

Nordic American Tanker Shipping Ltd. (NAT) announced that the dividend for 2Q10 was $0.60 per share which is the same as for 1Q10. At a time when several shipping companies produce negative results, the Board of Directors is pleased to announce that NAT turned in a solid net income in 2Q10. NAT expect that the company’s fleet will reach a minimum of 20 vessels by the end of 2011. NAT has no plans to tap the equity markets to fund this expansion, since the company currently has ample financial resources to reach a fleet of 24 vessels. The company will pay the dividend on or about September 2, 2010, to shareholders of record as of August 20, 2010.

Nordic American Tanker Shipping Limited announced that it has entered into a preliminary agreement with Samsung Heavy Industries Co., Ltd., a leading Korean shipyard, to build two suezmax tankers of 158,000 deadweight tons each to be delivered to the company in the third and fourth quarters of 2011. The purchase prices of the two newbuilding vessels are $64.5/$65m, with about half to be paid on the signature of the definitive contracts and the balance to be paid on delivery. The advance payments will be guaranteed by a first class financial institution. The acquisitions will be financed by resources of the company. There are no plans…

Nordic American Tanker Shipping Ltd. (NYSE: NAT) took delivery on March 2 of the suezmax vessel that the company agreed to acquire in November 2009. The double hull suezmax vessel has been named Nordic Passat. Including the Nordic Passat, the company's fleet consists of 18 suezmax vessels of which two are newbuildings to be delivered later this year. The Nordic Passat will be employed in the spot market after an approximate two months period on a contract. The company noted that this addition to the fleet represents an important step in expansion of the company. The transaction is in line with the company's strategy with focus on accretive growth together with increased dividend and earnings capacity of the Company. (www.nat.bm)

On or about December 4, Nordic American Tanker Shipping (NAT) will pay a dividend for the 49th consecutive quarter since the first three vessels were delivered to the company in the autumn of 1997 when the company commenced operations. Since then a total of $39.89 per share has been paid in dividend. The low spot rates for suezmax tankers during 3Q09 resulted in a lower dividend payment than in the 2Q09. In this environment, with a spot market fleet, except for one vessel, the Company can be expected to reap the benefits of a potential upswing in the tanker market more or less immediately. The Imarex rates, giving an indication of the level of the tanker market, were on average $13,000 per day during 3Q09. The Imarex rate for suezmaxes at the time of this report is $17,846 per day.

Oil tanker owners are celebrating one of the industry's most notable turnrounds after charter rates for some vessel classes multiplied around seven times in the space of a few weeks. Owners of Very Large Crude Carriers (VLCCs), capable of carrying 2m barrels of oil, have been chartering their vessels for as much as $150,000 a day in the past two weeks, against only just over $20,000 in early November. The spike results mainly from industry fears about the effect on tankers of the strong market for shipping dry bulk cargo, where owners can earn up to $180,000 a day chartering out the largest, Capesize, ships. Owners of single-hull tankers - due to be phased out for environmental reasons by 2010 - are increasingly converting them into bulk carriers, reducing the supply of tankers.

Nordic American Tanker Shipping Ltd. concluded an agreement to charter to Gulf Navigation Company LLC of Dubai, U.A.E. the first of its modern double-hull Suezmax tankers as of the expiration of the original BP charter in Q4 2004. The five-year bareboat charter agreement, with two optional one-year extensions, provides for a bareboat charter rate of $17,325 per day for the vessel, equivalent to a timecharter rate of approximately $25,000 per day. Rolf Amundsen, a spokesman for Nordic American, said: "The charter we are announcing today provides a strategic foundation for the future growth of the company. With the fixed income from this ship…

The All Share Index in Oslo lost a further 4.2 percent in April, and as in March the main reason for the fall was international repricing of technology stocks. However, shipping and offshore companies were not providing any help for the market, as the Shipping Index fell a solid 5.8 percent during the month. Det Søndenfjeldske (SFJ), Ocean Rig (OCR) and Stolt Comex Seaway (SCS and SCSA) all fell between 14 and 19 percent, leading the way down for offshore stocks. The share price of Det Søndenfjeldske has dropped almost 25 percent during the last two months. Also Smedvig A (SME), Petroleum Geo-Services (PGS) and TGS Nopec (TGS) saw their market values fall in April. The three stocks fell 1.1, 5.4 and 5.7 percent respectively.

Following the record month of August, the All Share Index in Oslo fell by 3.7% in September. The index for Cruise, Shipping and Offshore stocks (the Shipping index) fared slightly better, falling 2.2% during the month. Oil prices continued to rise in the beginning of September, but fell back significantly at the end of the month. All but six of the OSE-listed offshore stocks, experienced negative share price movements in the period. Topping the offshore loser's list, Petrolia Drilling (PDR) and Northern Offshore (NOF) fell by 32 and 28% respectively. Ocean Rig (OCR), the best performing offshore stock in September, was up 7%. Nordic American Tanker Shipping (NAT), up 12%, and Frontline (FRO), up 4%, were among the few bright spots in September.

Nordic American Tanker Shipping Ltd. has agreed to acquire a double hull suezmax vessel presently under construction in Daewoo shipyard in Korea. The newbuilding is expected to be delivered from the yard at the end of March this year, after which it is expected that the vessel will be employed in the spot market. The Company completed the transformation from a financial lease company into an operating company in mid October 2004. Since then, the fleet of the Company has doubled -- from three to six ships -- including the acquisition of this newbuilding.

Nordic American Tanker Shipping Ltd. has taken delivery of the suezmax vessel that it agreed to acquire on June 24, 2005 thereby increasing the fleet from 6 to 7 suezmax vessels. The 1998 built suezmax Nordic Discovery, a sister vessel of Nordic Fighter, was taken over yesterday August 9, 2005. The vessel is employed in the spot market. The unused revolving credit facility of $300 million has been drawn upon to finance this transaction. The increased fleet represents an important step in the further development of the company.

Nordic American Tanker Shipping Limited announced that it expects to issue its fourth quarter earnings and dividend release on February 14, 2007, before the opening of trading. The record date for the fourth quarter dividend is expected to be February 22, 2007, and the payment date is expected to be March 1, 2007.

Nordic American Tanker Shipping Ltd. has taken delivery of the last of the three suezmax vessels that it agreed to acquire in July this year. The 2003 built suezmax has been named Nordic Cosmos and was taken over today December 6, 2006. Including the Nordic Cosmos the fleet of the Company has increased from three to twelve suezmax vessels since the autumn of 2004. All the vessels of the Company are modern vessels which have double hull. The vessel is increasing the Company's exposure to the spot market from ten to eleven vessels, whilst the Company's twelfth vessel is employed on a long term contract. The increased fleet represents an important step in the further development of the Company.

Nordic American Tanker Shipping Ltd. announced that the company has taken delivery of the suezmax vessel that it agreed to acquire in July this year. The 2003 built suezmax tanker has been named Nordic Apollo and was taken over today November 09, 2006. Including the Nordic Apollo the fleet of the Company has increased from three to ten suezmax vessels over the last 24 months. The vessel is employed in the spot market thus increasing the Company's vessels with spot market exposure from eight to nine units. The Company's remaining vessel is employed on a long term contract. Later this month the Company expects to take delivery of additionally two suezmax vessels that it also agreed to acquire in July this year.

Nordic American Tanker Shipping Ltd. agreed to acquire two Suezmax tankers, bringing its total Suezmax tanker total to 12. These vessels, one built in 2002 and one in 2003 in the Samsung shipyard in South Korea, are sister vessels to the company's 10th vessel (built 2003) whose acquisition was announced on July 17. The aggregate price for the three sister vessels is $246m. All the twelve vessels of the company have double hull. Together with the acquisition that was announced on July 17, the company expects that these two vessels also will join its fleet no later than by the end of November 2006. Financing for these acquisitions is expected to consist of a combination of debt and equity.

Nordic American Tanker Shipping Ltd. announced that the Company has agreed to acquire its tenth Suezmax vessel, a 150,000 dwt double-hull tanker built in a first class Far Eastern shipyard in 2003, for a purchase price of $80.9 million. The vessel is expected to be delivered from the seller no later than November 2006. The new vessel will be operated in the spot market or on spot market-related charters, like eight of our current nine vessels.

Nordic American Tanker Shipping Ltd. has taken delivery of the suezmax vessel that it agreed to acquire in February this year. The 1998 built suezmax has been named Nordic Jupiter and was taken over today April 10, 2006. Including the Nordic Jupiter the fleet of the Company has increased from three to nine suezmax vessels over the last 15 months. As from takeover the vessel is employed as a member vessel in the Gemini Tankers Pool, comprising 18 double-hulled suezmax tankers, operated by OMI Corporation (the seller of the ship), thus increasing the Company's ships with spot market exposure from seven to eight units. The remaining vessel is employed on a long term contract. The increased fleet represents an important step in the further development of the Company.

Nordic American Tanker Shipping Ltd. has agreed to acquire a double hull Suezmax vessel of 157,332 dwt built in Korea in 1998, for a price of $69 million. The vessel is expected to be delivered from the seller to the Company in early April 2006. This acquisition will increase the NAT fleet to 9 vessels with an aggregate capacity of 1,383,491 dwt. The vessel is expected to be employed in the spot market, thus increasing the number of the Company's ships in the spot market from seven to eight Suezmax tankers. The Company's remaining Suezmax is employed on a long term contract. In conjunction with this acquisition, the Company also announced today that it is commencing a public offering of 3,750,000 common shares pursuant to the Company's effective shelf registration statement.

Nordic American Tanker Shipping Ltd. has taken delivery of the suezmax vessel that it agreed to acquire in September 2005, thereby increasing the fleet from seven to eight suezmax vessels. The 1998 built suezmax has been named Nordic Saturn and was taken over today November 7, 2005. As from takeover today the vessel is employed as a member vessel in the Gemini Tankers Pool, comprising 18 double-hulled suezmax tankers, operated by OMI Corporation (the seller of the ship), increasing the Company's ships with spot market exposure from six to seven units. The Company's remaining vessel is employed on a long term contract.