Nordic American Tanker Shipping Expands Fleet

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.