<SEC-DOCUMENT>0000919574-18-003811.txt : 20180515
<SEC-HEADER>0000919574-18-003811.hdr.sgml : 20180515
<ACCEPTANCE-DATETIME>20180515160438
ACCESSION NUMBER:		0000919574-18-003811
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		78
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180515
DATE AS OF CHANGE:		20180515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORDIC AMERICAN TANKERS Ltd
		CENTRAL INDEX KEY:			0001000177
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13944
		FILM NUMBER:		18836309

	BUSINESS ADDRESS:	
		STREET 1:		LOM BUILDING
		STREET 2:		27 REID STREET
		CITY:			HAMILTON HM 11
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		(441) 292-7202

	MAIL ADDRESS:	
		STREET 1:		LOM BUILDING
		STREET 2:		27 REID STREET
		CITY:			HAMILTON HM 11
		STATE:			D0
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORDIC AMERICAN TANKER SHIPPING LTD
		DATE OF NAME CHANGE:	19950906
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>d7865063_20-f.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Seward & Kissel LLP
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>
<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">WASHINGTON, DC 20549</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">FORM 20-F</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="z9b63084dafe04c3f866b18bf86584eeb" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.92%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="WIDTH: 88.08%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">OR</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="zc2b078b668bf4aa99ac8c3b7462f4cfe" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#9746;</div>
</td>
<td style="WIDTH: 88.06%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">For the fiscal year ended December 31, 2017</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">OR</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="zab76a6b4ccce45d497c9484d3c798d8f" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="WIDTH: 88.06%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">For the transition period from ____ to ____</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">OR</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="zd17b6ca4aa1f43e68dcb8b3edb7dae0e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="WIDTH: 88.06%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Date of event requiring this shell company report: Not applicable</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">For the transition period from ___________________________ to ___________________________</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Commission file number 001-13944</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="z50edb20eb3dd4dcc9c7ecda34886f8de" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">NORDIC AMERICAN TANKERS LIMITED</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Exact name of Registrant as specified in its charter)</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Translation of Registrant's name into English)</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">BERMUDA</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Jurisdiction of incorporation or organization)</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LOM Building</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">27 Reid Street</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hamilton HM 11</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Bermuda</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Address of principal executive offices)</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Herbj&#248;rn Hansson, Chairman, President, and Chief Executive Officer,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Tel No. 1 (441) 292-7202,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LOM Building, 27 Reid Street, Hamilton HM 11, Bermuda</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Name, Telephone, E-mail and/or Facsimile number and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Address of Company Contact Person)</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Securities registered or to be registered pursuant to Section 12(b) of the Act:</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Common Shares, $0.01 par value</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Series A Participating Preferred Shares</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Title of class</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">New York Stock Exchange</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Name of exchange on which registered</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">Securities registered or to be registered pursuant to Section 12(g) of the Act:&#160; None</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left"><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Indicate the number of outstanding shares of each of the issuer's classes of share capital as of the close of the period covered by the annual report:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">As of December 31, 2017, there were outstanding 141,969,666 common shares of the Registrant, $0.01 par value per share.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</div>
</div>

<table id="z31a2d9c3b3b142acbe6f15f8344ae523" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.06%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font> Yes</div>
</td>
<td style="WIDTH: 49.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9746;</font> No</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">If this report is an annual report or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.</div>
</div>

<table id="zd6aefda6bb914f78a8daf87a7a75e606" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.06%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font> Yes</div>
</td>
<td style="WIDTH: 49.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9746;</font> No</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Note &#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.</div>
</div>

<table id="z85870ed7817e411db53d2fc8bbdc5cd4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.06%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9746;</font> Yes</div>
</td>
<td style="WIDTH: 49.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font> No</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during this preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</div>
</div>

<table id="zc6ece4473a2946aea50856aa0ab2b0d5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.06%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9746;</font> Yes</div>
</td>
<td style="WIDTH: 49.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font> No</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):</div>
</div>

<table id="z737e662636ba43f79328f1671b2ff8c3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.04%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 18pt">Large accelerated filer&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9746;</font></div>
</td>
<td style="WIDTH: 49.96%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accelerated filer&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.04%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 18pt">Non-accelerated filer <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font></div>
</td>
<td style="WIDTH: 49.96%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Emerging Growth Company&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font></div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font></div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#8224; The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Indicate by check mark which basis of accounting the Registrant has used to prepare the financial statements included in this filing:</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#9746;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">U.S. GAAP</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#9744;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">International Financial Reporting Standards as issued by the International Accounting Standards Board</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#9744;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Other</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the Registrant has elected to follow.</div>
</div>

<table id="z88be8167c4b8408a82fe3cb95f37c3f3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.36%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="WIDTH: 95.64%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Item 17</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.36%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="WIDTH: 95.64%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Item 18</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">If this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font>Yes&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9746;</font> No</div>

<div><br>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.</div>

<div style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font>Yes&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font>No</font></div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<!--PROfilePageNumberReset%LCR%1%%%-->
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 5.75pt; MARGIN-RIGHT: 5.75pt"><a name="mpTableOfContents"><!--Anchor--></a>TABLE OF CONTENTS</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; MARGIN-LEFT: 5.75pt; MARGIN-RIGHT: 5.75pt">Page</div>

<table id="z6f58ccd626de40e1b11ea673879afb10" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PART I</div>
</td>
<td style="WIDTH: 41.24%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="WIDTH: 42.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 1.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 2.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">OFFER STATISTICS AND EXPECTED TIMETABLE</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 3.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">KEY INFORMATION</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Selected Financial Data</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">B.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Capitalization and Indebtedness</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">C.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Reasons for the offer and use of Proceeds</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">D.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Risk Factors</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 4.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">INFORMATION ON THE COMPANY</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">18</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">History and Development of the Company</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">18</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">B.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Business Overview</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">21</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">C.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Organizational Structure</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">30</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">D.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Property, Plant and Equipment</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">30</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 4A.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">UNRESOLVED STAFF COMMENTS</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">30</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 5.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">31</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating Results</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">31</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">B.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Liquidity and Capital Resources</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">34</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">C.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Research and Development, Patents and Licenses, Etc.</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">37</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">D.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Trend Information</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">37</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">E.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Off Balance Sheet Arrangements</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">37</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">F.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Tabular Disclosure of Contractual Obligations</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">37</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">G.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Safe Harbor</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">38</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">H.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Critical Accounting Estimates</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">38</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 6.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">43</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Directors and Senior Management</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">43</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">B.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Compensation</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">44</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">C.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Board Practices</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">45</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">D.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Employees</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">45</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">E.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Share Ownership</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">45</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 7.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">46</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Major Shareholders</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">46</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">B.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Related Party Transactions</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">46</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">C.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interests of Experts and Counsel</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">47</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 8.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">FINANCIAL INFORMATION</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">48</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Consolidated Statements and other Financial Information</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">48</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">B.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Significant Changes</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">48</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 9.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">THE OFFER AND LISTING</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">49</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 10.</div>
</td>
<td style="WIDTH: 84.17%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ADDITIONAL INFORMATION</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">49</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Share Capital</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">49</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">B.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Memorandum and Articles of Association</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">49</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">C.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Material Contracts</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">54</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">D.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Exchange Controls</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">55</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">E.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Taxation</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">56</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">F.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividends and Paying Agents</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">63</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">G.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Statement by Experts</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">63</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">H.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Documents on Display</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">63</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.81%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">I.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Subsidiary Information</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">64</div>
</td>
</tr>
</table>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">i</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 5.75pt; MARGIN-RIGHT: 5.75pt">TABLE OF CONTENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-LEFT: 5.75pt; MARGIN-RIGHT: 5.75pt">(continued)</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; MARGIN-LEFT: 5.75pt; MARGIN-RIGHT: 5.75pt">Page</div>

<table id="z5900f667b5894edf97def77200f4f7fa" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 11.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">64</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 12.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">64</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PART II</div>
</td>
<td style="WIDTH: 42.55%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="WIDTH: 42.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 13.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">64</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 14.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">64</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 15.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CONTROLS AND PROCEDURES</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">64</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Disclosure Controls and Procedures</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">64</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">B.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Management's annual report on internal control over financial reporting.</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top; TEXT-ALIGN: right">65</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">C.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Attestation report of the registered public accounting firm.</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">65</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">D.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Remediation of Material Weakness</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">65</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">E.&#160;</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Changes in internal control over financial reporting.</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top; TEXT-ALIGN: right">&#160;66</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 16.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">RESERVED</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">66</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 16A.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">AUDIT COMMITTEE FINANCIAL EXPERT</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">66</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 16B.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CODE OF ETHICS</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">66</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 16C.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PRINCIPAL ACCOUNTANT FEES AND SERVICES</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Audit Fees</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">B.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Audit-Related Fees</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">C.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Tax Fees</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">D.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">All Other Fees</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">E.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Audit Committee's Pre-Approval Policies and Procedures</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.29%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">F.</div>
</td>
<td style="WIDTH: 68.61%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Not applicable.</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 16D.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 16E.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PERSONS.</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 16F.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHANGE IN REGISTRANT`S CERTIFYING ACCOUNTANT.</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 16G.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CORPORATE GOVERNANCE</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">67</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 16H.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">MINE SAFETY DISCLOSURE</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">68</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PART III</div>
</td>
<td style="WIDTH: 42.55%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="WIDTH: 42.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 17.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">FINANCIAL STATEMENTS</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">68</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 18.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">FINANCIAL STATEMENTS</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">68</div>
</td>
</tr>

<tr>
<td style="WIDTH: 9.03%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">ITEM 19.</div>
</td>
<td style="WIDTH: 84.71%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">EXHIBITS</div>
</td>
<td style="WIDTH: 6.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">68</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">ii</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Certain matters discussed herein may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance, and are not intended to give any assurance as to future results. When used in this document, the words "believe," "expect," "anticipate," "estimate," "intend," "plan," "target," "project," "likely," "may," "could" and similar expressions, terms, or phrases may identify forward-looking statements.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in the petroleum production levels set by the Organization of the Petroleum Exporting Countries, or OPEC, and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hire, failure on the part of a seller to complete a sale of a vessel to us and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, or the SEC.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<!--PROfilePageNumberReset%Num%1%%%-->
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="_Toc507411131"><!--Anchor--></a>PART I</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zceb3d53d8f374daa93eb1190cbc23afd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411132"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 1.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z0489ac42a7b94c9792a713e17f252f13" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411133"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 2.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">OFFER STATISTICS AND EXPECTED TIMETABLE</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z917288fecfa040c6a242a91cbcd25fd3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411134"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 3.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">KEY INFORMATION</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Throughout this annual report, all references to "Nordic American Tankers," "NAT," the "Company," "the Group," "we," "our," and "us" refer to Nordic American Tankers Limited and its subsidiaries. Unless otherwise indicated, all references to "U.S. dollars," "USD," "dollars," "US$" and "$" in this annual report are to the lawful currency of the United States of America and references to "Norwegian Kroner"&#160; or "NOK"&#160; are to the lawful currency of Norway.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zc66d279018464ccfb4f52490df9950e7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411135"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Selected Financial Data</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The following selected historical financial information should be read in conjunction with our audited financial statements and related notes, which are included herein, together with Item 5.Operating and Financial Review and Prospects.&#160; The Statements of Operations data for each of the three years ended December 31, 2017, 2016 and 2015 and selected balance sheet data as of December 31, 2017 and 2016 have been derived from our audited financial statements included elsewhere in this document. The Statements of Operations data for each of the years ended December 31, 2014 and 2013 and selected balance sheet data as of December 31, 2015, 2014 and 2013 have been derived from our audited financial statements not included in this Annual Report on Form 20-F, with the information as at December 31, 2016, 2015, 2014 and 2013, adjusted as described below.</div>

<div style="BACKGROUND-COLOR: #ffffff">
<table id="z9eef39f9892b4d13bb527a34848e04d4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">SELECTED CONSOLIDATED FINANCIAL DATA</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="18">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Year ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in thousands of USD except share data</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2013</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Voyage Revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">297,141</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">357,451</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">445,738</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">351,049</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">243,657</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Voyage Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(142,465</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(125,987</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(158,656</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(199,430</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(173,410</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Vessel Operating Expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(87,663</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(80,266</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(66,589</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(62,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(64,924</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">General and Administrative Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(12,575</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(12,296</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(9,790</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(14,863</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(19,555</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Depreciation Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(100,669</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(90,889</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(82,610</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(80,531</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(74,375</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Impairment Loss on Vessel</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(110,480</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Impairment Loss on Goodwill</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(18,979</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;-</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;-</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;-</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;-</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Loss on Contract</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(5,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Fees for Provided Services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Settlement Received</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">5,328</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net Operating Income (Loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(175,690</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">53,341</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">128,093</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(4,775</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(93,608</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">347</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">215</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">114</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">181</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">146</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest Expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(20,464</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(11,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(10,855</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(12,244</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(11,518</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other Financial (Expense) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(644</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(98</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(167</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2,160</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(351</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total Other Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(20,761</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(11,053</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(10,908</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(9,903</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(11,723</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Income Tax Expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(83</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(102</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(96</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(47</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(86</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Impairment Loss on Equity Method Investment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,435</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(46,642</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(2,462</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1,559</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net (Loss) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(204,969</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">114,627</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(13,166</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(105,417</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Basic Earnings (Loss) per Share</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1.97</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(0.05</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1.29</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(0.15</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(1.64</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Diluted Earnings (Loss) per Share</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1.97</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(0.05</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1.29</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(0.15</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(1.64</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Cash Dividends Declared per Share</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.53</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1.37</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1.38</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.61</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.64</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Basic Weighted Average Shares Outstanding</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">103,832,680</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">92,531,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">89,182,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">85,401,179</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">64,101,923</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Diluted Weighted Average Shares Outstanding</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">103,832,680</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">92,531,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">89,182,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">85,401,179</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">64,101,923</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Market Price per Common Share as of December 31,</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2.46</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">8.40</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">15.54</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10.07</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.70</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Other financial data:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net Cash Provided by (Used in) Operating Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">31,741</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">127,786</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">174,392</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">57,460</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(47,265</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Cash Dividends Paid</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">54,226</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">125,650</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">123,071</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">54,069</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">41,756</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Selected Balance Sheet Data (at period end):</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Cash and Cash Equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">58,359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">82,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">29,889</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">100,736</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">65,675</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Total Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,141,063</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1,349,904</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1,239,194</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1,173,628</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1,132,977</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Total Long-Term Debt (1)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">388,855</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">442,820</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">324,568</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">247,768</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">246,540</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Common Stock</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,420</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1,020</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">892</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">892</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">754</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Total Shareholders' Equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">711,064</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">871,049</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">880,721</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">888,911</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">854,984</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;(1) Debt consists of $391,641, $447,000, $330,000, $250,000, and $250,000 as of December 31, 2017, 2016, 2015, 2014 and 2013, respectively (all numbers in thousands of U.S. dollars</font>).</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">1</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><a name="_Toc507411136"><!--Anchor--></a><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z50b01687a78b416bb9d18d813cffe4a3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">B.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Capitalization and Indebtedness</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z68cdbb72e7b8428f828c7f3c975c6a31" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411137"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">C.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Reasons for the offer and use of Proceeds</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zc933489f83a84facb2b5d2f2b0a62526" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411138"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">D.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Risk </font>F<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">actors</font></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Some of the following risks relate principally to the industry in which we operate. Other risks relate principally to ownership of our common stock. The occurrence of any of the events described in this section could significantly and negatively affect our business, financial condition, operating results or cash available for dividends or the trading price of our common stock.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Industry Specific Risk Factors</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">If the tanker industry, which historically has been cyclical and volatile, is depressed in the future, our revenues, earnings and available cash flow may decrease.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Historically, the tanker industry has been highly cyclical, with volatility in profitability, charter rates and asset values resulting from changes in the supply of and demand for tanker capacity. Fluctuations in charter rates and tanker values result from changes in the supply of and demand for tanker capacity and changes in the supply of and demand for oil and oil products. These factors may adversely affect the rates payable and the amounts we receive in respect of our vessels. Our ability to re-charter our vessels on the expiration or termination of their current spot and time charters and the charter rates payable under any renewal or replacement charters will depend upon, among other things, economic conditions in the tanker market and we cannot guarantee that any renewal or replacement charters we enter into will be sufficient to allow us to operate our vessels profitably.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The factors that influence demand for tanker capacity include:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze3b12fc6b3d34376b90236f6da9f138b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">supply and demand for oil and oil products;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze0d8af0bf9414e879c49e356e030930e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">global and regional economic and political conditions, including developments in international trade, national oil reserves policies, fluctuations in industrial and agricultural production and armed conflicts;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z813f5e9563c84355bcebdd06343fd375" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">regional availability of refining capacity;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z8e2cc22198e34934a12ad5c34721d6cf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">environmental and other legal and regulatory developments;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z05d83accec7044c0b12f594b3cb96e4c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the distance oil and oil products are to be moved by sea;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze5050ec3b25f480588bca03d9e9365ef" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">changes in seaborne and other transportation patterns, including changes in the distances over which tanker cargoes are transported by sea;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z91c957f54ea84896b1b46170ba2d1cd8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">increases in the production of oil in areas linked by pipelines to consuming areas, the extension of existing, or the development of new, pipeline systems in markets we may serve, or the conversion of existing non-oil pipelines to oil pipelines in those markets;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z1cd58099abe24df9be07c208b56bb4e5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">currency exchange rates;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z0e3988c8d89b4c16a743d384e1c047f7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">weather and acts of God and natural disasters;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z2b7360a1afe54249acf237f3c4b84ffb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">competition from alternative sources of energy and from other shipping companies and other modes of transport;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z2e9cbb6774fe47ff9c8578422fb47575" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">international sanctions, embargoes, import and export restrictions, nationalizations, piracy and wars; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze32d12af10bb431d8ce73a6f8d980a5c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">regulatory changes including regulations adopted by supranational authorities and/or industry bodies, such as safety and environmental regulations and requirements by major oil companies.</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">2</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The factors that influence the supply of tanker capacity include:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z7e9e445e99514b21b7c3031d2c6cdc81" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">current and expected purchase orders for tankers;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z8476f7223f4644c482804b829cc833c0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the number of tanker newbuilding deliveries;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zbd661c16e6d94e7eadc10ecf755adb4c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">any potential delays in the delivery of newbuilding vessels and/or cancellations of newbuilding orders;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="za848052138d740418dcc643691c36846" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the scrapping rate of older tankers;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zde2fe7a0a69741a6a097b2d351b7a06e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">technological advances in tanker design and capacity;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z56b0f51bee634a14b8d2891954f9bc36" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">tanker freight rates, which are affected by factors that may affect the rate of newbuilding, swapping and laying up of tankers;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z453238f34962420793c324bd3dd23b78" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">port and canal congestion;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z3f7acbde89f549f68f18d1a4f352d8ce" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">price of steel and vessel equipment;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze310c2a24cbc4fe9862ecc19158a3b9d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">conversion of tankers to other uses or conversion of other vessels to tankers;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z0bdcb57717914a098c7b7aaa50f33b7e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the number of tankers that are out of service; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zea6d1ad2ff9c4be8bb7b6dcbdf2b876b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">changes in environmental and other regulations that may limit the useful lives of tankers.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The factors affecting the supply and demand for tankers have been volatile and are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable, including those discussed above. Continued volatility may reduce demand for transportation of oil over longer distances and increase supply of tankers to carry that oil, which may have a material adverse effect on our business, financial condition, results of operations, cash flows, ability to pay dividends and existing contractual obligations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Any decrease in shipments of crude oil may adversely affect our financial performance.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The demand for our vessels and services in transporting oil derives primarily from demand for Arabian Gulf, West African, North Sea and Caribbean crude oil, which, in turn, primarily depends on the economies of the world's industrial countries and competition from alternative energy sources. A wide range of economic, social and other factors can significantly affect the strength of the world's industrial economies and their demand for crude oil from the mentioned geographical areas. One such factor is the price of worldwide crude oil.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Any decrease in shipments of crude oil from the above mentioned geographical areas would have a material adverse effect on our financial performance. Among the factors which could lead to such a decrease are:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z55a67623eae14bd79234ea510a2236bb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">increased crude oil production from other areas;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z457d3d9cab104621b4fd823f68af8df9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">increased refining capacity in the Arabian Gulf or West Africa;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zfe880df2d1f344e896348967a15dfce5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">increased use of existing and future crude oil pipelines in the Arabian Gulf or West Africa;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z838e3fdc9e974fd79f022c9e941af6d8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">a decision by Arabian Gulf or West African oil-producing nations to increase their crude oil prices or to further decrease or limit their crude oil production;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z6d492f788da34a4c8a6e9291fb62df80" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">armed conflict in the Arabian Gulf and West Africa and political or other factors; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze9cdb09c5c1e47799b65291a74acb799" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the development, availability and relative costs of nuclear power, natural gas, coal and other alternative sources of energy.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In addition, volatile economic conditions affecting the world economies may result in reduced consumption of oil products and a decreased demand for our vessels and lower charter rates, which could have a material adverse effect on our earnings and our ability to pay dividends.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">3</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">We are dependent on spot charters and any decrease in spot charter rates in the future may adversely affect our earnings and our ability to pay dividends.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The 30 vessels that we currently operate are primarily employed in the spot market. We are therefore highly dependent on spot market charter rates.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">The international oil tanker industry has experienced volatile charter rates and vessel values and there can be no assurance that these charter rates and vessel values will not decrease in the near future.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The Baltic Dirty Tanker Index, or the BDTI, a U.S. dollar daily average of charter rates issued by the Baltic Exchange that takes into account input from brokers around the world regarding crude oil fixtures for various routes and oil tanker vessel sizes, has been volatile. For example, in 2017, the BDTI reached a high of 1,088 and a low of 617. The Baltic Clean Tanker Index, or BCTI, a comparable index to the BDTI, has similarly been volatile. In 2017, the BCTI reached a high of 867 and a low of 508. Although the BDTI and BCTI were 641 and 563, respectively, as of March 15, 2018, there can be no assurance that the crude oil and petroleum products charter market will increase, and the market could again decline. This volatility in charter rates depends, among other factors, on changes in the supply and demand for tanker capacity and changes in the supply and demand for oil and oil products, the demand for crude oil and petroleum products,&#160; the inventories of crude oil and petroleum products in the United States and in other industrialized nations,&#160; oil refining volumes,&#160; oil prices, and&#160; any restrictions on crude oil production imposed by the Organization of the Petroleum Exporting Countries, or OPEC, and non-OPEC oil producing countries.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Charter rates in the tanker industry are volatile. We anticipate that future demand for our vessels, and in turn our future charter rates, will be dependent upon economic growth in the world's economies, as well as seasonal and regional changes in demand and changes in the capacity of the world's fleet. We believe that the relatively high charter rates that were paid prior to 2008 were the result of economic growth in the world economies that exceeded growth in global vessel capacity. Since 2008, charter rates have been volatile, and there can be no assurance that economic growth will not stagnate or decline leading to a decrease in vessel values and charter rates. A decline in vessel values and charter rates would have an adverse effect on our business, financial condition, results of operation and ability to pay dividends.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Our results of operations are subject to seasonal fluctuations, which may adversely affect our financial condition.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We operate our vessels in markets that have historically exhibited seasonal variations in demand and, as a result, charter rates.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Declines in charter rates and other market deterioration could cause us to incur impairment charges.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our vessels are evaluated for impairment continuously or whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. The review for potential impairment indicators and projection of future cash flows related to the vessel is complex and requires us to make various estimates, including future freight rates and earnings from operating the vessel.&#160; All of these items have historically been volatile. We estimate the undiscounted net cash flows from operating the vessels over their remaining useful lives and compare to the net carrying values of the vessels. If the total estimated undiscounted net cash flows for a vessel are less than the carrying amount of the vessel the vessel is deemed impaired and written down to its fair market value. The carrying values of our vessels may not represent their fair market value at any point in time because the market prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Any impairment charges incurred as a result of declines in charter rates could negatively affect our business, financial condition and operating results. Impairment is assessed on a vessel by vessel basis.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">An over-supply of tanker capacity may lead to reductions in charter rates, vessel values, and profitability.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The market supply of tankers is affected by a number of factors such as demand for energy resources, oil, and petroleum products, as well as strong overall economic growth in parts of the world economy including Asia. In recent years, shipyards have produced a large number of new tankers. If the capacity of new ships delivered exceeds the capacity of tankers being scrapped and lost, tanker capacity will increase. If the supply of tanker capacity increases and if the demand for tanker capacity does not increase correspondingly, charter rates could materially decline. A reduction in charter rates and the value of our vessels may have a material adverse effect on our results of operations and our ability to pay dividends.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">4</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Acts of piracy on ocean-going vessels could adversely affect our business</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the South China Sea, the Indian Ocean and in the Gulf of Aden off the Coast of Somalia. Sea piracy incidents continue to occur, particularly in the Gulf of Aden off the coast of Somalia and in the Gulf of Guinea, although some sources report that there was a drop in the number of piracy incidents in 2016. Acts of piracy and war like conditions could result in harm or danger to the crews onboard our vessels. In addition, if piracy attacks occur in regions in which our vessels are deployed that insurers' characterized as "war risk" zones or by the Joint War Committee as "war and strikes" listed areas, premiums payable for such coverage could increase significantly and such insurance coverage may be more difficult to obtain. In addition, crew costs, including costs which may be incurred to the extent we employ onboard security guards, could increase in such circumstances. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, detention hijacking as a result of an act of piracy against our vessels, or an increase in cost, or unavailability of insurance for our vessels, could have a material adverse impact on our business, financial condition and results of operations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Volatile economic conditions throughout the world could have an adverse impact on our operations and financial results.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our ability to secure funding is dependent on well-functioning capital markets and on an appetite to provide funding to the shipping industry. At present, capital markets are well-functioning and funding is available for the shipping industry. However, if global economic conditions worsen or lenders for any reason decide not to provide debt financing to us, we may not be able to secure additional financing to the extent required, on acceptable terms or at all. If additional financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations as they come due, or we may be unable to enhance our existing business, complete additional vessel acquisitions or otherwise take advantage of business opportunities as they arise.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The world economy faces a number of challenges, including the effects of volatile oil prices, continuing turmoil and hostilities in the Middle East, the Korean Peninsula, North Africa and other geographic areas and countries. If one or more of the major national or regional economies should weaken, there is a substantial risk that such a downturn will impact the world economy. There has historically been a strong link between the development of the world economy and demand for energy, including oil and gas.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In Europe, large sovereign debts and fiscal deficits, low growth prospects and high unemployment rates in a number of countries have contributed to the rise of Eurosceptic parties, which would like their countries to leave the Euro. The exit of the United Kingdom from the European Union and potential new trade policies in the United States further increase the risk of additional trade protectionism.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In China, a transformation of the Chinese economy is underway, as China transforms from a production-driven economy towards a service or consumer-driven economy. The Chinese economic transition implies that we do not expect the Chinese economy to return to double digit GDP growth rates in the near term. The quarterly year-over-year growth rate of China's GDP was approximately 6.9% for the year ended December 31, 2017, and despite slightly increasing from approximately 6.7% for the year ended December 31, 2016, continues to remain below pre-2008 levels. Furthermore, there is a rising threat of a Chinese financial crisis resulting from massive personal and corporate indebtedness.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">While the recent developments in Europe and China have been without significant immediate impact on our charter rates, an extended period of deterioration in the world economy could reduce the overall demand for our services. Such changes could adversely affect our future performance, results of operations, cash flows and financial position.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Credit markets in the United States and Europe have in the past experienced significant contraction, de-leveraging and reduced liquidity, and there is a risk that U.S. federal government and state governments and European authorities continue to implement a broad variety of governmental action and/or new regulation of the financial markets. Global financial markets and economic conditions have been, and continue to be, volatile.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We face risks attendant to changes in economic environments, changes in interest rates and instability in the banking and securities markets around the world, among other factors. We cannot predict how long the current market conditions will last. These recent and developing economic and governmental factors may have a material adverse effect on our results of operations and financial condition and may cause the price of our common shares to decline.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Prospective investors should consider the potential impact, uncertainty and risk associated with the development in the wider global economy. Further economic downturn in any of these countries could have a material effect on our future performance, results of operations, cash flows and financial position.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">5</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">The state of global financial markets and economic conditions may adversely impact our ability to obtain financing on acceptable terms, which may hinder or prevent us from expanding our business.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As a result of concerns about the stability of financial markets generally and the solvency of counterparties specifically, the cost of obtaining money from the credit markets has increased as many lenders have increased interest rates, enacted tighter lending standards, refused to refinance existing debt at all or on terms similar to current debt and reduced, and in some cases ceased, to provide funding to borrowers. Due to these factors, we cannot be certain that financing will be available if needed and to the extent required, on acceptable terms.&#160; In addition, these difficulties may adversely affect the financial institutions that provide us with our $430.0 million revolving credit facility, or the Credit Facility, which we refinanced and expanded to $500.0 million in December 2015, and may impair their ability to continue to perform under their financing obligations to us, which could negatively impact our ability to fund current and future obligations.&#160; As of the date of this annual report we have drawn down an aggregate of $387.4 million under the Credit Facility. However we are unable to draw further on the Credit Facility due to the terms under the waivers obtained.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Changes in the price of fuel, or bunkers, may adversely affect our profits.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Fuel, or bunkers, is a significant, if not the largest, expense in our shipping operations.&#160; Changes in the price of fuel may adversely affect our profitability.&#160; The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical developments, supply and demand for oil and gas, actions by OPEC and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns.&#160; Despite low fuel prices in 2017, fuel may become much more expensive in the future, which may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">We are subject to laws and regulations which can adversely affect our business, results of operations, cash flows and financial condition, and our ability to pay dividends.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our operations are subject to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international regulations in force in the jurisdictions in which our vessels operate or are registered, which can significantly affect the ownership and operation of our vessels. These requirements include, but are not limited to, the United States (U.S.) Oil Pollution Act of 1990 (OPA), the Comprehensive Environmental Response, Compensation, and Liability Act (generally referred to as CERCLA), the U.S. Clean Water Act (CWA), the U.S. Clean Air Act (CAA), the U.S. Outer Continental Shelf Lands Act, European Union (EU) Regulations, the International Maritime Organization, or IMO, International Convention on Civil Liability for Oil Pollution Damage of 1969 (as from time to time amended and generally referred to as CLC), the IMO International Convention for the Prevention of Pollution from Ships of 1973 (as from time to time amended and generally referred to as MARPOL, including the designation of emission control areas (ECAs) thereunder), the IMO International Convention for the Safety of Life at Sea of 1974 (as from time to time amended and generally referred to as SOLAS), the IMO International Convention on Load Lines of 1966 (as from time to time amended), the International Convention on Civil Liability for Bunker Oil Pollution Damage (generally referred to as the Bunker Convention), the IMO's International Management Code for the Safe Operation of Ships and for Pollution Prevention (generally referred to as the ISM Code), the International Convention for the Control and Management of Ships' Ballast Water and Sediments Discharge (generally referred to as the BWM Convention), International Ship and Port Facility Security Code (ISPS), and the U.S. Maritime Transportation Security Act of 2002 (generally referred to as the MTSA). Compliance with such laws, regulations and standards, where applicable, may require installation of costly equipment or operational changes and may affect the resale value or useful lives of our vessels. We may also incur additional costs in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air emissions, including greenhouse gases, the management of ballast waters, maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents. These costs could have a material adverse effect on our business, results of operations, cash flows and financial condition and our ability to pay dividends. A failure to comply with applicable laws and regulations may result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations. Environmental laws often impose strict liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard to whether we were negligent or at fault. Under OPA, for example, owners, operators and bareboat charterers are jointly and severally strictly liable for the discharge of oil within the 200-nautical mile exclusive economic zone around the U.S. (unless the spill results solely from the act or omission of a third party, an act of God or an act of war). An oil spill could result in significant liability, including fines, penalties, criminal liability and remediation costs for natural resource damages under other international and U.S. federal, state and local laws, as well as third-party damages, including punitive damages, and could harm our reputation with current or potential charterers of our tankers. We are required to satisfy insurance and financial responsibility requirements for potential oil (including marine fuel) spills and other pollution incidents. Although we have arranged insurance to cover certain environmental risks, and risk of environmental damages and impacts there can be no assurance that such insurance will be sufficient to cover all such risks or that any claims will not have a material adverse effect on our business, results of operations, cash flows and financial condition, and our ability to pay dividends.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">6</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Furthermore, the explosion of the Deepwater Horizon and the subsequent release of oil into the Gulf of Mexico, or other similar incidents in the future, may result in further regulation of the tanker industry, and modifications to statutory liability schemes, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. For example, on August 15, 2012, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) implemented a final drilling safety rule for offshore oil and gas operations that strengthens the requirements for safety equipment, well control systems, and blowout prevention practices.&#160; A new rule issued by the U.S. Bureau of Ocean Energy Management (BOEM) that increased the limits of liability of damages for offshore facilities under OPA based on inflation took effect in January 2015.&#160; In April 2015, it was announced that new regulations are expected to be imposed in the U.S. regarding offshore oil and gas drilling and the BSEE announced a new Well Control Rule in April 2016. In December 2015, the BSEE announced a new pilot inspection program for offshore facilities. Compliance with any new requirements of OPA may substantially impact our cost of operations or require us to incur additional expenses to comply with any new regulatory initiatives or statutes.&#160; Additional legislation, regulations, or other requirements applicable to the operation of our vessels that may be implemented in the future could adversely affect our business.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">It should be noted that the U.S. is currently experiencing changes in its environmental policy, the results of which have yet to be fully determined.&#160; For example, in April 2017, the U.S. President signed an executive order regarding environmental regulations, specifically targeting the U.S. offshore energy strategy, which may affect parts of the maritime industry and our operations.&#160; Furthermore, recent action by the IMO's Maritime Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. For example, cyber-risk management systems must be incorporated by ship-owners and managers by 2021. This might cause companies to cultivate additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. However, the impact of such regulations is hard to predict at this time.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Regulations relating to ballast water treatment coming into effect during September 2019 may adversely affect our revenues and profitability.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The IMO has imposed updated guideline of ballast water management systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel's ballast water.&#160; Depending on the date of the IOPP renewal survey, existing vessels must comply with the updated D-2 standard on or after September 8, 2019.&#160; For most vessels, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms.&#160; We currently have 28 vessels that do not comply with the updated guideline.&#160; Costs of compliance may be substantial and may adversely affect our revenues and profitability.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Climate change and greenhouse gas restrictions may adversely impact our operations and markets.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Due to concern over the risk of climate change, a number of countries and the IMO have adopted regulatory frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among others, adoption of cap and trade regimes, carbon taxes, increased efficiency standards, and incentives or mandates for renewable energy. In addition, although the emissions of greenhouse gases from international shipping currently are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which required adopting countries to implement national programs to reduce emissions of certain gases, or the Paris Agreement (discussed further below), a new treaty may be adopted in the future that includes restrictions on shipping emissions.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Adverse effects upon the oil and gas industry relating to climate change, including growing public concern about the environmental impact of climate change, may also adversely affect demand for our services. For example, increased regulation of greenhouse gases or other concerns relating to climate change may reduce the demand for oil and gas in the future or create greater incentives for use of alternative energy sources. Any long-term material adverse effect on the oil and gas industry could have a significant financial and operational adverse impact on our business that we cannot predict with certainty at this time.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">If we fail to comply with international safety regulations, we may be subject to increased liability, which may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills.&#160; The Convention of Limitation of Liability for Maritime Claims (the "LLMC") sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that all of our vessels are in substantial compliance with SOLAS and LL Convention standards.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">7</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the "ISM Code"), our operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel's management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. We have obtained applicable documents of compliance for our offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The document of compliance and safety management certificate are renewed as required.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">Regulation II-1/3-10 of the SOLAS Convention governs ship construction and stipulates that ships over 150 meters in length must have adequate strength, integrity and stability to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, with July 1, 2016 set for application to new oil tankers and bulk carriers.&#160;&#160; The SOLAS Convention regulation II-1/3-10 on goal-based ship construction standards for bulk carriers and oil tankers, which entered into force on January 1, 2012, requires that all oil tankers and bulk carriers of 150 meters in length and above, for which the building contract is placed on or after July 1, 2016, satisfy applicable structural requirements conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers (GBS Standards).</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous Goods Code ("IMDG Code"). Effective January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and classification requirements for dangerous goods, and (3) new mandatory training requirements.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers ("STCW").&#160; As of February 2017, all seafarers are required to meet the STCW standards and be in possession of a valid STCW certificate.&#160; Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">The value of our vessels may fluctuate and any decrease in the value of our vessels could result in a lower price of our common shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Tanker values have generally experienced high volatility. The market value of our oil tankers can fluctuate, depending on general economic and market conditions affecting the tanker industry. The volatility in global financial markets may result in a decrease in tanker values. In addition, as vessels grow older, they generally decline in value. These factors will affect the value of our vessels. Declining tanker values could affect our ability to raise cash by limiting our ability to refinance our vessels, thereby adversely impacting our liquidity, or result in a breach of our loan covenants, which could result in defaults under our Credit Facility. Due to the cyclical nature of the tanker market, if for any reason we sell vessels at a time when tanker prices have fallen, the sale may be at less than the vessel's carrying amount on our financial statements, with the result that we would also incur a loss and a reduction in earnings. Any such reduction could result in a lower price of our common shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">We operate our vessels worldwide and as a result, our vessels are exposed to international risks which may reduce revenue or increase expenses.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The international shipping industry is an inherently risky business involving global operations. Our vessels are at a risk of damage or loss because of events such as mechanical failure, collision, human error, war, terrorism, piracy, cargo loss and bad weather. In addition, changing economic, regulatory and political conditions in some countries, including political and military conflicts, have from time to time resulted in attacks on vessels, mining of waterways, piracy, terrorism, labor strikes and boycotts. These sorts of events could interfere with shipping routes and result in market disruptions which may reduce our revenue or increase our expenses.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">8</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">International shipping is subject to various security and customs inspections and related procedures in countries of origin and destination and trans-shipment points.&#160; Inspection procedures can result in the seizure of the cargo and/or our vessels, delays in loading, offloading or delivery, and the levying of customs duties, fines or other penalties against us. It is possible that changes to inspection procedures could impose additional financial and legal obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain types of cargo uneconomical or impractical. Any such changes or developments may have a material adverse effect on our business, results of operations, cash flows, financial condition and available cash.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">International geopolitical events could affect our results of operations and financial condition.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Continuing conflicts in the Middle East and North Africa, may lead to additional acts of terrorism and armed conflict around the world, which may contribute to further economic instability in the global financial markets. These uncertainties could also adversely affect our ability to obtain financing on terms acceptable to us or at all. In the past, political conflicts have also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf region. Acts of terrorism and piracy have also affected vessels trading in regions such as the South China Sea and the Gulf of Aden off the coast of Somalia. Any of these occurrences, or the perception that our vessels are potential terrorist targets, could have a material adverse impact on our operating results, revenues, costs and ability to pay dividends in amounts anticipated or at all.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We expect that our vessels will call in ports where smugglers attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent our vessels are found with contraband, whether inside or attached to the hull of our vessel and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims which could have an adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">From time to time, our vessels call on ports located in countries that are subject to restrictions imposed by the U.S. or other governments, which could adversely affect our reputation and the market for our common stock.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">From time to time, vessels in our fleet call on ports located in countries subject to sanctions and embargoes imposed by the U.S. government and countries identified by the U.S. government as state sponsors of terrorism, such as Sudan. We have not been involved in business to and from Cuba, Syria, Iran, Crimea or North Korea during the period January 1 through December 31, 2017. Our vessels may, on charterers' instructions, call on ports in Sudan.&#160; We emphasize that neither the vessels nor the Company employs U.S. citizens and does not carry U.S.-origin cargoes in connection with the business in the port of Bashayer in North Sudan.&#160; During 2017, four vessels owned by the Company made six calls to North Sudan for the year ended December 31, 2017. All of these calls involved loading of oil cargoes in the North Sudanese port of Bashayer to be carried to international locations outside of the United States pursuant to voyage charters with non-U.S. charterers.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or strengthened over time. With effect from July 1, 2010, the U.S. enacted the Comprehensive Iran Sanctions Accountability and Divestment Act, or CISADA, which expanded the scope of the Iran Sanctions Act. Among other things, CISADA expands the application of the prohibitions to companies, such as ours, and introduces limits on the ability of companies and persons to do business or trade with Iran when such activities relate to the investment, supply or export of refined petroleum or petroleum products. In addition, on May 1, 2012, President Obama signed Executive Order 13608 which prohibits foreign persons from violating or attempting to violate, or causing a violation of any sanctions in effect against Iran or facilitating any deceptive transactions for or on behalf of any person subject to U.S. sanctions. Any persons found to be in violation of Executive Order 13608 will be deemed a foreign sanctions evader and will be banned from all contacts with the U.S., including conducting business in U.S. dollars. Also in 2012, President Obama signed into law the Iran Threat Reduction and Syria Human Rights Act of 2012, or the Iran Threat Reduction Act, which created new sanctions and strengthened existing sanctions. Among other things, the Iran Threat Reduction Act intensifies existing sanctions regarding the provision of goods, services, infrastructure or technology to Iran's petroleum or petrochemical sector. The Iran Threat Reduction Act also includes a provision requiring the President of the U.S. to impose five or more sanctions from Section 6(a) of the Iran Sanctions Act, as amended, on a person the President determines is a controlling beneficial owner of, or otherwise owns, operates, or controls or insures a vessel that was used to transport crude oil from Iran to another country and (1) if the person is a controlling beneficial owner of the vessel, the person had actual knowledge the vessel was so used or (2) if the person otherwise owns, operates, or controls, or insures the vessel, the person knew or should have known the vessel was so used. Such a person could be subject to a variety of sanctions, including exclusion from U.S. capital markets, exclusion from financial transactions subject to U.S. jurisdiction, and exclusion of that person's vessels from U.S. ports for up to two years. In January 2013, the United States enacted the Iran Freedom and Counter Proliferation Act of 2012 (the "IFCPA") which expanded the scope of United States sanctions on any person that is part of Iran's energy, shipping or shipbuilding sector and operators of ports in Iran, and imposes penalties on any person who facilitates or otherwise knowingly provides significant financial, material or other support to these entities.

<div id="DSPFPageFooter"></div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">9</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-INDENT: 36pt">
<div id="DSPFPageHeader"></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The United States, United Kingdom, Germany, France, Russia, and China, the European Union, and Iran entered into an agreement with Iran titled the Joint Comprehensive Plan of Action Regarding the Islamic Republic of Iran's Nuclear Program, or the JCPOA, which was intended to significantly restrict Iran's ability to develop and produce nuclear weapons by easing certain sanctions directed toward non-United States persons for conduct involving Iran.&#160; Pursuant to the JCPOA, which was implemented on January 16, 2016, the United States, the EU and the UN suspended or lifted a significant number of their nuclear-related sanctions on Iran following an announcement by the International Atomic Energy Agency that Iran had satisfied its obligations under the JCPOA. On May 8, 2018, President Trump announced that the United States will withdraw from the JCPOA, resulting in the re-institution of sanctions against Iran that were lifted or waived under the JCPOA since 2016 and suspended under the JPOA since 2013.&#160; President Trump directed the U.S. Department of Treasury to re-impose shipping and petroleum-related sanctions after a 180-day wind-down period ends on November 4, 2018.&#160; Certain other sanctions are to be re-imposed after a 90-day wind-down period ends on August 6, 2018.&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageFooter"></div>

Certain of our charterers or other parties that we have entered into contracts with regarding our vessels may be affiliated with persons or entities that are the subject of sanctions imposed by the U.S., and EU and/or other international bodies as a result of the Crimea and Russia conflict in 2014. If we determine that such sanctions require us to terminate existing contracts or if we are found to be in violation of such applicable sanctions, our results of operations may be adversely affected or we may suffer reputational harm.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Although we believe that we have been in compliance with all sanctions and embargo laws and regulations that apply to us, and intend to maintain such compliance, there can be no assurance that we will be in compliance in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and conduct our business, and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. Additionally, some investors may decide not to invest in our company simply because we do business with companies that do business in sanctioned countries. The determination by these investors not to invest in, or to divest from, our common stock may adversely affect the price at which our common stock trades. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition, our reputation and the market for our securities may be adversely affected if we engage in certain other activities, such as entering into charters with individuals or entities in countries subject to U.S. sanctions and embargo laws that are not controlled by the governments of those countries, or engaging in operations associated with those countries pursuant to contracts with third parties that are unrelated to those countries or entities controlled by their governments. Investor perception of the value of our common stock may be adversely affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions in these and surrounding countries.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Company Specific Risk Factors</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">We operate in a cyclical and volatile industry and cannot guarantee that we will continue to make cash distributions.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We have made cash distributions quarterly since October 1997. It is possible that our revenues could be reduced as a result of decreases in charter rates or that we could incur other expenses or contingent liabilities that would reduce or eliminate the cash available for distribution as dividends. Our Credit Facility prohibits the declaration and payment of dividends if we are in default under the Credit Facility. For more information, please see Item 5. Operating and Financial Review and Prospectus B. Liquidity and Capital Resources - Our Borrowing Activities. We may not continue to pay dividends at rates previously paid or at all.&#160; If we do not pay dividends, the market price for our common shares must appreciate for investors to realize a gain on their investment. This appreciation may not occur and our common shares may in fact depreciate in value, in part because of any future decreases in or elimination of our dividend payments.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">10</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">A decision of our Board of Directors and the laws of Bermuda may prevent the declaration and payment of dividends.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our ability to declare and pay dividends is subject at all times to the discretion of our board of directors, or the Board, and compliance with Bermuda law, and may be dependent, among other things, upon our having sufficient available distributable reserves. For more information, please see Item 8. Financial Information - Dividend Policy. We may not continue to pay dividends at rates previously paid or at all.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">We have antitakeover protections which could prevent a change in our control.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 33.5pt">We have antitakeover protections which could prevent a change in our control. For example, on June 16, 2017, our Board, after the expiration of a previous shareholder rights agreement, adopted a new shareholders rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a Series A Participating Preferred Share of the Company for each outstanding common share, par value $0.01 per share. The dividend was payable on June 26, 2017 to shareholders of record on that date. Each right entitles the registered holder to purchase from us one one-thousandth of a Series A Participating Preferred Share of the Company at an exercise price of $30.00, subject to adjustment. We can redeem the rights at any time prior to a public announcement that a person or group has acquired ownership of 15% or more of the Company's common shares. This shareholders rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. Our shareholders rights plan is not intended to deter offers that our Board determines are in the best interests of our shareholders.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">If we do not identify suitable tankers for acquisition or successfully integrate any acquired tankers, we may not be able to grow or to effectively manage our growth.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">One of our principal strategies is to continue to grow by expanding our operations and adding to our fleet. Our future growth will depend upon a number of factors, some of which may not be within our control. These factors include our ability to:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zdf417c4bdb6a4b8faef8f75daccbe4b8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">identify suitable tankers and/or shipping companies for acquisitions at attractive prices, which may not be possible if asset prices rise too quickly,</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z6427dd8687154291bcd3530a615ffc9f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">manage relationships with customers and suppliers,</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z75128d74db534a8b9e093b519cf61fdc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">identify businesses engaged in managing, operating or owning tankers for acquisitions or joint ventures,</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z85c2126334694a6d9411be228e198c87" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">integrate any acquired tankers or businesses successfully with our then-existing operations,</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zb96ede65c44d48ff97ba396cd7e398fe" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">hire, train and retain qualified personnel and crew to manage and operate our growing business and fleet,</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z0555a81f21874064905932b53a87011b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">identify additional new markets,</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z393242f49c714365ac5a6de0dfa55eea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">improve our operating, financial and accounting systems and controls, and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze6bc63e762ab4b85a474048ff97beda1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">obtain required financing for our existing and new operations.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our failure to effectively identify, purchase, develop and integrate any tankers or businesses could adversely affect our business, financial condition and results of operations. We may incur unanticipated expenses as an operating company. It is possible that the number of employees employed by the company, or current operating and financial systems may not be adequate as we implement our plan to expand the size of our fleet.&#160; Finally, acquisitions may require additional equity issuances or debt issuances (with amortization payments), both of which could lower dividends per share. If we are unable to expand or execute the certain aspects of our business or events noted above, our financial condition and dividend rates may be adversely affected.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">If we purchase and operate secondhand vessels, we will be exposed to increased operating costs which could adversely affect our earnings and, as our fleet ages, the risks associated with older vessels could adversely affect our ability to obtain profitable charters.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our current business strategy includes additional growth through the acquisition of new and secondhand vessels. We took delivery of two secondhand vessels in 2014, two secondhand vessels in 2015, and four secondhand vessels in 2016. We may not receive the benefit of warranties from the builders for the secondhand vessels that we acquire direct from yard.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">11</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Even following a physical inspection of secondhand vessels prior to purchase, we do not have the same knowledge about their condition and cost of any required (or anticipated) repairs that we would have had if these vessels had been built for and operated exclusively by us. Accordingly, we may not discover defects or other problems with such vessels prior to purchase. Any such hidden defects or problems, when detected may be expensive to repair, and if not detected, may result in accidents or other incidents for which we may become liable to third parties. Also, when purchasing previously owned vessels, we do not receive the benefit of any builder warranties if the vessels we buy are older than one year.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In general, the costs to maintain a vessel in good operating condition increase with the age of the vessel. Older vessels are typically less fuel efficient than more recently constructed vessels due to improvements in engine technology. Governmental regulations, safety and other equipment standards related to the age of vessels may require expenditures for alterations or the addition of new equipment to some of our vessels and may restrict the type of activities in which these vessels may engage. We cannot assure you that, as our vessels age, market conditions will justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives. As a result, regulations and standards could have a material adverse effect on our business, financial condition, results of operations, cash flows and ability to pay dividends.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">If we do not set aside funds and are unable to borrow or raise funds for vessel replacement, at the end of a vessels' useful life our revenue will decline, which would adversely affect our business, results of operations, financial condition and ability to pay dividends.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If we do not set aside funds and are unable to borrow or raise funds for vessel replacement, we will be unable to replace the vessels in our fleet upon the expiration of their remaining useful lives, which we expect to range from&#160;1 year to 25 years, depending on the type of vessel. Our cash flows and income are dependent on the revenues earned by the chartering of our vessels. If we are unable to replace the vessels in our fleet upon the expiration of their useful lives, our business, results of operations, financial condition and ability to pay dividends would be adversely affected. Any funds set aside for vessel replacement will not be available for dividends.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">An increase in operating costs would decrease earnings and dividends per share.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Under the charters of all of our operating vessels, we are responsible for vessel operating expenses. Our vessel operating expenses include the costs of crew, lube oil, provisions, deck and engine stores, insurance and maintenance and repairs, which depend on a variety of factors, many of which are beyond our control. If our vessels suffer damage, they may need to be repaired at a drydocking facility. The costs of drydock repairs are unpredictable and can be substantial. Increases in any of these expenses would decrease earnings and dividends per share.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">If we are unable to operate our vessels profitably, we may be unsuccessful in competing in the highly competitive international tanker market, which would negatively affect our financial condition and our ability to expand our business.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The operation of tanker vessels and transportation of crude and petroleum products is extremely competitive. Competition arises primarily from other tanker owners, including major oil companies as well as independent tanker companies, some of whom have substantially greater resources than we do. Competition for the transportation of oil and oil products can be intense and depends on price, location, size, age, condition and the acceptability of the tanker and its operators to the charterers. We will have to compete with other tanker owners, including major oil companies as well as independent tanker companies.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our market share may decrease in the future. We may not be able to compete profitably as we expand our business into new geographic regions or provide new services. New markets may require different skills, knowledge or strategies than we use in our current markets, and the competitors in those new markets may have greater financial strength and capital resources than we do.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">We are exposed to the offshore supply market through our equity method investment in Nordic American Offshore Ltd.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We have an equity method investment in Nordic American Offshore Ltd, or NAO, where as of December 31, 2017 we owned 16.1 % of their common shares. A portion of our income or loss relates to NAO's operations. Demand for NAO's services depends on activity in offshore oil and natural gas exploration, development and production. The levels of which have historically been characterized by high volatility.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Currently NAO is operating in a challenging market, and a prolonged lack of investment in offshore and gas exploration, development and production can have a significant negative impact on our earnings through the equity method of accounting, NAO's ability to distribute cash dividends and NAO's share price.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">12</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Ineffective internal controls could impact the Company's business and financial results.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company's internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If the Company fails to maintain the adequacy of its internal controls, including any failure to implement required new or improved controls, or if the Company experiences difficulties in their implementation, the Company's business and financial results could be harmed and the Company could fail to meet its financial reporting obligations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">For example, in connection with management's evaluation of the effectiveness of the Company's internal control over financial reporting as of December 31, 2017, management determined that the Company did not maintain effective controls over procedures in relation to evaluating uncertainties about its ability to continue as a going concern in accordance with ASC 205-40. Management determined that the ineffective controls over going concern constitute a material weakness. See Item 15: Controls and Procedures, for a discussion of the Company's internal control over financial reporting, including a discussion of the material weakness. If the new controls being implemented to address the material weakness and to strengthen the overall internal control over accounting for going concern are not designed or do not operate effectively, or if the Company is unsuccessful in implementing or following these new processes or is otherwise unable to remediate this material weakness, this may result in untimely or inaccurate reporting of the Company's financial condition or results of operations.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Risks Related to our Indebtedness</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt; BACKGROUND-COLOR: #ffffff">The incurrence of indebtedness to refinance our existing Credit Facility may impact our financial position and subject us to additional financial and operating restrictions.</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt; TEXT-INDENT: 33.5pt">On November 28, 2017, we entered into a fully underwritten commitment letter with DNB Bank ASA, providing for a senior secured loan facility of up to $375.0 million, or the Backstop Facility, to support the recapitalization of the Company. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The facility agreement was signed on December 20, 2017. </font>The facility is not intended to be drawn and is expected to be cancelled when the recapitalization has been completed. Upon completion of the plan to recapitalize the Company, we plan to fully repay the existing Credit Facility and enter into a new revolving credit facility that will be part of our new capital structure. An unsecured bond is also expected to be part of the recapitalization package. If we are unable to raise capital on acceptable terms, we may need to rely on our Backstop Facility, which may result in substantially higher borrowing costs and a shorter maturity than those from other anticipated financing alternatives. In addition, the Backstop Facility may include more restrictive negative covenants and financial covenants than the proposed unsecured bonds and new revolving credit facility. Under the terms of the Backstop Facility, the lender has the right at any time from January 8 to December 31, 2018 to require us to proceed with an offering of senior secured high yield bonds of up to $375.0 million or senior unsecured high yield bonds of up to $200.0 million, each with terms and pricing parameters as set forth in the Backstop Facility, which bonds may carry a higher interest rate than the Backstop Facility.</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 33.5pt">The incurrence of indebtedness will subject us to additional financial and operating covenants, which may limit our flexibility in responding to our business needs and to continue the way in which we operate our business. A prolonged unfavorable charter rate environment, material declines in vessel values, unanticipated capital expenditures and other unexpected non-recurring items could impact our ability to service our debt and comply with covenants. If we are not able to maintain compliance with stated financial covenants or if we breach other covenants in any debt agreement, we could be in default under such agreement. Such a default may allow our creditors to accelerate the related indebtedness and may result in the acceleration of any other indebtedness to which a cross-acceleration or cross-default provision applies, and to foreclose on the collateral securing such indebtedness, which could constitute all or substantially all of our assets.</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">Our overall leverage and terms of our financing may, among other things, limit our ability to:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">
<div style="TEXT-ALIGN: left">
<table id="z72b827bc81d04266a5c2f45cc59fcc74" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">pay dividends and make capital expenditures;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z4f0e588ea9324eccaa4e5c36ec442312" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">create or allow to subsist any security interest over any of our vessels;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z0860d8d703b6468ab17080df7d663757" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">change the flag, class or management of our vessels or terminate or materially amend the management agreement relating to each vessel;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z2dc7241622414dd7a8ae5b02318778d4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">sell our vessels;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">&#160;</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">13</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">
<div style="TEXT-ALIGN: left">
<table id="z6bc2f63be92041c29cc5a5fa816f4145" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">merge or consolidate with, or transfer all or substantially all of our assets to another person;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z35080df9483942f8bd312a56b1e34b9b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">obtain additional financing in the future for working capital, capital expenditures and acquisitions;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z5e2373bf04f8456a87c64d1cc18d87d8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">satisfy our obligations under the terms of our indebtedness;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="zd70bab1bd4c94cdf8e297c1edfc5fe88" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">refinance our indebtedness on terms acceptable to us or at all;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z4a321aa702454324baed86eee2d433c7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">enter into a new line of business or adjust to changing business and market conditions, increasing our vulnerability to general adverse economic and industry conditions; and</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">maintain adequate liquidity.</font></div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">We are limited in our ability to make dividend payments due to the terms of our debt. Under the terms of the amendments to our Credit Facility we can distribute a maximum dividend of $4.3 million in the aggregate or $0.03 per share per quarter, subject to a corresponding amount being repaid under the Credit Facility. Additionally, under the Backstop Facility, we will be limited to paying dividends, during the period before the Backstop Facility is cancelled, in an amount equal to the lower of $5.0 million in the aggregate or $0.03 per share per quarter.</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Servicing our debt limits funds available for other purposes and if we cannot service our debt, we may lose our vessels.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Borrowing under the Credit Facility requires us to dedicate a part of our cash flow from operations to paying interest on our indebtedness. These payments limit funds available for working capital, capital expenditures and other purposes, including making distributions to shareholders and further equity or debt financing in the future. Amounts borrowed under the Credit Facility bear interest at variable rates. Increases in prevailing rates could increase the amounts that we would have to pay to our lenders, even though the outstanding principal amount remains the same, and our net income and cash flows would decrease. We expect our earnings and cash flow to vary from year to year due to the cyclical nature of the tanker industry. In addition, our current policy is not to accumulate cash, but rather to distribute our available cash to shareholders. If we do not generate or reserve enough cash flow from operations to satisfy our debt obligations, we may have to undertake alternative financing plans, such as:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zd002c58bbcbe447fa8c364049a971a79" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">seeking to raise additional capital;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zeef91d40d6434cc48af75baae9ec4daa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">refinancing or restructuring our debt;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze3a7425ca5d34dcaa717815a293fe248" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">selling tankers or other assets; or</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z514a6d22c0354c12b9423f863e7ce4ee" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">reducing or delaying capital investments.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">However, these alternative financing plans, if necessary, may not be sufficient to allow us to meet our debt obligations. If we are unable to meet our debt obligations or if some other default occurs under the Credit Facility, the lenders could elect to declare that debt, together with accrued interest and fees, to be immediately due and payable and proceed against the collateral securing that debt, which constitutes our entire fleet.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Our Credit Facility contains restrictive covenants which limit our liquidity and corporate activities, which could negatively affect our growth and cause our financial performance to suffer.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Credit Facility imposes operating and financial restrictions on us. These restrictions may limit our ability to:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z999ee036a8fa4e5dbb84081168048b2d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">pay dividends and make capital expenditures if we do not repay amounts drawn under the Credit Facility or if we are otherwise in default under the Credit Facility;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z7575a79f994e4115b9cdd31042e23ebe" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">create or allow to subsist any security interest over any of our vessels;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z638cf672d1ec4e0cb3e51bd8dca8b80f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">change the flag, class or management of our vessels or terminate or materially amend the management agreement relating to each vessel;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z8edcfd9e4a184109a977e68798ea85c0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">sell our vessels;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zed8368309ead4773820945b90b95972d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">merge or consolidate with, or transfer all or substantially all of our assets to another person; or</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z6808849f1ddf4223bf9a4d3178affc4d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">enter into a new line of business.</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">14</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our lenders' interests may be different from ours and we may not be able to obtain our lenders' permission when needed. This may limit our ability to pay dividends to you, finance our future operations or capital requirements, make acquisitions or pursue business opportunities.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Such operating and financial restrictions include, or may in the future include, a requirement on us to maintain specified financial ratios and satisfy financial covenants, including ratios and covenants based on the market value of the vessels in our fleet.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Events beyond our control, including changes in the economic and business conditions in the shipping markets in which we operate, may affect our ability to comply with these covenants. Should our charter rates or vessel values materially decline in the future, we may be required to take action to reduce our debt or to act in a manner contrary to our business objectives to meet any such financial ratios and satisfy any such financial covenants. We cannot assure you that we will meet these ratios or satisfy these covenants or that our lenders will waive any failure to do so.&#160; A breach of any of the covenants in, or our inability to maintain the required financial ratios under our debt agreements would prevent us from borrowing additional money under debt agreements and could result in a default under our Credit Facility or future debt agreements into which we may enter.&#160; If a default occurs under our Credit Facility or any debt agreement which we may enter into in the future, the lenders could elect to declare the outstanding debt, together with accrued interest and other fees, to be immediately due and payable and foreclose on the collateral securing that debt, which could constitute all or substantially all of our assets.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">In 2017 we entered into amendments to the credit agreement for our Credit Facility modifying certain of our financial covenants until December 31, 2018 and the Company has entered into further amendments to the Credit Facility in 2018. Under the revised terms of the credit agreement, we are unable to draw further on the Credit Facility and our margin is increased to 6.0% from January 1, 2018. We can distribute a maximum dividend of $0.03 per share or $4.3 million in the aggregate, subject to a corresponding amount being repaid under the Credit Facility. Additionally, the Company undertakes to not make new investments, excluding the Newbuildings, as defined below, except for investments made in connection with normal maintenance of the vessels.&#160; As of December 31, 2017 we were in compliance with the covenants of our Credit Facility, as waived or amended.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">Although we have received waivers lowering our covenant requirements, should our charter rates, market capitalization or vessel values materially decline further in the future, we may be required to take action to reduce our debt or to act in a manner contrary to our business objectives to meet any such financial ratios and satisfy any such financial covenants.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Volatility in LIBOR rates could affect our profitability, earnings and cash flow.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Interest in most loan agreements in our industry, including our Credit Facility, is based on published London Interbank Offered Rates, or LIBOR. Amounts borrowed under our Credit Facility bear interest at an annual rate equal to LIBOR plus a margin. Volatility in LIBOR rates will affect the amount of interest payable on amounts that we drawdown from our Credit Facility, which in turn, would have an adverse effect on our profitability, earnings and cash flow.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">We are subject to certain risks with respect to our counterparties on contracts, and failure of such counterparties to meet their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We have entered into various contracts, including charter agreements with our customers, and our Credit Facility and from time to time, we may enter into newbuilding contracts. Such agreements subject us to counterparty risks. The ability of each of our counterparties to perform its obligations under a contract with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the maritime and offshore industries, the overall financial condition of the counterparty, charter rates received for specific types of vessels, and various expenses. For example, the combination of a reduction of cash flow resulting from declines in world trade, a reduction in borrowing bases under reserve-based credit facilities and the lack of availability of debt or equity financing may result in a significant reduction in the ability of our charterers to make charter payments to us. In addition, in depressed market conditions, our charterers and customers may no longer need a vessel that is currently under charter or contract or may be able to obtain a comparable vessel at lower rates. As a result, charterers and customers may seek to renegotiate the terms of their existing charter parties or avoid their obligations under those contracts. Should a counterparty fail to honor its obligations under agreements with us, we could sustain significant losses which could have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result, we could sustain significant losses which could have a material adverse effect on our business, financial condition, results of operations and cash flows, as well as our ability to pay dividends, if any, in the future, and comply with covenants in our Credit Facility.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">15</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Delays or defaults by the shipyards in the construction of our Newbuildings could increase our expenses and diminish our net income and cash flows.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We have contracted with Samsung Heavy Industries Co. Ltd., or Samsung, for the construction of three Suezmax newbuildings that are currently under construction with expected delivery in 2018. Vessel construction projects are generally subject to risks of delay that are inherent in any large construction project, which may be caused by numerous factors, including shortages of equipment, materials or skilled labor, unscheduled delays in the delivery of ordered materials and equipment or shipyard construction, failure of equipment to meet quality and/or performance standards, financial or operating difficulties experienced by equipment vendors or the shipyard, unanticipated actual or purported change orders, inability to obtain required permits or approvals, design or engineering changes and work stoppages and other labor disputes, adverse weather conditions or any other events of force majeure. Failure to construct or deliver the ship by the shipyard or any significant delays could increase our expenses and diminish our net income and cash flows.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Our insurance may not be adequate to cover our losses that may result from our operations due to the inherent operational risks of the tanker industry.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We carry insurance to protect us against most of the accident related risks involved in the conduct of our business, including marine hull and machinery insurance, protection and indemnity insurance, which includes pollution risks, crew insurance and war risk insurance. However, we may not be adequately insured to cover losses from our operational risks, which could have a material adverse effect on us. Additionally, our insurers may refuse to pay particular claims and our insurance may be voidable by the insurers if we take, or fail to take, certain action, such as failing to maintain certification of our vessels with applicable maritime regulatory organizations. Any significant uninsured or under-insured loss or liability could have a material adverse effect on our business, results of operations, cash flows and financial condition and our ability to pay dividends. In addition, we may not be able to obtain adequate insurance coverage at reasonable rates in the future during adverse insurance market. Any loss of a vessel or extended vessel off-hire, due to an accident or otherwise, could have a material adverse effect on our business, results of operations and financial condition and our ability to pay dividends.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">The operation of tankers involve certain unique operational risks.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The operation of tankers has unique operational risks associated with the transportation of oil.&#160; An oil spill may cause significant environmental damage, and a catastrophic spill could exceed the insurance coverage available. Compared to other types of vessels, tankers are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist attack, collision, or other cause, due to the high flammability and high volume of the oil transported in tankers.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Further, our vessels and their cargoes will be at risk of being damaged or lost because of events such as marine disasters, bad weather and other acts of God, business interruptions caused by mechanical failures, grounding, fire, explosions and collisions, human error, war, terrorism, piracy and other circumstances or events. Changing economic, regulatory and political conditions in some countries, including political and military conflicts, have from time to time resulted in attacks on vessels, mining of waterways, piracy, terrorism, labor strikes and boycotts. These hazards may result in death or injury to persons, loss of revenues or property, the payment of ransoms, environmental damage, higher insurance rates, damage to our customer relationships and market disruptions, delay or rerouting.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If our vessels suffer damage, they may need to be repaired at a drydocking facility. The costs of drydock repairs are unpredictable and may be substantial. We may have to pay drydocking costs that our insurance does not cover at all or in full. The loss of revenues while these vessels are being repaired and repositioned, as well as the actual cost of these repairs, may adversely affect our business and financial condition. In addition, space at drydocking facilities is sometimes limited and not all drydocking facilities are conveniently located. We may be unable to find space at a suitable drydocking facility or our vessels may be forced to travel to a drydocking facility that is not conveniently located relative to our vessels' positions. The loss of earnings while these vessels are forced to wait for space or to travel to more distant drydocking facilities may adversely affect our business and financial condition. Further, the total loss of any of our vessels could harm our reputation as a safe and reliable vessel owner and operator.&#160; If we are unable to adequately maintain or safeguard our vessels, we may be unable to prevent any such damage, costs or loss which could negatively impact our business, financial condition, results of operations, cash flows and ability to pay dividends.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">16</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Because some of our expenses are incurred in foreign currencies, we are exposed to exchange rate fluctuations, which could negatively affect our results of operations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The charterers of our vessels pay us in U.S. dollars. While we mostly incur our expenses in U.S. dollars, we may incur expenses in other currencies, most notably the Norwegian Kroner. Declines in the value of the U.S. dollar relative to the Norwegian Kroner, or the other currencies in which we may incur expenses in the future, would increase the U.S. dollar cost of paying these expenses and thus would affect our results of operations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">We may have to pay tax on United States source income, which would reduce our earnings.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Under the United States Internal Revenue Code of 1986, as amended, or the Code, 50% of the gross shipping income of a vessel owning or chartering corporation, such as ourselves, attributable to transportation that begins or ends, but that does not both begin and end, in the United States will be characterized as U.S. source shipping income and such income is subject to a 4% United States federal income tax, without the benefit of deductions, unless that corporation is entitled to a special tax exemption under the Code which applies to income derived by certain non-United States corporations from the international operations of ships. We believe that we currently qualify for this statutory tax exemption and we have taken, and will continue to take, this position on the Company's United States federal income tax returns. However, there are several risks that could cause us to become subject to tax on our United States source shipping income. Due to the factual nature of the issues involved, we can give no assurances as to our tax-exempt status for our future taxable years.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If we are not entitled to this statutory tax exemption for any taxable year, we would be subject for any such year to a 4% U.S. federal income tax on our U.S. source shipping income, without the benefit of deductions. The imposition of this tax could have a negative effect on our business and would result in decreased earnings available for distribution to our shareholders.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">If the United States Internal Revenue Service were to treat us as a "passive foreign investment company," that could have adverse tax consequences for United States shareholders.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">A foreign corporation is treated as a "passive foreign investment company," or PFIC, for United States federal income tax purposes, if either (1) at least 75% of its gross income for any taxable year consists of certain types of "passive income" or (2) at least 50% of the average value of the corporation's assets produce or are held for the production of those types of passive income. For purposes of these tests, cash is treated as an asset that produces passive income, and passive income includes dividends, interest, and gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. Income derived from the performance of services does not constitute passive income. United States shareholders of a PFIC may be subject to a disadvantageous United States federal income tax regime with respect to the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We believe that we ceased to be a PFIC beginning with the 2005 taxable year. Based on our current and expected future operations, we believe that we are not currently a PFIC, nor do we anticipate that we will become a PFIC for any future taxable year. As a result, non-corporate United States shareholders should be eligible to treat dividends paid by us in 2006 and thereafter as "qualified dividend income" which is subject to preferential tax rates.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We expect to derive more than 25% of our income each year from our spot chartering or time chartering activities. We also expect that more than 50% of the value of our assets will be devoted to our spot chartering and time chartering. Therefore, since we believe that such income will be treated for relevant United States federal income tax purposes as services income, rather than rental income, we have taken, and will continue to take, the position that such income should not constitute passive income, and that the assets that we own and operate in connection with the production of that income, in particular our vessels, should not constitute assets that produce or are held for the production of passive income for purposes of determining whether we are a PFIC in any taxable year.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">There is, however, no direct legal authority under the PFIC rules addressing our method of operation. We believe there is substantial legal authority supporting our position consisting of case law and United States Internal Revenue Service, or IRS, pronouncements concerning the characterization of income derived from time charters and voyage charters as services income rather than rental income for other tax purposes. However, there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes.&#160; Accordingly, no assurance can be given that the IRS or a court of law will accept our position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if there were to be changes in the nature and extent of our operations.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">17</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If the IRS or a court of law were to find that we are or have been a PFIC for any taxable year beginning with the 2005 taxable year, our United States shareholders who owned their shares during such year would face adverse United States federal income tax consequences and certain information reporting obligations. Under the PFIC rules, unless those United States shareholders made or make an election available under the Code (which election could itself have adverse consequences for such United States shareholders), such United States shareholders would be subject to United States federal income tax at the then highest income tax rates on ordinary income plus interest upon excess distributions (i.e., distributions received in a taxable year that are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable years or the United States shareholder's holding period for our common shares) and upon any gain from the disposition of our common shares, as if the excess distribution or gain had been recognized ratably over the United States shareholder's holding period of our common shares. In addition, non-corporate United States shareholders would not be eligible to treat dividends paid by us as "qualified dividend income" if we are a PFIC in the taxable year in which such dividends are paid or in the immediately preceding taxable year.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Risks Relating to Investing in Our Common Shares</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Our common share price may be highly volatile and future sales of our common shares could cause the market price of our common shares to decline.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The market price of our common shares has historically fluctuated over a wide range and may continue to fluctuate significantly in response to many factors, such as actual or anticipated fluctuations in our operating results, changes in financial estimates by securities analysts, economic and regulatory trends, general market conditions, rumors and other factors, many of which are beyond our control. Since 2008, the stock market has experienced extreme price and volume fluctuations. If the volatility in the market continues or worsens, it could have an adverse effect on the market price of our common shares and impact a potential sale price if holders of our common shares decide to sell their shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Because we are a foreign corporation, you may not have the same rights that a shareholder in a U.S. corporation may have.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We are incorporated in the Islands of Bermuda. Our memorandum of association, bye-laws and the Companies Act, 1981 of Bermuda (the "Companies Act"), govern our affairs. The Companies Act does not as clearly establish your rights and the fiduciary responsibilities of our directors as do statutes and judicial precedent in some U.S. jurisdictions. Therefore, you may have more difficulty in protecting your interests as a shareholder in the face of actions by the management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction. There is a statutory remedy under Section 111 of the Companies Act which provides that a shareholder may seek redress in the courts as long as such shareholder can establish that our affairs are being conducted, or have been conducted, in a manner oppressive or prejudicial to the interests of some part of the shareholders, including such shareholder.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">We are incorporated in Bermuda and it may not be possible for our investors to enforce U.S. judgments against us.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We are incorporated in the Islands of Bermuda. Substantially all of our assets are located outside the U.S. In addition, most of our directors and officers are non-residents of the U.S., and all or a substantial portion of the assets of these non-residents are located outside the U.S. As a result, it may be difficult or impossible for U.S. investors to serve process within the U.S. upon us, or our directors and officers or to enforce a judgment against us for civil liabilities in U.S. courts. In addition, you should not assume that courts in the countries in which we are incorporated or where our are located (1) would enforce judgments of U.S. courts obtained in actions against us based upon the civil liability provisions of applicable U.S. federal and state securities laws or (2) would enforce, in original actions, liabilities against us based on those laws.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zf2cf92adc5be4a62997b9e6f3628fe5f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411139"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 4.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">INFORMATION ON THE COMPANY</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z133510ab9db4466382c1e07fe4dc1a27" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411140"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">History and Development of the Company</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Nordic American Tankers Limited was founded on June 12, 1995 under the name Nordic American Tanker Shipping Limited and organized under the laws of the Islands of Bermuda. We maintain our principal offices at LOM Building, 27 Reid Street, Hamilton HM 11, Bermuda. Our telephone number at such address is (441) 292-7202.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">18</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We are an international tanker company originally formed for the purpose of acquiring and chartering three double-hull Suezmax tankers that were built in 1997. Our fleet currently consists of 33 vessels, including three Suezmax newbuildings currently under construction at Samsung Heavy Industries Co. Ltd., or Samsung, each approximately 157,000 deadweight tons, or dwt, which we refer to as the Newbuildings.&#160; We expect that our fleet will expand over time despite the short-term plan of selling vessels. The vessels in our fleet are homogenous and interchangeable, which is a business strategy we refer to as the "Nordic American System".&#160; Our common shares trade under the symbol "NAT" on the New York Stock Exchange, or the NYSE.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In January 2013, we acquired Scandic American Shipping Ltd, or Scandic, and NAT Chartering (formerly Orion Tankers Ltd), or NATC, as wholly-owned subsidiaries. Accordingly, the financial statements contained herein are presented on a consolidated basis for us and our subsidiaries, which we refer to as the Company or the Group.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">The Nordic American System:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">It is essential for us to have an operating model that is sustainable in both a weak and a strong tanker market, which we believe differentiates us from other publicly traded tanker companies. The Nordic American System is transparent and predictable. As a general policy, we have a conservative risk profile. Our dividend payments are important for our shareholders, and at the same time we recognize the need to expand our fleet when conditions are advantageous to us.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our 33 tankers are all Suezmaxes, which have a carrying capacity of one million barrels of oil, are highly versatile, and are able to be utilized on most long-haul trade routes. A homogenous fleet streamlines operating and administration costs, which helps keep our cash-breakeven point low.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Growth is a central element of the Nordic American System.&#160; It is essential that we grow accretively, which means that over time our transportation capacity increases more on a percentage basis than our share count.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our valuation in the stock market should not be based upon net asset value (NAV), a measure that only is linked to the steel value of our ships. We have our own ongoing system value with a homogenous fleet.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We pay our dividends from cash on hand. As of December 31, 2017 we have a cash break-even level of about $12,200 per day per vessel, which we consider low in the industry. The cash break-even rate is the amount of average daily revenue our vessels would need to earn in order to cover our vessel operating expenses, cash general and administrative expenses, interest expense and all other cash charges.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On August 12, 2014, we distributed,&#160; a dividend in kind to our shareholders of 669,802 shares of Nordic American Offshore Ltd. (NYSE: NAO), or NAO, which we acquired in a private placement conducted in connection with NAO's establishment in November 2013.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On April 11, 2014, we issued 13,800,000 shares at $8.62 per share in an underwritten registered follow-on offering. The net proceeds of the offer were primarily used to acquire two new vessels.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In May 2014, we announced the acquisition of two secondhand Suezmax tankers, the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Sprinter</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Skier</font> at an average purchase price of $36.5 million per vessel. We took delivery of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Sprinter</font> in July 2014 and we took delivery of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Skier</font> in August 2014.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In December 2014, we entered into final contracts with Sungdong Shipbuilding &amp; Marine Engineering Co. Ltd. for the construction of two Suezmax tankers. The two contracted newbuildings were purchased for approximately $65.0 million per vessel and we took delivery of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Star </font>in September 2016 and the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Space </font>in February 2017.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In July 2015, we announced the acquisition of two secondhand Suezmax tankers, the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Light</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Cross</font> at a purchase price of $61.1 million per vessel. We took delivery of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Light</font> in September 2015 and we took delivery of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Cross</font> in August 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In December 2015, we agreed to refinance and extend the $430.0 million revolving credit facility that we entered into in October 2012 with the banking group consisting of DNB Bank ASA, Nordea Bank Norge ASA and Skandinaviska Enskilda Banken AB (publ), or our Credit Facility. Under this agreement, our Credit Facility was increased to $500.0 million and the maturity date was extended from 2017 to 2020. For more information, please see Item 5 Operating and Financial Review and Prospects - B. Liquidity and Capital Resources - Our Borrowing Activities.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In May 2016, we announced the acquisition of four secondhand Suezmax tankers, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Luna</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Castor</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Sirius</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Pollux</font>. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Luna</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Castor</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Sirius</font> were delivered to us in June 2016 and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Nordic Pollux</font> was delivered to us in July 2016.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">19</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">On September 30, 2016, we sold 12,650,000 common shares at a price of $10.00 per share in an underwritten registered follow-on offering. The net proceeds of the offering were primarily used to pay for the deposits for our three Newbuildings </font>and for general corporate purposes<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 33.5pt">In March 2017, NAO completed a follow-on offering of its common shares in which NAT participated, purchasing approximately $10.0 million worth of NAO shares. Following the investment, NAT owned 22.6% of NAO. As a consequence of the reduced holdings from 29.1% to 22.6% in NAO, NAT recorded a dilution charge (non-cash) of $2.6 million in the first quarter of 2017. Our Chairman, President and CEO, together with his immediate family participated in the above offering, purchasing approximately $2.0 million of NAO shares.<br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">On June 16, 2017, our Board declared a dividend of one preferred share purchase right, or a Right, for each outstanding common share and adopted a shareholder rights plan, as set forth in the Shareholders Rights Agreement dated as of June 16, 2017, or the Rights Agreement, by and between the Company and Computershare Trust Company, N.A., as rights agent.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 33.5pt">On August 31, 2017, we paid a dividend, which included a cash dividend of $0.10 per share and a distribution of an aggregate of 4,024,745 common shares of NAO, which were owned by the Company. Each of our shareholders that held 250 or more of our common shares received one NAO common share per 24.4 NAT common shares, which we recognized at a cash value of $0.05 per share. Fractional shares were compensated by a cash dividend based on the closing price of NAO shares on the NYSE as of July 20, 2017, which was $1.22. Each of our shareholders that held 249 or fewer shares received an additional cash dividend of $0.05 per common share. In connection to the above distribution of NAO shares, we recorded a loss of $0.7 million. Following this distribution, we owned 16.1% of the outstanding common shares of NAO.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Recapitalization</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On November 28, 2017, we entered into a fully underwritten commitment letter with DNB Bank ASA, providing for a senior secured loan facility of up to $375.0 million, or the Backstop Facility, to support the recapitalization of NAT with the objective of retiring the Credit Facility. The facility agreement was signed on December 20, 2017. The recapitalization is intended to encompass the equity of $110.0 million raised in December 2017, a large secured bond or a new revolving credit facility and an unsecured bond offering.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Backstop Facility is providing for a senior secured loan facility of up to $375.0 million to support the recapitalization of the Company. The Backstop Facility is available for drawing from July 1, 2018. Further, the facility, if utilized and not repaid, will be rolled into a term loan on January 1, 2019 with maturity on November 30, 2020. The Backstop Facility will have no amortization until December 31, 2018, upon and following which date the principal of the loan must be repaid in quarterly instalments of $10.0 million. In May 2018 the Board authorized&#160;management to sell two vessels. A sale will also&#160; improve the cash balance of the Company. In addition, the Board has authorized that the Company may further adjust the size of the fleet.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We are evaluating different options for the final steps of the recapitalization program. We are in discussions with the lenders to either issue and sell a large secured bond or enter into a new Revolving Credit Facility of $250.0 million together with the issuance of an unsecured bond for $150.0 million. We expect these measures to be completed by the end of the second quarter of 2018. Upon securing this financing it is not expected to draw down on the Backstop Facility as described above.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On December 1, 2017, we announced our final agreements for the financing of the outstanding commitments of $39.0 million per ship, due on delivery, for our Newbuildings with a subsidiary of Ocean Yield ASA. The three Newbuildings are expected to be delivered in July, August and October 2018, respectively. Under the terms of the financing agreement, the lender will pay 77.5% of the purchase price for each of the three Newbuildings.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On May 4, 2018 we executed an amendement to the Credit Facility expiring on December 31, 2018.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">For more information please see Item 5.B. Liquidity and Capital Resources with regard to the above described transactions.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On December 14, 2017, we sold 40,000,000 common shares at a price of $2.75 per share in an underwritten registered follow-on offering.&#160; The net proceeds of the offering were primarily used to repay outstanding amounts under our Credit Facility, which matures in December 2020 and currently has an interest rate of LIBOR plus 6.0%, general corporate purposes and expansion of our fleet.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As of the date of this annual report, we have 141,969,666 common shares issued and outstanding.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">20</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><a name="_Toc507411141"><!--Anchor--></a><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zd3023a2c20a448189cba096516ed83a7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">B.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Business Overview</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Our Fleet</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our fleet currently consists of 33 Suezmax crude oil tankers, 31 of which were built, or are currently under construction, in Korea. The majority of our vessels are employed in the spot market, together with five vessels currently on longer term time charter agreements. The vessels are considered homogenous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo.</div>

<table id="z220b3093da524b14829fc66a39c447c5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 27px">
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Vessel</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Built</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Deadweight Tons</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 10.45%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Delivered</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Harrier</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1997</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">151,459</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1997</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Hawk</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1997</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">151,475</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1997</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Hunter</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1997</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">151,401</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1997</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Voyager</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1997</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">149,591</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2004</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Fighter</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1998</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">153,328</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2005</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Freedom</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2005</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">159,331</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2005</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Discovery</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1998</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">153,328</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2005</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Saturn</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1998</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">157,331</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2005</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Jupiter</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1998</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">157,411</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2006</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Moon</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2002</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">160,305</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2006</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Apollo</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2003</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">159,998</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2006</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Cosmos</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2003</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">159,999</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2006</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Sprite</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1999</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">147,188</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2009</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Grace</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2002</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">149,921</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2009</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Mistral</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2002</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">164,236</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2009</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Passat</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2002</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">164,274</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2010</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Vega</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2010</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">163,940</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2010</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Breeze</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2011</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">158,597</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2011</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Aurora</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1999</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">147,262</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2011</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Zenith</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2011</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">158,645</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2011</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Sprinter</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2005</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">159,089</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2014</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Skier</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2005</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">159,089</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2014</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Light</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2010</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">158,475</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2015</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Cross</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2010</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">158,475</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2015</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Luna</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2004</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">150,037</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2016</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Castor</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2004</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">150,249</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2016</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Sirius</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">150,183</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2016</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Pollux</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2003</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">150,103</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2016</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Star</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">159,000</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2016</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Nordic Space</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">159,000</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2017</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Newbuilding(1)</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2018</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">157,000</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2018</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Newbuilding(1)</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2018</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">157,000</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2018</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 37.62%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Newbuilding(1)</div>
</td>
<td style="WIDTH: 36.52%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2018</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.09%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">157,000</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2018</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">(1) Vessel under construction at Samsung, Korea. To be delivered in July, August and October 2018, respectively.</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Employment of Our Fleet</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">It is our policy to operate our vessels either in the spot market or on short term time charters. Large international oil companies both in the Western and the Eastern parts of the world are important customers.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Spot Charters</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">: </font>Tankers operating in the spot market are typically chartered for a single voyage which may last up to several weeks. Under a voyage charter, revenue is generated from freight billing, as we are responsible for paying voyage expenses and the charterer is responsible for any delay at the loading or discharging ports. When our tankers are operating on spot charters, the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present this type of arrangement on a gross basis in the Statements of Operations. For further information concerning our accounting policies, please see Note 2 to our financial statements.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The tanker industry has historically been stronger in the fall and winter months in anticipation of increased oil consumption in the norther hemisphere during the winter months. Seasonal variations in tanker demand normally result in seasonal fluctuations in the spot market charters.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">21</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Time Charters: </font>Under a time charter, the charterer is responsible and pays for the voyage expenses, such as port, canal and fuel costs, while the shipowner is responsible and pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel's intermediate and special surveys.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Technical Management</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The technical management of our vessels is handled by companies under direct instructions from NAT. The ship management firms of V.Ships Norway AS, Columbia Shipmanagement Ltd, Cyprus and Hellespont Ship Management GmbH &amp; Co KG, Germany, provide the technical management services. The compensation paid under the technical management agreements is in accordance with industry standards.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">The International Tanker Market</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">International seaborne oil and petroleum products transportation services are mainly provided by two types of operators: major oil company captive fleets (both private and state-owned) and independent shipowner fleets.&#160; Both types of operators transport oil under short-term contracts (including single-voyage "spot charters") and long-term time charters with oil companies, oil traders, large oil consumers, petroleum product producers and government agencies.&#160; The oil companies own, or control through long-term time charters, approximately one third of the current world tanker capacity, while independent companies own or control the balance of the fleet.&#160; The oil companies use their fleets not only to transport their own oil, but also to transport oil for third-party charterers in direct competition with independent owners and operators in the tanker charter market.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The oil transportation industry has historically been subject to regulation by national authorities and through international conventions.&#160; Over recent years, however, an environmental protection regime has evolved which has a significant impact on the operations of participants in the industry in the form of increasingly more stringent inspection requirements, closer monitoring of pollution-related events, and generally higher costs and potential liabilities for the owners and operators of tankers.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In order to benefit from economies of scale, tanker charterers typically charter the largest possible vessel to transport oil or products, consistent with port and canal dimensional restrictions and optimal cargo lot sizes.&#160; A tanker's carrying capacity is measured in deadweight tons, or dwt, which is the amount of crude oil measured in metric tons that the vessel is capable of loading.&#160; ULCCs and VLCCs typically transport crude oil in long-haul trades, such as from the Arabian Gulf to Rotterdam via the Cape of Good Hope.&#160; Suezmax tankers also engage in long-haul crude oil trades as well as in medium-haul crude oil trades, such as from the Mediterranean and Arabian Gulf towards the Far East, i.e. China, India and other emerging economies in Asia that absorb the shortfall from what the traditional routes, from West Africa to the East Coast of the United States, used to represent. Aframax-size vessels generally engage in both medium-and short-haul trades of less than 1,500 miles and carry crude oil or petroleum products.&#160; Smaller tankers mostly transport petroleum products in short-haul to medium-haul trades.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">The 2017 Tanker Market (Source: Fearnleys)</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The cyclical market downturn that started half-way into 2016 continued in 2017. Suezmax earnings, basis fixtures for modern vessels, averaged $15,500/day according to Fearnleys, down 45% on the year to less than what most Suezmax owners need to cover their cash break-evens. Earnings in the highly correlated VLCC and Aframax segments meanwhile averaged $18.800/day and $12.700/day, down 51% and 44% on the year respectively. A continued acceleration in fleet growth combined with slower demand caused by OPEC's production cut and attempt to rebalance the oil market were the key factors explaining the weaker development.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The total crude oil and product tanker fleet above 25,000 dwt grew 3.9% in 2017, compared to the fleet at year-end 2016. However, the effective and experienced fleet growth was well above this level. A total 35.6 million dwt of newbuilding tonnage entered the market during 2017, an amount that only the 2009-2011 period can match since the turn of year 2000. Meanwhile, scrapping for the year increased to 8.5 million dwt, compared to 1.9 million dwt in 2016, a level that only 2010, 2012 and 2013 matches during the past 10 years. A comparison of newbuilding deliveries less scrapping at the end of 2017 to the total fleet in existence at year-end 2016 shows that fleet growth was 5.3% last year, rather than the above mentioned 3.9%. The deviation is partially linked to vessels changing status last year, mostly VLCCs changing status to FSO's. The vessels in the latter category had no impact on the supply/demand balance though, as they had left active trading for alternative duties prior to 2017, hence why Fearnleys sees the 5.3% fleet growth number as more representative than the 3.9%. Adjusting also for what the scrapped vessels had been doing up to death date suggest that effective fleet growth was even higher than 5.3%.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">22</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In the VLCC segment, seven of the ten vessels scrapped during 2017 had left active trading for floating storage duties in 2015/16. As no active vessels replaced these storage units scrapped last year, the market balance effect of seven of the ten VLCCs scrapped last year was enjoyed in 2015/16 rather than 2017. In the Suezmax segment, seven of the 12 scrapped vessels had left active trading prior to 2017. Taking all this into account, Fearnleys has concluded that the effective fleet growth was around 7% last year &#8211; and therefore a factor explaining the weaker market, as it was a further acceleration from 6.1% in 2016, 3.1% in 2015 and 1.9% in 2014.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The Suezmax segment was the segment with the highest fleet growth last year, relative to the other segments. An all-time high 51 Suezmax newbuildings were delivered during the year, beating the previous high of 45 deliveries from 2009 and 2012. In the VLCC segment, 50 newbuildings were delivered, up just three from 2016, but the past two years combined have seen the delivery of 97 VLCC newbuildings versus just 44 deliveries combined in 2014-2015. In the Aframax/LR2 segments a combined 63 newbuildings were delivered last year, that being one more than total deliveries were in 2013-2015 combined. At year-end 2017, the VLCC fleet counted 717 vessels, the Suezmax fleet 515 vessels while the Aframax/LR2 fleet counted 970 vessels.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">On a macro level, oil demand growth remained very robust at 1.6% in 2017, according to the IEA. However, production growth, a measure reflecting both the demand growth and the stock-cycle development, hence a better indication of transportation demand, remained slow at 0.4% versus 0.5% in 2016 and an average 2.9% in 2014/2015. OPEC showed a good discipline on their production cut and attempt to rebalance the oil market, resulting in a -1.4% decline in OPEC's crude oil output (-0.9% with NGLs included). Among the Non-OPEC countries, production grew 1.4%, driven entirely by a solid 5.3% growth in U.S. production, with the rest of Non-OPECs experiencing a marginal 0.2 change in output. Overall, the slow oil production development limited the flow of crude oils in 2017, as much of the consumption growth could be covered by local stocks.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Preliminary seaborne trade flow data from Fearnleys suggest that crude oil volumes out of the Middle East were down on the year, caused by less lifted in to the West but showing moderate growth to Asia. This was however more than counterbalanced by a good growth in cargoes lifted the longer route from the Atlantic to Asia, especially from the Caribbean/U.S. Gulf. Despite lack of growth in volumes out of West Africa, Fearnleys registered that more headed the longer route East to Asia, rather than to the traditional buyers in Europe and the U.S. This favored VLCCs over Suezmaxes and caused the latter to lose market share to VLCCs last year, even as Suezmaxes partly counterbalanced this by taking a higher year/year market share versus the VLCCs for loadings in the Middle East.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The Middle East volume growth for Suezmaxes headed West, mostly in to the Mediterranean Sea on a route considered to be a back-haul for Suezmaxes returning to the Atlantic basin after liftings cargoes from the Atlantic to Asia. Although Suezmaxes lost market share to VLCCs on West Africa loadings, the segment still experienced trade growth from the region into Asia, thereby partly counterbalancing the slower demand from West Africa to the U.S. and Europe. The slower West Africa-Europe Suezmax demand was caused by a combination of recovering Libya exports and the already mentioned flow of volumes into the Mediterranean Sea from the Middle East.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The most positive demand development in 2017 was continued good growth in trading from the Americas to Asia &#8211; a very shipping intensive long route that for Suezmaxes often includes fuel oil cargoes in addition to crude oils.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">The Tanker Market 2018</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The first quarter of 2018 was weaker than the fourth quarter of 2017, and the average Suezmax Earnings per day was reduced from $17,054 in the fourth quarter of 2017 to $7,651 for the first quarter of 2018. The quoted rates are an average of observations, and as rates are earned over a voyage the earnings for vessel owners is not expected to decline as much from the fourth quarter of 2017 to the first quarter of 2018 as the indicative rates reported by Clarksons.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The orderbook for Suezmaxes has decreased over the last twelve months, with 11 vessels delivered in the first quarter of 2018 and 52 on order of which 25 are expected to be delivered in 2018. There have been no new orders of Suezmaxes so far in 2018.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><a name="_Toc507411142"><!--Anchor--></a>Environmental and Other Regulation</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Government laws and regulations significantly affect the ownership and operation of our vessels.&#160; We are subject to various international conventions, laws and regulations in force in the countries in which our vessels may operate or are registered. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modification and implementation costs.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">23</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">International Maritime Organization</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The IMO is the United Nations agency for maritime safety and the prevention of pollution by ships.&#160; The IMO has adopted several international conventions that regulate the international shipping industry, including but not limited to the CLC, the Bunker Convention, and MARPOL. MARPOL is broken into six Annexes, each of which establishes environmental standards relating to different sources of pollution: Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried, in bulk, in liquid or packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, adopted by the IMO in September of 1997, relates to air emissions.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In 2013, the MEPC adopted by resolution amendments to the MARPOL Annex I Conditional Assessment Scheme (CAS). These amendments, which became effective on October 1, 2014, pertain to revising references to the inspections of bulk carriers and tankers after the 2011 ESP Code, which enhances the programs of inspections, becomes mandatory. We may need to make certain financial expenditures to comply with these amendments.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Air Emissions</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits "deliberate emissions" of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below.&#160; Emissions of "volatile organic compounds" from certain tankers, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or PCBs) are also prohibited.&#160; We believe that all our vessels are currently compliant in all material respects with these regulations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">The IMO's Marine Environmental Protection Committee ("MEPC"), adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July 1, 2010.&#160; The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. On October 27, 2016, at its 70th session, the MEPC agreed to implement a global 0.5% m/m sulfur oxide emissions limit (reduced from the current 3.50%) starting from January 1, 2020.&#160; This limitation can be met by using low-sulfur complaint fuel oil, alternative fuels, or certain exhaust gas cleaning systems.&#160; Once the cap becomes effective, ships will be required to obtain bunker delivery notes and International Air Pollution Prevention ("IAPP") Certificates from their flag states that specify sulfur content.&#160; This subjects ocean-going vessels in these areas to stringent emissions controls, and may cause us to incur additional costs.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">Sulfur content standards are even stricter within certain "Emission Control Areas," or ("ECAs"). As of January 1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1%. Amended Annex VI establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and United States Caribbean area.&#160; Ocean-going vessels in these areas will be subject to stringent emission controls and may cause us to incur additional costs. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S Environmental Protection Agency ("EPA") or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. At the MEPC meeting held from March to April 2014, amendments to Annex VI were adopted which address the date on which Tier III Nitrogen Oxide (NOx) standards in ECAs will go into effect.&#160; Under the amendments, Tier III NOx standards apply to ships that operate in the North American and U.S. Caribbean Sea ECAs designed for the control of NOx with a marine diesel engine installed and constructed on or after January 1, 2016.&#160; Tier III requirements could apply to areas that will be designated for Tier III NOx in the future. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built after January 1, 2021. The U.S. Environmental Protection Agency promulgated equivalent (and in some senses stricter) emissions standards in late 2009.&#160; As a result of these designations or similar future designations, we may be required to incur additional operating or other costs.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">As determined at the MEPC 70, the new Regulation 22A of MARPOL Annex VI is effective as of March 1, 2018 and requires ships above 5,000 gross tonnage to collect and report annual data on fuel oil consumption to an IMO database, with the first year of data collection commencing on January 1, 2019.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">24</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">As of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship Energy Efficiency Management Plans ("SEEMPS"), and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index.&#160; Under these measures, by 2025, all new ships built will be 30% more energy efficient than those built in 2014.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We may incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Pollution Control and Liability Requirements</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For example, the IMO adopted an International Convention for the Control and Management of Ships' Ballast Water and Sediments (the "BWM Convention") in 2004. The BWM Convention entered into force on September 9, 2017.&#160; The BWM Convention requires ships to manage their ballast water to remove, render harmless, or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments.&#160; The BWM Convention's implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water record book and an international ballast Water management certificate.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">On December 4, 2013, the IMO Assembly passed a resolution revising the application dates of BWM Convention so that the dates are triggered by the entry into force date and not the dates originally in the BWM Convention.&#160; This, in effect, makes all vessels delivered before the entry into force date "existing vessels" and allows for the installation of ballast water management systems on such vessels at the first International Oil Pollution Prevention (IOPP) renewal survey following entry into force of the convention. The MEPC adopted updated guidelines for approval of ballast water management systems (G8) at MEPC 70. At MEPC 71, the schedule regarding the BWM Convention's implementation dates was also discussed and amendments were introduced to extend the date existing vessels are subject to certain ballast water standards.&#160; Ships over 400 gross tons generally must comply with a "D-1 standard," requiring the exchange of ballast water only in open seas and away from coastal waters.&#160; The "D-2 standard" specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. Depending on the date of the IOPP renewal survey, existing vessels must comply with the D2 standard on or after September 8, 2019. For most ships, compliance with the D2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms.&#160; Costs of compliance may be substantial.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Once mid-ocean ballast exchange ballast water treatment requirements become mandatory under the BWM Convention, the cost compliance could increase for ocean carriers and may be material. However, many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements.&#160; The costs of compliance with a mandatory mid-ocean ballast exchange could be material, and it is difficult to predict the overall impact of such a requirement on our operations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The IMO adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984, and 1992, and amended in 2000 ("the CLC"). Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel's registered owner may be strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of persistent oil, subject to certain exceptions.&#160; The 1992 Protocol changed certain limits on liability expressed using the International Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so that the compensation limits on liability were raised.&#160; The right to limit liability is forfeited under the CLC where the spill is caused by the shipowner's actual fault and under the 1992 Protocol where the spill is caused by the shipowner's intentional or reckless act or omission where the shipowner knew pollution damage would probably result.&#160; The CLC requires ships over 2,000 tons covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an owner's liability for a single incident. We have protection and indemnity insurance for environmental incidents.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">25</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">United States Regulations</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">OPA established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all "owners and operators" whose vessels trade in the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S. territorial sea and its 200 nautical mile exclusive economic zone. The U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both define "owner or operator" in the case of a vessel as any person owning, operating or chartering by demise, the vessel.&#160; Accordingly, both OPA and CERCLA impact our operations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Under OPA, vessel owners and operators are "responsible parties" and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels.&#160; OPA defines these other damages broadly to include:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zc5c4a1635b6f4f8bbfc0374558816819" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zb70dfcb2e1ed4af681fd8cf0cd34d87a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">injury to, or economic losses resulting from, the destruction of real and personal property;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z466f014632994b0cbfe11790adaa274f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z6d0ac1c4d35d43499bbdf1a8a9512b71" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">loss of subsistence use of natural resources that are injured, destroyed or lost;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zd7b99474c5304b4ab0f498a2cb55a2a1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z6a008b183db84833b3b22ea47ffe394a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs.&#160; Effective December 21, 2015, the USCG adjusted the limits of OPA liability to the greater of $2,200 per gross ton or $18,796,800 (subject to periodic adjustment for inflation) for tank vessels greater than 3,000 gross tons, other than a single hull tank vessel, such as double hull tankers. Our fleet is entirely composed of double hull vessels. These limits of liability do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship), or a responsible party's gross negligence or willful misconduct.&#160; The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident where the responsibility party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">CERCLA, which applies to owners and operators of vessels, contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs, as well as damage for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing same, and health assessments or health effects studies.&#160; There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war.&#160; Liability under CERCLA is limited to the greater of $300 per gross ton or $5 million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel.&#160; These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations.&#160; The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA. OPA and CERCLA both require owners and operators of vessels to establish and maintain with the U.S. Coast Guard (USCG) evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">26</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The CWA prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which could require the installation of equipment on our vessels to treat ballast water before it is discharged, or the implementation of other port facility disposal arrangements or procedures at potentially substantial cost, or which may otherwise restrict our vessels from entering U.S. waters. It presently remains unclear how the ballast water requirements set forth by the EPA, the USCG, and IMO BWM Convention, some of which are in effect and some which are pending, will co-exist.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">The 2010 <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Deepwater Horizon</font> oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including the raising of liability caps under OPA, new regulations regarding offshore oil and gas drilling, and a pilot inspection program for offshore facilities.&#160; However, the status of several of these initiatives and regulations is currently in flux.&#160; For example, the U.S. Bureau of Safety and Environmental Enforcement ("BSEE") announced a new Well Control Rule in April 2016, but pursuant to orders by the U.S. President in early 2017, the BSEE announced in August 2017 that this rule would be revised.&#160; In January 2018, the U.S. President proposed leasing new sections of U.S. waters to oil and gas companies for offshore drilling, vastly expanding the U.S. waters that are available for such activity over the next five years.&#160; The effects of the proposal are currently unknown. Compliance with any new requirements of OPA may substantially impact our cost of operations or require us to incur additional expenses to comply with any new regulatory initiatives or statutes. Additional legislation or regulations applicable to the operation of our vessels that may be implemented in the future could adversely affect our business.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA and some states have enacted legislation providing for unlimited liability for oil spills.&#160; Many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance.&#160; These laws may be more stringent than U.S. federal law.&#160; Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining tanker owners' responsibilities under these laws. The Company intends to comply with all applicable state regulations in the ports where the Company's vessels call.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">European Union Regulations</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age, and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berth in EU ports.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Greenhouse Gas Regulation</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions with targets extended through 2020.&#160; International negotiations are continuing with respect to a successor to the Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions.&#160; The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November 4, 2016 and does not directly limit greenhouse gas emissions from ships.&#160; On June 1, 2017, the U.S. president announced that it is withdrawing from the Paris Agreement.&#160; The timing and effect of such action has yet to be determined.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">27</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships was approved. In accordance with this roadmap, an initial IMO strategy for reduction of greenhouse gas emissions is expected to be adopted at MEPC 72 in April 2018.&#160; The IMO may implement market-based mechanisms to reduce greenhouse gas emissions from ships at the upcoming MEPC session.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">The EU made a unilateral commitment to reduce overall greenhouse gas emissions from its member states from 20% of 1990 levels by 2020. The EU also committed to reduce its emissions by 20% under the Kyoto Protocol's second period from 2013 to 2020.&#160; Starting in January 2018, large ships calling at EU ports are required to collect and publish data on carbon dioxide emissions and other information.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources, and proposed regulations to limit greenhouse gas emissions from large stationary sources. However, in March 2017, the U.S. President signed an executive order to review and possibly eliminate the EPA's plan to cut greenhouse gas emissions. The outcome of this order is not yet known.&#160; Although the mobile source emissions regulations do not apply to greenhouse gas emissions from vessels, the EPA or individual U.S. states could enact environmental regulations that would affect our operations. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">For example, California has introduced a cap-and-trade program for greenhouse gas emissions, aiming to reduce emissions 40% by 2030.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant financial expenditures which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or more intense weather events.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">International Labour Organization</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The International Labour Organization, or the ILO, is a specialized agency of the UN with headquarters in Geneva, Switzerland. The ILO has adopted the Maritime Labor Convention 2006 (MLC 2006). A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships above 500 gross tons in international trade. We believe that all our vessels are in substantial compliance with and are certified to meet MLC 2006.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Vessel Security Regulations</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Since the terrorist attacks of September 11, 2001, there have been a variety of initiatives intended to enhance vessel security.&#160; In 2002, the MTSA came into effect, and to implement certain portions of the MTSA the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the U.S. The regulations also impose requirements on certain ports and facilities, some of which are regulated by the EPA.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Similarly, Chapter XI-2 of the SOLAS Convention imposes various detailed security obligations on vessels and port authorities, and mandates compliance with the ISPS Code.&#160; The ISPS Code is designed to enhance the security of ports and ships against terrorism.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">To trade internationally, a vessel must attain an International Ship Security Certificate, or ISSC, from a recognized security organization approved by the vessel's flag state.&#160; The following are among the various requirements, some of which are found in SOLAS:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z071cdf422f7948309357c66de1303994" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship's identity, position, course, speed and navigational status;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z2799e55c182349d08754ca559411f05b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z9a06e6a5c9f548df88a167dd4caf6a24" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the development of vessel security plans;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z6683b39a83984a38b42f5209856734d1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">ship identification number to be permanently marked on a vessel's hull;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z838c924f44334930a53b87df77e63fb3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">a continuous synopsis record kept onboard showing a vessel's history, including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship's identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze82ec2d63b864a41bd29249e29bd43f2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">compliance with flag state security certification requirements.</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">28</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Ships operating without a valid certificate may be detained at port until an ISSC is obtained, or may be expelled from port, or refused entry at port.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The USCG regulations, intended to align with international maritime security standards, exempt from MTSA vessel security measures non-U.S. vessels that have on board a valid ISSC attesting to the vessel's compliance with SOLAS security requirements and the ISPS Code.&#160; We have implemented the various security measures addressed by MTSA, SOLAS and the ISPS Code, and our fleet is in compliance with applicable security requirements.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Inspection by Classification Societies</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt">The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and lending that a vessel be certified "in class" by a classification society which is a member of the International Association of Classification Societies, the IACS.&#160; The IACS has adopted harmonized Common Structural Rules, or the Rules, which apply to oil tankers and bulk carriers constructed on or after July 1, 2015.&#160; The Rules attempt to create a level of consistency between IACS Societies.&#160; All of our vessels are certified as being "in class" by all the applicable Classification Societies (e.g., American Bureau of Shipping, Lloyd's Register of Shipping).</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">A vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel's machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Every vessel is also required to be drydocked every 30 to 36 months for inspection of the underwater parts of the vessel.&#160; If any vessel does not maintain its class and/or fails any annual survey, intermediate survey, drydocking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of certain covenants in our loan agreements. Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Risk of Loss and Liability Insurance</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The operation of any cargo vessel includes risks such as mechanical failure, collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, hostilities, labor strikes and piracy attack. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. OPA, which imposes virtually unlimited liability upon owners, operators and demise charterers of any vessel trading in the United States exclusive economic zone for certain oil pollution accidents in the United States, has made liability insurance more expensive for ship owners and operators trading in the United States market. Furthermore, while we believe that our present insurance coverage is adequate, not all risks can be insured, any specific claim may not be paid, and we may not always be able to obtain adequate insurance coverage at reasonable rates.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Hull and Machinery Insurance</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We have obtained marine hull and machinery and war risk insurance, which include the risk of actual or constructive total loss, for all of the vessels in our fleet. The vessels in our fleet are each covered up to at least fair market value, with deductibles of $350,000 per vessel per incident. We also arranged increased value coverage for each vessel. Under this increased value coverage, in the event of total loss of a vessel, we will be able recover for amounts not recoverable under the hull and machinery policy by reason of any under-insurance.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Protection and Indemnity Insurance</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Protection and indemnity insurance is provided by mutual protection and indemnity associations, or P&amp;I Associations, which covers our third-party liabilities in connection with our shipping activities. This includes third-party liability and other related expenses of injury or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property, pollution arising from oil or other substances, and salvage, towing and other related costs, including wreck removal, with deductibles of $100,000 per vessel per incident. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations, or "clubs". Our coverage, except for pollution, is unlimited.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">29</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. The thirteen P&amp;I Associations that comprise the International Group insure approximately 90% of the world's commercial tonnage and have entered into a pooling agreement to reinsure each association's liabilities. Each P&amp;I Association has capped its exposure to this pooling agreement at $7.5 billion. As a member of a P&amp;I Association, which is a member of the International Group, we are subject to calls payable to the associations based on its claim records as well as the claim records of all other members of the individual associations, and members of the pool of P&amp;I Associations comprising the International Group.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Competition</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We operate in what we refer to as the Nordic American System, which describes our operation of our homogenous Suezmax tanker fleet in markets that are highly competitive and based primarily on supply and demand. We currently operate the majority of our vessels in the spot market. We compete for charters on the basis of price, vessel location, size, age and condition of the vessel, as well as on our reputation as an operator. For more information on the "Nordic American System", please see Item 4.A. History and Development of the Company.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Permits and Authorizations</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our vessels. The kinds of permits, licenses and certificates required depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of the vessel's crew and the age of a vessel. We have been able to obtain all permits, licenses and certificates currently required to permit our vessels to operate. Additional laws and regulations, environmental or otherwise, may be adopted which could limit our ability to do business or increase our cost of doing business.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Seasonality</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Historically, oil trade and, therefore, charter rates increased in the winter months and eased in the summer months as demand for oil in the Northern Hemisphere rose in colder weather and fell in warmer weather. The tanker industry, in general, has become less dependent on the seasonal transport of heating oil than a decade ago as new uses for oil and oil products have developed, spreading consumption more evenly over the year. This is most apparent from the higher seasonal demand during the summer months due to energy requirements for air conditioning and motor vehicles.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z2a8fbaf6e07546a18be18e5806958c19" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">C.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Organizational Structure</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Since May 30, 2003, Scandic has acted as our Manager, or the Manager, providing such services pursuant to the Management Agreement.&#160; The Management Agreement was amended on October 12, 2004 to further align the Manager's interests with those of the Company as a shareholder of the Company.&#160; On January 10, 2013, the Manager became our wholly-owned subsidiary. Scandic is based in Bermuda, and has a European branch.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On January 3, 2013, NATC became our wholly owned subsidiary. NATC consists of the parent company based in Bermuda, and its wholly owned subsidiary, NAT Chartering AS which is based in Norway.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z0d035a8b4878433188b0ae704339144b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411143"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">D.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Property, Plant and Equipment</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Please see Item 4. Information on the Company B. Business Overview Our Fleet, for a description of our vessels. The vessels are mortgaged as collateral under the Credit Facility.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z1390036cc95f40ee9b878b7992996f24" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411144"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 4A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">UNRESOLVED STAFF COMMENTS</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">None.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">30</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><a name="_Toc507411145"><!--Anchor--></a><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zaf2d1861bbfd43cd93b49d5658253a98" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 5.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">The following management's discussion and analysis should be read in conjunction with our historical financial statements and notes thereto included elsewhere in this report. This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, such as those set forth in the section entitled Item 3.D. Risk Factors and elsewhere in this annual report.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z5a2205f1e6524db9a08b4b74d1e5afa2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411146"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Operating Results</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We present our Consolidated Statements of Operations using voyage revenues and voyage expenses. Our homogenous and interchangeable fleet is operated mainly in the spot charter market.&#160; Under a spot charter, revenue is generated from freight billing and is included in voyage revenue, and the vessel owner pays all vessel voyage expenses. We consider it appropriate to present this type of arrangement on a gross basis in the Consolidated Statements of Operations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Management believes that net voyage revenue, a non-GAAP financial measure, provides more meaningful disclosure than voyage revenues, the most directly comparable financial measure under accounting principles generally accepted in the United States, or U.S. GAAP because it enables us to compare the profitability of our vessels which are employed under bareboat charters, spot related time charters and spot charters. Net voyage revenues divided by the number of days on the charter provides the Time Charter Equivalent (TCE) Rate. Net voyage revenues and TCE rates are widely used by investors and analysts in the tanker shipping industry for comparing the financial performance of companies and for preparing industry averages. We believe that our method of calculating net voyage revenue is consistent with industry standards. The table below reconciles our net voyage revenues to voyage revenues.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">YEAR ENDED DECEMBER 31, 2017 COMPARED TO YEAR ENDED DECEMBER 31, 2016</div>

<table id="z93f3fe35b96548aea4d960b1ec6a13c8" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Years Ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Variance</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Voyage Revenue</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">297,141</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">357,451</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(16.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Voyage Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(142,465</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(125,987</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">13.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Vessel Operating Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(87,663</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(80,266</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Impairment Loss on Vessels</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(110,480</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">N/A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Impairment Loss on Goodwill</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(18,979</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">N/A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">General and Administrative Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(12,575</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(12,296</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Depreciation Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(100,669</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(90,889</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Settlement Received</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">5,328</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">N/A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net Operating Income (Loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(175,690</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">53,341</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(429.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">347</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">215</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">61.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(20,464</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(11,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">83.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other Financial Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(727</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(200</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">263.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Equity (Loss) Income from Associate</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(8,435</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(46,642</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(81.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net (Loss) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(204,969</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">4,499.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">%</div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="z7395490931904e979e9dfbe9459e7fc9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;Reconciliation of net voyage revenues to voyage revenues</div>

<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Years Ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000, except TCE rate per day</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Variance</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Voyage Revenue</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">297,141</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">357,451</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(16.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Less Voyage expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(142,465</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(125,987</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">13.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net Voyage Revenue</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">154,676</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">231,464</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(33.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Vessel Calendar Days (1)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10,892</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9,666</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">12.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Less off-hire days</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">867</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">418</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">107.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total TCE days</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">10,025</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">9,248</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">8.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">TCE Rate per day (2)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">15,428</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">25,029</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(38.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Total Days &#8211; vessel operating expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10,892</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9,666</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">12.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="zca0f8ca645f64ddcbeb6d622694c71bb" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div>(1)</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Vessel Calendar Days is the total number of days the vessels were in our fleet.</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">(2)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Time Charter Equivalent ("TCE") Rate, results from Net Voyage Revenue divided by total TCE days.</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The change in Voyage revenue is due to two main factors:</div>

<div style="TEXT-ALIGN: left">
<table id="z1d643a1c75114162baa2745f4ba764a8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20.7pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The number of TCE days</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zafc5d009a6014e6d95f111c774fa308a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20.7pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The change in the TCE rate achieved.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">31</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">With regards to i), the increase of 449 days in offhire days was a result of increased number of vessels in drydock in 2017 compared to 2016, where 709 days out of the 867 days were planned offhire.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The increase in vessel calendar days is due to one vessel being delivered in February of 2017, in combination with the full year effect of four vessels acquired and delivered in June and July 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">With regards to ii), the TCE rate decreased by $9,601, or 38.4%. The indicative rates presented by Clarksons Shipping decreased by 47.0% for the twelve months of 2017 compared to the same twelve months in 2016, to $15,570 from $29,376, respectively.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As a result of i) and ii) voyage revenues decreased by 16.9% from $357.5 million for the year ended December 31, 2016, to $297.1 million for the year ended December 31, 2017.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Voyage expenses increased to $142.5 million from $126.0 million, or 13.1%. The increase in voyage expenses was primarily due to increase in bunker costs and the total number of TCE days. The increase in bunkers cost is mainly due to price increases of fuel oil experienced in 2017 compared to 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Vessel operating expenses increased by $7.4 million, or 9.2%. The increase in operating expenses was primarily due to the increase in our fleet and the number of Vessel Calendar Days, which increased by 12.7%, partly offset by a general reduction in the average operating expense per vessel. We emphasize together with our technical managers on keeping the fleet in top technical condition in combination with cost efficient operations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">An impairment loss on vessels and an impairment loss on goodwill have been recorded for the year ended December 31, 2017 by $110.5 million and $19.0 million, respectively. No impairment charges were recorded for the year ended December 31, 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">General and administrative expenses increased insignificantly by $0.3 million, or 2.3%.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Depreciation expenses increased by $9.8 million, or 10.8%. The increase is primarily due to the addition of one vessel in 2017 and the full-year effect of four vessels delivered in June and July 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Interest expenses increased by 83.2%. The increase is due to increased margin on the Credit Facility as a result of modification of certain financial covenants. The margin has increased by 2.50% during 2017. Per December 31, 2017 we have drawn $391.6 million as compared to $447.0 million per December 31, 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The equity loss from Associate was reduced from $46.6 million in 2016 to $8.4 million in 2017. The loss in 2017 is representing our proportional share of net losses in NAO, including a distribution loss of $0.7 million related to shares distributed as dividend-in-kind. The decrease of $38.2 million is mainly attributable to the other-than-temporarily impairment of the investment in NAO in 2016 of $37.3 million.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Please </font>see Item 5. Operating and Financial Review and Prospects H Critical Accounting Estimates for further information.</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">YEAR ENDED DECEMBER 31, 2016 COMPARED TO YEAR ENDED DECEMBER 31, 2015</div>

<div><br>
</div>
</div>

<table id="z2f6e613bf8a340f684d9db73b53fb0ea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Years Ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="3">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Variance</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Voyage Revenue</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">357,451</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">445,738</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(19.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Voyage Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(125,987</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(158,656</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(20.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Vessel Operating Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(80,266</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(66,589</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">20.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">General and Administrative Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(12,296</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(9,790</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">25.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Depreciation Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(90,889</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(82,610</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Settlement Received</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">5,328</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">N/A</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net Operating Income (Loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">53,341</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">128,093</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(58.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">215</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">114</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">88.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(11,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(10,855</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other Financial Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(200</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(263</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(24.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Equity (Loss) Income from Associate</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(46,642</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(2,462</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1,794.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net (Loss) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">114,627</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(103.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">%)</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">32</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="zf815429f358a4faba61121265c11a769" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;Reconciliation of net voyage revenues to voyage revenues</div>

<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Years Ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000, except TCE rate per day</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Variance</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Voyage Revenue</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">357,451</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">445,738</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(19.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Less Voyage expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(125,987</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(158,656</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(20.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net Voyage Revenue</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">231,464</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">287,082</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(19.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Vessel Calendar Days (1)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9,666</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">8,195</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">17.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Less off-hire days</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">418</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">484</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(13.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total TCE days</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">9,248</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">7,711</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">19.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">TCE Rate per day (2)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">25,029</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">37,230</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">(32.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">%)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Total Days &#8211; vessel operating expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9,666</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">8,195</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">17.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z00b8b0fe29bc4d0393dd1192ee97451d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Vessel Calendar Days is the total number of days the vessels were in our fleet.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zc8e7f6668f2d4e029069b2446c6b5a1e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Time Charter Equivalent ("TCE") Rate, results from Net Voyage Revenue divided by total TCE days.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The change in Voyage revenue is due to two main factors:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z258051667cce4026aa158a2976ba3c74" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The number of TCE days</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z897b0df7bbdd422eabcac7e10cbfea9c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The change in the TCE rate achieved.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">With regards to </font>i), the decrease of 66 days in offhire days was a result of reduced planned offhire in relation to drydocking of vessels.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The increase in vessel calendar days is due to four vessels delivered in June and July of 2016, one vessel delivered in December 2016 and the full-year effect of two vessels delivered in September and October 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">With regards to </font>ii), the TCE rate decreased by $12,202, or 32.8%. The indicative rates presented by Clarksons Shipping increased by 41.5% for the twelve months of 2016 and 2015, to $29,376&#160; from $50,220, respectively. We were able to secure contracts at a time where rates were more profitable in 2016 which gave us a lower decrease in rates than the indicative rates presented by Clarksons Shipping.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As a result of i) and ii) voyage revenues decreased by 19.8% from $445.7 million for the year ended December 31, 2015, to $357.5 million for the year ended December 31, 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Voyage expenses decreased to $126.0 million from $158.7 million, or 20.6%. The decrease in voyage expenses was primarily due to a significant decrease in bunker costs caused by the reduction in oil prices. This was slightly offset by increased port costs due to increased activity and the increase in fleet.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Vessel operating expenses increased by $13.7 million, or 20.5%. This was primarily due to the increase in our fleet, as made evident by the 17.9 % increase in vessel calendar days presented above. In cooperation with our technical managers we have a continued focus on keeping the fleet in top technical condition while keeping costs low.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">General and administrative expenses increased by $2.5 million, or 25.6%. In addition to a general increase in expenses the change is a result of a $1.1 million increase in share based compensation and deferred compensation liability costs, which are non-cash items.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Depreciation expenses increased by $8.3 million, or 10.0%. The increase is primarily due to the addition of four vessels delivered in June and July 2016, and the full-year effect of two vessels delivered in September and October 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Interest expenses increased by 2.9%. The increase is due to an increase in drawn amounts under the Credit Facility. Per December 31, 2016, we have drawn $447.0 million as compared to $330.0 million per December 31, 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The settlement gain is amounts received from the arbitration proceeding with Gulf Navigation Holding PJSC which was recognized in the third quarter of 2016.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">33</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The equity loss representing our share of increased trading losses from our investment in NAO increased to $9.3 million in 2016 from $2.5 million in 2015. The total loss in 2016 was $46.6 million including the below impairment charge of $ 37.3 million.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Also, after considering factors including, but not limited to, the fair value of NAO based on the quoted market price of the shares as compared to its carrying value based on our share of its net assets, the length of time the investment's fair value had been below carrying value and the limited near-term prospects for a recovery in the share price of NAO, we concluded that as of December 31, 2016, the investment in NAO was other-than-temporarily impaired. Accordingly, the carrying value of our investment in NAO was written-down to $16.6 million, the fair value based on the observable share price at December 31, 2016, and a non-cash impairment charge was recorded through the "Equity Loss" line in the Statement of Operations. NAO is operating in a challenging market which based on market reports may extend to late 2019. We believe our investment in NAO will become profitable as the offshore market rebalances, and we intend to keep our investment in NAO, but as we could not objectively conclude that our previous carrying value would be recovered within the next 1-3 years we recorded the write-down of $37.3 million. Please see Item 5. Operating and Financial Review and Prospects H. Critical Accounting Estimates for further information.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">Inflation</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Inflation has had only a moderate effect on our expenses given recent economic conditions. In the event that significant global inflationary pressures appear, these pressures would increase our operating costs.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z3e7f0170f6344c6493aaa20d7a75d9c2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411147"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">B.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Liquidity and Capital Resources</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We operate in a cyclical and capital intensive industry and we have historically financed our acquisitions of Suezmax tankers mainly through raising new equity. In addition, we have partly utilized our $500.0 million Credit Facility to acquire Suezmax tankers. Our net debt per vessel as of December 31, 2017 is near the current scrap value of our vessels. We define net debt as interest bearing debt less working capital and deposits paid for Newbuildings. As of December 31, 2017 and 2016 we had cash and cash equivalents of $58.4 million and $82.2 million, respectively. Our Credit Facility requires us to maintain a minimum liquidity of $25.0 million or 6% of interest bearing debt.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Equity Issuances</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In October 2016, we completed an underwritten registered follow-on offering of 12,650,000 common shares at $10.00 per share. The net proceeds from the offering were approximately $119.9 million. The net proceeds of the offering were primarily used to pay for the deposits for our three Newbuildings, and for general corporate purposes.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In December 2017, we completed an underwritten registered follow-on offering of 40,000,000 common shares at $2.75 per share. The net proceeds from the offering were approximately $103.7 million. The net proceeds of the offering were used to repay $55.4 million under our Credit Facility and for general corporate purposes.</div>

<div style="MARGIN-BOTTOM: 12pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Our Borrowing Activities</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Credit Facility and recapitalization</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;In 2012, we entered into a $430 million revolving credit facility, which in 2015 was increased to $500 million, with a syndicate of lenders in order to refinance its existing credit facility, fund future vessel acquisitions and for general corporate purposes. Amounts borrowed under the Credit Facility bear interest at an annual rate equal to LIBOR plus a margin and the Company pays a commitment fee, which is a percentage of the applicable margin, on any undrawn amounts. The maturity of the credit facility is December 2020. There are no repayment requirements before maturity on the Credit Facility.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In connection with the expansion of the Credit Facility, the Company incurred $4.6 million in deferred financing costs in 2015, which is amortized over the term of the loan and presented net of the outstanding loan balance.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">34</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Borrowings under the Credit Facility are secured by first priority mortgages over the Company's vessels and assignments of earnings and insurance. Under the Credit Facility, we are subject to certain covenants requiring among other things, the maintenance of (i) a minimum amount of value adjusted equity; (ii) a minimum value adjusted equity ratio; (iii) a minimum level of liquidity; (iv) positive working capital; (v) minimum market cap; (vi) minimum market cap to value adjusted total assets and (vii) security ratio covenant.&#160; The security ratio and the minimum market cap to value adjusted total assets ratio are based on the fair market value of vessels as assessed by two independent shipbrokers. The Credit Facility also includes customary events of default including non-payment, breach of covenants, insolvency, cross default and material adverse change. The Company is permitted to pay dividends in accordance with its dividend policy as long as it is not in default under the Credit Facility.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">At the end of 2017 and 2016, we had $391.6 and $447.0 million drawn under the Credit Facility, respectively. The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it bears a variable interest rate.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As of December 31, 2016, we were in default with one of our debt covenants; (v) required security ratio of vessel value clause. A waiver was obtained lowering the required ratio to a level where we were in compliance. This waiver was effective until May 31, 2018. Under the terms of the waiver obtained, we were unable to draw further on the Credit Facility, our margin was increased by 2.0 % for the period of the waiver and limitations on dividend distribution until compliance with the terms of the original Credit Facility. The waiver has subsequently been modified and amended.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As of December 31, 2017 and as of the date of the issuance of this report, we are in compliance with the modified terms under the Credit Facility and the loan is not considered currently callable. On May 4, 2018, we entered into an amendment to the credit agreement for the Credit Facility modifying certain of the financial covenants until December 31, 2018, lowering the required security ratio to 135%, lowering the liquidity covenant to $15.0 million (original requirements to be reinstated upon delivery of the first Newbuilding), the minimum market capitalization ratio to $200.0 million and the minimum market capitalization to value adjusted total assets to 25% for the remaining duration of the waiver.&#160; Under the revised terms of the credit agreement, we are unable to draw further on the Credit Facility and the margin was increased to 6.0% from January 1, 2018. We can distribute a maximum dividend of $0.03 per share or $4.3 million in the aggregate, subject to a corresponding amount being repaid under the Credit Facility. Further, until December 31, 2018, half of any proceeds received by the Company from the sale of equity, up to $75.0 million, must be used to repay the Credit Facility. We repaid $3.1 million on the Credit Facility in relation to the dividend paid out on December 5, 2017 and $52.3 million in relation to the offering in December 2017. We further repaid $ 4.3 million on March 10, 2018 in relation to the dividend paid out on March 9, 2018. Additionally, the Company undertakes to not make new investments, excluding the Newbuildings, except for investments made in connection with normal maintenance of the Vessels.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We are in the process of retiring the Credit Facility and signed on December 20, 2017 for the $375.0 million Backstop Facility. The financing facility is providing for a senior secured loan facility of up to $375.0 million to support our recapitalization. The Backstop Facility is available for drawing from July 1, 2018. Further, the facility, if utilized and not repaid, will be rolled into a term loan on January 1, 2019 with maturity on November 30, 2020. The Backstop Facility will have no amortization until December 31, 2018, upon and following which date the principal of the loan must be repaid in quarterly instalments of $10.0 million. The Backstop Facility carries an interest rate that will step-up over time and carries a maximum interest margin of 10.5% per annum. We can distribute quarterly dividends up to $0.03 per share per quarter under the Backstop Facility. The Backstop Facility contains financial covenants in relation to minimum liquidity of $30.0 million, minimum value ratio and book equity that will come into effect upon utilizing the Backstop Facility.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Backstop Facility is part of the recapitalization program that was initiated in December 2017. The first steps in the recapitalization program encompassed the financing of the three Newbuildings to be delivered in 2018 and raising new equity of $103.7 million ($110.0 million gross). We&#160; are evaluating different options for the final steps of the recapitalization program. We are in discussions with our lenders to either issue and sell a large secured bond or enter into a new Revolving Credit Facility of $250.0 million together with an issuance of a bond for $150.0 million. Associated fees of $13.1 million incurred in December 2017 will be amortized over the term of the associated financing arrangement. We expect these measures to be completed by the end of the second quarter of 2018. Upon securing this financing the Company is not expected to enter into the terms of the Backstop Facility as described above. In May 2018, the Board authorized management to sell two vessels. A sale will also&#160; improve the cash balance of the Company. In addition, the Board has authorized that the Company may further adjust the size of the fleet.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">35</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We have the option to utilize the Backstop Facility with the associated terms.&#160; We have flexibility to cover any need for liquidity, also under the scenario that the tanker market remains low for a longer period, to strengthen our liquidity through selling additional vessels or raise equity to ensure that we have sufficient working capital. In a prolonged marked downturn the Company will have to further adjust the size of its fleet selling up to ten vessels in accordance with the authorization mentioned above in order to comply with the liquidity and other covenants under the existing Credit Facility or the Backstop Facility, if utilized. Sale of a vessel requires a proportionate repayment of the Credit Facility and an equally proportionate reduction of the Backstop Facility.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On December 1, 2017, we announced our final agreements for the financing of the outstanding commitments of $39.0 million per ship, due on delivery, for our Newbuildings with a subsidiary of Ocean Yield ASA. The three Newbuildings are expected to be delivered in July, August and October 2018, respectively.&#160;&#160; Under the terms of the financing agreement, the lending provider will finance 77.5% of the purchase price for each of the three Newbuildings. Net proceeds received from Ocean Yield ASA shall be used towards prepayment of the Credit Facility, unless the Credit Facility is retired before the deliveries of the vessels. After delivery of each of the vessels, we will enter into ten-year bareboat charter agreements.&#160; We have obligations to purchase the vessels upon the completion of the ten-year bareboat charter agreement, but also have the flexibility to purchase the vessels after year five and seven.&#160; The financing agreement contains certain financial covenants requiring us to maintain a minimum value adjusted equity of $175.0 million and ratio of 25%; a minimum liquidity of $20.0 million; and a minimum vessel value to outstanding lease clause.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Cash on hand was $58.4 million as of December 31, 2017.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On a regular basis, we perform cash flow projections to evaluate whether we will be in a position to cover our liquidity needs for the next 12-month period and the compliance with financial and security ratios under our existing and future financing agreements. In developing estimates of future cash flows, we make assumptions about the vessels' future performance, market rates, operating expenses, capital expenditure, fleet utilization, general and administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We believe that our current cash and cash equivalents and cash expected to be generated from operations, together with the above measures, are sufficient to meet our working capital needs and other liquidity requirements for the next 12 months from the date of this report.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash Flows</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">YEAR ENDED DECEMBER 31, 2017, COMPARED TO YEAR ENDED DECEMBER 31, 2016</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Cash flows provided by operating activities decreased to $<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">31.7 </font>million for the year ended December 31, 2017, from $127.8 million for the year ended December 31, 2016. The change in cash flows provided by operating activities is primarily due to reduction in market rates achieved in 2017 compared to 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Cash flows used in investing activities decreased to ($46.5) million for the year ended December 31, 2017, compared to ($186.8) million for the year ended December 31, 2016. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The decrease of cash flows used in investing activities is primarily due the Company acquiring one vessel in 2017 compared to the four vessels acquired in 2016, offset by a $10.0 million investment in NAO in 2017.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Cash flows provided by (used in) financing activities decreased to ($<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">19.0) </font>million for the year ended December 31, 2017, compared to cash flow provided by (used in) financing activities of $111.3 million for the year ended December 31, 2016. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The decrease is primarily due to the Company issuing common stock in 2017 with net proceeds of $103.7 million, offset by repayment of the Credit Facility by $55.4 million and dividends paid of $54.2 million, compared to proceed from issuing equity in 2016 of $120.1 million, offset by cash dividends of $125.7 million and utilization of Credit Facility by $117.0 million.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The cash on hand was $58.4 million as of December 31, 2017. </font>We had a restricted deposit account of $10.0 million related to the deferred compensation liability for our CEO per Dec 31, 2016, where the restriction was lifted in 2017.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">For further information on contractual obligations please see Item 5. Operating and Financial Review and Prospects F. Tabular Disclosure of Contractual Obligations.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">36</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">YEAR ENDED DECEMBER 31, 2016 COMPARED TO YEAR ENDED DECEMBER 31, 2015</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><a name="_Toc507411148"><!--Anchor--></a>Cash flows provided by operating activities decreased to $127.8 million for the year ended December 31, 2016, from $174.4 million for the year ended December 31, 2015. The change in cash flows provided by operating activities is primarily due to the market rates decreasing.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Cash flows used in investing activities decreased to ($186.8) million for the year ended December 31, 2016, compared to ($197.4) million for the year ended December 31, 2015. The decrease of cash flows used in investing activities is primarily due to us not investing in Nordic American Offshore Ltd., or NAO, in 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Cash flows provided by (used in) financing activities increased to $111.2 million for the year ended December 31, 2016, compared to cash flow provided by (used in) financing activities of ($47.7) million for the year ended December 31, 2015. The increase is primarily due to the Company issuing common stock in 2016 and increasing the utilization of our Credit Facility.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The cash on hand was $82.2 million as of December 31, 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z8061b562fdcd459b8b9d1fd761623d66" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">C.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Research and Development, Patents and Licenses, Etc.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zf59d20b039ae490dbd86f7c96883b129" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411149"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">D.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Trend Information</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The oil tanker industry has been highly cyclical, experiencing volatility in charter hire rates and vessel values resulting from changes in the supply of and demand for crude oil and tanker capacity. See Item 4. Information on the Company B. Business Overview &#8211;The International Tanker Market.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zee04b2c6646c41d597077ae429a54b8a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411150"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">E.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Off Balance Sheet Arrangements</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As of December 31, 2017, we do not have any off-balance sheet arrangements.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z53a8d6c92078495685006a854a1b6ff8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411151"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">F.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Tabular Disclosure of Contractual Obligations</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company's contractual obligations as of December 31, 2017, consist of our obligations as borrower under our Credit Facility, contracts on three new vessels and our deferred compensation agreement for our Chairman, President and Chief Executive Officer and our former Chief Financial Officer and Executive Vice President.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The following table sets out financial, commercial and other obligations outstanding as of December 31, 2017.</div>

<table id="z6ef1751286f3421fa881ec2d8328556f" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Contractual Obligations in $'000s</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Total</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Less than 1 year</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">1-3</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">years</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">3-5 years</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">More than 5 years</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Credit Facility (1)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">391,641</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">4,258</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">387,383</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest Payments (2)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">87,708</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">30,100</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">57,608</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Commitment Fees (3)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">7,976</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2,721</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">5,255</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Deferred Compensation Agreement (4)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">14,698</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1,320</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">13,378</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Newbuilds (5)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">116,970</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">116,970</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Total</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">618,994</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">154,049</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">450,247</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1,320</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">13,378</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Notes:</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">(1)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">Refers to obligation to repay indebtedness outstanding as of December 31, 2017.</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">(2)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">Refers to estimated interest payments over the term of the indebtedness outstanding as of December 31, 2017. Estimate based on applicable interest rate and drawn amount as of December 31, 2017.</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">(3)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">Refers to estimated commitment fees over the term of the indebtedness outstanding as of December 31, 2017. Estimate based on applicable commitment fee and drawn amount as of December 31, 2017.</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">(4)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">Refers to estimated deferred compensation agreements payable to the Company's CEO and former CFO as of December 31, 2017.</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">(5)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">Refers to obligation to pay for three newbuilding contracts for vessels to be delivered in 2018.</font></div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We have further entered into a financing arrangement for the three newbuildings to be delivered in the latter part of 2018. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Upon delivery of each of the vessels, we will simultaneously sell the vessels and enter into ten-year bareboat charter agreements. We have obligations to purchase the vessels upon the completion of the ten-year bareboat charter agreement, but also have the flexibility to purchase the vessels after five or seven years.</font></div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">37</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><a name="_Toc507411152"><!--Anchor--></a><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z9fa38009591447889420503abbbebeb7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">G.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Safe Harbor</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">See "Cautionary Statement Regarding Forward Looking Statements" at the beginning of this annual report.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zfce7d1ef43784fb1ae10d0b285ad1749" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411153"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">H.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Critical Accounting Estimates</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We prepare our financial statements in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. For a description of our material accounting policies, please read Item 18. Financial Statements Note 2 - Summary of Significant Accounting Policies.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Revenues and voyage expenses</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Revenues and voyage expenses are recognized on an accruals basis.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Voyage revenues and voyage expenses are recognized ratably over the estimated length of each voyage from discharge to discharge and, therefore, are allocated between reporting periods based on the relative transit time in each period. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs when incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Based on the terms of the customer agreement, a voyage is deemed to commence upon the completion of discharge of the vessel's previous cargo and is deemed to end upon the completion of discharge of the current cargo. However, we do not recognize revenue if a charter has not been contractually committed to by a customer and the Company, even if the vessel has discharged its prior cargo and is sailing to the anticipated load port on its next voyage.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Revenue is generated from freight billing, as the Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the loading or discharging ports. When the Company's tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We are adopting ASC 606 Revenue from Contracts with Customers with effect from January 1, 2018. The change in the revenue guidance will affect the timing of recognition of revenue from spot charters, as we change recognition of revenue from a discharge-to-discharge basis to a load-to-discharge basis. Please see Note 2 to our financial statements for further information.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Vessel Impairment</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The carrying values of the Company's vessels may not represent their fair value at any point in time since the market prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Historically, both charter rates and vessel values tend to be cyclical. Our vessels are evaluated for possible impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. If the estimated undiscounted future cash flows expected to result from the use of the vessel and its eventual disposition is less than the carrying amount of the vessel, the vessel is deemed impaired. Impairment charges may be limited to each individual vessel. Under this approach no impairment on vessels for the years ended December 31, 2016 or 2015 was identified.&#160; The amount of the impairment is measured as the difference between the carrying value and the </font>estimated fair value <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">of the vessel. This assessment is made at the individual vessel level as separately identifiable cash flow information for each vessel is available.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In developing estimates of future undiscounted cash flows, we make assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">38</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating revenues are determined by considering an estimated daily time charter equivalent for the remaining operating days over the useful life of the vessel. The daily time charter equivalent rates are converted to annual forecasted revenues by multiplying the daily rate by the number of days in the year less days for expected off-hire and dry-docking. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The estimated daily time charter equivalents applied are based on an average of several broker estimates for the first two years of the analysis. For the remaining period from year 3 and to the end of the useful life of each vessel, we have applied a daily time charter equivalent equaling the fifteen year historical average spot market rate for similar vessels. The broker estimates applied in year one and two are considered a more precise forecast as it captures the shorter-term expected market development of our business. The broker estimates are normally not available for a period exceeding two years. For year 3 and beyond, we believe that the 15 year historical average is a reasonable proxy for our expected cash flows as this average is most likely to encompass the charter rate cycles that our vessels will experience.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The 15 year historical Suezmax Earnings Trend is obtained from Clarksons. We have compared our own achieved rates over the preceding 13 years to rates obtained from Clarksons for the same time period, and we have made an adjustment to the 15 year historical Suezmax Earnings Trend from Clarksons for the differences between our own historical performance and the dayrates reported by Clarksons.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">When we calculate the expected undiscounted net cash flows for the vessels, we deduct operating expenses and expected cost of dry-docking and other expected capital expenditures from the operating revenues before adding an estimated scrap value of the vessel at the end of its useful life. The operating expenses applied are based on the 2018 forecasted operating cost for the vessels, which is adjusted in subsequent periods for expected growth. We have applied a compounded growth factor to the operating expenses, which is calculated based on the average increase in our operating expenses over the last thirteen years. Estimated cash outflows for dry-docking are based on historical and forecasted expenditure. Vessel utilization is based on historical average levels achieved. The scrap value applied is assessed to be $8.0 million per vessel based on market price of scrap per ton multiplied by lightweight tonnage of the vessel, less estimated cost associated with scrapping the vessel. All vessels are maintained for and assumed to have a useful life of 25 years.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We have performed a probability-weighted approach as part of our vessel impairment assessment, where we have assessed different scenarios for the vessels. Further, we have performed cash flow forecasts for the following twelve months as required under ASC 205-40 Going Concern and we have performed these analyses for different market scenarios. These forecasts are prepared under the assumption of utilizing the Backstop facility that is the financing arrangement we currently have available under the recapitalization program. Under this assumption, with possible prolonged weak tanker market rates, we applied the probability-weighted approach and identified that we have to sell up to ten vessels to comply with the covenant requirements under the Backstop Facility. As a result, we have as of December 31, 2017 recorded an impairment loss of $110.5 million related to our ten pre-2000 built vessels and written these vessels down to their estimated fair values, as estimated by brokers. Assumed recapitalization transactions outside of the Backstop facility are not taken into consideration when assessing the probability of selling vessels in the probability-weighted approach.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">For the vessels in our fleet that are not subject to impairment we have in the table below indicated the following: (1) freight rates applied in our vessel impairment assessment; (2) the break-even rate, if applied from year 1 to the end of the useful life for each vessel, indicates the rate at which undiscounted cash flow do not exceed&#160; the book value for the first vessel in our fleet and (3) achieved rates, which represents the five and ten year average freight rates achieved by the Company.</div>

<table id="ze327451162cf4b05b2e194d8dfdfce51" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 16.43%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 36.53%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Rates used (1)</div>
</td>
<td style="WIDTH: 20.73%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Break even rate (2)</div>
</td>
<td style="WIDTH: 26.31%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Achieved Rates (3)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 16.43%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">($ per day)</div>
</td>
<td style="WIDTH: 11.25%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">First year</div>
</td>
<td style="WIDTH: 13.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Second year</div>
</td>
<td style="WIDTH: 11.43%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Thereafter</div>
</td>
<td style="WIDTH: 20.73%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">2017</div>
</td>
<td style="WIDTH: 12.47%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">2013 -2017</div>
</td>
<td style="WIDTH: 13.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">2008-2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 16.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">NAT fleet</div>
</td>
<td style="WIDTH: 11.25%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">16,238</div>
</td>
<td style="WIDTH: 13.85%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">23,555</div>
</td>
<td style="WIDTH: 11.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">29,843</div>
</td>
<td style="WIDTH: 20.73%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">22,198</div>
</td>
<td style="WIDTH: 12.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">22,534</div>
</td>
<td style="WIDTH: 13.83%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">24,257</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If the five or ten year average historical rates described under "Achieved Rates" had been used in the cash flow forecast instead of the rates used from year three and onwards, carrying value would exceed the total undiscounted cash flows for one and none of our vessels, respectively. The one vessel being impaired under this assumption would have resulted in the Company recording an estimated impairment loss of $25.5 million.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">39</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">The Total Fleet &#8211; Comparison of Carrying Value versus Market Value: </font>During the past five years, the market values of vessels have experienced particular volatility, with substantial declines for many vessel classes. According to Clarksons Ltd.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> 135 </font>Suezmax tankers were sold and bought in total between 2013 and 2017, however such transactions may not be vessels as well maintained as the vessels in our fleet. We believe that our fleet should be valued as a transportation system as it is not meaningful under our strategy to assess the value of each individual vessel.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Factors and conditions which could impact our estimates of future cash flows of our vessels include:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z340d2630ce3e40c796592b4b7d70c799" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Declines in prevailing market charter rates;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zddd57b8f84964d8eb708d48800b2cd46" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Changes in behaviors and attitudes of our charterers towards actual and preferred technical, operational and environmental standards; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z83f0c1db71e04096821c02f95d3bd8dd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Changes in regulations over the requirements for the technical and environmental capabilities of our vessels.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our estimates of market value assume that our vessels are all in good and seaworthy condition without need for repair and, if inspected, would be certified in class without notations of any kind, and are held for use. Most oil companies require CAP 2 notation or better. All relevant vessels in our fleet have CAP1 notation for Hull, as well as Machinery &amp; Cargo. CAP is an abbreviation for Condition Assessment Program. The quality of the NAT fleet is at the top as evidenced by our vetting statistics, that is, inspections of our ships by clients. In such vetting processes safety for our crew, the environment and our assets are main considerations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our estimates are based on the estimated market values for our vessels that we have received from shipbrokers and these are inherently uncertain. The market value of a vessel as determined by shipbrokers could be an arbitrary assessment giving an estimate of a value for a transaction that has not taken place. In Management's view the valuation of the Company on the NYSE should not be based upon net asset value (NAV), a measure that only is linked to the steel value of our ships. We have our own ongoing system value with a large and homogenous fleet allowing us to offer our transportation services to our clients across the globe.</div>

<table id="zc04c20c948c0476fbd20c66fd072a91a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">Vessel</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">Built</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">Deadweight Tons</font></div>
</td>
<td style="WIDTH: 10.87%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">Delivered to NAT</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 10.42%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">Carrying Value $ (millions) Dec 31, 2017</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 10.35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">Carrying Value</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">$ (millions)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">Dec 31, 2016</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Harrier</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1997</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">151,459</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1997</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.5</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">18.1</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Hawk&#160; </div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1997</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">151,475</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1997</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.5</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">20.9</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Hunter</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1997</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">151,401</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1997</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.5</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">19.8</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Voyager</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1997</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">149,591</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2004</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.5</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">16.8</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Freedom*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2005</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">159,331</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2005</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">42.5</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">46.1</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Fighter</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1998</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">153,328</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2005</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10.0</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">27.8</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Discovery</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1998</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">153,328</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2005</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10.0</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">30.2</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Saturn</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1998</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">157,331</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2005</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10.0</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">30.1</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Jupiter</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1998</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">157,411</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2006</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10.0</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">30.7</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Apollo*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2003</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">159,998</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2006</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">42.3</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">46.4</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Moon*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2002</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">160,305</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2006</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">41.3</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">44.2</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Cosmos*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2003</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">159,999</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2006</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">43.7</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">46.6</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Sprite</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1999</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">147,188</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2009</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">11.0</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">30.2</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Grace*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2002</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">149,921</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2009</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">33.1</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">35.2</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Mistral*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2002</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">164,236</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2009</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">32.4</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">33.4</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Passat*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2002</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">164,274</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2010</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">35.4</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">34.2</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Vega*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2010</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">163,940</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2010</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">67.0</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">70.8</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Breeze*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2011</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">158,597</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2011</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">52.2</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">55.0</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Aurora</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1999</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">147,262</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2011</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">11.0</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">17.5</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Zenith*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2011</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">158,645</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2011</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">52.6</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">55.4</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Sprinter*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2005</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">159,089</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2014</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">30.3</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">32.7</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Skier*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2005</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">159,089</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2014</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">30.5</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">32.9</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Light*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2010</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">158,475</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2015</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">53.8</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">57.1</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Cross*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2010</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">158,475</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2015</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">54.0</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">57.3</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Luna*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#160;2004</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">150,037</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2016</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">26.6</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">28.8</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Castor*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#160;2004</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">150,249</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2016</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">26.5</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">28.8</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Sirius*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#160;2000</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">150,183</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2016</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">16.2</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">18.1</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Pollux*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#160;2003</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">150,103</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2016</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">25.3</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">25.9</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Star*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#160;2016</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">159,000</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2016</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">62.8</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">65.4</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic Space*</div>
</td>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2017</div>
</td>
<td style="WIDTH: 17.1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">159,000</div>
</td>
<td style="WIDTH: 0.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 10.64%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2017</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">64.8</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.29%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">-</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 12pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">* The carrying value of our vessels as of December 31, 2017 is $935.8 million. We have obtained broker estimates from two independent shipbrokers indicating a fair value of our fleet on a charter free basis to be $623.0 million, based on an average of the two estimates including the inherent uncertainty in such estimates. Each vessel marked with an asterix has a fair value that is lower than the carrying value. The total carrying value based on the above is consequently exceeding the fair value of the vessels by approximately $312.8 million as of December 31, 2017. Except for the ten impaired vessels described above, we have in our vessel impairment analysis estimated future undiscounted cash flows generated by the vessels over their estimated useful life that exceed their carrying values as of December 31, 2017.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">40</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Goodwill and impairment of goodwill</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 35.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">We allocate the cost of acquired companies to the fair value of identifiable tangible and intangible assets and liabilities acquired, with the remaining amount being classified as goodwill. Goodwill is not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. At least annually, we assess whether goodwill is impaired based on qualitative factors or we apply the unconditional option to bypass the qualitative factors and go directly to step one. </font>If assessing qualitative factors and those indicate that it is more likely than not that impairment of goodwill has occurred, we will proceed to step one of the process to assess goodwill for potential impairment. Under step one, we assess whether impairment exists by comparing the fair value of the relevant reporting unit to its carrying value, including goodwill.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 35.4pt">We use an income valuation approach to estimate the fair value of our goodwill. NAT's market capitalization was lower than the book value of its equity as of December 31, 2017 and we determined that we would perform a step one assessment as of December 31, 2017.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The allocation of the purchase price of acquired companies requires management to make significant estimates and assumptions, including estimates of future cash flows expected to be generated by the acquired assets and the appropriate discount rate to value these cash flows. In addition, the process of evaluating the potential impairment of goodwill is subjective and requires significant judgment at many points during the analysis.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The goodwill in our consolidated financial statements originates from the acquisition of Scandic American Shipping Ltd, which handles the daily the administrative, commercial and operational activities for our Company and the vessels. As of December 31, 2017 and December 31, 2016, we had one reporting unit, which encompasses the entire company, with goodwill attributable to it. The determined fair value exceeded the carrying value by 36.4% as of December 31, 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The most important assumptions and estimates applied by us in the goodwill impairment assessment includes estimated future cash flows from our vessel operations, which is mainly driven by estimated daily time charter equivalents (TCE), operating expenses and the discount rate. The estimated future cash flows for revenues and operating expenses applied in the goodwill impairment model are aligned with the cash flows applied in the vessel impairment model and we refer to the section above for further details.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The goodwill impairment model is further based on an assumption that the fleet size is maintained throughout the lifetime of the analysis through replacement of retired vessels. The model includes a discrete time period of 28 years leading up to the terminal value. No growth factor is applied to the terminal value.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">As a result of the impairment loss related to the ten pre-2000 built vessels discussed under the section entitled "Vessel Impairment", we have assessed and concluded that this possible reduction of our fleet does not support the assumption that the fleet size is maintained throughout the lifetime of the analysis through replacement of retired vessels. The assumed reduction in the fleet has resulted in the fair value of the reporting unit to fall below the carrying value of the fleet implying a negative value of the goodwill. As a result we have recorded an impairment loss&#160; whereby the value of the goodwill of $19.0 million is written down. As of December 31, 2017, the carrying value of goodwill is zero after the impairment loss is recognized.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Vessels</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The useful lives of our vessels are principally dependent on the technical condition of our vessels. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Vessels are stated at their historical cost and the estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Certain subsequent expenditures for major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel and depreciated over the remaining useful life of the vessel.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Depreciation is calculated based on cost less estimated residual value using the straight-line method. The residual value is estimated by management and reviewed annually, where the market price of scrap per ton is considered when evaluating this.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">41</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Drydocking</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company's vessels are required to be drydocked approximately every 30 to 60 months. Vessels exceeding 15 years are subject to periodical maintenance surveys every 30 months, whereas vessels under 15 years of age are subject to survey intervals every 60 months. The Company capitalizes a substantial portion of the costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while vessels are placed within drydock, including direct expenses incurred related to the in preparation for docking and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board.&#160; Consistent with prior periods, the Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If we change our estimate of the next drydock date, we will adjust our annual amortization of drydocking expenditures accordingly.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Investment in Nordic American Offshore</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">NAT's equity method investment of NAO ,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> had operating losses in 2017 and 2016. NAO operates in the offshore market that has been heavily impacted by the downturn in the activity level in the industry. As per December 31, 2017 and 2016 we owned 9,993,535 and 6,018,280 shares, representing 16.1 % and 29.1 % of the shares outstanding, respectively.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company uses a set of quantitative and qualitative criteria to assess the investment to evaluate if the loss in value of the investment is other-than-temporary and should be recorded. The criteria Management considers include, but are not necessarily limited to:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z2fcf05de40a9486ca64139beca11992e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The observable fair value based on the market price of the shares, compared to carrying value;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z15b4bb84974746e1b60c6868d294f4c9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The length of time the investment's fair value has been below carrying value;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="za09bf966a5cf4757a845b3a6e0d6e29a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Management's intent to sell the security, and if not, the ability of the Company to hold the investment until the value recovers;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze047f9c0923d46aa89960c57a4b7277d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The financial condition and near-term prospectus of the issuer, including any specific events that may affect its operations or earnings; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zeba6168eb1574d86b88d60d63926788c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Other items including, third-party analysts' reports, debt restructurings, acquisitions and general industry trends.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The share price fell significantly through the period of 2015 to 2016, which the Company considered as an indicator of "other-than-temporary" decline in value.</font> After due consideration, we concluded that as of December 31, 2016, the investment in NAO was other-than-temporarily impaired. The investment was therefore written down to $16.6 million, the fair value based on the observable market price for the shares at December 31, 2016, and a non-cash impairment charge recorded in the Statement of Operations.&#160; We believe our investment in NAO will become profitable as the offshore market rebalances, and we intend to keep our investment in NAO, but as we could not objectively conclude that the share-price would increase such that our previous carrying value would be recovered within the next 1-3 years we recorded an impairment charge of $37.3 million.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In March 2017, we purchased 8,000,000 of NAO's common shares at $1.25 per share in NAO's underwritten public follow-on offering of common shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On August 31, 2017, we paid a dividend, which included a cash dividend of $0.10 per share and a distribution of an aggregate of 4,024,745 common shares of NAO, which were owned by the Company. Each of our shareholders that held 250 or more of our common shares received one NAO common share per 24.4 NAT common shares, which we recognized at a cash value of $0.05 per share. Fractional shares were compensated by a cash dividend based on the closing price of NAO shares on the NYSE on July 20, 2017, which was $1.22. Each of our shareholders that held 249 or fewer shares received an additional cash dividend of $0.05 per common share. In connection to the above distribution of NAO shares, we recorded a loss of $0.7 million. Following this distribution, we own 16.1% of the outstanding common shares of NAO.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">42</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We have subsequently made an assessment that we are able to exercise significant influence over NAO. Accordingly, we have continued to account for the investment in NAO under the equity method.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As of December 31, 2017 the carrying value of the investment in NAO approximated the fair value of the investment, based on the observable share price of the NAO stock on NYSE stock exchange. Consequently, we have not recorded any impairment charge related to this investment as of this date.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z896d7477d4044694848e06c5981c9816" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411154"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 6.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z87ddfe4833a44d3791f9b803a40542e7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411155"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Directors and Senior Management</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Set forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">The Company</div>

<table id="zadd2f7c93ed548daa68316fe86e19e13" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 43.58%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Name</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Age</div>
</td>
<td style="WIDTH: 1.26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 43.96%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Position</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.58%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Herbj&#248;rn Hansson</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">70</div>
</td>
<td style="WIDTH: 1.26%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 43.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Chairman, Chief Executive Officer, President and Director</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.58%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Andreas Ove Ugland</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">63</div>
</td>
<td style="WIDTH: 1.26%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 43.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Vice Chairman, Director and Audit Committee Chairman</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.58%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Jan Erik Langangen</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">67</div>
</td>
<td style="WIDTH: 1.26%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 43.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Director</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.58%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Richard H. K. Vietor</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">72</div>
</td>
<td style="WIDTH: 1.26%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 43.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Director</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.58%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Jim Kelly</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">64</div>
</td>
<td style="WIDTH: 1.26%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 43.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Director and Audit Committee Member</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.58%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Bj&#248;rn Giaever</div>
</td>
<td style="WIDTH: 1.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.06%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">50</div>
</td>
<td style="WIDTH: 1.26%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 43.96%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Chief Financial Officer</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Certain biographical information with respect to each director and senior management of the Company listed above is set forth below.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Herbj&#248;rn Hansson</font> earned his M.B.A. at the Norwegian School of Economics and Business Administration and attended Harvard Business School. In 1974 he was employed by the Norwegian Shipowners' Association. In the period from 1975 to 1980, he was Chief Economist and Research Manager of INTERTANKO, an industry association whose members control about 70% of the world's independently owned tanker fleet, excluding state owned and oil company fleets. During the 1980s, he was Chief Financial Officer of Kosmos/Anders Jahre, at the time one of the largest Norwegian based shipping and industry groups. In 1989, Mr. Hansson founded Ugland Nordic Shipping AS, or UNS, which became one of the world's largest owners of specialized shuttle tankers. He served as Chairman in the first phase and as Chief Executive Officer as from 1993 to 2001 when UNS, under his management, was sold to Teekay Shipping Corporation, or Teekay, for an enterprise value of $780.0 million. He continued to work with Teekay, recently as Vice Chairman of Teekay Norway AS, until he started working full-time for the Company on September 1, 2004. Mr. Hansson is the founder and has been Chairman and Chief Executive Officer of the Company since its establishment in 1995. He also has been a member of various governing bodies of companies within shipping, insurance, banking, manufacturing, national/international shipping agencies including classification societies and protection and indemnity associations. Mr. Hansson is fluent in Norwegian and English, and has a command of German and French for conversational purposes.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Andreas Ove Ugland</font> has been a director of the Company since 1997. Mr. Ugland has also served as director and Chairman of Ugland International Holding plc, a shipping/transport company listed on the London Stock Exchange; Andreas Ugland &amp; Sons AS, Grimstad, Norway, H&#248;egh Ugland Autoliners AS, Oslo and Buld Associates Inc., Bermuda. Mr. Ugland has spent his whole career in shipping in the Ugland family owned shipping group. Mr. Ugland is Chairman of our Audit Committee.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Jan Erik Langangen</font> has been a director of the Company since June 2010. Mr. Langangen was the Executive Vice President, Business Development and Legal from November 2004 until September 2010. Mr. Langangen previously served as the Chief Financial Officer from 1979 to 1983, and as Chairman of the Board from 1987 to 1992, of Statoil, an oil and gas company that is controlled by the Norwegian government and that is the largest company in Scandinavia. He also served as Chief Executive Officer of UNI Storebrand from 1985 to 1992. Mr. Langangen was also Chairman of the Board of the Norwegian Governmental Value Commission from 1998 to 2001, being appointed by the Norwegian Prime Minister. Mr. Langangen is a partner of Langangen &amp; Helset, a Norwegian law firm and previously was a partner of the law firm Langangen &amp; Enges&#230;th from 1996 to 2000 and of the law firm Thune &amp; Co. from 1994 to 1996. Mr. Langangen received a Masters of Economics from The Norwegian School of Business Administration and his law degree from the University of Oslo.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">43</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Richard H. K. Vietor </font>has been a director of the Company since July 2007. Mr. Vietor is the Paul Whiton Cherrington Professor of Business Administration where he teaches courses on the regulation of business and the international political economy.&#160; He was appointed Professor in 1984.&#160; Before coming to Harvard Business School in 1978, Professor Vietor held faculty appointments at Virginia Polytechnic Institute and the University of Missouri.&#160; He received a B.A. in economics from Union College in 1967, an M.A. in history from Hofstra University in 1971, and a Ph.D. from the University of Pittsburgh in 1975.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Jim Kelly</font> has been a director of the Company since June 2010. Mr. Kelly has worked for Time Inc., the world's largest magazine publisher, since 1978. He served as Foreign Editor during the fall of the Soviet Union and the first Gulf War, and was named Deputy Managing Editor in 1996. In 2001, Mr. Kelly became the magazine's managing editor, and during his tenure the magazine won a record four National Magazine awards. In 2004, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Time Magazine</font> received its first EMMA for its contribution to the ABC News Series "Iraq: Where Things Stand." In late 2006, Mr. Kelly became the managing editor of all of Time Inc., helping supervise the work of more than 2,000 journalists working at 125 titles, including <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Fortune, Money, Sports Illustrated</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">People</font>. Since 2009, Mr. Kelly has worked as a consultant at Bloomberg LP and taught at Princeton and Columbia Universities. Jim Kelly was elected as member of our Audit Committee in February 2012.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Bj&#248;rn Giaever </font>joined the Company as Chief Financial Officer and Secretary on October 16, 2017. Mr. Giaever has over 20 years of experience in the shipping &amp; offshore industry, holding key roles in corporate finance and equity research. He joined the Company from Fearnley Securities AS, where he served as partner and director in the Corporate Finance division. From 2006 to 2010, Mr. Giaever served as a senior corporate advisor in the John Fredriksen group in London. In addition, Mr. Giaever has been a top rated Shipping Analyst at DNB Markets and partner at Inge Steensland AS, specializing in gas and maritime matters. Mr. Giaever holds a BSc in business and economics.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z41fb4c42a58647168c6c4460da064dae" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411156"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">B.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Compensation</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">2011 Equity Incentive Plan</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In 2011, the Board of Directors approved an incentive plan under which 400,000 common shares were reserved for issuance and were allocated among 23 persons employed in the management of the Company and the members of the Board of Directors. Of those 400,000 common shares, 326,000 and 74,000 had a five year and four year trade restriction, respectively, and the shares are forfeited if the grantee discontinues working for the Company before such time.&#160; The holders of the restricted shares are entitled to voting rights as well as receive dividends paid during the vesting period. Our Board of Directors considers this arrangement to be in the best interests of the Company.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On January 10, 2013, the Board of Directors amended the trade restrictions for 174,000 of the shares allocated under the 2011 Equity Incentive Plan and the trade restrictions were lifted.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Between 2012 and 2014, we repurchased at par value 23,000 common shares, and 10,000 shares at fair value. The aggregate of 33,000 common shares were distributed to certain of our employees in 2014.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In 2015, 193,000 shares under the 2011 Equity Incentive Plan were distributed to employees.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In December 2015, we amended and restated the 2011 Equity Incentive Plan to reserve an additional 137,665 restricted shares for issuance to persons employed in the management of the Company and members of the Board of Directors under the same terms as the original plan.&#160; The holders of the restricted shares are entitled to voting rights as well as to receive dividends paid during the trade restriction period. All 137,665 restricted shares reserved under the Amended and Restated 2011 Equity Incentive Plan were issued to 30 employees in 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In 2017 we granted 4,500 common shares to employees. In 2017 and 2016, employees forfeited 8,500 and 13,500, respectively, upon their resignations. The Company holds 22,000 treasury shares&#160; as of December 31, 2017.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As of December 31, 2017, a total number of 138,665 restricted common shares have been allocated among 26 employees.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">A copy of the Amended and Restated 2011 Equity Incentive Plan is filed as Exhibit 4.14 to our 2015 Annual Report on Form 20-F filed with the Commission on March 23, 2016.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">44</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Compensation of Directors</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The five directors received, in the aggregate, $320,000 in cash fees for their services as directors for the year ended December 31, 2017. The Vice Chairman of the Board of Directors received an additional annual cash compensation of $10,000 in 2017. The members of the Audit Committee receive an additional annual cash retainer of $12,000 each per year. The Chairman of the Audit Committee receives an additional annual cash compensation of $18,000 per year. We do not pay director fees to the Chairman, President and Chief Executive Officer. We do, however, reimburse all of our directors for all reasonable expenses incurred by them in connection with their services as members of our Board of Directors.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Executive Pension Plan</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our Chairman, President and Chief Executive Officer has an individual deferred compensation agreement. The Chief Executive Officer has served in his present position since the inception of the Company in 1995. Please see Note 7 to the audited financial statements for further information about the agreement including information related to the deferred compensation agreement for our former Chief Financial Officer who resigned from the Company during 2017. Our current Chief Financial Officer, joining the Company in October 2017, has a regular contribution pension plan in line with the Company's policy for employees.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Employment Agreements</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As of December 31, 2017 we have employment agreement with Herbj&#248;rn Hansson, our Chairman, President &amp; Chief Executive Officer. Mr. Hansson does not receive any additional compensation for his services as a director or Chairman of the Board.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z305ecdc21e0d4bf0ad461789bd7d76a9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411157"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">C.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Board Practices</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The members of our Board of Directors serve until the next annual general meeting following his or her election.&#160; The members of our current Board of Directors were elected at the annual general meeting held in 2017.&#160; Our Board of Directors has established an Audit Committee, consisting of two independent directors, Mr. Ugland and Mr. Kelly.&#160; Mr. Ugland serves as the audit committee financial expert. The members of the Audit Committee received during 2017, additional remuneration of $30,000 in aggregate for serving on the Audit Committee.&#160; The Audit Committee provides assistance to our Board of Directors in fulfilling their responsibility to shareholders, and investment community relating to corporate accounting, reporting practices of the Company, and the quality and integrity of the financial reports of the Company.&#160; The Audit Committee, among other duties, recommends to the Board of Directors the independent auditors to be selected to audit our financial statements; meets with the independent auditors and our financial management to review the scope of the proposed audit for the current year and the audit procedures to be utilized; reviews with the independent auditors, and financial and accounting personnel, the adequacy and effectiveness of the accounting and financial controls of the Company; and reviews the financial statements contained in the annual report to shareholders with management and the independent auditors.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Pursuant to an exemption for foreign private issuers, we are not required to comply with many of the corporate governance requirements of the NYSE that are applicable to U.S. listed companies, for more information, please see Item 16G Corporate Governance.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">There are no contracts between us and any of our directors providing for benefits upon termination of their employment.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="za0cd7d1a748c4d60a41686c564592e3b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411158"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">D.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Employees</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As of December 31, 2017, the Company had a total of 21 full time employees.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z66d4ed0075b44c19a453d24940dd1dd7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411159"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">E.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Share Ownership</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">With respect to the total amount of common shares owned by all of our officers and directors individually and as a group, please see Item 7. Major Shareholders and Related Party Transactions.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">45</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><a name="_Toc507411160"><!--Anchor--></a><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z1bbf014a0f8b45fb8572d20e315e9553" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 7.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zdbdb04ea6c8948d29e2cd5b228cb1381" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411161"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Major Shareholders</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The following table sets forth information regarding beneficial ownership of our common shares for (i) owners of more than five percent of our common shares and (ii) our directors and officers, of which we are aware of the date of this annual report.</div>

<table id="z8f05c37d9e07497b8e1004f0c4278156" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 15.68%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Title</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 31.96%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Identity of Person</div>
</td>
<td style="WIDTH: 2.99%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.24%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">No. of Shares</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.22%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Percent of Class(1)</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 15.68%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Common</font></div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 31.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Morgan Stanley (2)</div>
</td>
<td style="WIDTH: 2.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 4.43%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 14.81%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7,132,477</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.98%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 19.22%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" colspan="2">&#160;5.00</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 15.68%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 31.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">High Seas AS (Hansson family)</div>
</td>
<td style="WIDTH: 2.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 4.43%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 14.81%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;3,858,409</div>
</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.98%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 0.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 18.57%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.72</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 15.68%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 31.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Jim Kelly</div>
</td>
<td style="WIDTH: 2.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 4.43%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 14.81%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.98%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 0.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 18.57%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">*</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 15.68%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 31.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Richard Vietor</div>
</td>
<td style="WIDTH: 2.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 4.43%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 14.81%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.98%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 0.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 18.57%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">*</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 15.68%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 31.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Andreas Ove Ugland</div>
</td>
<td style="WIDTH: 2.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 4.43%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 14.81%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.98%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 0.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 18.57%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">*</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 15.68%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 31.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Jan Erik Langangen</div>
</td>
<td style="WIDTH: 2.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 4.43%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 14.81%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.98%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 0.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 18.57%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">*</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 15.68%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 31.96%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Bj&#248;rn Gi&#230;ver</div>
</td>
<td style="WIDTH: 2.99%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 4.43%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 14.81%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.18%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.98%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 0.65%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 18.57%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">*</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(1) Based on 141,969,666 common shares outstanding as of the date of this annual report.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(2) Based on information contained in a Schedule 13G that was filed with the SEC on January 12, 2018.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">* Less than 1% of our common outstanding shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As of May 8, 2018, we had 697 holders of record in the United States, including Cede &amp; Co., which is the Depositary Trust Company's nominee for holding shares on behalf of brokerage firms, as a single holder of record. We had a total of 141,969,666 Common Shares outstanding as of the date of this annual report.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z1705d6ba90d34184aca5255ef500eaf7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411162"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">B.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Related Party Transactions</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Board Members and Employees:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Mr. Jan Erik Langangen, a member of our Board of Directors and an advisor of the Company, is a partner of Langangen &amp; Helset Advokatfirma AS, a firm which provides legal services to us. We recognized $0.1 million in costs for the year ended December 31, 2017, $0.3 million in costs for the year ended December 31, 2016 and $0.1 million during each of the years ended December 31, 2015, respectively, for the services provided by Langangen &amp; Helset Advokatfirma AS. These costs are included in "General and Administrative Expenses" within the Statements of Operations contained herein. No amounts were due to the related party as of December 31, 2017, 2016 or 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In 2014, we entered into an agreement with an immediate family member of our Chairman for the use of an asset for corporate and marketing activities. We paid a fixed annual fee and fees associated with actual use. This agreement was terminated in the first quarter of, 2017. The cost of this arrangement for the year ended December 31, 2016 and 2015, respectively, was $0.1 million per year, which are included in General and Administrative costs. No amounts were due to the related party as of December 31, 2017, 2016 or 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On January 8, 2016, a total number of 137,665 common shares, reserved for issuance under the Amended and Restated 2011 Equity Incentive Plan and that are subject to trade restrictions, were allocated to 30 persons employed in our management and to members of the Board of Directors. The holders of the shares are entitled to voting rights as well as to receive dividends paid during the period of trade restrictions. Subsequently, 10,000 shares have vested and 20,000 shares have forfeited from this allocation. We granted 4,500 common shares to employees in 2017 and as of December 31, 2017, a total of 138,665 common shares are outstanding under the Amended and Restated 2011 Equity Incentive Plan among 26 employees.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On September 30, 2016, we issued 12,650,000 common shares at $10.00 per share in an underwritten registered follow-on offering. At our request, the underwriters reserved for sale an aggregate of 534,000 common shares to all of the members of the Company's board of directors, certain members of the Company's management, and all of the Company's advisors at the public offering price. The 534,000 common shares include approximately 100,000 common shares which were purchased by the Company's Chairman and Chief Executive Officer and 400,000 common shares which were purchased by the Company's Vice Chairman.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On December 13, 2017, we issued 40,000,000 common shares at $2.75 per share in an underwritten registered follow-on offering. At our request, the underwriters reserved for sale an aggregate of 449,817 common shares to all of the members of the Company's board of directors, management, and advisors at the public offering price.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">46</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">During 2017 and up to the date of this annual report, our Chairman and Chief Executive Officer purchased approximately 870,000 of our common shares. This includes the 363,636 shares purchased in the offering completed on December 13, 2017, discussed above.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Nordic American Offshore Ltd.:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Nordic American Offshore Ltd. was established in November 2013 for the purpose of owning and operating platform supply vessels in the offshore sector. In connection with its establishment, NAO conducted a private placement, or the Private Placement, of its common shares, in which we acquired 4,333,566 common shares for a purchase price of approximately $65.0 million, which resulted in our 26% ownership interest in NAO.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As compensation for coordinating the Private Placement we received 833,333 warrants from NAO with an exercise price of $15.00 per common share. The warrants expired on December 31, 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We also received a success fee of $1.5 million after the successful listing of NAO on the NYSE in 2014. The success fee is presented as a separate line item in the Statements of Operations for the year ended December 31, 2014.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In December 2013, we entered into a management agreement with NAO for the provision of administrative services.&#160; For services under the management agreement, NAT received a management fee of $100,000 for 2017, $100,000 for 2016 and $200,000 for 2015, and is reimbursed for cost incurred in connection with its services.&#160; We also receive reimbursement for a portion of the operational costs such as salary and office rent, among others, incurred by NAT, which is attributable to NAO.&#160; For the year ended December 31, 2017, 2016 and 2015, the Company recognized an aggregate of $2.3 million, $2.2 million and $2.1 million, respectively, for such costs incurred which was included in General and Administrative Expenses.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In August 2014, we distributed 699,802 of our NAO common shares to our shareholders as a dividend in kind, reducing our ownership to 17.1% on NAO's outstanding common shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In December 2014, we acquired 488,216 of NAO's common shares, resulting in our ownership of 19.2% of NAO's outstanding common shares as of December 31, 2014.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In November 2015, we acquired 1,521,300 NAO common shares in a private transaction.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In March 2017, we purchased 8,000,000 of NAO's common shares at $1.25 per share in NAO's underwritten public follow-on offering of common shares. Our Chairman and Chief Executive Officer Mr. Herbj&#248;rn Hansson and his son Alexander purchased 1,600,000 shares in NAO's offering. Other senior executives of NAT also participated in the offering.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On August 31, 2017, we paid a dividend, which included a cash dividend of $0.10 per share and a distribution of an aggregate of 4,024,745 common shares of NAO, which were owned by the Company. Each of our shareholders that held 250 or more of our common shares received one NAO common share per 24.4 NAT common shares, which we recognized at a cash value of $0.05 per share. Fractional shares were compensated by a cash dividend based on the closing price of NAO shares on the NYSE on July 20, 2017, which was $1.22. Each of our shareholders that held 249 or fewer shares received an additional cash dividend of $0.05 per common share. In connection to the above distribution of NAO shares, we recorded a loss of $0.7 million. Following this distribution, we own 16.1% of the outstanding common shares of NAO.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">As of the date of this annual report, we own 16.1% of NAO's outstanding common shares and our investment in NAO is accounted for using the equity method of accounting. As of the date if issue of this annual report our Chairman, President and CEO with immediate family owns 13.2% of NAO's outstanding common shares. As noted under Item 5. Operating and Financial Review and Prospects: H Critical Accounting Estimates, after due consideration, we recorded an other-than-temporary impairment charge of $37.3 million, and wrote the investment down to its fair value of $16.6 million, based on the observable market price of the shares at December 31, 2016. No impairment charge has been recorded in 2017.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z5f36a14f3c06485880094f4b0551b66a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411163"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">C.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Interests of Experts and Counsel</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">47</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><a name="_Toc507411164"><!--Anchor--></a><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze242cf8cd58f46a0b86a77708b739477" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 8.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">FINANCIAL INFORMATION</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zca939f9ae8934bef86a5668f19d7f392" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411165"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Consolidated Statements and other Financial Information</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">See Item 18.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Legal Proceedings</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">To our knowledge, we are not currently a party to any lawsuit that, if adversely determined, would have a material adverse effect on our financial position, results of operations or liquidity. As such, we do not believe that pending legal proceedings, taken as a whole, should have any significant impact on our financial statements. From time to time in the future we may be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. While we expect that these claims would be covered by our existing insurance policies, those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. We have not been involved in any legal proceedings which may have, or have had, a significant effect on our financial position, results of operations or liquidity, nor are we aware of any proceedings that are pending or threatened which may have a significant effect on our financial position, results of operations or liquidity.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In 2016, the arbitration proceeding with Gulf Navigation Holding PJSC was settled. In addition to the amount received, we made a reversal of related accruals, which had a positive impact on our net income (loss) of approximately $5.3 million in total in 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Dividend Policy</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our policy is to declare quarterly dividends to shareholders as decided by the Board of Directors.&#160; The dividend to shareholders could be higher than the operating cash flow or the dividend to shareholders could be lower than the operating cash flow after reserves as the Board of Directors may from time to time determine are required, taking into account contingent liabilities, the terms of our Credit Facility, our other cash needs and the requirements of Bermuda law.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Total dividends distributed in 2017 totaled $59.1 million or $0.58 per share. The quarterly dividend payments per share over the last 5 years have been as follows:</div>

<table id="za5e2a46ad9904e7099aa6490db05f0f1" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 9pt">Period</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; TEXT-INDENT: 9pt">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; TEXT-INDENT: 9pt">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; TEXT-INDENT: 9pt">2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right; TEXT-INDENT: 9pt">2013</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 9pt">1st Quarter</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.20</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.43</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.22</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.12</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.16</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 9pt">2nd Quarter</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.20</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.43</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.38</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.23</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.16</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 9pt">3rd Quarter</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.15</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">**</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.25</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.40</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.28</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.16</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 9pt">4th Quarter</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.03</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.26</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.38</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.14</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">0.16</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 9pt">Total</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">0.58</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">1.37</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">1.38</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">0.77</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">0.64</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">* Includes $0.16 per share distributed as dividend-in-kind.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">** Includes $0.05 per share distributed as dividend-in-kind.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company declared a dividend of $0.03 per share in respect of the fourth quarter of 2017, which was paid to shareholders on March 9, 2018.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On April 27, 2018, the Company declared a cash dividend of $0.01 per share in respect of the results for the first quarter of 2018, which we expect to pay on or around June 9, 2018.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zaac96168521e4d58b89b2f968cbb9783" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411166"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">B.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Significant Changes</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">48</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><a name="_Toc507411167"><!--Anchor--></a><a name="_Toc507411168"><!--Anchor--></a><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zaa577fb820c2428f94beb81fbbdfaf13" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 9.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">THE OFFER AND LISTING</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable except for Item 9.A.4. and Item 9.C.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Share History and Markets</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Since November 16, 2004, the primary trading market for our common shares has been the NYSE on which our shares are listed under the symbol "NAT."</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The following table sets forth the high and low market prices for shares of our common stock as reported by the NYSE:</div>

<table id="zee6e0adc26254a85af018f445b21b4d0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">NYSE</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">NYSE</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">For the year ended:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">HIGH</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">LOW</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">2013</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">11.51</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">7.01</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">2014</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">12.27</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">7.13</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">17.13</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.34</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">15.87</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">7.60</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.29</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.46</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="z6c0f1d1bc6df4945b5f07e6c41805100" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">NYSE</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">NYSE</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">For the quarter ended:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">HIGH</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">LOW</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">March 31, 2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">15.02</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10.89</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">June 30, 2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">15.87</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">13.31</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">September 30, 2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">14.10</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.86</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">December 31, 2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.94</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">7.60</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">March 31, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">9.29</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">7.66</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">June 30, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">8.56</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">5.61</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">September 30, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">6.53</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">4.53</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">December 31, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">5.76</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.46</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">March 31, 2018</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.64</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1.88</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The high and low market prices for our common shares by month since October 2017 have been as follows:</div>

<table id="z05e52d0f8f26423c83c52b53c5d5c224" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">NYSE</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">NYSE</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">For the month:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">HIGH</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">LOW</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">November 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">4.37</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">3.99</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">December 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">3.99</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.46</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">January 2018</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.64</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.31</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">February 2018</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.38</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1.97</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">March 2018</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.28</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1.88</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">April 2018</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.18</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1.87</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">May 2018*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2.09</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1.88</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">* Through and including May 11, 2018.</div>

<div><br>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zb8839f62f0574966818c763ea5bc619c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 10.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ADDITIONAL INFORMATION</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z581cfbbc043549bba440dab16359d0b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411169"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Share Capital</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zd4b546f05eb04737a831ec637def7cac" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411170"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">B.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Memorandum and Articles of Association</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">49</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Memorandum of Association and Bye-Laws</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The following description of our share capital summarizes the material terms of our Memorandum of Association and our bye-laws.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Under our Memorandum of Association, as amended, our authorized capital consists of 180,000,000 common shares having a par value of $0.01 per share.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The purposes and powers of the Company include the entering into of any guarantee, contract, indemnity or suretyship and to assure, support, secure, with or without the consideration or benefit, the performance of any obligations of any person or persons; and the borrowing and raising of money in any currency or currencies to secure or discharge any debt or obligation in any manner.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our bye-laws provide that our Board of Directors shall convene and the Company shall hold annual general meetings of shareholders in accordance with the requirements of the Companies Act at such times and places as the Board shall decide. However, under Bermuda law, a company may by resolution in general meeting, elect to dispense with the holding of an annual general meeting for (a) the year in which it is made and any subsequent year or years; (b) for a specified number of years; or (c) indefinitely.&#160; Our Board of Directors may call special general meetings of shareholders at its discretion or as required by the Companies Act. Under the Companies Act, holders of one-tenth of our issued common shares may call special general meetings.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Under our bye-laws, five days advance notice of an annual general meeting or any special general meeting must be given to each shareholder entitled to vote at that meeting unless, in the case of an annual general meeting, a shorter notice period for such meeting is agreed to by all of the shareholders entitled to vote thereat and, in the case of any other meeting, a shorter notice period for such meeting is agreed to by at least 75% of the shareholders entitled to vote thereat. Under Bermuda law, accidental failure to give notice will not invalidate proceedings at a meeting. Our Board of Directors may set a record date for the purpose of identifying the persons entitled to receive notice of and vote at a meeting of shareholders at any time before or after the date on which such notice is dispatched.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our Board of Directors must consist of at least three and no more than 11 directors, or such number in excess thereof as the Board of Directors may from time to time determine by resolution. Our directors are not required to retire because of their age, and our directors are not required to be holders of our common shares. Directors serve for one-year terms, and shall serve until re-elected or until their successors are appointed at the next annual general meeting. Casual vacancies on our Board of Directors may be filled by a majority vote of the then-current directors.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Any director retiring at an annual general meeting will be eligible for reappointment and will retain office until the close of the meeting at which such director retires or (if earlier) until a resolution is passed at that meeting not to fill the vacancy or the resolution to re-appoint such director is put to a vote at the meeting and is lost. If a director's seat is not filled at the annual general meeting at which he or she retires, such director shall be deemed to have been reappointed unless it is resolved by the shareholders not to fill the vacancy or a resolution for the reappointment of the director is voted upon and lost. No person other than a director retiring shall be appointed a director at any general meeting unless (i) he or she is recommended by the Board of Directors or (ii) a notice executed by a shareholder (not being the person to be proposed) has been received by our secretary no less than 120 days and no more than 150 days prior to the date our proxy statement is released to shareholders in connection with the prior year's annual general meeting declaring the intention to propose an individual for the vacant directorship position.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">A director may at any time summon a meeting of the Board of Directors. The quorum necessary for the transaction of business at a meeting of the Board of Directors may be fixed by the Board of Directors and, unless so fixed at any other number, shall be two directors. Questions arising at any meeting of the Board of Directors shall be determined by a majority of the votes cast.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our bye-laws do not prohibit a director from being a party to, or otherwise having an interest in, any transaction or arrangement with the Company or in which the Company is otherwise interested. Our bye-laws provide that a director who has an interest in any transaction or arrangement with the Company and who has complied with the provisions of the Companies Act and with our bye-laws with regard to disclosure of such interest shall be taken into account in ascertaining whether a quorum is present, and will be entitled to vote in respect of any transaction or arrangement in which he is so interested.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">50</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our bye-laws permit us to increase our authorized share capital with the approval of a majority of votes cast in respect of our outstanding common shares represented in person or by proxy.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">There are no pre-emptive, redemption, conversion or sinking fund rights attached to our common shares. The holders of common shares are entitled to one vote per share on all matters submitted to a vote of holders of common shares. Unless a different majority is required by law or by our bye-laws, resolutions to be approved by holders of common shares require approval by a simple majority of votes cast at a meeting at which a quorum is present. Shareholders present in person or by proxy and entitled to vote at a meeting of shareholders representing the holders of at least one-third of the issued shares entitled to vote at such general meeting shall be a quorum for all purposes.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Under our bye-laws, our Board of Directors is authorized to attach to our undesignated shares such preferred, qualified or other special rights, privileges, conditions and restrictions as the Board of Directors may determine. The Board of Directors may allot our undesignated shares in more than one series and attach particular rights and restrictions to any such shares by resolution; provided, however, that the Board of Directors may not attach any rights or restrictions to our undesignated shares that would alter or abrogate any of the special rights attached to any other class or series of shares without such sanction as is required for any such alternation or abrogation unless expressly authorized to do so by the rights attaching to or by the terms of the issue of such shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Subject to Bermuda law, special rights attaching to any class of our shares may be altered or abrogated with the consent in writing of not less than 75% of the issued shares of that class or with the sanction of a resolution of the holders of such shares voting in person or by proxy.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In the event of our liquidation, dissolution or winding up, the holders of common shares are entitled to share in our assets, if any, remaining after the payment of all of our debts and liabilities, subject to any liquidation preference on any outstanding preference shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our bye-laws provide that our Board of Directors may, from time to time, declare and pay dividends or distributions out of contributed surplus, which we refer to collectively as dividends. Each common share is entitled to dividends if and when dividends are declared by our Board of Directors, subject to any preferred dividend right of the holders of any preference shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">There are no limitations on the right of non-Bermudians or non-residents of Bermuda to hold or vote our common shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Bermuda law permits the bye-laws of a Bermuda company to contain a provision indemnifying the Company's directors and officers for any loss arising or liability attaching to him or her by virtue of any rule of law in respect of any negligence, default, breach of duty or breach of trust of which the officer or person may be guilty, save with respect to fraud or dishonesty. Bermuda law also grants companies the power generally to indemnify directors and officers of a company, except in instances of fraud and dishonesty, if any such person was or is a party or threatened to be made a party to a threatened, pending or completed action, suit or proceeding by reason of the fact that he or she is or was a director and officer of such company or was serving in a similar capacity for another entity at such company's request.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our bye-laws provide that each director, alternate director, officer, person or member of a committee, if any, resident representative, and any liquidator, manager or trustee for the time being acting in relation to the affairs of the Company, and his heirs, executors or administrators, which we refer to collectively as an indemnitee, will be indemnified and held harmless out of our assets to the fullest extent permitted by Bermuda law against all liabilities, loss, damage or expense (including, but not limited to, liabilities under contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable) incurred or suffered by him or by reason of any act done, conceived in or omitted in the conduct of the Company's business or in the discharge of his duties except in respect of fraud or dishonesty. In addition, each indemnitee shall be indemnified out of the assets of the Company against all liabilities incurred in defending any proceedings, whether civil or criminal, in which judgment is given in such indemnitee's favor, or in which he is acquitted.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Under our bye-laws, we and our shareholders have agreed to waive any claim or right of action we or they may have at any time against any indemnitee on account of any action taken by such indemnitee or the failure of such indemnitee to take any action in the performance of his duties with or for the Company with the exception of any claims or rights of action arising out of fraud or actions to recover any gain, personal profit or advantage to which such indemnitee is not legally entitled.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">51</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our Board of Directors may, at its discretion, purchase and maintain insurance for, among other persons, any indemnitee or any persons who are or were at the time directors, officers or employees of the Company, or of any other company in which the Company has a direct or indirect interest that is allied or associated with the Company, or of any subsidiary undertaking of the Company or such other company, against liability incurred by such persons in respect of any act or omission in the actual or purported execution or discharge of their duties or in the exercise or purported exercise of their powers or otherwise in relation to their duties, powers or offices in relation to the Company, subsidiary undertaking or any such other company.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our Memorandum of Association may be amended with the approval of a majority of votes cast in respect of our outstanding common shares represented in person or by proxy and our bye-laws may be amended by approval by not less than 75% of the votes cast in respect of our issued and outstanding common shares represented in person or by proxy.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">Shareholder Rights Agreement</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">On June 16, 2017, our Board declared a dividend of one preferred share purchase right, or a Right, for each outstanding common share and adopted a shareholder rights plan, as set forth in the Shareholders Rights Agreement dated as of June 16, 2017, or the Rights Agreement, by and between the Company and Computershare Trust Company, N.A., as rights agent.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">The Board adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant penalty upon any person or group that acquires 15% or more of our outstanding common shares without the approval of the Board. If a shareholder's beneficial ownership of our common shares as of the time of the public announcement of the rights plan and associated dividend declaration is at or above the applicable threshold, that shareholder's then-existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after such announcement, the shareholder increases its ownership percentage by 1% or more.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">The Rights may have anti-takeover effects. The Rights will cause substantial dilution to any person or group that attempts to acquire us without the approval of our Board. As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our Board can approve a redemption of the Rights for a permitted offer, the Rights should not interfere with a merger or other business combination approved by our Board.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">For those interested in the specific terms of the Rights Agreement, we provide the following summary description. Please note, however, that this description is only a summary, and is not complete, and should be read together with the entire Rights Agreement, which is an exhibit to the Form 8-A filed by us on June 16, 2017 and incorporated herein by reference. The foregoing description of the Rights Agreement is qualified in its entirety by reference to such exhibit.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">The Rights</font>. The Rights trade with, and are inseparable from, our common shares. The Rights are evidenced only by certificates that represent our common shares. New Rights will accompany any new common shares of the Company issues after June 26, 2017 until the Distribution Date described below.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Exercise Price</font>. Each Right allows its holder to purchase from the Company one one-thousandth of a Series A Participating Preferred Share (a "Preferred Share") for $30.00 (the "Exercise Price"), once the Rights become exercisable. This portion of a Preferred Share will give the shareholder approximately the same dividend, voting and liquidation rights as would one common share. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Exercisability</font>. The Rights are not exercisable until ten days after the public announcement that a person or group has become an "Acquiring Person" by obtaining beneficial ownership of 15% or more of our outstanding common shares.</div>

<div style="TEXT-INDENT: 36pt">Certain synthetic interests in securities created by derivative positions, whether or not such interests are considered to be ownership of the underlying common shares or are reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934, as amended, are treated as beneficial ownership of the number of our common shares equivalent to the economic exposure created by the derivative position, to the extent our actual common shares are directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights Agreement are exempt from such imputed beneficial ownership.</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">52</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of our outstanding common shares, the Rights Agreement "grandfathers" their current level of ownership, so long as they do not purchase additional shares in excess of certain limitations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt">The date when the Rights become exercisable is the "Distribution Date." Until that date, our common share certificates (or, in the case of uncertificated shares, by notations in the book-entry account system) will also evidence the Rights, and any transfer of our common shares will constitute a transfer of Rights. After that date, the Rights will separate from our common shares and will be evidenced by book-entry credits or by Rights certificates that the Company will mail to all eligible holders of our common shares. Any Rights held by an Acquiring Person are null and void and may not be exercised.</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>Preferred Share Provisions</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Each one one-thousandth of a Preferred Share, if issued, will, among other things:</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z52686adc196e4cf283d236c88c0aedb5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">not be redeemable;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z1231a7f337ff43cfb120dbb5fb9924d7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in our common shares or a subdivision of our outstanding common shares (by reclassification or otherwise), declared on our common shares since the immediately preceding quarterly dividend payment date; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zf379df7b0cfc4824bd204c4bd3e2eb65" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">entitle holders to one vote on all matters submitted to a vote of the shareholders of the Company.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 33.5pt">The value of one one-thousandth interest in a Preferred Share should approximate the value of one common share.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"><u>Consequences of a Person or Group Becoming an Acquiring Person.</u></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zeaba8b2f811b49a38c6b7d1b0624c86b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Flip In</font>. If an Acquiring Person obtains beneficial ownership of 15% or more of our common shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of our common shares (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market value of twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by the Company, as further described below.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or were, under certain circumstances specified in the Rights Agreement, beneficially owned by an Acquiring Person or certain of its transferees will be null and void.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zc7ddd5eb53874edc8c4f4e06e377eac0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Flip Over</font>. If, after an Acquiring Person obtains 15% or more of our common shares, (i) the Company merges into another entity; (ii) an acquiring entity merges into the Company; or (iii) the Company sells</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">or transfers 50% or more of its assets, cash flow or earning power, then each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of our common shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z7b0db7e5aa7543de81bc3bad67dce100" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Notional Shares</font>. Shares held by affiliates and associates of an Acquiring Person, including certain entities in which the Acquiring Person beneficially owns a majority of the equity securities, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person.</div>
</td>
</tr>
</table>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 24.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Redemption</font> . The Board may redeem the Rights for $0.01 per Right at any time before any person or group becomes an Acquiring Person. If the Board redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the redemption price of $0.01 per Right. The redemption price will be adjusted if the Company has a stock dividend or a stock split.</div>

<div><br>
</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">53</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Exchange</font>. After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of our outstanding common shares, the Board may extinguish the Rights by exchanging one common share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In certain circumstances, the Company may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one common share.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Expiration</font>. The Rights expire on the earliest of (i) June 16, 2027; or (ii) the redemption or exchange of the Rights as described above.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Anti-Dilution Provision</font>s. The Board may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Preferred Shares or our common shares. No adjustments to the Exercise Price of less than 1% will be made.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Amendments</font>. The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order to (i) cure any ambiguities; (ii) correct or supplement any provision contained in the Rights Agreement that may be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv) make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Taxes</font>. The distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the Rights exercisable or upon redemption of the Rights, shareholders may recognize taxable income.</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Dividend Reinvestment and Direct Stock Purchase Plan</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On November 6, 2013, a registration statement on Form F-3<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><strike>&#160;</strike></font>was declared effective by the SEC relating to the Dividend Reinvestment and Direct Stock Purchase Plan for 1,664,450 common shares to allow existing shareholders to purchase additional common shares by reinvesting all or a portion of the dividends paid on their common shares and by making optional cash investments and new investors to enter into the plan by making an initial investment. As at December 31, 2017, no shares were issued pursuant to the plan.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On February 13, 2007, the Board of Directors adopted a shareholders' rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a share of our Series A Participating Preferred Share for each outstanding common share, par value $0.01 per share. The dividend was payable on February 27, 2007 to shareholders of record on that date. Each right entitles the registered holder to purchase from us one one-thousandth of a Series A Participating Preferred Share at an exercise price of $115.00, subject to adjustment. We can redeem the rights at any time prior to a public announcement that a person has acquired ownership of 15% or more of the Company's common shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">This shareholders' rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. We believe that the shareholders' rights plan should enhance our Board of Director's negotiating power on behalf of shareholders in the event of a coercive offer or proposal. We are not currently aware of any such offers or proposals.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Listing</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our common shares are listed on the NYSE under the symbol "NAT."</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Transfer Agent</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The registrar and transfer agent for our common shares is Computershare Trust Company, N.A.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z88808c8fefb34cf5bb8f1b4ea1286a7d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411171"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">C.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Material Contracts</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">For a description of our Credit Facility, which the Company entered into during the 2012 fiscal year and subsequently refinanced and expanded in December 2015, please see Item 5. Operating and Financial Review and Prospectus B. Liquidity and Capital Resources - Our Borrowing Activities."</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">54</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">In October 2016, we entered into final contracts with Samsung for the construction of three Suezmax tankers with a carrying capacity of 157,000 </font>dwt <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">each. The three contracted newbuildings were acquired for a purchase price of approximately $56.0 million per vessel and are expected to be delivered to us during the second half of 2018.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><a name="_Toc507411172"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">On December 1, 2017, we announced our final agreements for the financing of the outstanding commitments of $39.0 million per ship, due on delivery, for our Newbuildings with a subsidiary of Ocean Yield ASA. The three newbuildings are expected to be delivered in July, August and October 2018, respectively. Under the terms of the financing agreement, the lender will finance 77.5% of the purchase price for each of the three newbuildings. </font>Net proceeds received from Ocean Yield ASA shall be used towards prepayment of the Credit Facility, unless the Credit Facility is retired before the deliveries of the vessels.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"> After delivery of each of the vessels, we will enter into ten-year bareboat charter agreements. We have obligations to purchase the vessels upon the completion of the ten-year bareboat charter agreement, but also have the flexibility to purchase the vessels after year five and seven. The financing agreement contains certain financial covenants requiring us to maintain a minimum value adjusted equity of $175.0 million and ratio of 25%; minimum liquidity of $20.0 million; and minimum value clause.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">On December 20, 2017 we signed</font> an agreement for a financing facility, or the Backstop Facility, for $375.0 million. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The financing facility is providing for a senior secured loan facility of up to $375.0 million to support the recapitalization of the Company. The Backstop Facility is available for drawing from July 1, 2018. Further, the facility, if utilized and not repaid, will be rolled into a term loan on January 1, 2019 with maturity on November 30, 2020. The Backstop Facility will have no amortization until December 31, 2018, upon and following which date the principal of the loan must be repaid in quarterly instalments of $10.0 million. The Backstop Facility carries an interest rate that will step-up over time and carries a maximum interest margin of 10.5% per annum. We can distribute quarterly dividends up to $0.03 per share per quarter under the Backstop Facility. The Backstop Facility contains financial covenants in relation to minimum liquidity of $30.0 million, minimum value and book equity.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze0cbe89eb52f4cf3b59fc93a1a047be1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">D.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Exchange Controls</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company has been designated as a non-resident of Bermuda for exchange control purposes by the Bermuda Monetary Authority, whose permission for the issue of its common shares was obtained prior to the offering thereof.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company's common shares are currently listed on an appointed stock exchange. For so long as the Company's shares are listed on an appointed stock exchange the transfer of shares between persons regarded as resident outside Bermuda for exchange control purposes and the issuance of common shares to or by such persons may be effected without specific consent under the Bermuda Exchange Control Act of 1972 and regulations made thereunder. Issues and transfers of common shares between any person regarded as resident in Bermuda and any person regarded as non-resident for exchange control purposes require specific prior approval under the Bermuda Exchange Control Act 1972 unless such common shares are listed on an appointed stock exchange.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Subject to the foregoing, there are no limitations on the rights of owners of shares in the Company to hold or vote their shares. Because the Company has been designated as non-resident for Bermuda exchange control purposes, there are no restrictions on its ability to transfer funds in and out of Bermuda or to pay dividends to United States residents who are holders of common shares, other than in respect of local Bermuda currency.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In accordance with Bermuda law, share certificates may be issued only in the names of those with legal capacity. In the case of an applicant acting in a special capacity (for example, as an executor or trustee), certificates may, at the request of the applicant, record the capacity in which the applicant is acting. Notwithstanding the recording of any such special capacity, the Company is not bound to investigate or incur any responsibility in respect of the proper administration of any such estate or trust.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company will take no notice of any trust applicable to any of its shares or other securities whether or not it had notice of such trust.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As an "exempted company," the Company is exempt from Bermuda laws which restrict the percentage of share capital that may be held by non-Bermudians, but as an exempted company, the Company may not participate in certain business transactions including: (i) the acquisition or holding of land in Bermuda except for land required for its business by way of lease for a term not exceeding 50 years or otherwise, with the express authorization of the Ministers of Economic Development of Bermuda, land by way of lease for a term not exceeding 21 years in order to provide accommodation or recreational facilities for its officers and employees; (ii) the taking of mortgages on land in Bermuda to secure an amount in excess of $50,000 without the consent of the Minister of Economic Development of Bermuda; (iii) the acquisition of securities created or issued by, or any interest in, any local company or business, other than certain types of Bermuda government securities or securities of another "exempted company, exempted partnership or other corporation or partnership resident in Bermuda but incorporated abroad"; or (iv) the carrying on of business of any kind in Bermuda, except in so far as may be necessary for the carrying on of its business outside Bermuda or under a license granted by the Minister of Economic Development of Bermuda.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">55</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Bermuda government actively encourages foreign investment in "exempted" entities like the Company that are based in Bermuda but do not operate in competition with local business. In addition to having no restrictions on the degree of foreign ownership, the Company is subject neither to taxes on its income or dividends nor to any exchange controls in Bermuda other than outlined above. In addition, there is no capital gains tax in Bermuda, and profits can be accumulated by the Company, as required, without limitation.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z4923fcf0041b4c28b0a560ac6b965620" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411173"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">E.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Taxation</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Bermuda Tax Considerations</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Under current Bermuda law, there are no taxes on profits, income or dividends nor is there any capital gains tax.&#160; Furthermore, the Company has received from the Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection Act of 1966, as amended, an undertaking that, in the event that Bermuda enacts any legislation imposing tax computed on profits or income, or computed on any capital asset, gain or appreciation, or any tax in the nature of estate duty or inheritance tax, then the imposition of any such tax shall not be applicable to the Company or to any of its operations, or the common shares, debentures or other obligations of the Company, until March 31, 2035.&#160; This undertaking does not, however, prevent the imposition of any such tax or duty on such persons as are ordinarily resident in Bermuda and holding such shares, debentures or obligations of the Company or of property taxes on Company-owned real property or leasehold interests in Bermuda.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The United States does not have a comprehensive income tax treaty with Bermuda. However, Bermuda has legislation in place (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">U.S.A. &#8211; Bermuda Tax Convention Act 1986</font>) which authorizes the enforcement of certain obligations of Bermuda pursuant to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Convention Between The Government Of The United Kingdom of Great Britain And Northern Ireland (On Behalf Of The Government Of Bermuda) And The Government Of The United States Of America Relating To The Taxation Of Insurance Enterprises And Mutual Assistance In Tax Matters </font>entered into on 11 July 1986<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#160;</font>(the "Convention"). Article 5 of the Convention states that the U.S.A. and Bermuda "shall provide assistance as appropriate in carrying out the laws of the respective covered jurisdictions (Bermuda and U.S.A.) relating to the prevention of tax fraud and the evasion of taxes. In addition, the competent authorities shall, through consultations, develop appropriate conditions, method, and techniques for providing, and shall thereafter provide, assistance as appropriate in carrying out the fiscal laws of the respective covered jurisdictions other than those relating to tax fraud and the evasion of taxes."</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">United States Federal Income Tax Considerations</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The following discussion is a summary of the material United States federal income tax considerations relevant to the Company and to a United States Holder and Non-United States Holder (each defined below) of our common shares.&#160; This discussion is based on advice received by us from Seward &amp; Kissel LLP, our United States counsel.&#160; This discussion does not purport to deal with the tax consequences of owning common shares to all categories of investors, some of which (such as dealers in securities or currencies, investors whose functional currency is not the United States dollar, financial institutions, regulated investment companies, real estate investment trusts, tax-exempt organizations, insurance companies, persons holding our common shares as part of a hedging, integrated, conversion or constructive sale transaction or a straddle, persons liable for alternative minimum tax and persons who are investors in pass-through entities) may be subject to special rules. This discussion only applies to shareholders who (i) own our common shares as a capital asset and (ii) own less than 10% of our common shares. Shareholders are encouraged to consult their own tax advisors with respect to the specific tax consequences to them of purchasing, holding or disposing of common shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">United States Federal Income Taxation of the Company</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Operating Income: In General</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Unless exempt from United States federal income taxation under section 883 of the United Stated Internal Revenue Code of 1986, as amended, or the Code, a foreign corporation is subject to United States federal income taxation in the manner described below in respect of any income that is derived from the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, or from the performance of services directly related to such use, which we refer to as Shipping Income, to the extent that such Shipping Income is derived from sources within the United States, which we refer to as United States-Source Shipping Income.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">56</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Shipping Income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States will be considered to be 50% derived from sources within the United States. Shipping Income that is attributable to transportation that both begins and ends in the United States will be considered to be 100% derived from sources within the United States.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Shipping Income that is attributable to transportation exclusively between non-United States ports will be considered to be 100% derived from sources outside the United States. Shipping Income derived from sources outside the United States will not be subject to United States federal income tax.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our vessels will be operated in various parts of the world and, in part, are expected to be involved in transportation of cargoes that begins or ends, but that does not both begin and end, in United States ports. Accordingly, it is not expected that we will engage in transportation that gives rise to 100% United States-Source Shipping Income.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Exemption of Operating Income from United States Federal Income Taxation</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Pursuant to section 883 of the Code, we will be exempt from United States federal income taxation on our United States-Source Shipping Income if (i) we are organized in a foreign country that grants an equivalent exemption from income taxation to corporations organized in the United States, which we refer to as the Country of Organization Requirement, and (ii) either (A) more than 50% of the value of our common shares is owned, directly or indirectly, by individuals who are "residents" of such country or of another foreign country that grants an equivalent exemption to corporations organized in the United States, which we refer to as the 50% Ownership Test, or (B) our common shares are "primarily and regularly traded on an established securities market" in such country, in another country that grants an equivalent exemption to United States corporations, or in the United States, which we refer to as the Publicly-Traded Test.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Bermuda, the country in which we are incorporated, grants an equivalent exemption to United States corporations. Therefore, we will satisfy the Country of Organization Requirement and will be exempt from United States federal income taxation with respect to our United States-Source Shipping Income if we satisfy either the 50% Ownership Test or the Publicly-Traded Test.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The regulations promulgated by the United States Department of the Treasury (the "Treasury Regulations") under section 883 of the Code provide that stock of a foreign corporation will be considered to be "primarily traded" on an established securities market in a country if the number of shares of each class of stock that is traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such class that is traded during that year on established securities markets in any other single country.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Publicly-Traded Test also requires our common shares be "regularly traded" on an established securities market.&#160; Under the Treasury Regulations, our common shares are considered to be "regularly traded" on an established securities market if shares representing more than 50% of our outstanding common shares, by both total combined voting power of all classes of stock entitled to vote and total value, are listed on the market, referred to as the "Listing Threshold." The Treasury Regulations further require that with respect to each class of stock relied upon to meet the listing threshold, (i) such class of stock is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or 1/6 of the days in a short taxable year, which is referred to as the Trading Frequency Test; and (ii) the aggregate number of shares of such class of stock traded on such market during the taxable year is at least 10% of the average number of shares of such class of stock outstanding during such year (as appropriately adjusted in the case of a short taxable year), which is referred to as the Trading Volume Test.&#160; Even if we do not satisfy both the Trading Frequency and Trading Volume Tests, the Treasury Regulations provide that the Tests will be deemed satisfied if our common shares are traded on an established securities market in the United States and such stock is regularly quoted by dealers making a market in our common shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We believe that we satisfied the Publicly-Traded Test for our 2017 taxable year since, on more than half the days the days of the taxable year, we believe the Company's common shares were primarily and regularly traded on an established securities market in the United States, namely the NYSE.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Notwithstanding the foregoing, we will not satisfy the Publicly-Traded Test if 50% or more of the vote and value of our common shares is owned (or is treated as owned under certain stock ownership attribution rules) by persons each of whom owns (or is treated as owning under certain stock ownership attribution rules) 5% or more of the value of our common shares, or 5% Shareholders, for more than half the days during the taxable year, to which we refer to as the 5% Override Rule.&#160;&#160; In the event the 5% Override Rule is triggered, the 5% Override Rule will nevertheless not apply if we can establish that among the closely-held group of 5% Shareholders, there are sufficient 5% Shareholders that are considered to be "qualified shareholders" for purposes of section 883 of the Code to preclude non-qualified 5% Shareholders in the closely-held group from owning 50% or more of our common shares for more than half the number of days during the taxable year.&#160; In order to determine the persons who are 5% Shareholders, we are permitted to rely on those persons that are identified on Schedule 13G and Schedule 13D filings with the SEC as having a 5% or more beneficial interest in our common shares.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">57</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We are not aware of any facts which would indicate that 50% or more of our common shares were actually or constructively owned by 5% Shareholders during our 2017 taxable year.&#160; Accordingly, we expect that our common shares will be considered to be "primarily and regularly traded on an established securities market" and that we will, therefore, qualify for the exemption under section 883 of the Code for our 2017 taxable year.&#160; However, because of the factual nature of the issues relating to this determination, no assurance can be given that we will qualify for the exemption in any future taxable year. For example, if 5% Shareholders owned 50% or more of our common shares, then we would have to satisfy certain requirements regarding the identity and residence of our 5% Shareholders. These requirements are onerous and there is no assurance that we could satisfy them.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">United States Federal Income Taxation of Gain on Sale of Vessels</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Regardless of whether we qualify for exemption under section 883 of the Code, we will generally not be subject to United States federal income taxation with respect to gain realized on the sale of a vessel, provided the sale is considered to occur outside of the United States under United States federal income tax principles.&#160; In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States.&#160; It is expected that any sale of a vessel by us will be considered to occur outside of the United States.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">4% Gross Basis Tax Regime</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">To the extent that the benefits of section 883 of the Code are unavailable with respect to any item of United States-Source Shipping Income, such Shipping Income that is considered not to be "effectively connected" with the conduct of a trade or business in the United States, as discussed below, would be subject to a 4% tax imposed by section 887 of the Code on a gross basis, without benefit of deductions, which we refer to as the 4% Gross Basis Tax Regime. Since under the sourcing rules described above, no more than 50% of our Shipping Income would be derived from United States sources, the maximum effective rate of United States federal income tax on our gross Shipping Income would never exceed 2% under the 4% Gross Basis Tax Regime.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Net Basis and Branch Profits Tax Regime</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">To the extent that the benefits of the exemption under section 883 of the Code are unavailable and our United States-Source Shipping Income is considered to be "effectively connected" with the conduct of a United States trade or business, as described below, any such "effectively connected" United States-Source Shipping Income, net of applicable deductions, would be subject to the United States federal income tax imposed at corporate rates of up to 35% with respect to the 2017 taxable year and 21% for future taxable years. In addition, we may be subject to the 30% "branch profits" taxes on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of the United States trade or business.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our United States-Source Shipping Income would be considered "effectively connected" with the conduct of a U.S. trade or business only if (i) we have, or are considered to have, a fixed place of business in the United States involved in the earning of Shipping Income and (ii) substantially all of our United States-Source Shipping Income is attributable to regularly scheduled transportation, such as the operation of a vessel that followed a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States, or, in the case of income from the chartering of a vessel, is attributable to a fixed place of business in the United States.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We do not intend to have a fixed place of business in the United States involved in the earning of Shipping Income. Based on the foregoing and on the expected mode of our shipping operations and other activities, we believe that none of our United States-Source Shipping Income will be "effectively connected" with the conduct of a United States trade or business.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">United States Federal Income Taxation of United States Holders</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As used herein, the term "United States Holder" means, for United States federal income tax purposes, a beneficial owner of common shares who is (A) an individual citizen or resident of the United States, (B) a corporation (or other entity treated as a corporation) created or organized in or under the laws of the United States or of any state or the District of Columbia, (C) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or (D) a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If a partnership holds our common shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. If you are a partner in a partnership holding our common shares, you are urged to consult your tax advisors.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">58</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Distributions</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Subject to the discussion below of passive foreign investment companies, or PFICs, any distributions made by us with respect to our common shares to a United States Holder will generally constitute dividends, which may be taxable as ordinary income or "qualified dividend income," as described in more detail below, to the extent of our current or accumulated earnings and profits, as determined under United States federal income tax principles. Distributions in excess of our earnings and profits will be treated first as a non-taxable return of capital to the extent of the United States Holder's tax basis in his common shares on a dollar-for-dollar basis and thereafter as capital gain. Because we are not a United States corporation, United States Holders that are corporations will generally not be entitled to claim a dividends received deduction with respect to any distributions they receive from us. Dividends paid with respect to our common shares will generally be treated as "passive category income" or, in the case of certain types of United States Holders, "general category income" for purposes of computing allowable foreign tax credits for United States foreign tax credit purposes.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Dividends paid on our common shares to a United States Holder who is an individual, trust or estate, or a United States Individual Holder, will generally be treated as "qualified dividend income" that is taxable to such United States Individual Holders at preferential tax rates provided that (1) the common shares are readily tradable on an established securities market in the United States (such as the NYSE on which our common shares are traded); (2) we are not a PFIC for the taxable year during which the dividend is paid or the immediately preceding taxable year (as discussed below); (3) the United States Individual Holder has owned the common shares for more than 60 days in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend, and (4) the United States Individual Holder is not under an obligation (whether pursuant to a short sale or otherwise) to make payments with respect to positions in substantially similar or related property. There is no assurance that any dividends paid on our common shares will be eligible for these preferential rates in the hands of a United States Individual Holder. Any dividends paid by us which are not eligible for these preferential rates will be taxed as ordinary income to a United States Individual Holder.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If we pay an "extraordinary dividend" on our common shares (generally, a dividend in an amount which is equal to or in excess of 10% of a shareholder's adjusted tax basis (or fair market value in certain circumstances) in the common shares) that is treated as "qualified dividend income," then any loss derived by a United States Individual Holder from the sale or exchange of such common shares will be treated as long-term capital loss to the extent of such dividend.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Sale, Exchange or other Disposition of Common Shares</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Assuming we do not constitute a PFIC for taxable years after 2004, a United States Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our common shares in an amount equal to the difference between the amount realized by the United States Holder from such sale, exchange or other disposition and the United States Holder's tax basis in such common shares. Such gain or loss will be treated as long-term capital gain or loss if the United States Holder's holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as United States-source income or loss, as applicable, for United States foreign tax credit purposes. A United States Holder's ability to deduct capital losses is subject to certain limitations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Special rules may apply to a United States Holder who purchased shares before 2005 and did not make a timely QEF election or a mark-to-market election (as discussed below).&#160; Such United States Holders are encouraged to consult their tax advisors regarding the United States federal income tax consequences to them of the disposal of our common shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Passive Foreign Investment Company Considerations</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Special United States federal income tax rules apply to a United States Holder that holds shares in a foreign corporation classified as a PFIC for United States federal income tax purposes. In general, we will be treated as a PFIC with respect to a United States Holder if, for any taxable year in which such Holder held our common shares, either</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze556c8235def4fc7a92e191f4bdc3c1a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business), or</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z4dc46829d39a4d318c4be96cb53edbc4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">at least 50% of the average value of the assets held by us during such taxable year produce, or are held for the production of, such passive income.</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">59</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our subsidiary corporations in which we own at least 25% of the value of the subsidiary's shares. Income earned, or deemed earned, by us in connection with the performance of services would not constitute passive income. By contrast, rental income would generally constitute passive income unless we were treated under specific rules as deriving our rental income in the active conduct of a trade or business.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">For taxable years through 2004, we were a PFIC. However, based on our current operations and future projections, we do not believe that we have been, or will become, a PFIC with respect to our taxable years after 2004. Although there is no legal authority directly on point, and we are not relying upon an opinion of counsel on this issue, our belief is based principally on the position that, for purposes of determining whether we are a PFIC, the gross income we derive or are deemed to derive from our time chartering and voyage chartering activities should constitute services income, rather than rental income. Correspondingly, such income should not constitute passive income, and the assets that we own and operate or are deemed to own and operate in connection with the production of such income, in particular, the vessels, should not constitute passive assets for purposes of determining whether we are a PFIC. We believe there is substantial legal authority supporting our position consisting of case law and Internal Revenue Service, or IRS, pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, we note that there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. In the absence of any legal authority specifically relating to the statutory provisions governing PFICs, the IRS or a court could disagree with our position. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a PFIC, we cannot assure you that the nature of our operations will not change in the future.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As discussed more fully below, if we were to be treated as a PFIC for any taxable year which included a United States Holder's holding period in our common shares, then such United States Holder would be subject to different United States federal income taxation rules depending on whether the United States Holder makes an election to treat us as a "qualified electing fund," which election we refer to as a QEF Election. As an alternative to making a QEF election, a United States Holder should be able to make a "mark-to-market" election with respect to our common shares, as discussed below.&#160; In addition, if we were to be treated as a PFIC for a taxable year ending on or after December 31, 2013, a United States Holder of our common shares would be required to file an annual information return with the IRS for such year.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">United States Holders Making a Timely QEF Election</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Pass-Through of Ordinary Earnings and Net Capital Gain.</font> A United States Holder who makes a timely QEF Election with respect to our common shares, or an Electing Holder, would report for United States federal income tax purposes his pro rata share of our "ordinary earnings" (i.e., the net operating income determined under United States federal income tax principles) and our net capital gain, if any, for our taxable year that ends with or within the taxable year of the Electing Holder. Our "net capital gain" is any excess of any of our net long term capital gains over our net short term capital losses and is reported by the Electing Holder as long term capital gain. Our net operating losses or net capital losses would not pass through to the Electing Holder and will not offset our ordinary earnings or net capital gain reportable to Electing Holders in subsequent years (although such losses would ultimately reduce the gain, or increase the loss, if any, recognized by the Electing Holder on the sale of his common shares).</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">For purposes of calculating our ordinary earnings, the cost of each vessel is depreciated on a straight-line basis over the applicable recovery period for vessels. Any gain on the sale of a vessel would be treated as ordinary income, rather than capital gain, to the extent of such depreciation deductions with respect to such vessel.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In general, an Electing Holder would not be taxed twice on his share of our income. Thus, distributions received from us by an Electing Holder are excluded from the Electing Holder's gross income to the extent of the Electing Holder's prior inclusions of our ordinary earnings and net capital gain. The Electing Holder's tax basis in his shares would be increased by any amount included in the Electing Holder's income. Distributions received by an Electing Holder<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">, </font>which are not includible in income because they have been previously taxed, would decrease the Electing Holder's tax basis in the common shares. Distributions, if any, in excess of such tax basis would be treated as capital gain (which gain will be treated as long-term capital gain if the Electing Holder held its common shares for more than one year at the time of distribution).</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Disposition of Common Shares. </font>An Electing Holder would generally recognize capital gain or loss on the sale or exchange of common shares in an amount equal to the difference between the amount realized by the Electing Holder from such sale or exchange and the Electing Holder's tax basis in the common shares. Such gain or loss would generally be treated as long-term capital gain or loss if the Electing Holder's holding period in the common shares at the time of the sale or exchange is more than one year. A United States Holder's ability to deduct capital losses may be limited.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">60</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Making a QEF Election. </font>A United States Holder makes a QEF Election for a taxable year by completing and filing IRS Form 8621 (Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund) in accordance with the instructions thereto. If we were aware that we were to be treated as a PFIC for any taxable year, we would provide each United States Holder with all necessary information in order to make the QEF Election described above.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">United States Holders Making a Timely Mark-to-Market Election</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Mark-to-Market Regime. </font>A United States Holder who does not make a QEF Election may make a "mark-to-market" election under section 1296 of the Code, provided that the common shares are regularly traded on a "qualified exchange." The NYSE, on which the common shares are traded, is a "qualified exchange" for these purposes. A United States Holder who makes a timely mark-to-market election with respect to the common shares would include annually in the United States Holder's income, as ordinary income, any excess of the fair market value of the common shares at the close of the taxable year over the United States Holder's then adjusted tax basis in the common shares. The excess, if any, of the United States Holder's adjusted tax basis at the close of the taxable year over the then fair market value of the common shares would be deductible in an amount equal to the lesser of the amount of the excess or the net mark-to-market gains that the United States Holder included in income in previous years with respect to the common shares. A United States Holder's tax basis in his common shares would be adjusted to reflect any income or loss amount recognized pursuant to the mark-to-market election.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Disposition of Common Shares. </font>A United States Holder who makes a timely mark-to-market election would recognize ordinary income or loss on a sale, exchange or other disposition of the common shares in an amount equal to the difference between the amount realized by the United States Holder from such sale, exchange or other disposition and the United States Holder's tax basis in the common shares; provided, however, that any ordinary loss on the sale, exchange or other disposition may not exceed the net mark-to-market gains that the United States Holder included in income in previous years with respect to the common shares. The amount of any loss in excess of such net mark-to market gains is treated as capital loss.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Making the Mark-to-Market Election. </font>A United States Holder makes a mark-to-market election for a taxable year by completing and filing IRS Form 8621 (Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund) in accordance with the instructions thereto.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">United States Holders Not Making a Timely QEF Election or Mark-to-Market Election</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">A United States Holder who does not make a timely QEF Election or a timely mark-to-market election, which we refer to as a Non-Electing Holder, would be subject to special rules with respect to (i) any "excess distribution" (generally, the portion of any distributions received by the Non-Electing Holder on the common shares in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for the common shares), and (ii) any gain realized on the sale or other disposition of common shares. Under these rules, (i) the excess distribution or gain would be allocated ratably over the Non-Electing Holder's holding period for the common shares; (ii) the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, would be taxed as ordinary income; and (iii) the amount allocated to each of the other prior taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. If a Non-Electing Holder dies while owning common shares, the Non-Electing Holder's successor would be ineligible to receive a step-up in the tax basis of those common shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Distributions received by a Non-Electing Holder that are not "excess distributions" would be includible in the gross income of the Non-Electing Holder as dividend income to the extent that such distributions are paid out of our current or accumulated earnings and profits as determined under United States federal income tax principles. Such dividends would not be eligible to be treated as "qualified dividend income" eligible for preferential tax rates. Distributions in excess of our current or accumulated earnings and profits would be treated first as a return of the United States Holder's tax basis in the common shares (thereby increasing the amount of any gain or decreasing the amount of any loss realized on the subsequent sale or disposition of such common shares) and thereafter as capital gain.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">United States Holders Who Acquired Shares Before 2005</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We were a PFIC through the 2004 taxable year.&#160; Therefore, a United States Holder who acquired our common shares before 2005 may be subject to special rules with respect to our common shares.&#160; In particular, a United States Holder who did not make a timely QEF Election or a mark-to-market election may continue to be subject to the PFIC rules with respect to our common shares.&#160; Such United States Holders are encouraged to consult their tax advisors regarding the application of these rules as well as the availability of certain elections which may ameliorate the application of these rules.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">61</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">United States Federal Income Taxation of Non-United States Holders</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">A beneficial owner of common shares (other than a partnership) that is not a United States Holder is referred to herein as a Non-United States Holder.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Dividends on Common Shares</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Non-United States Holders generally will not be subject to United States federal income or withholding tax on dividends received from us with respect to our common shares, unless that income is effectively connected with the Non-United States Holder's conduct of a trade or business in the United States. If the Non-United States Holder is entitled to the benefits of a United States income tax treaty with respect to those dividends, that income is taxable only if it is attributable to a permanent establishment maintained by the Non-United States Holder in the United States.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Sale, Exchange or Other Disposition of Common Shares</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Non-United States Holders generally will not be subject to United States federal income or withholding tax on any gain realized upon the sale, exchange or other disposition of our common shares, unless:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zcdb99e014ec9450fa08c1b5b4cd32028" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the gain is effectively connected with the Non-United States Holder's conduct of a trade or business in the United States (and, if the Non-United States Holder is entitled to the benefits of a United States income tax treaty with respect to that gain, that gain is attributable to a permanent establishment maintained by the Non-United States Holder in the United States); or</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zb653aa4e98d147cf93e5fe676fd306a3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Non-United States Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If the Non-United States Holder is engaged in a United States trade or business for United States federal income tax purposes, the income from the common shares, including dividends and the gain from the sale, exchange or other disposition of the common shares, that is effectively connected with the conduct of that trade or business will generally be subject to regular United States federal income tax in the same manner as discussed in the previous section relating to the taxation of United States Holders. In addition, if you are a corporate Non-United States Holder, your earnings and profits that are attributable to the effectively connected income, subject to certain adjustments, may be subject to an additional branch profits tax at a rate of 30%, or at a lower rate as may be specified by an applicable United States income tax treaty.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Backup Withholding and Information Reporting</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In general, dividend payments, or other taxable distributions, made within the United States to you will be subject to information reporting requirements if you are a United States Individual Holder. Such payments may also be subject to backup withholding tax if you are a United States Individual Holder and you:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zc42cbffa03c44f60bb52d5c3793d6d2c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">fail to provide an accurate taxpayer identification number;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z37fd61c288a34650a6991b0812718525" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">are notified by the IRS that you have failed to report all interest or dividends required to be shown on your United States federal income tax returns; or</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z19a59af1a6be480e97e5cb04e57ed526" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">in certain circumstances, fail to comply with applicable certification requirements.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Non-United States Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on an IRS Form W-8.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If you are a Non-United States Holder and you sell your common shares to or through a United States office of a broker, the payment of the proceeds is subject to both United States backup withholding and information reporting unless you certify that you are a non-United States person, under penalties of perjury, or you otherwise establish an exemption. If you are a Non-United States Holder and you sell your common shares through a non-United States office of a non-United States broker and the sales proceeds are paid to you outside the United States, then information reporting and backup withholding generally will not apply to that payment. However, information reporting requirements, but not backup withholding, will apply to a payment of sales proceeds, even if that payment is made to you outside the United States, if you sell your common shares through a non-United States office of a broker that is a United States person or has some other contacts with the United States. Such information reporting requirements will not apply, however, if the broker has documentary evidence in his records that you are a non-United States person and certain other conditions are met, or you otherwise establish an exemption.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">62</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Backup withholding is not an additional tax. Rather, you generally may obtain a refund of any amounts withheld under backup withholding rules that exceed your United States federal income tax liability by filing a refund claim with the IRS.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Individuals who are United States Holders (and to the extent specified in applicable Treasury regulations, certain individuals who are Non-United States Holders and certain United States entities) who hold "specified foreign financial assets" (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury regulations).&#160; Specified foreign financial assets would include, among other assets, our common shares, unless the shares are held through an account maintained with a United States financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, in the event an individual United States Holder (and to the extent specified in applicable Treasury regulations, an individual Non-United States Holder or a United States entity) that is required to file IRS Form 8938 does not file such form, the statute of limitations on the assessment and collection of United States federal income taxes of such holder for the related tax year may not close until three years after the date that the required information is filed.&#160; United States Holders (including United States entities) and Non- United States Holders are encouraged consult their own tax advisors regarding their reporting obligations under this legislation.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In addition to the tax consequences discussed above, we may be subject to tax in one or more other jurisdictions where we conduct activities. The amount of any such tax imposed upon our operations may be material.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The above mentioned tax considerations does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase, own or dispose of the shares. Shareholders who wish to clarify their own tax situation should consult and rely upon their own tax advisors.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Tax Considerations</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In addition to the tax consequences discussed above, we may be subject to tax in one or more other jurisdictions where we conduct activities. The amount of any such tax imposed upon our operations may be material.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z45202a50f156464787303c987a0403b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411174"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">F.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Dividends and Paying Agents</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zed7ab41ee95843b79824e5caf4288169" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411175"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">G.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Statement by Experts</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="za9776806d2114176aef6b2eb0c49940d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411176"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">H.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Documents on Display</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended. In accordance with these requirements we file reports and other information with the SEC. These materials, including this annual report and the accompanying exhibits may be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, NE, Room 1580, Washington, D.C. 20549.&#160; The SEC maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other information that we and other registrants have filed electronically with the SEC. Our filings are also available on our website at www.nat.bm. This web address is provided as an inactive textual reference only. Information contained on our website does not constitute part of this annual report.</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Shareholders may also request a copy of our filings at no cost, by writing or telephoning us at the following address:</div>

<div><br>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Nordic American Tankers Limited</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LOM Building</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">27 Reid Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hamilton, HM11, Bermuda.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Tel: +1 441 292 7202</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Fax: +1 441 292 3266</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">63</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><a name="_Toc507411177"><!--Anchor--></a><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z089f718865c94d5e8302058f753f32ed" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">I.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Subsidiary Information</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zda51110e642c494ea75e7fad9938e886" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411178"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 11.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company is exposed to market risk from changes in interest rates related to the variable rate of the Company's borrowings under our Credit Facility.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Amounts borrowed under the Credit Facility bear interest at a rate equal to LIBOR plus a margin.&#160; Increasing interest rates could affect our future profitability. In certain situations, the Company may enter into financial instruments to reduce the risk associated with fluctuations in interest rates.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">A 100 basis point increase in LIBOR would have resulted in an increase of approximately $4.4 million in our interest expense for the year ended December 31, 2017.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company is exposed to the spot market. Historically, the tanker markets have been volatile as a result of the many conditions and factors that can affect the price, supply and demand for tanker capacity. Changes in demand for transportation of oil over longer distances and supply of tankers to carry that oil may materially affect our revenues, profitability and cash flows. All of our vessels are currently operated in the spot market through a cooperative arrangement.&#160; We believe that over time, spot employment generates premium earnings compared to longer-term employment.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We estimate that during 2017, a $1,000 per day per vessel decrease in the spot market rate would have decreased our voyage revenue by approximately $10.0 million.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="za5af77441d9b4f1381670d02dfc03471" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411179"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 12.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="_Toc507411180"><!--Anchor--></a>PART II</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z83d2657653764addbff1d3c4d012d851" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411181"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 13.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z4b2feeaf6959433185037dd833f6403b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411182"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 14.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z0ab20a2ef92b4a389d4d64c6f1ba0093" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411183"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 15.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">CONTROLS AND PROCEDURES</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zd89ea5a015294e8e98ae02473c4808a5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411184"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Disclosure Controls and Procedures.</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 33pt">Pursuant to Rules 13a-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act"), the Company's management, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures as of December 31, 2017. Disclosure controls and procedures are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on this assessment, the Company determined that our disclosure controls and procedures were not effective as a result of the material weakness that existed as of December 31, 2017, described below.</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">64</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">B.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Management's annual report on internal control over financial reporting.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our internal control system is designed to provide reasonable assurance to the Company's management and Board of Directors regarding the reliability of financial reporting and the preparation of published financial statements for external purposes in accordance with generally accepted accounting principles. Our system of internal control over financial reporting includes those policies and procedures that:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z5b66f841cb0d474f85ac200573e7335c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z5c7e941b4f884b88ab10081f54714d57" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that our receipts and expenditures are being made only in accordance with authorization of our management and directors; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z1c0de5f064754a959bb39e7ac219ab54" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the consolidated financial statements.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. All internal control systems, no matter how well designed and operated, can only provide reasonable, not absolute, assurance that the objectives of the control system will be met. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Additionally, any projections of any evaluations of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with our policies and procedures.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our management, including the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of our internal control over financial reporting as at December 31, 2017, based on the framework established in Internal Control &#8211; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on this evaluation, management has concluded that our internal control over financial reporting was not effective as of December 31, 2017, because the following material weakness existed as of December 31, 2017:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">The Company did not design and maintain effective internal controls to ensure the proper application of ASC 205-40, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Going Concern</font>, related to the identification, evaluation and presentation of matters relevant to the Company's ability to continue as a going concern as of December 31, 2017. ASC 205-40, Going Concern, requires that management evaluate whether there are conditions and events, considered in aggregate, that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date that the financial statements are to be issued. The Company determined that the timeliness and comprehensiveness of the performance of its controls was not effective as of December 31, 2017, to ensure that those factors were properly identified, that the appropriate actions were in place, and that any such factors were correctly disclosed in the consolidated financial statements. The resultant deficiencies were identified and corrected by management before issuing the consolidated financial statements for the year ended December 31, 2017. As a result of these actions, the Company recorded a vessel impairment loss of $110.5 million and a goodwill impairment loss of $19.0 million for the year ended December 31, 2017.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zb3eef84f902b4547a655c4dbf19418e2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411185"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">C.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Attestation report of the registered public accounting firm.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The effectiveness of our internal control over financial reporting as of December 31, 2017 has been audited by KPMG AS, an independent registered public accounting firm, as stated in their report that appears herein.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z2e54706606e146d0b0c548407099386c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">D.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Remediation of Material Weakness.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">As discussed in greater detail in Item 15 of our Annual Report on Form 20-F for the year ended December 31, 2016, we initially identified and disclosed a material weakness in our internal controls designed to ensure the proper application of ASC 205-40, Going Concern (described as ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, in Item 15 of our Annual Report on Form 20-F for the year ended December 31, 2016, which was codified in ASC 205-40 upon its effective date). Specifically, we did not have adequate controls to ensure that all those factors that might indicate substantial doubt about an entity's ability to continue for at least the twelve-month period from the date of approval of its annual report were appropriately identified, addressed, and disclosed in the consolidated financial statements</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">65</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We have made progress in executing the remediation plan as described in Item 15 of our Annual Report on Form 20-F for the year ended December 31, 2016 during 2017. We implemented the following measures in 2017:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z8a777d9850954dbf9b0e2751b4bc1415" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36.4pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 34.5pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">designed and implemented additional monitoring controls and enhanced and revised the design of existing review controls; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z70a90e0924e44d4487f5b7d45deb347f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36.4pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 34.5pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">enhanced the formality and rigor of the going concern assessment through revising and formalizing the going concern analysis process and enhancing the robustness of review models.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We believe that the remedial actions taken have improved our internal control over financial reporting related to the material weakness. However, we identified that the operation of our controls over the going concern analysis process were ineffective as they were not sufficiently timely and robust. Due to this remaining deficiency, management concluded that there was a material weakness in our controls to assess the Company's ability to continue as a going concern in accordance with ASC 205-40, Going Concern.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Subsequent to December 31, 2017, we continue to take measures to remediate the underlying causes of the control deficiencies that gave rise to the material weakness, including:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zef0ece2caee64e4a8b3d47ef103f3c2a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36.4pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 34.5pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">enhancing the procedures related to the review of the sensitivity of the going concern analysis and assessment of how changes in our key assumptions applied in the going concern assessment could result in our asset values becoming impaired.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We are committed to maintaining an effective internal control environment and believe these measures will remediate the material weakness identified. While we have completed&#160; these measures as of the date of this report, we have not completed and tested all of the planned corrective processes, enhancements, procedures and related evaluation that we believe are necessary to determine whether the material weakness has been fully remediated. We believe the corrective actions and controls need to be in operation for a sufficient period of time for management to conclude that the control environment is operating effectively and has been adequately tested through audit procedures. Therefore, the material weakness has not been fully remediated as of the date of this report. As we continue to evaluate and work to remediate the control deficiencies that gave rise to the material weakness, we may determine that additional measures or time are required to address the control deficiencies or that we need to modify or otherwise adjust the remediation measures described above. We will continue to assess the effectiveness of our remediation efforts in connection with our evaluation of our ICFR.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z0978dc4b5ff24621b39bf9f5b1468e11" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411186"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">E.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Changes in internal control over financial reporting.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 35.45pt"><a name="_Toc507411187"><!--Anchor--></a>There have been no other changes in internal controls over financial reporting that occurred during the year covered by this Annual Report, other than those described above, that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zb5b5c78756174f01afd789349b7ee649" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 16.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">RESERVED</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z4f3c4e07cf84440d992284e9e9b6427c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411188"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 16A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">AUDIT COMMITTEE FINANCIAL EXPERT</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Board of Directors has determined that Mr. Ugland, who serves as Chairman of the Audit Committee, qualifies as an "audit committee financial expert" under SEC rules, and that Mr. Ugland is "independent" under applicable NYSE rules and SEC standards.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zb4a1f45c702947939290aafb9b86dce7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411189"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 16B.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">CODE OF ETHICS</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The Company has adopted a code of ethics that applies to all of the Company's employees, including our principal executive officer, principal financial officer, principal accounting officer or controller.&#160; The code of ethics may be downloaded at our website (www.nat.bm).&#160; Additionally, any person, upon request, may ask for a hard copy or an electronic file of the code of ethics.&#160; If we make any substantive amendment to the code of ethics or grant any waivers, including any implicit waiver, from a provision of our code of ethics, we will disclose the nature of that amendment or waiver on our website.&#160; During the year ended December 31, 2017, no such amendment was made or waiver granted.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">66</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><a name="_Toc507411190"><!--Anchor--></a><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zbc30f63ed24e44f2b165ed9d7e2e4bcd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 16C.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">PRINCIPAL ACCOUNTANT FEES AND SERVICES</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zf9c8090918ac4d5c98d22851f570a626" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411191"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">A.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Audit Fees</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our Board of Directors has established preapproval and procedures for the engagement of the Company's independent public accounting firms for all audit and non-audit services. The following table sets forth, for the two most recent fiscal years, the aggregate fees billed for professional services rendered by our principal accountant, KPMG AS, for the fiscal years ended December 31, 2017 and 2016, respectively, for the audit of the Company's annual financial statements and services provided by the principal accountant in connection with statutory and regulatory filings or engagements for the years ended December 31, 2017 and 2016. The figures listed below include fees associated with the underwritten public offerings completed during June 2016 and December 2017.</div>

<table id="z6fa373de18034a9e89225c376dd9e898" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 85.9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">FISCAL YEAR ENDED DECEMBER 31, 2017</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">$</div>
</td>
<td style="WIDTH: 10.5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,048,022</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85.9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">FISCAL YEAR ENDED DECEMBER 31, 2016</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">$</div>
</td>
<td style="WIDTH: 10.5%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">810,434</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze7ff87ac3a624d3ab71015544bf670e1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411192"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">B.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Audit-Related Fees</div>
</td>
</tr>
</table>
</div>

<table id="zf17fdf617b3f43aa813cc27f8896767b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 86.24%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">FISCAL YEAR ENDED DECEMBER 31, 2017</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">$</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 86.24%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">FISCAL YEAR ENDED DECEMBER 31, 2016</div>
</td>
<td style="WIDTH: 1.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">$</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0</div>
</td>
<td style="WIDTH: 1.24%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zba264ac6ce6a4d3c879b6c67a266f880" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411193"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">C.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Tax Fees</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zc888620017894adc8d2667a80a4c51f8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411194"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">D.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">All Other Fees</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zda0a6a0406d6475fa950999417f2f972" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411195"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">E.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Audit Committee's Pre-Approval Policies and Procedures</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Our audit committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z6473dae1e6c345419da9f1153bd749ad" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411196"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">F.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Not applicable.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zcf0cc1a895e846d8b23da4d1c5d62964" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411197"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 16D.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z253ae51e93c544a4a49551ea64ceab8c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411198"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 16E.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PERSONS.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zd79e1dd2233b4b10851e72719700bab7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411199"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 16F.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">CHANGE IN REGISTRANT`S CERTIFYING ACCOUNTANT.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z5bfa730d7e6c41ed98e0001af1ecb30f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411200"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 16G.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">CORPORATE GOVERNANCE</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Pursuant to an exception for foreign private issuers, we, as a Bermuda company, are not required to comply with the corporate governance practices followed by U.S. companies under the NYSE listing standards. We believe that our established practices in the area of corporate governance are in line with the spirit of the NYSE standards and provide adequate protection to our shareholders.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">There are four significant differences between our corporate governance practices and the NYSE standards applicable to listed U.S. companies. The NYSE requires that non-management directors meet regularly in executive sessions without management. The NYSE also requires that all independent directors meet in an executive session at least once a year. As permitted under Bermuda law and our bye-laws, our non-management directors do not regularly hold executive sessions without management and we do not expect them to do so in the future. The NYSE requires that a listed U.S. company have a nominating/corporate governance committee of independent directors and a committee charter specifying the purpose, duties and evaluation procedures of the committee. As permitted under Bermuda law and our bye-laws, we do not currently have a nominating or corporate governance committee. The NYSE requires, among other things, that a listed U.S. company have an audit committee with a minimum of three members. As permitted by Rule 10A-3 under the Securities Exchange Act of 1934, our audit committee consists of two independent members of our Board of Directors. The NYSE requires U.S. companies to adopt and disclose corporate governance guidelines. The guidelines must address, among other things: director qualification standards, director responsibilities, director access to management and independent advisers, director compensation, director orientation and continuing education, management succession and an annual performance evaluation. We are not required to adopt such guidelines under Bermuda law and we have not adopted such guidelines</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">67</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><a name="_Toc507411201"><!--Anchor--></a><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zba9e21196ac04bbc83915ca0786aa88b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 16H.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">MINE SAFETY DISCLOSURE</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Not applicable.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="_Toc507411202"><!--Anchor--></a>PART III</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="zbdad99a6118e48fca129d8b95c9619b5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411203"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 17.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">FINANCIAL STATEMENTS</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">See Item 18.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z16c60e78d1784c21b785902c2134945d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411204"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ITEM 18.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">FINANCIAL STATEMENTS</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The financial information required by this Item is set forth on pages F-1 to F-26 filed as part of this annual report.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="ze4662d6723c24bd099f960138aa62b2a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right"><a name="_Toc507411205"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">ITEM 19.</font></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">EXHIBITS</div>
</td>
</tr>
</table>
</div>

<table id="za44597a6218346899e2321a2c5dba033" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">1.1</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957412002820/d1277738_ex1-1.htm">Memorandum of Association of the Company incorporated by reference to Exhibit 1.1 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on April 17, 2012.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">1.2</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000119312512015564/d284168d6k.htm">By-Laws of the Company incorporated by reference to Form 6-K filed with the Securities and Exchange Commission on January 18, 2012.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">2.1</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957412002820/d1277738_ex2-1.htm">Form of Share Certificate incorporated by reference to Exhibit 2.1 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on April 17, 2012.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">2.2</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957417004901/d7516210_6-k.htm">Shareholder Rights Agreement dated as of June 16, 2017 by and between the Company and Computershare Trust Company, N.A., as rights agent incorporated by reference to Form 6-K filed with the Securities and Exchange Commission on June 16, 2017.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.1</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957405002226/d583539_ex4-4.txt">Restated Management Agreement dated June 30, 2004, between Scandic American Shipping Ltd. and Nordic American Tanker Shipping Limited, incorporated by reference to Exhibit 4.4 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on June 30, 2005.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.2</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957405002226/d583539_ex4-4.txt">Amendment to Restated Management Agreement dated October 12, 2004, between Scandic American Shipping Ltd. and Nordic American Tanker Shipping Limited, incorporated by reference to Exhibit 4.4 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on June 30, 2005.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.3</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957404002872/d521656_ex99.txt">Amendment to Restated Management Agreement dated October 12, 2004, between Scandic American Shipping Ltd. and Nordic American Tanker Shipping Limited, incorporated by reference to Exhibit 99 to Form 6-K filed with the Securities and Exchange Commission on October 29, 2004.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.4</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957407003276/d786456_ex4-3.txt">Amendment to Restated Management Agreement dated April 29, 2005, between Scandic American Shipping Ltd. and Nordic American Tanker Shipping Limited, incorporated by reference to Exhibit 4.3 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2006 filed with the Securities and Exchange Commission on June 29, 2007.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.5</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957412002820/d1277738_ex4-5.htm">Amendment to Restated Management Agreement dated November 19, 2005, between Scandic American Shipping Ltd. and Nordic American Tanker Shipping Limited incorporated by reference to Exhibit 4.5 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission April 17, 2012.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.6</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957408002841/d878602_ex4-3.htm">Amendment to Restated Management Agreement dated May 3, 2008, between Scandic American Shipping Ltd. and Nordic American Tanker Shipping Limited incorporated by reference to Exhibit 4.3 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2007 filed with the Securities and Exchange Commission on May 9, 2008.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.7</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957410003718/d990876_ex4-5.htm">Amendment to Restated Management Agreement dated May 31, 2009, between Scandic American Shipping Ltd. and Nordic American Tanker Shipping Limited incorporated by reference to Exhibit 4.5 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2009 filed with the Securities and Exchange Commission on May 24, 2010.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.8</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957412002820/d1277738_ex4-8.htm">Amendment to Restated Management Agreement dated July 1, 2010, between Scandic American Shipping Ltd. and Nordic American Tanker Shipping Limited incorporated by reference to Exhibit 4.8 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on April 17, 2012.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">68</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<table id="z9327556bf1f2418282a169b1c44d51d1" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.9</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957412002820/d1277738_ex4-9.htm">Amendment to Restated Management Agreement dated December 1, 2011 between Scandic American Shipping Ltd. and Nordic American Tankers Limited incorporated by reference to Exhibit 4.9 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on April 17, 2012.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.10</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000119312513113445/d504782dex414.htm">Amendment to Restated Management Agreement dated January 10, 2013 between Scandic American Shipping Ltd. and Nordic American Tankers Limited incorporated by reference to Exhibit 4.14 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2012 filed with the Securities and Exchange Commission on March 19, 2013.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">4.14</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957416012108/d7088793_ex4-14.htm">Amended and Restated 2011 Equity Incentive Plan, incorporated by reference to Exhibit 4.14 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2015 filed with the Securities and Exchange Commission on March 23, 2016.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">8.1</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="d7893529_ex8-1.htm">Subsidiaries of Nordic American Tankers Limited</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">12.1</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="d7889049_ex12-1.htm">Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">12.2</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="d7889049_ex12-2.htm">Rule 13a-14(a) /15d-14(a) Certification of the Chief Financial Officer.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">13.1</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="d7889049_ex13-1.htm">Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">13.2</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="d7889049_ex13-2.htm">Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">15.1</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="d7893808_ex15-1.htm">Consent of Independent Registered Public Accounting Firm &#8211; KPMG AS.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">15.2</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top"><a href="d7893520_ex15-2.htm">Consent of Independent Registered Public Accounting Firm -- KPMG AS (Financial Statements of Nordic American Offshore Ltd.)</a></td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">15.3</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="d7893520_ex15-3.htm">Consent of Fearnleys</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">15.4</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><a href="d7893520_ex15-4.htm">Consolidated Financial Statements of Nordic American Offshore Ltd.</a></div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">101.INS</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">XBRL Instance Document</div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">101.SCH</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">XBRL Taxonomy Extension Schema Document</div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">101.CAL</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">XBRL Taxonomy Extension Schema Calculation Linkbase Document</div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">101.DEF</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">XBRL Taxonomy Extension Schema Definition Linkbase Document</div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">101.LAB</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">XBRL Taxonomy Extension Schema Label Linkbase Document</div>
</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 10.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">101.PRE</div>
</td>
<td style="WIDTH: 89.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">XBRL Taxonomy Extension Schema Presentation Linkbase Document</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">69</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">SIGNATURES</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and has duly caused and authorized the undersigned to sign this annual report on its behalf.</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="ze83f6efd51804b5cab17f599d83d2c71" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36.37%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.61%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 43.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">NORDIC AMERICAN TANKERS LIMITED</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36.37%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19.61%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 43.6%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 36.37%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">/s/Herbj&#248;rn Hansson</div>
</td>
<td style="WIDTH: 19.61%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 43.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">May&#160;15, 2018</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36.37%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Name:&#160; Herbj&#248;rn Hansson</div>
</td>
<td style="WIDTH: 19.61%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 43.6%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 36.37%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Title: </font>Chairman, President, and Chief Executive Officer</div>
</td>
<td style="WIDTH: 19.61%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 43.6%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left"><br>
</div>

<div><br>
</div>

<div><br>
</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">70</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<!--PROfilePageNumberReset%Num%1%F-%%-->
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">NORDIC AMERICAN TANKERS LIMITED</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TABLE OF CONTENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">
<table id="zb2c740e0c47f4354951e97e1f1ae2f08" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">_______________________________________________________________</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Page</div>
</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM &#8211; KPMG AS</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">F-2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM &#8211; KPMG AS</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">F-3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">FINANCIAL STATEMENTS:</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">F-5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2017, 2016 and 2015</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">F-6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Consolidated Balance Sheets as of December 31, 2017 and 2016</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">F-7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Shareholders' Equity for the years ended December 31, 2017, 2016 and 2015</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">F-8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">F-9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 90.32%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Notes to Consolidated Financial Statements</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">F-10</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-1</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<!--PROfilePageNumberReset%Num%1%F-%%-->
<div>&#160;</div>

<div>
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Report of Independent Registered Public Accounting Firm</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">To the Shareholders and Board of Directors<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Nordic American Tankers Limited:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Opinion on the Consolidated Financial Statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We have audited the accompanying consolidated balance sheets of Nordic American Tankers Limited and subsidiaries (the Company) as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive (loss) income, shareholders' equity, and cash flows for each of the years in the three&#8209;year period ended December 31, 2017, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the years in the three&#8209;year period ended December 31, 2017, in conformity with U.S. generally accepted accounting principles.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2017, based on criteria established in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Internal Control &#8211; Integrated Framework (2013)</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated May 15, 2018 expressed an adverse opinion on the effectiveness of the Company's internal control over financial reporting.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Basis for Opinion</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">/s/ KPMG AS</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We have served as the Company's auditor since 2015.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Oslo, Norway<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> May 15, 2018</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-1</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Report of Independent Registered Public Accounting Firm</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">To the Shareholders and Board of Directors<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Nordic American Tankers Limited:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Opinion on Internal Control Over Financial Reporting</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We have audited Nordic American Tankers Limited and subsidiaries<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">'</font> (the Company) internal control over financial reporting as of December 31, 2017, based on criteria established in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Internal Control &#8211; Integrated Framework (2013)</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, because of the effect of the material weakness, described below, on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2017, based on criteria established in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Internal Control &#8211; Integrated Framework (2013)</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive (loss) income, shareholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2017, and the related notes (collectively, the consolidated financial statements), and our report dated May 15, 2018 expressed an unqualified opinion on those consolidated financial statements.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. A material weakness related to the effectiveness of controls to ensure the proper application of Accounting Standards Codification ("ASC") 205-40, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Going Concern</font>, related to the identification, evaluation and presentation of matters relevant to the Company's ability to continue as a going concern has been identified and included in management's assessment. The material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2017 consolidated financial statements, and this report does not affect our report on those consolidated financial statements.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Basis for Opinion</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's annual report on internal control over financial reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-2</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Definition and Limitations of Internal Control Over Financial Reporting</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Disclaimer on Additional Information in Management's Report</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We do not express an opinion or any other form of assurance on management's statements, included in the accompanying Management's annual report on internal control over financial reporting, referring to corrective actions taken after December 31, 2017, relative to the aforementioned material weakness in internal control over financial reporting.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">/s/ KPMG AS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Oslo, Norway<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> May 15, 2018</div>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-3</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<table id="z189a6f2dcc70455f92ee7a4c77d50b93" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Nordic American Tankers Limited</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consolidated Statements of Operations for the Years Ended December 31, 2017, 2016&#160; and 2015</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000, except share and per share amount</div>

<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="z039269e9c0454155b77b1cf9e9354c98" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="10">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Year Ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Voyage Revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">297,141</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">357,451</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">445,738</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Voyage Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(142,465</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(125,987</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(158,656</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessel Operating Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(87,663</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(80,266</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(66,589</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Impairment Loss on Vessels</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(110,480</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Impairment Loss on Goodwill</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(18,979</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">General and Administrative Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(12,575</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(12,296</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(9,790</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Depreciation Expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(100,669</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(90,889</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(82,610</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Received Settlement</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5,328</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Operating (Loss) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(175,690</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">53,341</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">128,093</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">347</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">215</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">114</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(20,464</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(11,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(10,855</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other Financial Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(644</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(98</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(167</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Other Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(20,761</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(11,053</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(10,908</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net (Loss) Income Before Income Taxes and Equity (Loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(196,451</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">42,288</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">117,185</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Income Tax Expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(83</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(102</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(96</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Equity (Loss) from Associate</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,435</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(46,642</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2,462</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Income (Loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(204,969</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">114,627</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Basic and Diluted (Loss) Earnings per Share</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1.97</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.05</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.29</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Basic and Diluted Average Number of Common Shares Outstanding</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">103,832,680</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">92,531,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">89,182,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash Dividends per Share</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.53</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.37</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.38</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center">The accompanying notes are an integral part of these consolidated financial statements.</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-4</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<table id="z9cc81592b1ef4f8db693e5a6feb9e1c7" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Nordic American Tankers Limited</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consolidated Statements of Comprehensive (Loss) Income for The Years Ended December 31, 2017, 2016 and 2015</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000, except share and per share amount</div>

<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="z055df0d0e8ec4880a01e7f2ebeaed9e2" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="10">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Year Ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net (Loss) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(204,969</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">114,627</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Comprehensive Loss Current Period</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Translation Differences</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">110</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">29</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(326</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Unrealized (Loss) Gain on Defined benefit plan</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(260</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(94</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">192</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Comprehensive Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(150</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(65</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(134</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Comprehensive (Loss) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(205,119</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(4,521</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">114,493</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center">The accompanying notes are an integral part of these consolidated financial statements.</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-5</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Nordic American Tankers Limited</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consolidated Balance Sheets as of December 31, 2017 and 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000, except share and per share amount</div>

<div><br>
</div>

<table id="zf4d387c2e92a409e9c173248661217ed" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">As of December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Current Assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash and Cash Equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">58,359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">82,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Receivable, Net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">21,699</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">17,487</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Receivable, Related Party</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">775</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">583</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Prepaid Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3,376</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,480</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Inventory</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">23,086</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">20,886</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Voyages in Progress</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15,308</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">35,610</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,384</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,493</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">126,987</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">163,709</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Non-Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessels, Net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">935,813</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,058,049</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Deposits for Vessels under Construction</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">50,130</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">82,130</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Goodwill</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">18,979</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investment in Nordic American Offshore Ltd</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">12,164</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">16,550</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other Non-Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15,969</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,487</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Non-Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,014,076</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,186,195</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,141,063</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,349,904</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="8">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Liabilities and Shareholders' Equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Current Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3,218</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,294</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accrued Voyage Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,873</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">9,583</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accrued Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">11,239</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">7,648</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Current Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">25,330</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">21,525</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="8">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Long-Term Debt</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">388,855</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">442,820</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Deferred Compensation Liability</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15,814</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">14,510</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Non-Current Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">404,669</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">457,330</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Commitment and Contingencies</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Shareholders' Equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common Stock, Par Value $0.01 per Share</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">180,000,000 authorized 141,969,666 issued and outstanding at December 31, 2017 and 101,969,666 issued and outstanding at December 31, 2016.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,420</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,020</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Additional Paid-In Capital</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">123,439</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">235,050</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Contributed Surplus</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">796,817</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">640,472</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accumulated Other Comprehensive Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,187</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,037</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accumulated Deficit</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(209,425</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Shareholders' Equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">711,064</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">871,049</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Liabilities and Shareholders' Equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,141,063</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,349,904</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom" colspan="8">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center">The accompanying notes are an integral part of these consolidated financial statements.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-6</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="zed4d8ae5a72f4503985c474c8b446ba2" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Nordic American Tankers Limited</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2017, 2016 and 2015</div>
</td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000, except number of shares</div>

<div><br>
</div>

<table id="z16305fe03ec747ef80e26a94202ddf9f" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Number of Shares</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Treasury Shares</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Common Stock</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Additional Paid-In Capital</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Contributed Surplus</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Accumulated Other Comprehensive Loss</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Retained Earnings (Accumulated Deficit)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Total Shareholders' Equity</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance at January 1, 2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">89,182,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">892</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">114,291</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">787,732</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(838</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(13,166</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">888,911</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accumulated coverage of loss as of December 31, 2014</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(13,166</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">13,166</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">114,627</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">114,627</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other Comprehensive Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(134</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(134</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Share Based Compensation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">388</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">388</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividends Distributed</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,444</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(114,627</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(123,071</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance at December 31, 2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">89,182,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">892</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">114,679</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">766,122</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(972</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">880,721</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common Shares Distributed &#8211; 2011 Equity Incentive Plan</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">137,665</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common Shares Issued, net of $0.4 million issuance cost</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">12,650,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">127</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">119,942</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">120,069</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other Comprehensive Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(65</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(65</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Share Based Compensation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">429</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">429</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Forfeited shares &#8211; 2011 Equity Incentive Plan</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">13,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividends Distributed</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(125,650</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(125,650</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance at December 31, 2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">101,969,666</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">13,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,020</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">235,050</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">640,472</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(1,037</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">871,049</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(204,969</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(204,969</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Reduction of share premium</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(215,481</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">215,481</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common Shares Issued, net of $0.8 million issuance cost</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">40,000,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">400</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">103,348</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">103,748</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other Comprehensive Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(150</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(150</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Share Based Compensation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">522</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">522</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Forfeited shares &#8211; 2011 Equity Incentive Plan</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">13,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividends Distributed</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(59,136</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(59,136</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance at December 31, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">141,969,666</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">22,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,420</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">123,439</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">796,817</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(1,187</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(209,425</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">711,064</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center">The accompanying notes are an integral part of these consolidated financial statements.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-7</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Nordic American Tankers Limited</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000</div>

<table id="zde8274f07d6c4d9097d3f12d784b05fb" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="10">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Year Ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash Flows from Operating Activities</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net (Loss) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(204,969</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">114,627</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Reconciliation of Net Loss to Net Cash Provided by Operating Activates</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Depreciation Expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">100,669</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">90,889</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">82,610</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Impairment Loss on Vessels</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">110,480</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Impairment Loss on Goodwill</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">18,979</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Equity Loss from Associate</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8,435</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">46,642</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,462</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Drydock Expenditure</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(18,776</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(15,382</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(11,450</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Amortization of Deferred Finance Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,393</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,382</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,240</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Deferred Compensation Liability</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,303</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,369</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">324</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Share-based Compensation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">522</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">430</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">388</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(163</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">33</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(61</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">Changes in Operating Assets and Liabilities</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="10">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Receivables</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,258</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,084</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(11,832</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Receivables, Related Party</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(145</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">12</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">77</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Inventory</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2,200</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(6,043</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">7,380</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Prepaid Expenses and Other Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(904</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">415</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">262</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Payable and Accrued Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,072</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">668</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(3,869</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Voyages in Progress</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">20,303</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,743</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(7,767</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Cash Provided by Operating Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">31,741</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">127,786</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">174,391</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash Flows from Investing Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investment in Vessels</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(37,567</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(138,277</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(123,373</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investment in Other Fixed Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(87</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(103</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Sale of Other Fixed Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">334</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Deposits for Vessels under Construction</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(50,130</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(64,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investments in Nordic American Offshore Ltd</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(10,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(9,508</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividends received from Associate</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,041</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,685</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,227</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Cash Used in Investing Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(46,526</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(186,809</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(192,423</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash Flows from Financing Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Proceeds from Issuance of Common Stock</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">103,748</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">120,068</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Proceeds from Use of Credit Facility</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">117,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">80,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Repayments on Credit Facility</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(55,359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Transaction Costs Borrowing Facilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(13,125</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(130</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,640</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividends Distributed</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(54,226</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(125,650</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(123,071</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Cash (Used In)/Provided by Financing Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(18,962</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">111,288</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(47,711</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net (Decrease) Increase in Cash and Cash Equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(33,747</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">52,266</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(65,743</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash and Cash Equivalents at Beginning of Year</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">82,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">29,889</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">100,736</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Effect of Exchange Rate changes on Cash and Cash Equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(64</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(104</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Release / (deposit) of restricted cash</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash and Cash Equivalents at End of Year</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">58,359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">82,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">29,889</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash Paid for Interest, Net of Amounts Capitalized</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">19,476</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">9,840</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">9,374</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Restricted cash</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,149</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash Paid for Taxes</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">102</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">96</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">47</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Fair value of shares distributed as dividend in kind</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,910</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center">The accompanying notes are an integral part of these consolidated financial statements.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-8</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">NORDIC AMERICAN TANKERS LIMITED</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center">(All amounts in USD '000 except where noted)</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="zda61bab134e54f50a6449a425af1c29e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 25.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">NATURE OF BUSINESS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Nordic American Tankers Limited ("NAT") was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company's shares trade under the symbol "NAT" on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers.</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company is an international tanker company that currently has a fleet of 33 Suezmax tankers, including three newbuildings expected to be delivered in 2018, an increase from the three vessels owned in the autumn of 2004. The Company expects to expand the fleet over time despite the short-term plan of disposing of certain vessels. The 30 vessels the Company operated per December 31, 2017, average approximately 156,000 dwt each. In 2017, 2016 and 2015, the Company chartered its operating vessels primarily in the spot market.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">NAT has the subsidiaries Scandic American Shipping Ltd. ("Scandic"), providing administrative and operational services, and NAT Chartering Ltd ("NATC"), providing services as commercial manager. Accordingly, these financial statements are presented on a consolidated basis for NAT and its subsidiaries ("the Company").</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Tanker markets are typically stronger in the fall and winter months (the fourth and first quarters of the calendar year) in anticipation of increased oil consumption in the northern hemisphere during the winter months.&#160; Seasonal variations in tanker demand normally result in seasonal fluctuations in spot market charter rates.</font></div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">The Company's Fleet</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Including three newbuildings, the Company's current fleet consists of 33 Suezmax crude oil tankers of which 31 were built, or are under construction, in Korea.</div>

<div><br>
</div>

<table id="z520ce7949162419787132404dcab9f37" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Vessel</u></div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>Built</u></div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>Deadweight Tons</u></div>
</td>
<td style="WIDTH: 33%; VERTICAL-ALIGN: top">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>Delivered to NAT</u></div>

<div>&#160;</div>
</td>
<td style="WIDTH: 0.53%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Harrier</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1997</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">151,459</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">1997</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Hawk</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1997</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">151,475</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">1997</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Hunter</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1997</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">151,401</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">1997</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Voyager</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1997</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">149,591</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2004</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Fighter</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1998</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">153,328</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Freedom</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2005</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">159,331</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Discovery</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1998</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">153,328</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Saturn</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1998</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">157,331</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Jupiter</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1998</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">157,411</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2006</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Moon</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2002</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">160,305</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2006</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Apollo</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2003</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">159,998</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2006</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Cosmos</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2003</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">159,999</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2006</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Sprite</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1999</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">147,188</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2009</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Grace</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2002</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">149,921</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2009</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Mistral</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2002</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">164,236</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2009</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Passat</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2002</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">164,274</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2010</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Vega</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2010</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">163,940</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2010</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Breeze</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2011</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">158,597</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2011</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Aurora</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1999</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">147,262</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2011</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Zenith</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2011</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">158,645</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2011</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Sprinter</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2005</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">159,089</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Skier</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2005</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">159,089</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Light</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2010</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">158,475</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Cross</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2010</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">158,475</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Luna</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2004</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">150,037</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2016</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Castor</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2004</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">150,249</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2016</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Sirius</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2000</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">150,183</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2016</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Pollux</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2003</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">150,103</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2016</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Star</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2016</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">159,000</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2016</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Nordic Space</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2017</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">159,000</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Newbuilding(1)</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2018</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">157,000</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2018(2)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Newbuilding(1)</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2018</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">157,000</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2018(2)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.96%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Newbuilding(1)</div>
</td>
<td style="WIDTH: 14.47%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2018</div>
</td>
<td style="WIDTH: 21.03%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">157,000</div>
</td>
<td style="WIDTH: 33.53%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2018(2)</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(1) Vessel under construction per December 31, 2017.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(2) Expected delivery during the July, August and October 2018, respectively</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-9</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="z533a5ee7dd334c0b9b718c28251415bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 25.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Basis of Accounting: </font>These consolidated financial statements ("financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Principles of Consolidation: </font>Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries' accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in the consolidation.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The equity method of accounting is used for investments in companies which NAT does not control, but over which NAT has the ability to exercise significant influence.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Use of Estimates:</font> Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Foreign Currency Translation: </font>The functional currency of NAT is the United States ("U.S.") dollar as all revenues are received in U.S. dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">.</font> The subsidiaries of NATC, NAT Chartering AS, and the European branch of Scandic, have Norwegian Kroner as their functional currency. All assets and liabilities of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders' equity as part of accumulated other comprehensive loss.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Revenue and Expense Recognition: </font>Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot and time charters.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Spot Charters:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#160;</font>Voyage revenues and expenses are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Based on the terms of the customer agreement, a voyage is deemed to commence upon the completion of discharge of the vessel's previous cargo and is deemed to end upon the completion of discharge of the current cargo. However, the Company does not recognize revenue if a charter has not been contractually committed to by a customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Revenue is generated from freight billing. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the loading or discharging ports. When the Company's tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Time Charters: </font>Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the shipowner pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel's intermediate and special surveys.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Vessel Operating Expenses</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">:</font> Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Cash and Cash Equivalents:</font> Cash and cash equivalents consist of highly liquid investments such as time deposits with original maturities of three months or less.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Accounts Receivable, Net:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>Account receivable and other receivables are presented net of allowance for doubtful balances. If balances are determined uncollectable, after all means of collections have been exhausted and the potential for recovery is considered to be remote, they are charged against the allowance for doubtful balances. As of December 31, 2017 and December 31, 2016, we made an allowance of approximately $0 and $150,000 for doubtful receivables, respectively.</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-10</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Inventories: </font>Inventories, which are comprised of bunker fuel and lubrication oil, are stated at the lower of cost or market. Cost is determined on a first-in, first-out ("FIFO") basis.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Vessels, Net:</font> Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are also capitalized and included in vessels' cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is provided over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Impairment of Vessels: </font>The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (calculated based on estimated discounted operating cashflows). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel. The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical average for similar vessels for the remaining estimated life of the vessel. Useful economic life is assumed to be 25 years from the delivery of the vessel from the shipyard, net of brokerage commissions, expected outflows for vessels' maintenance and vessel operating expenses (including planned drydocking expenditures). The salvage value used in the impairment test is estimated to be $8.0 million per vessel. If the Company's estimate of undiscounted future cash flows for any vessel is lower than the vessel's carrying value, the carrying value is written down, by recording an impairment charge. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. The Company has further applied a probability-weighted approach taking into consideration different scenarios for the vessels being assessed.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Drydocking:</font> The Company's vessels are required to be drydocked approximately every 30 to 60 months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Consistent with prior periods, drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Investments in Equity Method Investees: </font>Investments in other entities where the Company has "significant influence" in accordance with U.S. GAAP are accounted for using the equity method of accounting.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company's proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-11</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 13.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Goodwill:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has acquired. Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Deferred Compensation Liability: </font>The Company has one individual deferred compensation agreement with the Company's CEO. The former CFO &amp; EVP had an individual deferred compensation agreement, denominated in Norwegian currency, where further benefits do not accrue upon leaving the Company as of Dec 31, 2017. The liabilities are accounted for on an accrual basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses are recognized in general and administrative expenses as incurred.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Other Comprehensive (Loss) Income:</font> The Company follows the guidance in ASC Topic 220, "Comprehensive Income" which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Segment Information: </font>The Company has identified only one operating segment. The Company has only one type of vessel &#8211; Suezmax crude oil tankers. The Company does not provide a geographical analysis because the Company's business is global in nature and the location of its vessels continually changes.</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Fair Value of Financial Instruments:</font> The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments. For further information on fair value of financial instruments please see Note 16.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Deferred Financing Costs:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. The deferred financing costs are accounted as a direct deduction from the associated debt liability in Long-Term Debt.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Stock-Based Payments:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The fair value of restricted shares to employees is estimated based on the market price of the Company's shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Income Taxes:&#160; </font>The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Two of the Company's wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 24%, 25%, and 27% for the years ended December 31, 2017, 2016 and 2015, respectively, of their taxable profit.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #ff0000">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The income tax expensed for year ended December 31, 2017, 2016 and 2015 was $83,000, $102,000 and $96,000, respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.</font></div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Concentration of Credit Risk:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables. The Company's cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the year ended December 31, 2017, one customer accounted for 12% of the total revenues. For the year ended December 31, 2016, one customer accounted for 32% of the total revenues.&#160; For the year ended December 31, 2015, two customers accounted for 42% of the total revenues, with 30% and 12%.</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Accounts receivable, net, as of December 31, 2017, and 2016 were $21.7 and $17.5 million, respectively. As of December 31, 2017, two charterers accounted for 25% of the outstanding accounts receivable, with 11% and 14%. As of December 31, 2016, three charterers accounted for 44% of the outstanding accounts receivable, with 16%, 16%, and 12%.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-12</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Recent Accounting Pronouncements:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In May 2014, the FASB issued ASU No. 2014-09, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Revenue from Contracts with Customers</font>, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. Effective date is for reporting periods commencing on or after December 15, 2017.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company has concluded that it will continue to recognize revenue from voyage charters over time. Under ASC606 the period for revenue recognition will change from the current method of discharge-to-discharge to load-to-discharge. Revenues from voyage charters will not change, however the timing of revenue recognition will change materially and will affect the voyage results recognized in each period. Recognizing revenues from load-to-discharge results in delayed revenue recognition compared to the current practice and we also expect more volatility in the results as the revenue is recognized over a shorter time period.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Under this new guidance the Company will also capitalize the voyage costs incurred between contract signing and the next load port if the voyage costs qualify as fulfilment cost and will be expensed over the same period as the related revenue is recognized.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The implementation of this standard is as of December 31, 2017, estimated to result in a reduction of accrued revenue of $5.3 million, a reduction of accrued voyage expenses of $0.6 million and recognition of capitalized spot charter contract fulfilment cost of $0.6 million, with the net effect being recorded as a reduction of equity per January 1, 2018. The Company has elected to apply the option to implement the standard under the modified retrospective method.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company also generates revenues from time charter contracts, which is recognized on an accrual basis over the term of the charter contract.&#160; Time charter revenues are not expected to be affected materially from this new guidance.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Under the modified retrospective approach prior year figures will not be adjusted. The cumulative effect of adopting this guidance will be recorded as an adjustment to its opening balance of retained earnings (accumulated loss) as of January 1, 2018.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The update requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Implemented in 2017</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In November 2016, the FASB issued ASU 2016-18, Statement of cash flows (230): Restricted cash, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company has early adopted this ASU in 2017 and retrospectively applied this to all periods presented. As such, $5.0 million has been transferred from Investing Activities to be presented separately below the Statements of Cash Flows for the 2015 financial year.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230). </font>The Company has early adopted this ASU and the adoption did not have any effect on the consolidated financial statements.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In January 2017, the FASB issued ASU 2017-04 Intangibles &#8211; Goodwill and other (Topic 350), which simplifies the test for goodwill impairment. This update eliminates Step 2 from the goodwill impairment test. The Company has early adopted this ASU and the adoption resulted in that the Company did not perform step 2 in the goodwill impairment testing in 2017. </div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">Effective January 1, 2017, the Company adopted ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323). The adoption did not have any effect on the consolidated financial statements.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">Effective January 1, 2017, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The adoption did not have any effect on the consolidated financial statements.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-13</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify">
<table id="z1159c8c5b2b64bbeb6227af7f91eb09c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 17.85pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">VESSELS, NET</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Vessels, net, consist of the carrying value of 30 vessels and 29 vessels for the year ended December 31, 2017 and December 31, 2016, respectively. Vessels, net include drydocking costs.</div>

<table id="z89f76d5864a54c4db33c7d00b8d47202" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">All Figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Vessels</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,769,967</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,700,040</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Drydocking</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">119,303</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">99,153</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Total</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,889,270</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,799,193</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Less Accumulated Depreciation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(842,977</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(741,144</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Less Impairment Loss on Vessels</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(110,480</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Vessels, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">935,813</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,058,049</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company has taken delivery of one vessel, Nordic Space, in 2017. Further, the Company has taken ten vessels through periodical maintenance surveys in 2017.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company has paid $50.1 million in deposits for three vessels under construction to be delivered in 2018 and has total remaining capital commitments of $117.0 million, which is payable upon delivery in July, August and October 2018, respectively. The financing of these vessels is secured through a finance agreement with Ocean Yield ASA (see further information in note 9).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Impairment Loss on Vessels</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company reviewed its assets for impairment on an asset by asset basis. The Company recorded an impairment loss of $110.5 million for the year ended December 31, 2017. The Company has not recorded impairment loss on vessels for the years ended December 31, 2016 and 2015, respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company performed a probability-weighted approach as part of the vessel impairment assessment, where different scenarios for the vessels were assessed. Further, the Company performed cash flow forecasts for the following twelve months as required under ASC 205-40 Going Concern and performed these analyses for different market scenarios. These forecasts are prepared under the assumption of utilizing the Backstop facility that is the financing arrangement the Company currently has available under the recapitalization program. Under this assumption, with possible prolonged weak tanker market rates, the Company applied the probability-weighted approach and identified that it had to sell up to ten vessels to comply with the covenant requirements under the Backstop Facility. As a result, the Company has as of December 31, 2017 decided to record an impairment loss of $110.5 million related to the ten pre-2000 built vessels and written these vessels down to their estimated fair values. Fair value is in line with broker estimates. Assumed recapitalization transactions outside of the Backstop facility were not taken into consideration when assessing the probability of selling vessels in the probability-weighted approach.</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">INVESTMENTS<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><br>
 Nordic American Offshore Ltd.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Nordic American Offshore Ltd. ("NAO") was incorporated on October 17, 2013, and operates Platform Supply Vessels ("PSV"). On November 18, 2013, NAO concluded a private placement of $250 million, wherein the Company participated with an investment of $65 million, or 4,333,566 shares. In June 2014 NAO completed an initial public offering on the New York Stock Exchange wherein the Company acquired 375,000 shares for $5.6 million.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In 2014 NAT distributed 699,802 NAO shares as dividend-in-kind to its shareholders. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">In December 2014 the Company acquired an additional 488,216 shares in the open market. In November 2015 the Company purchased 1,521,300 shares in a private transaction.</font></div>

<div><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In March 2017, Nordic American Offshore Ltd (or "NAO") completed a follow-on offering of its common shares in which NAT participated with a $10.0 million investment. Following the investment, NAT owned 22.6% of NAO. As a consequence of the reduction of NAT's holdings from 29.1% to 22.6% of the common shares of NAO, NAT recorded a dilution loss (non-cash) of $2.6 million in the first quarter of 2017.</div>

<div><br>
</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-14</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">On August 31, 2017, the Company paid a dividend, which included a cash dividend of $0.10 per share and a distribution of an aggregate of 4,024,745 common shares of NAO, which were owned by the Company.&#160; Each of our shareholders that held 250 or more of our common shares received one NAO common share per 24.4 NAT common shares, which we recognized at a cash value of $0.05 per share. Fractional shares were compensated by a cash dividend based on the closing price of NAO shares on the NYSE on July 20, 2017, which was $1.22. Each of our shareholders that held 249 or fewer shares received an additional cash dividend of $0.05 per common share. In connection to the above distribution of NAO shares, we recorded a loss of $0.7 million. Following this distribution, we owned 16.1% of the outstanding common shares of NAO.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">NAT's ownership in NAO as of December 31, 2017 and 2016 was 16.1 % and 29.1% respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">As at December 31, 2016 the Company evaluated its investment in NAO for impairment, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">after considering factors including, but not limited to, the fair value of NAO based on the quoted share price as compared to its carrying value, the length of time the investment's fair value had been below carrying value and the limited near-term prospects for a recovery in the share price of NAO. We concluded that as of December 31, 2016, the investment in NAO was other-than-temporarily impaired and recorded an impairment charge of $37.3 million to reflect the fair value of the shares. The Company has evaluated the investment on the same basis per December 31, 2017 and has not identified a need for any impairment charges in 2017.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The fair value of NAT's investment in NAO, based on the share price was $12.0 and $16.6 million as of December 31, 2017 and 2016, respectively. The carrying value of the investment per December 31, 2017 was $12.2 million.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Summarized balance sheet information for NAO is as follows:</div>

<div><br>
</div>

<table id="z5e11b7a32e70417880ee3c6426c0a2a9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">December 31, 2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">December 31, 2016</div>

<div></div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Current assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">37,076</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">7,909</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Noncurrent assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">350,635</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">366,945</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Total Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">387,711</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">374,854</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Current liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,809</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,089</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Noncurrent liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">136,629</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">136,568</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Total Shareholders' Equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">248,273</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">234,196</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Total liabilities and equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">387,711</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">374,854</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">NAT's share of NAO's equity was $40.0 million and $68.1 million as of December 31, 2017 and 2016, respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Summarized Statement of Operations information for NAO is as follows:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>

<table id="zfe512c2a51a444728572f3c0440bad7b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="10">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Years ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating Revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">17,895</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">17,697</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">36,372</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net Operating (Loss) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(26,068</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(28,543</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,372</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net (Loss) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(29,326</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(32,151</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(10,844</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">NAT's portion of NAO's Net (Loss) Income in the Statements of Operations per December 31, 2017, 2016 and 2015 was ($5.1) million, ($9.3) million and ($2.5) million, respectively. The Company has received dividends from NAO per Dec 31, 2017 and 2016 of $ 1.0 million and $1.7 million, respectively.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ACQUISITIONS</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In 2013 the Company acquired Scandic. The purchase price was $33.3 million, of which $18.1 million was paid in shares, $8.0 million was paid in cash and $7.2 million was payable to the seller for additional assets. The Company performed an analysis of the fair value of the tangible assets acquired and liabilities assumed, resulting in recognition of $19.0 million of goodwill.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As of December 31, 2017 the Company has recorded an impairment loss of $19.0 million for the goodwill associated with the Company's one reporting unit, which encompasses the entire company. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">As a result of the impairment loss related to the ten pre-2000 built vessels, the Company has assessed and concluded that this probable reduction in the fleet does not support the assumption that the fleet size is maintained throughout the lifetime of the analysis through replacement of retired vessels. The assumed reduction in the fleet has resulted in the fair value of the reporting unit to fall below the carrying value, implying a negative value of the goodwill. As a result we have written down the value of the goodwill by $19.0 million. As of December 31, 2017, the carrying value of goodwill is zero after the impairment loss is recognized.</font></div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-15</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify">
<table id="z22095a525dcb4c24beb2921c50bdfe8f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 17.85pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">RELATED PARTY TRANSACTIONS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Nordic American Offshore Ltd.:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In December 2013, NAT entered into a management agreement with NAO for the provision of administrative services.&#160; For services under the management agreement, NAT received a management fee of $100,000 for 2017, $100,000 for 2016 and $200,000 for 2015, and is reimbursed for cost incurred in connection with its services.&#160; NAT also receives reimbursement for a portion of the operational costs such as salary and office rent, among others, incurred by NAT, which is attributable to NAO.&#160; For the year ended December 31, 2017, 2016 and 2015, the Company recognized an aggregate of $2.3 million, $2.2 million and $2.1 million, respectively, for such costs incurred which was included in General and Administrative Expenses.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Board Member and Employees:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Mr. Jan Erik Langangen, Board Member and advisor of the Company, is a partner of Langangen &amp; Helset Advokatfirma AS, a firm which provides legal services to the Company. The Company recognized $0.1 million, $0.3 million and $0.1 million in costs in each of the years ended December 31, 2017, 2016 and 2015, respectively, for the services provided by Langangen &amp; Helset Advokatfirma AS. These costs are included in General and Administrative Expenses within the Statements of Operations. No amounts were due to the related party as of December 31, 2017 and 2016.</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In 2014, the Company entered into an agreement with an immediate family member of the Chairman for the use of an asset for corporate and marketing activities. The Company paid a fixed annual fee and fees associated with actual use. This agreement was terminated in 1Q, 2017. The cost of this arrangement for the year ended December 31, 2016 and 2015, respectively, was $0.1 million per year, which are included in General and Administrative costs. In 2017, use of the asset is paid for upon utilization. No amounts were due to the related party as of December 31, 2017, 2016 or 2015.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="zadd1e5dfbebe40efb2a71ebc77c56a78" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 17.85pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">DEFERRED COMPENSATION LIABILITY</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In 2010, the Board of Directors approved an unfunded deferred compensation agreement for the Company's former Chief Financial Officer and Executive Vice President. The agreements provide for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents. The deferred compensation liability for the former Chief Financial Officer and Executive Vice President is denominated in Norwegian currency. The vesting period has ended upon leaving the Company per December 31, 2017 and is payable from the age of 67. Interest is imputed at 2.30% and 2.60% as of December 31, 2017 and 2016, respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In 2007, the Board of Directors approved an unfunded deferred compensation agreement for Herbj&#248;rn Hansson, the Chairman, President and CEO, with vesting of benefits accruing from 2004. The agreement provides for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents. The agreement has been amended in 2017 for the benefits to vest over a period of employment of 15 years up to a maximum of 66% of the salary level at the time of retirement, age of 72. Interest is imputed at 2.30% and 2.60% as of December 31, 2017 and 2016, respectively. The Company had a restricted deposit account for securing the financing of this deferred compensation liability per December 31, 2016 as described in Note 8, where the restriction was lifted in 2017.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The total expense related to the deferred compensation agreements for the Chairman, President and CEO and the Company's former Chief Financial Officer and Executive Vice President, recognized in 2017, 2016 and 2015 were $1.3 million, $1.8 million and $0.4 million, respectively. As of December 31, 2017 and 2016 total deferred compensation liability was $15.8 and $14.5 million, respectively.</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify">
<table id="za254e1d1d00a465f83c9e24d9c6615cf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 17.85pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">8.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">OTHER NON-CURRENT ASSETS</div>
</td>
</tr>
</table>
</div>

<table id="z817971a13bfc4a1d8830f4ae83083a0e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Fixture, Furniture and Equipment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">169</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">338</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Arrangement fees Backstop facility and Newbuildings</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15,484</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Long term Deposit (Restricted Cash)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,149</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">316</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total as of December 31,</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">15,969</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">10,487</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Long-Term Deposit relates to the Company having transferred cash to a restricted bank account in accordance with the deferred compensation agreement for the Chairman, President and CEO, described in Note 7.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company has in 2017 incurred customary arrangement fees in relation to entering into the Backstop Facility agreement and mandate letter as part of the recapitalization program and securing financing of its three newbuildings (see further information in note 3 and 10).</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-16</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="zc1ec60d53b064fa5b0a100dbe254b067" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">9.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SHARE-BASED COMPENSATION PLAN</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Equity Incentive Plan 2011</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In 2011, the Board of Directors decided to establish an incentive plan involving a maximum of 400,000 shares pursuant to a vesting schedule of which all shares were allocated among the management of the Company and the members of the Board of Directors. The shares are forfeited if the grantee leaves the Company before the restricted shares are vested. The holders of the restricted shares are entitled to receive dividends paid in the period as well as voting rights.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In 2011 326,000 and 74,000 restricted shares were granted with a four-year and five-year cliff-vesting period, respectively. 174,000 shares vested in 2013 in relation to the acquisition of Scandic American Shipping Ltd. The remaining shares vested in 2015 and 2016, except for 33,000 common shares that were reallocated to certain employees in 2014 at grant date fair value of $9.84 and four-year cliff vesting period.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In 2015, we amended and restated the 2011 Equity Incentive Plan to reserve an additional 137,665 restricted shares for issuance to persons employed in the management of the Company and members of the Board of Directors under the same terms as the original plan.&#160; The holders of the restricted shares are entitled to voting rights as well as to receive dividends paid during the trade restriction period.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company granted 4,500 common shares to employees in 2017 at a grant date fair value of $9.13. In 2017 and 2016, the Company received 13,000 and 13,500 shares from employees who have resigned, respectively. The shares are held as treasury shares at December 31, 2017.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The compensation expense is recognized on a straight-line basis over the vesting period and is recorded as part of General and Administrative expenses. The total compensation expense related to restricted shares under the plan was $0.5 million, $0.4 million, and $0.4 million for the years ended December 31, 2017, December 31, 2016 and December 31, 2015, respectively.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As of December 31, 2017, unrecognized cost related to unvested shares aggregated to $0.8 million, which will be recognized over a weighted period of 1.7 years.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As of December 31, 2017, a total number of 138,665 common shares have been allocated among 26 employees. The Company has 22,000 treasury shares related to the Equity Incentive plan.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The tables below summarize the Company's restricted stock awards as of December 31, 2017:</div>

<table id="z63a69b990013451fbb72076980100d7e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Restricted shares -Employees</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Weighted-average grant-date fair value</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">- Employees</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Non-vested at January 1, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">157,165</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">13.75</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Granted during the year</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">9.13</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vested during the year</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(10,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">14.65</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Forfeited during the year</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(13,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">13.54</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Non-vested at December 31, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">138,665</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">13.55</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="zbe08018ecfcd411585a3712c8b71f5f0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">10.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">LONG-TERM DEBT</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Credit Facility and financing:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In 2012, the Company entered into a $430 million revolving credit facility, which in 2015 was increased to $500 million, with a syndicate of lenders in order to refinance its existing credit facility, fund future vessel acquisitions and for general corporate purposes (the "Credit Facility"). Amounts borrowed under the Credit Facility bear interest at an annual rate equal to LIBOR plus a margin and the Company pays a commitment fee, which is a percentage of the applicable margin, on any undrawn amounts. The maturity of the credit facility is December 2020. There are no repayment requirements before maturity on the Credit Facility.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In connection with the expansion of the Credit Facility, the Company incurred $4.6 million in deferred financing costs in 2015, which is amortized over the term of the loan and presented net of the outstanding loan balance.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-17</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Borrowings under the Credit Facility are secured by first priority mortgages over the Company's vessels and assignments of earnings and insurance. Under the Credit Facility, the Company is subject to certain covenants requiring among other things, the maintenance of (i) a minimum amount of value adjusted equity; (ii) a minimum value adjusted equity ratio; (iii) a minimum level of liquidity, (iv) positive working capital; and (v) a required security ratio of vessel values to draw on the facility. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The security ratio and the market cap to value adjusted total assets ratio are based on the fair market value of vessels, compared to drawn amount on the Credit Facility.</font> The Credit Facility also includes customary events of default including non-payment, breach of covenants, insolvency, cross default and material adverse change. A breach of any of these covenants would, unless waived, result in that the credit facility is callable by the lenders.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">At the end of 2017 and 2016 the Company had $391.6 and $447.0 million drawn under its Credit Facility, respectively. The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it bears spread and a variable interest rate.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As of December 31, 2016, the Company was in default with one of its debt covenants; (v) required security ratio of vessel value clause. A waiver was obtained lowering the required ratio to a level where the Company was in compliance. This waiver was effective until May 31, 2018. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Under the terms of the waiver obtained, we were unable to draw further on the Credit Facility, our margin was increased by 2.0 % for the period of the waiver and limitations on dividend distribution until compliance with the terms of the original Credit Facility. The waiver has subsequently been modified and amended.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">As of December 31, 2017 </font>and as of the date of the issuance of this report<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">, the Company is in compliance with the modified terms under the Credit Facility and the loan is not considered currently callable. On May 4, 2018 the Company has entered into an amendment to the credit agreement for the Credit Facility modifying certain of the financial covenants until December 31, 2018, lowering the required security ratio to 135%, lowering the liquidity covenant to $15.0 million (</font>original requirements to be reinstated upon delivery of the first Newbuilding)<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">, the minimum market cap ratio to $200.0 million and the minimum market cap to value adjusted total assets from 45% to 25% for the remaining duration of the waiver. Under the revised terms of the credit agreement, the Company is unable to draw further on the Credit Facility and the margin is increased to 6.0% from January 1, 2018. The Company can distribute a maximum dividend of $0.03 per share or $4.3 million in the aggregate, subject to a corresponding amount being repaid under the Credit Facility. Further, until December 31, 2018, half of any proceeds received by the Company from the sale of equity, up to $75.0 million, must be used to repay the Credit Facility. The Company has repaid $3.1 million on the Credit Facility in relation to the dividend paid out on December 5, 2017 and $52.3 million in relation to the offering in December 2017. We have further repaid $ 4.3 million on March 10, 2018 in relation to the dividend paid out on March 9, 2018. Additionally, the Company undertakes to not make new investments, excluding the Newbuildings, except for investments made in connection with normal maintenance of the Vessels.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company is in process of retiring the Credit Facility and signed on December 20, 2017 an agreement for a financing facility, or the Backstop Facility, for $375.0 million. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The financing facility is providing for a senior secured loan facility of up to $375.0 million to support the recapitalization of the Company. The Backstop Facility is available for drawing from July 1, 2018. Further, the facility, if utilized and not repaid, will be rolled into a term loan on January 1, 2019 with maturity on November 30, 2020. The Backstop Facility will have no amortization until December 31, 2018, upon and following which date the principal of the loan must be repaid in quarterly instalments of $10.0 million. The Backstop Facility carries an interest rate that will step-up over time and carries a maximum interest margin of 10.5% per annum. The Company can distribute quarterly dividends up to $0.03 per quarter under the Backstop Facility. The Backstop Facility contains financial covenants in relation to minimum liquidity of $30.0 million, minimum value and book equity that will come into effect upon utilizing the Backstop Facility.</font></div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The Backstop Facility is part of the recapitalization program that was initiated in December 2017. The </font>first steps in the recapitalization program encompassed the financing of the three Newbuildings to be delivered in 2018 and raising new equity of $103.7 million ($110.0 million gross). The Company is evaluating different options for the final steps of the recapitalization program.&#160; The Company is in discussion with the lenders to either raise a large secured bond or enter into a new Revolving Credit Facility of $250.0 million together with the issuance of a bond for $150.0 million. Associated fees of $13.1 million incurred in December 2017 have been capitalized as Other Non-Current Assets and will be amortized over the term of the associated financing arrangement. The Company expects these measures to be completed by the end of the second quarter of 2018. Upon securing this financing the Company is not expected to enter into the terms of the Backstop Facility as described above. In May 2018, the Board authorized management to sell two vessels. A sale will also&#160; improve the cash balance of the Company. In addition, the Board has authorized that the Company may further adjust the size of the fleet.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Company has the option to utilize the Backstop Facility with the associated terms.&#160;The Company has flexibility to cover any need for liquidity, also under the scenario that the tanker market remains low for a longer period, to strengthen the liquidity through selling additional vessels or raise equity to ensure that the Company has sufficient working capital. In a prolonged marked downturn the Company will have to further adjust the size of its fleet selling up to ten vessels in accordance with the authorization mentioned above in order to comply with the liquidity and other covenants under the existing Credit Facility or the Backstop Facility, if utilized. Sale of a vessel requires a proportionate repayment of the Credit Facility and an equally proportionate reduction of the Backstop Facility.</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-18</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In December 2017, the Company entered into final agreements for the financing of the outstanding commitments of $39.0 million per ship for the Newbuildings with a subsidiary of Ocean Yield ASA. The lender will finance 77.5% of the purchase price for each of the three Newbuildings. Net proceeds received from Ocean Yield ASA shall be used towards prepayment of the Credit Facility, unless the Credit Facility is retired before the deliveries of the vessels. After delivery of each of the vessels, the Company will enter into ten-year bareboat charter agreements. The Company has obligations to purchase the vessels upon the completion of the ten-year bareboat charter agreement, but also have the flexibility to purchase the vessels after year five and seven. The financing agreement contains certain financial covenants requiring us to maintain a minimum value adjusted equity of $175.0 million and ratio of 25% ; minimum liquidity of $20.0 million; and minimum value clause.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Company performs on a regular basis cash flow projections to evaluate whether it will be in a position to cover the liquidity needs for the next 12-month period and the compliance with financial and security ratios under the existing and future financing agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels' future performance, market rates, operating expenses, capital expenditure, fleet utilization, general and administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Company believes that the current cash and cash equivalents and cash expected to be generated from operations, together with the above measures taken, are sufficient to meet the working capital needs and other liquidity requirements for the next 12 months from the date of this report.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z7a70cde05f7644bd8f4818b3f42764f3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">11.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">INTEREST EXPENSE</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 10.</div>

<table id="z3e40975646754b4890448b7217ccfc64" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All amounts in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest Expenses, net of capitalized interest</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">18,286</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8,811</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">7,590</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Commitment Fee</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">760</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">937</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,025</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Amortization of Deferred Financing Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,393</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,382</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,240</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other financial costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">25</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">40</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Interest Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">20,464</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">11,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">10,855</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">For the years ended December 31, 2017, 2016 and 2015, $2.5, $1.6 million and $1.0 million of interest expenses were capitalized, respectively.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z6b6c67143a734f84a0dcd11770cd3038" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 25.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">12.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ACCRUED LIABILITIES</div>
</td>
</tr>
</table>
</div>

<table id="z19d952c23d124d6fbd3bb528746651df" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accrued Interest</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,031</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,437</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accrued Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,208</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">6,211</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total as of December 31,</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">11,239</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">7,648</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z3275855c94e84988a818e5a618fbf400" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 25.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">13.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">EARNINGS (LOSS) PER SHARE</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Basic earnings per share ("EPS") are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.</div>

<table id="zcf3d076f751046ad8a3bfe66466b4190" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD except number of shares and earnings (loss) per common share</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Numerator</font>:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-LEFT: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net (Loss) Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(204,969</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,456</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">114,627</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">Denominator:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-LEFT: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Basic - Weighted Average Common Shares Outstanding</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">103,832,680</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">92,531,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">89,182,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; PADDING-LEFT: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dilutive &#8211; Weighted Average Common Shares Outstanding</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">103,832,680</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">92,531,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">89,182,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">Earnings (Loss) per Common Share:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-LEFT: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Basic</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1.97</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.05</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.29</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; PADDING-LEFT: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Diluted</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1.97</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.05</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.29</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-19</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left">
<table id="z62feb64dd5814d3c8990a699348806e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 25.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">14.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SHAREHOLDERS' EQUITY</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Authorized, issued and outstanding common shares roll-forward is as follows:</div>

<div><br>
</div>

<table id="zaa1bdd031d744c5abeaec0b1f87e48f8" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Authorized Shares</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Issued and Out-<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> standing Shares</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Common Stock</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance as of January 1, 2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">180,000,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">89,182,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">892</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance as of December 31, 2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">180,000,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">89,182,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">892</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Equity incentive plan issuance</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">137,665</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Common Shares Issued<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> &#160;&#160;&#160;in Follow-on Offering</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">12,650,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">127</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance as of December 31, 2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">180,000,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">101,969,666</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">1,020</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Common Shares Issued<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> &#160;&#160;&#160;in Follow-on Offering</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">40,000,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">400</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance as of December 31, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">180,000,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">141,969,666</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">1,420</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In September 2016, the Company completed an underwritten public offering of 12,650,000 common shares which increased its equity by $120.1 million.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In December 2017, the Company completed an underwritten public offering of 40,000,000 common shares which increased its equity by $103.7 million.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Additional Paid-in Capital</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Included in Additional Paid-in Capital is the Company's Share Premium Fund as defined by Bermuda law. The Share Premium Fund cannot be distributed without complying with certain legal procedures designed to protect the creditors of the Company, including public notice to its creditors and a subsequent period for creditor notice of concern, regarding the Company's intention, following shareholder approval, to transfer such funds to the Company's Contributed Surplus Account and thereby make such funds available for distribution. The Share Premium Fund was $103.4 million and $215.5 million as of December 31, 2017 and 2016 respectively. Credits and Charges to Additional Paid in Capital were a result of the accounting for the Company's share based compensation programs and issuance of shares.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">On December 12, 2017, at the Company's Annual General Meeting, shareholders voted to reduce the Share Premium Fund by the amount of $215.5 million. The legal procedures related to this reduction were finalized in December 2017 upon which the amount became eligible for distribution.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Contributed Surplus Account</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company's Contributed Surplus Account as defined by Bermuda law, consists of amounts previously recorded as share premium, transferred to Contributed Surplus Account when resolutions are adopted by the Company's shareholders to make Share Premium Fund distributable or available for other purposes. As indicated by the laws governing the Company, the Contributed Surplus Account can be used for dividend distribution and to cover accumulated losses from its operations.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the year ended December 31, 2017 the Company paid a dividend of $59.1 million, which was charged to the Contributed Surplus Account, and on December 12, 2017 the Company's Annual General Meeting voted to reduce the Share Premium Fund by $215.5 million, which was transferred to the Contributed Surplus Account. For the year ended December 31, 2016 the Company paid a dividend of $125.7 million, which was charged to the Contributed Surplus Account. The Company's Contributed Surplus account was $796.8 million and $640.5 million per December 31, 2017 and 2016, respectively.</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Shareholders' Rights Plan</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In 2007, the Board of Directors adopted a shareholders' rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a Series A Participating Preferred Share for each outstanding common share, par value $0.01 per share. The dividend was payable on February 27, 2007, to shareholders of record on that date. Each right entitles the registered holder to purchase from the Company one one-thousandth of a Series A Participating Preferred Share at an exercise price of $115, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person has acquired ownership of 15% or more of the Company's common shares.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-20</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In 2013 a registration statement on Form F-3 was declared effective by the SEC relating to the Dividend Reinvestment and Direct Stock Purchase Plan for 1,664,450 common shares to allow existing shareholders to purchase additional common shares by reinvesting all or a portion of the dividends paid on their common shares and by making optional cash investments and new investors to enter into the plan by making an initial investment.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On June 16, 2017, the Board of Directors, after its expiration, adopted a new shareholders' rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a Series A Participating Preferred Share of the Company for each outstanding common share, par value $0.01 per share. The dividend was payable on June 26, 2017 to shareholders of record on that date. Each right entitles the registered holder to purchase from us one one-thousandth of a Series A Participating Preferred Share of the Company at an exercise price of $30.00, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person or group has acquired ownership of 15% or more of the Company's common shares. As at December 31, 2017, no shares were issued pursuant to the plan.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">This shareholders' rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. Our shareholders' rights plan is not intended to deter offers that the Board determines are in the best interests of our shareholders.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z5bf7a45a2ff64a35a9b28a0942e78cac" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 25.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">15.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Received settlements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In 2016 the arbitration hearings involving the Suezmax vessel Gulf Scandic (now named Nordic Harrier) was settled between the Company and Gulf Navigation Holding PJSC (GulfNav). The Company recognized in 2016 in aggregate $5.3 million as Received Settlement in the Consolidated Statements of Operations. No transactions related to this matter is recorded in 2017.</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Commitments and Contingencies</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company may become a party to various legal proceedings generally incidental to its business and is subject to a variety of environmental and pollution control laws and regulations. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings. Although the ultimate disposition of legal proceedings cannot be predicted with certainty, it is the opinion of the Company's management that the outcome of any claim which might be pending or threatened, either individually or on a combined basis, will not have a materially adverse effect on the financial position of the Company, but could materially affect the Company's results of operations in a given year.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">No claims have been filed against the Company, nor has it been part to any legal proceedings, other than the matter discussed above, for the fiscal years ended December 31, 2017 and 2016.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z9a847ac340fb47d1a2c7b02e3e7f162a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 25.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">16.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The majority of NAT and its subsidiaries' transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company's cash flows.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:</div>

<div style="TEXT-ALIGN: justify">
<table id="zd8f236155b3e4fab8c60756dedb9ef3d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">Level 1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3aba74270e6b4c749a136a7e9ff9a60e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">Level 2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="z85d4fb7184a24ea38663ebf44eed2ff8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">Level 3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-21</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.</div>

<div style="TEXT-ALIGN: justify">
<table id="zb9d8849a22c2454e834ba189915916bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">-</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z608f346b3a214087ab01a6651c3627c7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">-</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="z08dc7728fe3b429c90d0770f64c1e762" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">-</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The carrying amount of the Company's restricted cash at December 31, 2016 approximate fair value and is considered to be a Level 1 item.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2017 and 2016, are as follows:</div>

<table id="z8dde866553c04292ba54514fe0e599a4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Fair Value Hierarchy</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Level</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Fair</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Carrying</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Fair</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Carrying</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Value</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash and Cash Equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">58,359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">58,359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">82,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">82,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Credit Facility</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(391,641</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(391,641</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(447,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(447,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other Non-Current Assets (restricted cash)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,149</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10,149</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left">
<table id="z25fcb8f638194e04aefcb8443dc60b1e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 25.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">17.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SUBSEQUENT EVENTS</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On January 26, 2018 the Company declared a cash dividend of $0.03 per share in respect of the results for the fourth quarter of 2017, which was paid on March 9, 2018.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On April 27, 2018 the Company declared a cash dividend of $0.01 per share in respect of the results for the first quarter of 2018, which is to be paid on or around June 12, 2018.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On May 3, 2018 the Company announced that two vessels have been placed in the market for sale.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On May 4, 2018 the Company executed an amendment to the Credit Facility expiring on December 31, 2018. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Please see Note 10 to our financial statements for further information.</font></div>

<div><br>
</div>

<div><br>
</div>

<br>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">F-22</font></div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>2
<FILENAME>d7893529_ex8-1.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Seward & Kissel LLP
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Exhibit 8.1</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The following is a list of the Company's subsidiaries as of May 15, 2018:</div>

<div><br>
</div>

<table id="zbbc7075d233e4806a17100e057946cd0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 25.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Name</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Vessel/Activity</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 15.74%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Organization</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 36.82%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Ownership percentage</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 25.18%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.64%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 15.74%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 36.82%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 25.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Scandic American Shipping Ltd.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Management Company</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 15.74%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Bermuda</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 36.82%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">100%</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 25.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">NAT Chartering Ltd.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Management Company</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 15.74%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Bermuda</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 36.82%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">100%</div>
</td>
</tr>
</table>

<br>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>3
<FILENAME>d7889049_ex12-1.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Seward & Kissel LLP
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div><br>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 12.1</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">I, Herbj&#248;rn Hansson, certify that:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1. I have reviewed this annual report on Form 20-F of Nordic American Tankers Limited;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4. The Company's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</div>

<div style="TEXT-ALIGN: left"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5. The Company's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Date:&#160;&#160; May 15, 2018</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>&#160; /s/ Herbj&#248;rn Hansson&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Herbj&#248;rn Hansson</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Chief Executive Officer (Principal Executive Officer)</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>4
<FILENAME>d7889049_ex12-2.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Seward & Kissel LLP
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div><br>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 12.2</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">I, Bj&#248;rn Gi&#230;ver, certify that:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1. I have reviewed this annual report on Form 20-F of Nordic American Tankers Limited;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4. The Company's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) and 15d-15(f) for the Company and have:</div>

<div style="TEXT-ALIGN: left"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5. The Company's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Date:&#160; May 15, 2018</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>&#160;&#160;/s/ Bj&#248;rn Gi&#230;ver&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Bj&#248;rn Gi&#230;ver</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Chief Financial Officer (Principal Financial Officer)</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>5
<FILENAME>d7889049_ex13-1.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Seward & Kissel LLP
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 13.1</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">PRINCIPAL EXECUTIVE OFFICER CERTIFICATION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">PURSUANT TO 18 U.S.C. SECTION 1350</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In connection with this Annual Report of Nordic American Tankers Limited (the "Company") on Form 20-F for the year ended December 31, 2017 as filed with the Securities and Exchange Commission (the "SEC") on or about the date hereof (the "Report"), I, Herbj&#248;rn Hansson, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z973c927d966a486cb63fd2d4e2e87eea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="z158ed3a650e546dab65db31dffdf8232" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Date:&#160; May 15, 2018</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>&#160; /s/ Herbj&#248;rn Hansson&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Herbj&#248;rn Hansson</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Chief Executive Officer (Principal Executive Officer)</div>

<br>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>6
<FILENAME>d7889049_ex13-2.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Seward & Kissel LLP
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div><br>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 13.2</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">PRINCIPAL FINANCIAL OFFICER CERTIFICATION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">PURSUANT TO 18 U.S.C. SECTION 1350</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In connection with this Annual Report of Nordic American Tankers Limited (the "Company") on Form 20-F for the year ended December 31, 2017 as filed with the Securities and Exchange Commission (the "SEC") on or about the date hereof (the "Report"), I, Bj&#248;rn Gi&#230;ver, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="z05c00ca2b9da4532b458bf304404da4e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="z2d689c98951642168c9b957be4b72b0b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.</div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Date:&#160; May 15, 2018</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>&#160;&#160;/s/ Bj&#248;rn Gi&#230;ver&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Bj&#248;rn Gi&#230;ver</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Chief Financial Officer (Principal Financial Officer)</div>

<div><br>
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>7
<FILENAME>d7893808_ex15-1.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Seward & Kissel LLP
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>
<div style="MARGIN-BOTTOM: 20pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 15.1</div>

<div style="MARGIN-BOTTOM: 20pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Consent of Independent Registered Public Accounting Firm</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Board of Directors<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Nordic American&#160;Tankers Limited:</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">We consent to the incorporation by reference in the registration statement (No. 333-218903) on Form F-3 of Nordic American Tankers Limited of our reports dated May 15, 2018, with respect to the consolidated balance sheets of Nordic American Tankers Limited and subsidiaries as of December 31, 2017 and 2016, and the related consolidated statements of operations, comprehensive (loss) income, shareholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2017, and the related notes (collectively, the "consolidated financial statements"), and the effectiveness of internal control over financial reporting as of December 31, 2017, which reports appear in the December 31, 2017 annual report on Form 20-F of Nordic American Tankers Limited.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Our report dated May 15, 2018, on the effectiveness of internal control over financial reporting as of December 31, 2017, expresses our opinion that Nordic American Tankers Limited and subsidiaries did not maintain effective internal control over financial reporting as of December 31, 2017 because of the effect of a material weakness on the achievement of the objectives of the control criteria and contains an explanatory paragraph that states a material weakness related to the effectiveness of controls to ensure the proper application of Accounting Standards Codification ("ASC") 205-40, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Going Concern</font>, related to the identification, evaluation and presentation of matters relevant to Nordic American Tankers Limited and subsidiaries' ability to continue as a going concern has been identified and included in management's assessment.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ KPMG AS</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-TOP: 10pt">Oslo, Norway<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> May 15, 2018</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div><br>
</div>

<br>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>8
<FILENAME>d7893520_ex15-2.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Seward & Kissel LLP
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 15.2</font><br>
</div>

<div style="TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Consent of Independent Registered Public Accounting Firm</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Board of Directors<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Nordic American Offshore Ltd.:</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">We consent to the incorporation by reference in the registration statement (No.&#160;333-218903) on Form F-3 of Nordic American Tankers Limited of our report dated May&#160;3, 2018, with respect to the consolidated balance sheets of Nordic American Offshore Ltd. and subsidiaries as of December&#160;31, 2017 and 2016, and the related consolidated statements of operations and comprehensive (loss) income, shareholders' equity, and cash flows for each of the years in the three-year period ended December&#160;31, 2017, and the related notes (collectively, the "consolidated financial statements"), which report appears in the December&#160;31, 2017 annual report on Form 20-F of Nordic American Offshore Ltd.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ KPMG AS</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Oslo, Norway<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> May 15, 2018</div>

<div>&#160;</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.3
<SEQUENCE>9
<FILENAME>d7893520_ex15-3.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Seward & Kissel LLP
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 15.3</div>

<br>
</div>

<div>
<table id="zb9f1e01070fe44b6834b5c27d75824b2" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 72.12%">
<div><img src="image00001.jpg"></div>
</td>
<td style="WIDTH: 27.95%">
<div><img src="image00003.jpg"></div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>Nordic American</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Tankers Limited LOM</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Building</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">27 Reid Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Hamilton</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">HM 11</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Bermuda</div>

<div><br>
</div>

<div><br>
</div>

<table id="za8796545f4724832b30e80b63d73e76c" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 59.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 40.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Oslo, 25. April 2018</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/SBS</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Ladies and Gentlemen</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Reference is made to the annual report on Form 20-F for the year ended December 31, 2017 of Nordic American Tankers Limited (the "Company") to be filed with the U.S. Securities and Exchange Commission (the "SEC") (the "Annual Report ").</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We hereby consent to all references to our name in the Annual Report and to the use of the statistical information supplied by us set forth in the Annual Report, including, without limitation, the information set forth in the Annual Report under the heading 'The 2016 Tanker Market". We further advise the Company that our role has been limited to the provision of such statistical data supplied by us. With respect to such statistical data, we further advise you that:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">we have accurately described the information and data of the oil tanker shipping industry, subject to the availability and reliability of the data supporting the statistical and graphical information presented; and</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our methodologies for collecting information and data may differ from those of other sources and does not reflect all or even necessarily a comprehensive set of the actual transactions occurring in the oil tanker shipping industry.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We hereby consent to the filing of this letter as an exhibit to the Annual Report to be filed with the SEC pursuant to the Securities Exchange Act of 1934, as amended, and to the references to our firm in the section of the Annual Report entitled 'The 2017 Tanker Market."</div>

<div><br>
</div>

<table id="zef557685ced54cf58ca90f0018262365" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 44.25%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 55.75%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Yours faithfully,</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">25th April 2017</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>/s/ Sverre B. Svenning</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Sverre B. Svenning</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title: Director</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
 &#160;</div>

<div>
<table id="zffdb92d7de784856a9e5c0bea60c3ca4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-TOP-COLOR: #4f8abd; WIDTH: 100%; BORDER-TOP-WIDTH: 1px" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #0070c0 1px solid; WIDTH: 71.97%">
<div style="TEXT-ALIGN: left"><img src="image00008.jpg"></div>
</td>
<td style="BORDER-TOP: #0070c0 1px solid; WIDTH: 28.11%; TEXT-ALIGN: right">&#160;<img src="image00007.jpg"></td>
</tr>
</table>
</div>

<div>&#160;</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.4
<SEQUENCE>10
<FILENAME>d7893520_ex15-4.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Seward & Kissel LLP
    Document created using EDGARfilings PROfile 4.4.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div><br>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Exhibit 15.4</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Consolidated Financial Statements of Nordic American Offshore Ltd.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">December 31, 2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<!--PROfilePageNumberReset%Num%2%%%--></div>

<div><br>
</div>

<table id="zd4e4f19f386142f5b13f58fbe0b2d192" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">TABLE OF CONTENTS</div>
</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Page</div>
</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">3</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">FINANCIAL STATEMENTS:</div>
</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Operations and Comprehensive (Loss) Income for the years ended December 31, 2017, 2016 and 2015</div>
</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Consolidated Balance Sheets as of December 31, 2017 and 2016</div>
</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Shareholders' Equity for the years ended December 31, 2017, 2016 and 2015</div>
</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015</div>
</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 92.7%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Notes to Consolidated Financial Statements</div>
</td>
<td style="WIDTH: 7.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">8</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div>&#160;</div>

<div><br>
</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<!--PROfilePageNumberReset%Num%2%%%-->
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<div style="BACKGROUND-COLOR: #ffffff">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

<div>&#160;</div>
</div>

<div>&#160;</div>

<div><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">To the Shareholders and Board of Directors<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Nordic American Offshore Ltd.:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Opinion on the </font>Consolidated<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> Financial Statements</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We have audited the accompanying consolidated balance sheets of Nordic American Offshore Ltd. and subsidiaries (the Company) as of December 31, 2017 and 2016, the related consolidated statements of operations and comprehensive (loss) income, shareholders' equity, and cash flows for each of the years in the three&#8209;year period ended December 31, 2017, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the years in the three&#8209;year period ended December 31, 2017, in conformity with U.S. generally accepted accounting principles.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Basis for Opinion</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">/s/ KPMG AS</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">We have served as the Company's auditor since 2014.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Oslo, Norway<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> May 3, 2018</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">3</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div>&#160;</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Nordic American Offshore LTD</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Operations and Comprehensive (Loss) Income for the Years Ended December 31, 2017, 2016 and 2015</div>

<div><br>
</div>

<div><br>
</div>
</div>

<table id="z28188a3ccac943c08fe8ca5407dd230a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000, except share and per share amount</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="10">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Years ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Charter Revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">17,895</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">17,697</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">36,372</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Charter Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,815</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,448</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,523</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessel Operating Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(20,454</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(24,137</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(24,580</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">General and Administrative Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,222</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,503</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,261</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Depreciation Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(17,472</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(16,152</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(14,379</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Operating Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(26,068</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(28,543</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(8,372</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest Income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">298</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">10</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">34</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,880</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(3,467</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,807</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other Financial Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">327</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(151</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(699</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Financial Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(4,255</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(3,608</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(2,472</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Loss before income taxes</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(30,323</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(32,151</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(10,844</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Income Tax Benefit</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">997</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Loss and Comprehensive Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(29,326</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(32,151</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(10,844</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Basic Loss per Share</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.53</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1.54</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.47</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Diluted Loss per Share</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.53</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1.54</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.47</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Basic Weighted Average Number of Common Shares Outstanding</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">54,995,614</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">20,939,260</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">23,203,142</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Diluted Weighted Average Number of Common Shares Outstanding</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">54,995,614</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">20,939,260</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">23,203,142</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash dividend declared per common share</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.08</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.28</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.94</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
 &#160;</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: center">The accompanying notes are an integral part of these consolidated financial statements.</div>

<div>&#160;</div>

<div><br>
</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">4</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div>&#160;</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Nordic American Offshore LTD</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Consolidated Balance Sheets as of December 31, 2017 and 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000, except share and per share amount</div>

<div><br>
</div>
</div>

<table id="z60260b70d421402cb9ff932851b56b10" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">As of December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">ASSETS</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Current Assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash and Cash Equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">31,506</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,953</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Receivable, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,096</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,490</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Prepaid Expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,274</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,129</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Inventory</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,510</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,240</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">690</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,097</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">37,076</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">7,909</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Non-Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessels, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">350,635</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">366,945</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Non-Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">350,635</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">366,945</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">387,711</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">374,854</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">LIABILITIES AND SHAREHOLDERS' EQUITY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Current Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">317</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">301</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Payable, related party</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">728</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">581</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accrued Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,764</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,210</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Taxes Payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">997</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Current Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2,809</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">4,089</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Long-Term Debt (1)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">136,552</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">136,193</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other Non-Current Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">77</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">375</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Non-Current Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">136,629</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">136,568</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Commitments and Contingencies</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Shareholders' Equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Preferred shares, par value $0.01 per Share, 50,000,000 and 50,000,000 shares authorized, none issued at December 31, 2017 and December 31, 2016 respectively</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common shares, par value $0.01 per Share; 200,000,000 and 200,000,000 shares authorized,&#160; 64,731,370 shares issued, 61,986,847 outstanding and 2,744,523 treasury shares at December 31, 2017 and 23,431,370 shares issued, 20,686,847 outstanding and 2,744,523 treasury shares at December 31, 2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">647</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">234</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Additional Paid-In Capital</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">319,947</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">276,957</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accumulated Deficit</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(72,321</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(42,995</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Shareholders' Equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">248,273</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">234,196</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Liabilities and Shareholders' Equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">387,711</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">374,854</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1) Long-Term Debt consist outstanding amounts on the Credit Facility less unamortized deferred financing cost. Outstanding amounts on the Credit Facility were $137,000 and $137,000 as of December 31, 2017 and 2016, respectively.</div>

<div><br>
 &#160;</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: center">The accompanying notes are an integral part of these consolidated financial statements.</div>

<div>&#160;</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">5</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
 &#160;</div>

<table id="z79da95cd2cf345e18607ca6b44f64f9b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Nordic American Offshore Ltd</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2017,&#160; 2016 and&#160; 2015</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="zd05c1014c55e4146b02ae9a7af80289a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000, except number of shares</div>

<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Number of shares</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Common Stock</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Additional Paid-In Capital</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Accumulated Deficit</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Total Shareholders' Equity</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance at January 1, 2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">23,431,370</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">234</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">318,996</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">319,230</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Issuance and listing costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(17</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(17</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Repurchase of shares</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(870,839</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,590</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,590</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividends distributed</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(21,922</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(21,922</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(10,844</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(10,844</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance at December 31, 2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">22,560,531</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">234</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">291,467</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(10,844</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">280,857</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Repurchase of shares</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,873,684</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,513</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,513</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividend distributed</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,997</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,997</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(32,151</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(32,151</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance at December 31, 2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">20,686,847</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">234</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">276,957</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(42,995</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">234,196</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common Shares Issued, net of $0,9 million issuance cost</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">41,300,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">413</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">47,923</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">48,336</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividends distributed</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,933</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,933</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(29,326</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(29,326</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance at December 31, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">61,986,847</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">647</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">319,947</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(72,321</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">248,273</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: center">The accompanying notes are an integral part of these consolidated financial statements.</div>

<div>&#160;</div>

<div><br>
 &#160;</div>
</div>

<div>&#160;</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">6</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<table id="z786b4dd5b5ef49618ee470c3194d62c3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Nordic American Offshore LTD</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 62.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 4.61%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 2.74%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 29.75%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="z73821638f22b42e6b0bcef511570a725" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="10">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Year ended December 31,</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash Flows from Operating Activities</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(29,326</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(32,151</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(10,844</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Reconciliation of Net Loss to Net Cash (Used In) Provided by Operating Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Depreciation Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">17,480</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">16,053</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">14,379</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Amortization of Deferred Financing Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">305</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Overhaul of Engines Costs and Dry-dock</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(341</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(151</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(575</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Foreign currency loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(12</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">31</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">78</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">Changes in Operating Assets and Liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Receivable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(606</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,485</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(872</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Inventory</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(270</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(446</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(560</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Prepaid and Other Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">262</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,603</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2,244</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Payable, Accrued Liabilities and Tax</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,725</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,031</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">6,397</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts Payable, Related Party</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">147</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(15</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(77</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Cash&#160; (Used In) Provided by Operating Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(14,032</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(16,262</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">5,987</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash Flows from Investing Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investment in Vessels</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(830</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(61,583</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(63,529</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Deposit on Contracts paid</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,693</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Cash Used in Investing Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(830</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(61,583</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(65,222</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash Flows from Financing Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Proceeds from Issuance of Common Stock</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">48,336</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(17</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Proceeds from Use of Credit Facility</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">90,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">47,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Credit Facility Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,217</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Repurchase of Treasury Stock</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(8,513</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,590</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividends Paid</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4,933</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5,997</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(21,922</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Cash Provided by Financing Activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">43,403</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">75,490</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">18,253</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net (Decrease)/Increase in Cash and Cash Equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">28,541</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(2,355</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(40,982</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash and Cash Equivalents at Beginning of Period</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2,953</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">5,339</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">46,398</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Effect of Exchange Rate Changes on Cash and Cash Equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">12</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(31</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(78</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash and Cash Equivalents at the End of Period</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">31,506</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2,953</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">5,339</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash Paid for Interest, Net of Amounts Capitalized</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,417</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,803</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,365</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash Paid for Tax</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">214</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: center">The accompanying notes are an integral part of these consolidated financial statements.</div>

<div><br>
</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">7</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">NORDIC AMERICAN OFFSHORE LTD</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: center">(All amounts in USD '000 except where noted)</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="ze60c292af1744649bc8888272cd388f9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.25%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">1.</div>
</td>
<td style="WIDTH: 95.75%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">NATURE OF BUSINESS</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">History of business</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Nordic American Offshore Ltd ("NAO" or "The Company") was formed on October 17, 2013, under the laws of The Marshall Islands. The Company's shares trade under the symbol "NAO" on the New York Stock Exchange.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Effective September 26, 2016 the Company re-domiciled to the Islands of Bermuda. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The financial statements are presented on an un-interrupted basis.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">On November 22, 2013, the Company completed a private placement of 16,666,666 common shares, issued at $15 per share, and was listed on the Norwegian Over the Counter ("OTC") Market on November 27, 2013, under the symbol "NAO".</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">On June 12, 2014, the Company was successfully listed on the New York Stock Exchange ("NYSE"), under the Symbol "NAO". After the listing on NYSE, shares traded on the OTC were transferred to NYSE, and trade on the OTC discontinued.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">On May 21, 2015, we announced a share repurchase program of 2.5 million common shares. As of December 31, 2016 and 2015, 301,935 and 870,839 shares have been repurchased at an average price of $5.99 and $6.42 per share, respectively. We have during the share repurchase program purchased a total of 1,172,774 shares.&#160; No shares were purchased during the financial year ended December 31, 2017. The share repurchase program had a maturity of two years, and expired in May 2017.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">In March 2017, we completed an underwritten public follow-on offering of 41,300,000 common shares, which includes 1,300,000 common shares sold pursuant to the underwriters' partial exercise of the overallotment option to purchase additional common shares, at a price of $1.25 per share. The net proceeds we received from the offering were used for general corporate purposes, working capital purposes and for the expansion of our fleet. The net proceeds of this offering were approximately $48.3 million. As of the date of this annual report, we have 200,000,000 authorized common shares, 64,731,370 common shares issued, 61,986,847 outstanding and 2,744,523 treasury shares.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">The Company's Fleet</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company owns and operates Platform Supply Vessels ("PSV") in the North Sea.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company's fleet consists of ten PSVs.</div>

<div><br>
</div>
</div>

<table id="zf54fe3ac340940a4af91d667b25a130e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Vessel Name</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yard</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Year Built</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Delivered to NAO</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAO Fighter</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Ulstein</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2012</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">January 2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAO Prosper</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Ulstein</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2012</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">January 2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAO Power</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Ulstein</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2013</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">January 2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAO Thunder</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Ulstein</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2013</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">December 2013</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAO Guardian</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Ulstein</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2013</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">December 2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAO Protector</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Ulstein</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2013</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">December 2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAO Storm</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Ulstein</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2015</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">January 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAO Viking</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Ulstein</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2015</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">January 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAO Horizon</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vard</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2016</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">April 2016</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.36%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAO Galaxy</div>
</td>
<td style="WIDTH: 23.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vard</div>
</td>
<td style="WIDTH: 24.8%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2016</div>
</td>
<td style="WIDTH: 26.01%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">June 2016</div>
</td>
</tr>
</table>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">8</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">&#160;</div>

<div><br>
</div>

<table id="zdd8e62692ce149dd9170f157d4288009" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">2.</div>
</td>
<td style="WIDTH: 95.83%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Basis of Accounting: </font>These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Principles of Consolidation: </font>Entities in which NAO has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries' accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated upon consolidation.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Use of Estimates: </font>Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and costs during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Functional Currency and Foreign Currency Translation: </font>The Company determined its functional currency to be the United States ("U.S.") dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transactions. For the year ended December 31, 2017, a total exchange gains of $0.3 million. December 31, 2016 and December 31, 2015 a total exchange loss of $0.2 million and $0.6 million, respectively, is included in Other Financial (Costs) Income.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Revenue Recognition:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#160;</font>Revenue is generated from time and spot charters and is recognized as services are performed based on contractual daily charter rates and when collectability is reasonable assured.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Vessel Operating Costs: </font>Vessel operating costs include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication costs, and tonnage tax. These costs are recognized when incurred.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Cash and Cash equivalents:</font> Cash Equivalents consist of highly liquid investments such as time deposits with an original maturity at acquisition of three months or less.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Accounts Receivable: </font>Accounts Receivables are presented net of allowance for doubtful balances. If balances are determined uncollectable, after all means of collections have been exhausted and the potential for recovery is considered to be remote, they are charged against the allowance for doubtful balances. As of December 31, 2017 and 2016, the Company has not made any allowance for doubtful balances.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Inventories: </font>Inventories, which comprise bunker fuel and lubrication oil, are stated at the lower of cost or net realizable value, which is determined on a first-in, first-out ("FIFO") basis. Bunker fuel onboard at the time of delivery to a charterer is purchased by the charterer, and re-purchased by the Company at the time of re-delivery.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Vessels, net: </font>Vessels and equipment are stated at historical costs, less accumulated depreciation which is provided by the straight line method over their estimated useful life of 25 years. Interest is capitalized in connection with the construction of vessels. The capitalized interest is included as part of the asset to which it relates and depreciated over the asset's estimated useful life.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessel. Repairs and maintenance are expensed as incurred. The vessels estimated residual values and useful life are reviewed when there has been a change in circumstances that indicate the original estimate may no longer be appropriate. Residual values are estimated at $1.5 million for each vessel in the fleet at December 31, 2017 and 2016.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">9</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Impairment of Long-Lived Assets:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#160;</font>The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on an asset by asset basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates, fleet utilization, operating costs, capital expenditures, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating undiscounted cash flows are determined by considering an estimated daily charter rate for the remaining operating days. The Company estimates the daily charter rate for the remaining operating days based on the historical average for similar vessels and utilizing available market data for current charter rates over the remaining estimated life of the vessel, assumed to be 25 years from the delivery of the vessel from the shipyard, net of brokerage commissions, expected outflows for vessels' maintenance and vessel operating costs (including planned drydocking and engine overhaul expenditures). If the Company's estimate of undiscounted future cash flows for any vessel is lower than the vessel's carrying value, the carrying value is written down, by recording a charge to operations, to the vessel's fair market value, less cost to sell. Fair market value is calculated based on the higher of estimated discounted operating cashflow from use and realizable value as presented by independent brokers.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">Drydocking and engine overhaul:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The Company's vessels are required to be drydocked approximately every 60 months, and to have engines overhauled after</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #1f497d">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">10,000 &#8211; 11,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #1f497d">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">running hours. The Company will capitalize a substantial portion of the costs incurred during drydocking and overhaul, and amortize those costs on a straight line basis from the completion of a drydocking, intermediate survey or overhaul to the estimated completion of the next drydocking or overhaul. Consistent with prior periods, drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense. For the vessels acquired an estimate of $200,000 and $365,000 for drydock cost and overhaul costs respectively has been allocated from the purchase price. Drydocking is depreciated over five years, and engine overhauls are depreciated based on the number of running hours within the reporting period according to the built-in overhaul method.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Geographical segments: </font>The Company has not presented segment information as it considers it operates as one reportable segment, the offshore support vessel market, where all vessels currently operate in the North Sea.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Fair Value of Financial Instruments: </font>The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short term nature of these instruments.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Termination Fee:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>In 2015 the Company received $3.9 million related to a termination of a charter contract for one of their vessels. The termination fee received is subject to future conditions, and is deferred and recognized in future periods when these conditions have been met. $1.2 million and $1.2 million of the termination fee were recognized as charter revenue for the years ended December 31, 2017 and December 31, 2016, respectively. Deferred termination fees of $0.4 million and $0.0 million are recorded as Accrued Liabilities and Non-Current Liabilities, respectively, as of December 31, 2017. As of December 31, 2016, $ 0.3 million and $1.1 million were recorded as Accrued Liabilities and Other Non-Current Liabilities, respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Income Taxes: </font>The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%. On March 10, 2014 the Company's vessel was accepted into the UK Tonnage Tax regime. The company no longer qualifies for inclusion in the UK Tonnage Tax regime and made an exit February 2017, and subsequent to this the Company was subject to the regular tax regime in UK. No deferred tax asset in respect of losses incurred has been recognized at the end of 2017 as the UK operations have ceased and so the losses cannot be utilized to offset future UK or other taxable income.</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">10</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Concentration of Credit Risk: </font>Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company's cash is primarily held in major banks and financial institutions in Norway and the United Kingdom and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is minimal. Concentrations of credit risk relative to accounts receivable are limited to our client base in the energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">For the year ended December 31, 2017, three charterers accounted for 44% of the total revenues with 21%, 13%, and 10%, respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">For the year ended December 31, 2016, three charterers accounted for 36% of the total revenues, with 14%, 11%, and 11%, respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">For the year ended December 31, 2015, three charterers accounted for 85% of the total revenues, with 49%, 22%, and 14%, respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">For the year ended December 31, 2017, three charterers accounted for 66% of the outstanding accounts receivable, with 28%, 19%, and 19%, respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">For the year ended December 31, 2016, four charterers accounted for 70% of the outstanding accounts receivable, with 28%, 19%, 13%, and 10%, respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">For the year ended December 31, 2015, four charterers accounted for 69% of the outstanding accounts receivable, with 33%, 15%, 11% and 10% respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Recent Accounting Pronouncements:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">In May 2014, the FASB issued ASU No. 2014-09, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Revenue from Contracts with Customers</font>, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.&#160; Effective date is for reporting periods commencing on or after December 15, 2017.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company will adopt the standard using the modified retrospective option as of January 1, 2018 and we have determined that the adoption will not have a significant effect on our consolidated financial statements, other than additional revenue disclosures in the notes to the consolidated financial statements, while the Company has all its vessels employed under time charter agreements.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The update requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">In November 2016, the FASB issued ASU 2016-18, Statement of cash flows (230): Restricted cash, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company has early adopted this ASU and the adoption did not have any effect on the consolidated financial statements.</div>

<div><br>
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230). The Company has early adopted this ASU and the adoption did not have any effect on the consolidated financial statements.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">11</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>
</div>

<table id="z07b87211827a470186ecfdc23c44267d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">3.</div>
</td>
<td style="WIDTH: 95.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">RELATED PARTY TRANSACTIONS</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Nordic American Tankers Limited:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Nordic American Tankers Ltd (NAT) is the largest shareholder in the Company. NAT participated in the offering in March 2017 by buying 8,000,000 shares. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #191919; BACKGROUND-COLOR: #fbfbfb">NAT announced that its shareholders are expected to receive NAO shares as a part dividend payment from NAT during August 2017.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> NAT holds 16.12% of the outstanding shares per December 31, 2017.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">In December 2013, NAO entered into a management agreement with Scandic American Shipping Ltd, now a wholly owned subsidiary of NAT, for the provision of administrative services as requested by our management and in accordance with our objectives and policies as established and directed by our Board of Directors. All decisions of a material nature concerning our business are made by the Board of Directors.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">For services under the Management Agreement, the Company paid $200,000 for 2015, $100,000 for 2016, and $100,000 for 2017 all directly attributable costs related to the Company are reimbursed. For the years ended December 31, 2017, 2016, and 2015, an aggregate of</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #ff0000">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; BACKGROUND-COLOR: #ffffff">$2.3 million $2.2 million and $2.1 million</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">, respectively, for such directly attributable costs were incurred which were included in General and Administrative Costs.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Other related parties</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">High Seas AS is controlled by Mr. Hansson and his closest family. High Seas AS does not hold any position in which it provides services to NAO, the position as Chairman held by Herbj&#248;rn Hansson is not due to the ownership through High Seas AS and no shares are transferred to High Seas AS remuneration of Mr. Hansson. High Seas AS owned 603,233 shares per December 31, 2016, and increased to 8,204,240 shares after acquiring 7,601,007 shares during 2017. Out of these shares 1,600,000 was acquired in the offering, March 2017. All shares owned by High Seas AS were acquired in the open market at the current quoted market price, or in offerings at the same price as for other investors.</div>

<div><br>
</div>
</div>

<table id="z69b2f20f64074938b3f06b5b93566151" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.56%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">4.</div>
</td>
<td style="WIDTH: 95.44%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">VESSELS, NET</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Vessels, net consist of the carrying value of the Company's vessels, including drydocking, engine overhaul costs and capitalized interest from the period of the vessel being constructed.</div>

<div><br>
</div>
</div>

<table id="zfd86fe947166411ca0447acbfad7a420" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All Figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessels</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">404,377</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">404,174</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Drydocking</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,179</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,736</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Engine Overhaul</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3,737</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3,221</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">410,293</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">409,131</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Less Accumulated Depreciation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">59,658</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">42,186</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Vessels, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">350,635</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">366,945</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Impairment of vessels</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">For the year ended December 31, 2017, 2016 and 2015 the Company performed impairment tests of the vessels. Impairment tests performed did not result in the carrying value for any of the Company's vessels exceeding future undiscounted cash flows.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company reviews for impairment of long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (estimated undiscounted cash flows exceed the book value of each vessel).</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">12</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to spot rates, fleet utilization, operating expenses, capital expenditures, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">For the first and second year of our analysis we applied a 3-year weighted average, which is composed of the lower of the historical market rates and utilization, as provided by a third party, and the rates and utilization we have achieved for the same period. For year three of our analysis we have applied a one year ramp up where rates are based on 75% of the 15-year historical average rates provided by third party, while applying a utilization rate of 75%. For the rates and utilization thereafter we use the 15-year historical average as provided by a third party. There were no impairment charges recorded on vessels for the years ended December 31, 2017, 2016 and 2015.</div>

<div><br>
</div>
</div>

<table id="z230d6d93ad0b437db44882cc16056f1f" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.02%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">5.</div>
</td>
<td style="WIDTH: 95.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">LONG-TERM DEBT</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Credit Facility:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">On December 19, 2013, the Company entered into a $60.0 million revolving credit facility ("Credit Facility") with a syndicate of lenders in order to secure available liquidity for general corporate purposes. Amounts borrowed under the Credit Facility bear interest at an annual rate equal to LIBOR plus a margin, and the Company pays a commitment fee on any undrawn amounts. The credit facility originally matured in December 2018.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">In March 2015 the Company expanded its Credit Facility from $60.0 million to $150.0 million. The new maturity of the expanded credit facility is March 2020. There are no repayment requirements before maturity on the Credit Facility.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Borrowings under the Credit Facility are currently secured by first priority mortgages on the Company's vessels and assignments of earnings and insurance. Under the Credit Facility, the Company is subject to certain covenants requiring among other things, the maintenance of (i) a minimum value adjusted amount of equity, and (ii) a minimum value adjusted equity ratio, and (iii) a minimum level of liquidity, and (iv) a positive working capital. The Credit Facility also includes customary events of default, including non-payment, breach of covenants, insolvency, cross defaults and material adverse change. A breach of any of these covenants would result in that the credit facility is callable by the lenders. In connection with the establishment and expansion of the Credit Facility the Company incurred $0.8 million and $1.2 million in 2013 and 2015, respectively, in deferred financing cost, which is amortized over the term of the loan.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">As at December 31, 2017 and 2016, the Company had $137.0 million drawn on its Credit Facility, respectively.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">As of December 31, 2016 and December 31, 2017 the Company was in default with three of its debt covenants, (i) the minimum value adjusted amount of equity clause, (ii) the minimum value adjusted equity ratio clause and (iii) a minimum level of liquidity. A waiver was obtained from its lenders lowering (i) the minimum value of equity and (ii) the minimum value adjusted equity ratio covenant requirements to levels at which the Company was in compliance, and suspending (iii) the minimum level of liquidity covenant. These waivers were effective until April 30, 2018. Under the waiver the Company is unable to draw further on the Credit Facility.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company has in April 2018 entered into an amendment to the credit agreement for our Credit Facility that extends the waiver period up until December 31, 2019, for all the covenants associated with the Credit Facility except for reintroducing a liquidity covenant of $5.0 million. Under the terms of the waiver obtained, the company are unable to draw further on the Credit Facility until we comply with the original terms and conditions under the Credit Facility agreement. The waiver obtained does not prohibit the Company from paying dividends. The Company can distribute dividends, subject to a corresponding amount being repaid under the Credit Facility.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company was in compliance with the modified loan covenants as of December 31, 2017 and the long-term debt of $137 million is presented as non-current.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">reflects both a recently revised margin and a variable interest rate.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">13</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div><br>
</div>
</div>

<table id="zb825b62a0c60429299c7ea9412e97c5b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">6.</div>
</td>
<td style="WIDTH: 95.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">INTEREST COSTS</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest costs consist of interest incurred on the long-term debt, the commitment fee and amortization of the deferred financing cost related to the Credit Facility described in Note 6.</div>

<div><br>
</div>
</div>

<table id="z3dea3ca3853445e78e03d369f7564a68" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All amounts in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest Costs, net of capitalized interest</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4,428</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,781</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">752</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Commitment Fee</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">93</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">327</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">750</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Amortization of Deferred Financing Cost</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">305</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total interest costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">4,880</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">3,467</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,807</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">For the years ended December 31, 2017 and 2016, $0.0 million and $0.1 million of interest costs were capitalized, respectively.</div>

<div><br>
</div>
</div>

<table id="zbf382e6aeae54dd7b5f373fdb7417ff4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.25%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">7.</div>
</td>
<td style="WIDTH: 95.75%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EARNINGS PER SHARE</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Basic earnings per share ("EPS") is calculated by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted EPS are calculated by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding during the period. For the years ended December 31, 2017, 2016 and 2015, the Company had a net loss, thus any effect of common stock equivalents outstanding would be antidilutive.</div>

<div><br>
</div>
</div>

<table id="z35365519c2f34863a3f568c5bd096a89" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">All figures in USD</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">Numerator</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net Loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(29,326,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(32,151,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(10,844,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">Denominator</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Basic - Weighted Average Common Shares Outstanding</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">54,995,614</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">20,939,260</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">23,203,142</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dilutive effect of Warrants issued</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dilutive - Weighted Average Common Shares Outstanding</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">54,995,614</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">20,939,260</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">23,203,142</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">Loss per Common Share</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Basic</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.53</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1.54</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.47</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dilutive</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.53</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1.54</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(0.47</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="zeb76e5e38109497cab6dd90bac3cea55" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">8.</div>
</td>
<td style="WIDTH: 95.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">SHAREHOLDERS' EQUITY</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Authorized, issued and outstanding common shares roll-forward is as follows:</div>

<div><br>
</div>
</div>

<table id="z8672002e51b8405996c8a7e7d884c73e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Authorized shares</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Issued Shares</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Outstanding Shares</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Common Shares</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance, January 1, 2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">250,000,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">23,431,370</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">23,431,370</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">234</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common Shares Repurchased under Share Repurchase Program</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(870,839</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance, December 31, 2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">250,000,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">23,431,370</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">22,560,531</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">234</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common Shares Repurchased under Share Repurchase Program</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(301,935</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common Shares Repurchased in Private Transaction</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1,571,749</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance, December 31, 2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">250,000,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">23,431,370</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">20,686,847</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">234</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common Shares Issued</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">41,300,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">41,300,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">413</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance, December 31, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">250,000,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">64,731,370</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">61,986,847</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">647</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Common shares issued</div>

<div>&#160;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company's authorized share capital is 200,000,000 common shares, par value $0.01 per share and 50,000,000 preferred shares, par value $0.01 per share.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">14</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div><br>
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Repurchase plan</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">In May 2015 the Company announced a share repurchase program of under which the Company may repurchase up to 2.5 million of NAO's outstanding common stock over the two subsequent years. As of December 31, 2016 and 2015 the Company had repurchased 301,935 and 870,839 shares under the share repurchase program, respectively. The Company repurchased a total of 1,172,774 shares under the share repurchase program The repurchase program had a maturity of two years, and expired May 2017.</div>

<div><br>
</div>
</div>

<table id="zc03f08b758d1498caf103117bf56459b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">9.</div>
</td>
<td style="WIDTH: 95.83%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets and liabilities that are recorded on the balance sheet as fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:</div>

<div><br>
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left">
<table id="z84e24d3ed0824e368a4bf697095f3869" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 49.5pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">Level 1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z0ebed138e61d4830978a49fdb7dbb96d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 49.5pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">Level 2.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Inputs, other than the quoted prices in active markets that are observable either directly or indirectly; and</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z5c8de90592b74620b466229274bfa1a8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 49.5pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">Level 3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#160;</div>
</td>
</tr>
</table>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div>
<table id="z2a10b68eea3f42398e2f8883fc3ff28c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">-</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The carrying value of cash and cash equivalents is a reasonable estimate of fair value.</div>
</td>
</tr>
</table>
</div>

<div>
<table id="zfdc1e02090f141f5bfdcf7475cfae5be" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">-</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The estimated fair value for the long-term debt is considered to be equal to the carrying values since it reflects both a recently revised margin and&#160; a variable interest rates which approximate market rates.</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z6220a4e3c22749e7a2055eea587a1436" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">-</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The basis for the estimated fair value of the firm commitment and the value related to the forward contracts has been put forth above.</div>
</td>
</tr>
</table>
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">The carrying value and estimated fair value of the Company's financial instruments at December 31, 2017 and 2016 are as follows:</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="z9a04d284bb644a38bd16b3dd8d3b4038" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Fair Value Hierarchy Level</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017 Fair Value</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017 Carrying Value</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016 Fair Value</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016 Carrying Value</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Cash and Cash Equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">31,506</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">31,506</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,953</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2,953</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Credit Facility</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(137,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(137,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(137,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(137,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">Contracts with the same counterparty are presented net as these contracts are allowed to be net settled.</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">The estimated fair value for the long-term debt, excluding issuance cost recognized as described in Note 1, is considered to be approximately equal to the carrying value since it reflects both a recently revised margin and a variable interest rate.</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table id="zd932c2a604614be8a5b93f7b8c174e59" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.02%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">10.</div>
</td>
<td style="WIDTH: 95.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">OTHER CURRENT ASSETS AND ACCRUED LIABILITIES</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">Other Current Assets</div>

<table id="z24859034f307403eba6478454a14a9fe" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Deferred Financing Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">359</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Other Current Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">331</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">738</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Total as of December 31,</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">690</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,097</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">Accrued Liabilities</div>

<table id="z3bef5b9118904de584a0e7c6ee2c06a4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">All figures in USD '000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Accrued Interest</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">692</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">589</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Accrued Costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">684</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">515</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Deferred Revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">388</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1,106</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Total as of December 31,</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1,764</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2,210</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">15</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
 &#160;</div>

<table id="zb7d4b6ad37f84a6dab09eea5f53e4836" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.02%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">11.</div>
</td>
<td style="WIDTH: 95.98%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">COMMITMENTS AND CONTINGENCIES</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">The Company may become a party to various legal proceedings generally incidental to its business and is subject to a variety of environmental and pollution control laws and regulations. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings. Although the ultimate disposition of legal proceedings cannot be predicted with certainty, it is the opinion of the Company's management that the outcome of any claim which might be pending or threatened, either individually or on a combined basis, will not have a materially adverse effect on the financial position of the Company, but could materially affect the Company's results of operations in a given year.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">No claims have been filed against the Company, nor has it been part to any legal proceedings for the fiscal years ended December 31, 2017 and 2016.</div>

<div><br>
</div>
</div>

<table id="z781190ed28a64be09d0dd7006ed1b370" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">12.</div>
</td>
<td style="WIDTH: 95.91%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">SUBSEQUENT EVENTS</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff">
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">On April 30, 2018, the Company executed amendment and waiver agreements on our credit facility expiring on December 31, 2019.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">On February 8, 2018, the Company declared a cash dividend of $0.02 per share with respect of the result of the fourth quarter 2017, which was paid on March 13, 2018.</div>
</div>

<div><br>
</div>
</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">16</font></div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>11
<FILENAME>nat-20171231.xml
<DESCRIPTION>XBRL INSTANCE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 4.3.3.1 Broadridge-->
<xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2017-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:country="http://xbrl.sec.gov/country/2017-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2017-01-31" xmlns:naics="http://xbrl.sec.gov/naics/2017-01-31" xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31" xmlns:stpr="http://xbrl.sec.gov/stpr/2011-01-31" xmlns:exch="http://xbrl.sec.gov/exch/2017-01-31" xmlns:nat="http://nat.bm/20171231" xmlns="http://www.xbrl.org/2003/instance">
  <link:schemaRef xlink:type="simple" xlink:href="nat-20171231.xsd" />
  <xbrli:context id="c20170101to20171231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20141231_StatementEquityComponentsAxis_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20141231_StatementEquityComponentsAxis_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20141231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:OtherAdditionalCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20141231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20141231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20141231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20141231_StatementEquityComponentsAxis_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2014-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_StatementEquityComponentsAxis_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:OtherAdditionalCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_StatementEquityComponentsAxis_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:OtherAdditionalCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_StatementEquityComponentsAxis_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_StatementEquityComponentsAxis_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_StatementEquityComponentsAxis_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_StatementEquityComponentsAxis_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:OtherAdditionalCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_StatementEquityComponentsAxis_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_StatementEquityComponentsAxis_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_StatementEquityComponentsAxis_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_StatementEquityComponentsAxis_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151231_StatementEquityComponentsAxis_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_StatementEquityComponentsAxis_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_StatementEquityComponentsAxis_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151231_StatementEquityComponentsAxis_TreasuryStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_StatementEquityComponentsAxis_CommonStockMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:OtherAdditionalCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_StatementEquityComponentsAxis_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:OtherAdditionalCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:OtherAdditionalCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_StatementEquityComponentsAxis_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151231_StatementEquityComponentsAxis_RetainedEarningsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20041231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2004-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicDiscoveryMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicDiscoveryMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicStarMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicStarMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSiriusMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicSiriusMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicJupiterMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicJupiterMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSpaceMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicSpaceMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicLightMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicLightMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicVoyagerMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicVoyagerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicAuroraMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicAuroraMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicMoonMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicMoonMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicMistralMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicMistralMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicPassatMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicPassatMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicCrossMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicCrossMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicPolluxMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicPolluxMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicCastorMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicCastorMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicHarrierMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicHarrierMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicHawkMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicHawkMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSprinterMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicSprinterMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicZenithMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicZenithMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NewbuildingoneMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NewbuildingoneMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicBreezeMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicBreezeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicFighterMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicFighterMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSaturnMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicSaturnMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicGraceMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicGraceMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_Newbuild2Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:Newbuild2Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSkierMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicSkierMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSpriteMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicSpriteMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicLunaMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicLunaMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicApolloMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicApolloMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicHunterMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicHunterMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_Newbuild3Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:Newbuild3Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicVegaMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicVegaMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicFreedomMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicFreedomMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicCosmosMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:NordicCosmosMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_BallastTankMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:BallastTankMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueServicesNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueServicesNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueServicesNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember_MajorCustomersAxis_CustomerTwoMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueServicesNetMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:MajorCustomersAxis">nat:CustomerTwoMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember_MajorCustomersAxis_CustomerThreeMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:AccountsReceivableMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:MajorCustomersAxis">nat:CustomerThreeMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember_MajorCustomersAxis_CustomerOneMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:MajorCustomersAxis">nat:CustomerOneMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueServicesNetMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember_MajorCustomersAxis_CustomerTwoMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:AccountsReceivableMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:MajorCustomersAxis">nat:CustomerTwoMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember_MajorCustomersAxis_CustomerOneMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:MajorCustomersAxis">nat:CustomerOneMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:AccountsReceivableMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember_MajorCustomersAxis_CustomerOneMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:MajorCustomersAxis">nat:CustomerOneMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:AccountsReceivableMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:AccountsReceivableMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:AccountsReceivableMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember_MajorCustomersAxis_CustomerTwoMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:MajorCustomersAxis">nat:CustomerTwoMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:AccountsReceivableMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AdjustmentsForNewAccountingPronouncementsAxis">us-gaap:AccountingStandardsUpdate201409Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AdjustmentsForNewAccountingPronouncementsAxis">us-gaap:AccountingStandardsUpdate201409Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201618Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AdjustmentsForNewAccountingPronouncementsAxis">us-gaap:AccountingStandardsUpdate201618Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_PropertyPlantAndEquipmentByTypeAxis_DrydockingMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:DrydockingMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:VesselsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:VesselsMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_PropertyPlantAndEquipmentByTypeAxis_DrydockingMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">nat:DrydockingMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20131118to20131118_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember_SubsidiarySaleOfStockAxis_PrivatePlacementMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:PrivatePlacementMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2013-11-18</xbrli:startDate>
      <xbrli:endDate>2013-11-18</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170331_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-03-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20131118_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember_SubsidiarySaleOfStockAxis_PrivatePlacementMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:PrivatePlacementMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2013-11-18</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20140630to20140630_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember_SubsidiarySaleOfStockAxis_IPOMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:IPOMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2014-06-30</xbrli:startDate>
      <xbrli:endDate>2014-06-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20140101to20141231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>
      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170831to20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-08-31</xbrli:startDate>
      <xbrli:endDate>2017-08-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151101to20151130">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-11-01</xbrli:startDate>
      <xbrli:endDate>2015-11-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20170331_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-08-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170720_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-07-20</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20130110to20130110_BusinessAcquisitionAxis_ScandicAmericanShippingLtdMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:ScandicAmericanShippingLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2013-01-10</xbrli:startDate>
      <xbrli:endDate>2013-01-10</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20130110_BusinessAcquisitionAxis_ScandicAmericanShippingLtdMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">nat:ScandicAmericanShippingLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2013-01-10</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_RelatedPartyTransactionsByRelatedPartyAxis_ScandicAmericanShippingLtdMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">nat:ScandicAmericanShippingLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_RelatedPartyTransactionsByRelatedPartyAxis_ScandicAmericanShippingLtdMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">nat:ScandicAmericanShippingLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_RelatedPartyTransactionsByRelatedPartyAxis_ScandicAmericanShippingLtdMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">nat:ScandicAmericanShippingLtdMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:DirectorMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_RelatedPartyTransactionsByRelatedPartyAxis_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:DirectorMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_RelatedPartyTransactionsByRelatedPartyAxis_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151231_RelatedPartyTransactionsByRelatedPartyAxis_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_RelatedPartyTransactionsByRelatedPartyAxis_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_RelatedPartyTransactionsByRelatedPartyAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:DirectorMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:DirectorMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:DirectorMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_RelatedPartyTransactionsByRelatedPartyAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_RelatedPartyTransactionsByRelatedPartyAxis_NordicAmericanOffshoreLimitedMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">nat:NordicAmericanOffshoreLimitedMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_RelatedPartyTransactionsByRelatedPartyAxis_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_TitleOfIndividualAxis_ChiefExecutiveOfficerMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">us-gaap:ChiefExecutiveOfficerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_TitleOfIndividualAxis_ChiefFinancialOfficerMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">us-gaap:ChiefFinancialOfficerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_TitleOfIndividualAxis_ChiefFinancialOfficerMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">us-gaap:ChiefFinancialOfficerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_TitleOfIndividualAxis_ChiefExecutiveOfficerMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">us-gaap:ChiefExecutiveOfficerMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_TitleOfIndividualAxis_CEOAndCFOMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:CEOAndCFOMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_TitleOfIndividualAxis_CEOAndCFOMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:CEOAndCFOMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_TitleOfIndividualAxis_CEOAndCFOMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:CEOAndCFOMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PlanNameAxis_EquityIncentivePlan2011Member_RangeAxis_MaximumMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:EmployeesAndNonEmployeesMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PlanNameAxis_EquityIncentivePlan2011Member_RangeAxis_MinimumMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20140101to20141231_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:EmployeesAndNonEmployeesMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2014-01-01</xbrli:startDate>
      <xbrli:endDate>2014-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_TitleOfIndividualAxis_EmployeesMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:EmployeesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_TitleOfIndividualAxis_EmployeesMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:EmployeesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20131231_PlanNameAxis_EquityIncentivePlan2011Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2013-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151231_PlanNameAxis_EquityIncentivePlan2011Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:EmployeesAndNonEmployeesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160101to20161231_PlanNameAxis_EquityIncentivePlan2011Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-01-01</xbrli:startDate>
      <xbrli:endDate>2016-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20150101to20151231_PlanNameAxis_EquityIncentivePlan2011Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2015-01-01</xbrli:startDate>
      <xbrli:endDate>2015-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_PlanNameAxis_EquityIncentivePlan2011Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_PlanNameAxis_EquityIncentivePlan2011Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:EmployeesMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20110223to20110223_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:EmployeesAndNonEmployeesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2011-02-23</xbrli:startDate>
      <xbrli:endDate>2011-02-23</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20110101to20111231_PlanNameAxis_EquityIncentivePlan2011Member">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2011-01-01</xbrli:startDate>
      <xbrli:endDate>2011-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:EmployeesMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20110805to20110805_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:EmployeesAndNonEmployeesMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">nat:EquityIncentivePlan2011Member</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2011-08-05</xbrli:startDate>
      <xbrli:endDate>2011-08-05</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">nat:EmployeesMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_CreditFacilityAxis_NewRevolvingCreditFacilityMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">nat:NewRevolvingCreditFacilityMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20121231_CreditFacilityAxis_RevolvingCreditFacilityMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2012-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_CreditFacilityAxis_NewRevolvingCreditFacilityMember_DebtInstrumentAxis_BondLoanMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">nat:NewRevolvingCreditFacilityMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">nat:BondLoanMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20151231_CreditFacilityAxis_RevolvingCreditFacilityMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2015-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_CreditFacilityAxis_RevolvingCreditFacilityMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_CreditFacilityAxis_RevolvingCreditFacilityMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_CreditFacilityAxis_RevolvingCreditFacilityMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20180504to20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2018-05-04</xbrli:startDate>
      <xbrli:endDate>2018-05-04</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2018-05-04</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_CreditFacilityAxis_RevolvingCreditFacilityMember_RangeAxis_MaximumMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_CreditFacilityAxis_RevolvingCreditFacilityMember_RangeAxis_MinimumMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20180504to20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_RangeAxis_MaximumMember_SubsequentEventTypeAxis_SubsequentEventMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2018-05-04</xbrli:startDate>
      <xbrli:endDate>2018-05-04</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171205to20171205_CreditFacilityAxis_RevolvingCreditFacilityMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-12-05</xbrli:startDate>
      <xbrli:endDate>2017-12-05</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20180310to20180310_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:CreditFacilityAxis">us-gaap:RevolvingCreditFacilityMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2018-03-10</xbrli:startDate>
      <xbrli:endDate>2018-03-10</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170101to20171231_RangeAxis_MaximumMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-01-01</xbrli:startDate>
      <xbrli:endDate>2017-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20180503_SubsequentEventTypeAxis_SubsequentEventMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2018-05-03</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20180503_RangeAxis_MaximumMember_SubsequentEventTypeAxis_SubsequentEventMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2018-05-03</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20160901to20160930">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2016-09-01</xbrli:startDate>
      <xbrli:endDate>2016-09-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171212to20171212">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2017-12-12</xbrli:startDate>
      <xbrli:endDate>2017-12-12</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20071231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2007-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20170616">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-06-16</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20130101to20131231">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2013-01-01</xbrli:startDate>
      <xbrli:endDate>2013-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementBasisAxis">us-gaap:CarryingReportedAmountFairValueDisclosureMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel1Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel1Member</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementBasisAxis">us-gaap:EstimateOfFairValueFairValueDisclosureMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementBasisAxis">us-gaap:CarryingReportedAmountFairValueDisclosureMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel1Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel1Member</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementBasisAxis">us-gaap:EstimateOfFairValueFairValueDisclosureMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementBasisAxis">us-gaap:EstimateOfFairValueFairValueDisclosureMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel2Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementBasisAxis">us-gaap:EstimateOfFairValueFairValueDisclosureMember</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel2Member</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20161231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel2Member</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementBasisAxis">us-gaap:CarryingReportedAmountFairValueDisclosureMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2016-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20171231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel2Member</xbrldi:explicitMember>
        <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementBasisAxis">us-gaap:CarryingReportedAmountFairValueDisclosureMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2017-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20180126to20180126_SubsequentEventTypeAxis_SubsequentEventMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2018-01-26</xbrli:startDate>
      <xbrli:endDate>2018-01-26</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="c20180427to20180427_SubsequentEventTypeAxis_SubsequentEventMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001000177</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2018-04-27</xbrli:startDate>
      <xbrli:endDate>2018-04-27</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:unit id="U001">
    <xbrli:measure>xbrli:shares</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U002">
    <xbrli:measure>iso4217:USD</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U003">
    <xbrli:divide>
      <xbrli:unitNumerator>
        <xbrli:measure>iso4217:USD</xbrli:measure>
      </xbrli:unitNumerator>
      <xbrli:unitDenominator>
        <xbrli:measure>xbrli:shares</xbrli:measure>
      </xbrli:unitDenominator>
    </xbrli:divide>
  </xbrli:unit>
  <xbrli:unit id="U004">
    <xbrli:measure>nat:Vessel</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U005">
    <xbrli:measure>xbrli:pure</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U006">
    <xbrli:measure>utr:t</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U007">
    <xbrli:measure>nat:Agreement</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U008">
    <xbrli:measure>nat:Segment</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U009">
    <xbrli:measure>nat:Subsidiary</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U010">
    <xbrli:measure>nat:Customer</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U011">
    <xbrli:measure>nat:Charter</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U012">
    <xbrli:measure>nat:Unit</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U013">
    <xbrli:measure>nat:Building</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U014">
    <xbrli:measure>nat:Employee</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="U015">
    <xbrli:measure>nat:Claim</xbrli:measure>
  </xbrli:unit>
  <!--Amendment Flag-->
  <dei:AmendmentFlag contextRef="c20170101to20171231">false</dei:AmendmentFlag>
  <!--Current Fiscal Year End Date-->
  <dei:CurrentFiscalYearEndDate contextRef="c20170101to20171231">--12-31</dei:CurrentFiscalYearEndDate>
  <!--Document Period End Date-->
  <dei:DocumentPeriodEndDate contextRef="c20170101to20171231">2017-12-31</dei:DocumentPeriodEndDate>
  <!--Entity Well-known Seasoned Issuer-->
  <dei:EntityWellKnownSeasonedIssuer contextRef="c20170101to20171231">Yes</dei:EntityWellKnownSeasonedIssuer>
  <!--Entity Voluntary Filers-->
  <dei:EntityVoluntaryFilers contextRef="c20170101to20171231">No</dei:EntityVoluntaryFilers>
  <!--Entity Current Reporting Status-->
  <dei:EntityCurrentReportingStatus contextRef="c20170101to20171231">Yes</dei:EntityCurrentReportingStatus>
  <!--Entity Filer Category-->
  <dei:EntityFilerCategory contextRef="c20170101to20171231">Large Accelerated Filer</dei:EntityFilerCategory>
  <!--Entity Registrant Name-->
  <dei:EntityRegistrantName contextRef="c20170101to20171231">NORDIC AMERICAN TANKERS Ltd</dei:EntityRegistrantName>
  <!--Entity Central Index Key-->
  <dei:EntityCentralIndexKey contextRef="c20170101to20171231">0001000177</dei:EntityCentralIndexKey>
  <!--Entity Common Stock, Shares Outstanding-->
  <dei:EntityCommonStockSharesOutstanding contextRef="c20171231" unitRef="U001" decimals="INF">141969666</dei:EntityCommonStockSharesOutstanding>
  <!--Document Fiscal Year Focus-->
  <dei:DocumentFiscalYearFocus contextRef="c20170101to20171231">2017</dei:DocumentFiscalYearFocus>
  <!--Document Fiscal Period Focus-->
  <dei:DocumentFiscalPeriodFocus contextRef="c20170101to20171231">FY</dei:DocumentFiscalPeriodFocus>
  <!--Document Type-->
  <dei:DocumentType contextRef="c20170101to20171231">20-F</dei:DocumentType>
  <!--INVESTMENTS-->
  <invest:InvestmentTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr style="vertical-align: top;"&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;4.&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;&lt;p style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;INVESTMENTS&lt;/p&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-weight: bold; text-align: left;"&gt;Nordic American Offshore Ltd.&lt;/div&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Nordic American Offshore Ltd. ("NAO") was incorporated on October 17, 2013, and operates Platform Supply Vessels ("PSV"). On November 18, 2013, NAO concluded a private placement of $250 million, wherein the Company participated with an investment of $65 million, or 4,333,566 shares. In June 2014 NAO completed an initial public offering on the New York Stock Exchange wherein the Company acquired 375,000 shares for $5.6 million.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In 2014 NAT distributed 699,802 NAO shares as dividend-in-kind to its shareholders. &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;In December 2014 the Company acquired an additional 488,216 shares in the open market. In November 2015 the Company purchased 1,521,300 shares in a private transaction.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In March 2017, Nordic American Offshore Ltd (or "NAO") completed a follow-on offering of its common shares in which NAT participated with a $10.0 million investment. Following the investment, NAT owned 22.6% of NAO. As a consequence of the reduction of NAT's holdings from 29.1% to 22.6% of the common shares of NAO, NAT recorded a dilution loss (non-cash) of $2.6 million in the first quarter of 2017.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;On August 31, 2017, the Company paid a dividend, which included a cash dividend of $0.10 per share and a distribution of an aggregate of 4,024,745 common shares of NAO, which were owned by the Company.&amp;#160; Each of our shareholders that held 250 or more of our common shares received one NAO common share per 24.4 NAT common shares, which we recognized at a cash value of $0.05 per share. Fractional shares were compensated by a cash dividend based on the closing price of NAO shares on the NYSE on July 20, 2017, which was $1.22. Each of our shareholders that held 249 or fewer shares received an additional cash dividend of $0.05 per common share. In connection to the above distribution of NAO shares, we recorded a loss of $0.7 million. Following this distribution, we owned 16.1% of the outstanding common shares of NAO.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;NAT's ownership in NAO as of December 31, 2017 and 2016 was 16.1 % and 29.1% respectively.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;As at December 31, 2016 the Company evaluated its investment in NAO for impairment, &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;after considering factors including, but not limited to, the fair value of NAO based on the quoted share price as compared to its carrying value, the length of time the investment's fair value had been below carrying value and the limited near-term prospects for a recovery in the share price of NAO. We concluded that as of December 31, 2016, the investment in NAO was other-than-temporarily impaired and recorded an impairment charge of $37.3 million to reflect the fair value of the shares. The Company has evaluated the investment on the same basis per December 31, 2017 and has not identified a need for any impairment charges in 2017.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The fair value of NAT's investment in NAO, based on the share price was $12.0 and $16.6 million as of December 31, 2017 and 2016, respectively. The carrying value of the investment per December 31, 2017 was $12.2 million.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Summarized balance sheet information for NAO is as follows:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;All figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;December 31, &lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;December 31, &lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Current assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;37,076&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;7,909&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 12px;"&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Noncurrent assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;350,635&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;366,945&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Total Assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;387,711&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;374,854&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Current liabilities&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2,809&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;4,089&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Noncurrent liabilities&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;136,629&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;136,568&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Total Shareholders' Equity&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;248,273&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;234,196&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Total liabilities and equity&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;387,711&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;374,854&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;NAT's share of NAO's equity was $40.0 million and $68.1 million as of December 31, 2017 and 2016, respectively.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Summarized Statement of Operations information for NAO is as follows:&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="10" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;Years ended December 31,&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;All figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Operating Revenues&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;17,895&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;17,697&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;36,372&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Net Operating (Loss) Income&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(26,068&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(28,543&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(8,372&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Net (Loss) Income&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(29,326&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(32,151&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(10,844&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;NAT's portion of NAO's Net (Loss) Income in the Statements of Operations per December 31, 2017, 2016 and 2015 was ($5.1) million, ($9.3) million and ($2.5) million, respectively. The Company has received dividends from NAO per Dec 31, 2017 and 2016 of $ 1.0 million and $1.7 million, respectively.&lt;/div&gt;&lt;/div&gt;</invest:InvestmentTextBlock>
  <!--Accounts Payable and Accrued Liabilities Disclosure [Text Block]-->
  <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;"&gt;12.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;ACCRUED LIABILITIES&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify; margin-left: 18pt; text-indent: -18pt;"&gt;All figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 14px;"&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Accrued Interest&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,031&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,437&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Accrued Expenses&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;10,208&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;6,211&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Total as of December 31,&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;11,239&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;7,648&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
  <!--Accounts and Notes Receivable, Net-->
  <us-gaap:AccountsAndNotesReceivableNet contextRef="c20171231" unitRef="U002" decimals="-3">21699000</us-gaap:AccountsAndNotesReceivableNet>
  <!--Accounts and Notes Receivable, Net-->
  <us-gaap:AccountsAndNotesReceivableNet contextRef="c20161231" unitRef="U002" decimals="-3">17487000</us-gaap:AccountsAndNotesReceivableNet>
  <!--Accounts receivable, net-->
  <us-gaap:AccountsReceivableNet contextRef="c20161231" unitRef="U002" decimals="-5">17500000</us-gaap:AccountsReceivableNet>
  <!--Accounts receivable, net-->
  <us-gaap:AccountsReceivableNet contextRef="c20171231" unitRef="U002" decimals="-5">21700000</us-gaap:AccountsReceivableNet>
  <!--Accounts Receivable, Related Party-->
  <us-gaap:AccountsReceivableRelatedPartiesCurrent contextRef="c20171231" unitRef="U002" decimals="-3">775000</us-gaap:AccountsReceivableRelatedPartiesCurrent>
  <!--Accounts Receivable, Related Party-->
  <us-gaap:AccountsReceivableRelatedPartiesCurrent contextRef="c20161231" unitRef="U002" decimals="-3">583000</us-gaap:AccountsReceivableRelatedPartiesCurrent>
  <!--Accounts Payable, Current-->
  <us-gaap:AccountsPayableCurrent contextRef="c20171231" unitRef="U002" decimals="-3">3218000</us-gaap:AccountsPayableCurrent>
  <!--Accounts Payable, Current-->
  <us-gaap:AccountsPayableCurrent contextRef="c20161231" unitRef="U002" decimals="-3">4294000</us-gaap:AccountsPayableCurrent>
  <!--Accrued Liabilities, Current-->
  <us-gaap:AccruedLiabilitiesCurrent contextRef="c20161231" unitRef="U002" decimals="-3">7648000</us-gaap:AccruedLiabilitiesCurrent>
  <!--Accrued Liabilities, Current-->
  <us-gaap:AccruedLiabilitiesCurrent contextRef="c20171231" unitRef="U002" decimals="-3">11239000</us-gaap:AccruedLiabilitiesCurrent>
  <!--Accumulated Other Comprehensive Income (Loss), Net of Tax-->
  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="c20171231" unitRef="U002" decimals="-3">-1187000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
  <!--Accumulated Other Comprehensive Income (Loss), Net of Tax-->
  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="c20161231" unitRef="U002" decimals="-3">-1037000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
  <!--Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment-->
  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="c20161231" unitRef="U002" decimals="-3">741144000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
  <!--Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment-->
  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="c20171231" unitRef="U002" decimals="-3">842977000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
  <!--Additional Paid-in Capital-->
  <us-gaap:AdditionalPaidInCapitalCommonStock contextRef="c20171231" unitRef="U002" decimals="-3">123439000</us-gaap:AdditionalPaidInCapitalCommonStock>
  <!--Additional Paid-in Capital-->
  <us-gaap:AdditionalPaidInCapitalCommonStock contextRef="c20161231" unitRef="U002" decimals="-3">235050000</us-gaap:AdditionalPaidInCapitalCommonStock>
  <!--Accumulated coverage of loss-AOCI Attributable to Parent [Member]-->
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalOther contextRef="c20150101to20151231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:AdjustmentsToAdditionalPaidInCapitalOther>
  <!--Accumulated coverage of loss-Additional Paid-in Capital [Member]-->
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalOther contextRef="c20150101to20151231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:AdjustmentsToAdditionalPaidInCapitalOther>
  <!--Accumulated coverage of loss-Common Stock [Member]-->
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalOther contextRef="c20150101to20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:AdjustmentsToAdditionalPaidInCapitalOther>
  <!--Accumulated coverage of loss-Other Additional Capital [Member]-->
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalOther contextRef="c20150101to20151231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">-13166000</us-gaap:AdjustmentsToAdditionalPaidInCapitalOther>
  <!--Accumulated coverage of loss-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalOther contextRef="c20150101to20151231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">13166000</us-gaap:AdjustmentsToAdditionalPaidInCapitalOther>
  <!--Accumulated coverage of loss-->
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalOther contextRef="c20150101to20151231" unitRef="U002" decimals="-3">0</us-gaap:AdjustmentsToAdditionalPaidInCapitalOther>
  <!--Total compensation cost for the period-Equity Incentive Plan 2011 [Member]-->
  <us-gaap:AllocatedShareBasedCompensationExpense contextRef="c20160101to20161231_PlanNameAxis_EquityIncentivePlan2011Member" unitRef="U002" decimals="-5">400000</us-gaap:AllocatedShareBasedCompensationExpense>
  <!--Total compensation cost for the period-Equity Incentive Plan 2011 [Member]-->
  <us-gaap:AllocatedShareBasedCompensationExpense contextRef="c20150101to20151231_PlanNameAxis_EquityIncentivePlan2011Member" unitRef="U002" decimals="-5">400000</us-gaap:AllocatedShareBasedCompensationExpense>
  <!--Total compensation cost for the period-Equity Incentive Plan 2011 [Member]-->
  <us-gaap:AllocatedShareBasedCompensationExpense contextRef="c20170101to20171231_PlanNameAxis_EquityIncentivePlan2011Member" unitRef="U002" decimals="-5">500000</us-gaap:AllocatedShareBasedCompensationExpense>
  <!--Allowance for doubtful balances-->
  <us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="c20161231" unitRef="U002" decimals="-3">150000000</us-gaap:AllowanceForDoubtfulAccountsReceivable>
  <!--Allowance for doubtful balances-->
  <us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="c20171231" unitRef="U002" decimals="-3">0</us-gaap:AllowanceForDoubtfulAccountsReceivable>
  <!--Amortization of Deferred Financing Costs-->
  <us-gaap:AmortizationOfFinancingCosts contextRef="c20160101to20161231" unitRef="U002" decimals="-3">1382000</us-gaap:AmortizationOfFinancingCosts>
  <!--Amortization of Deferred Financing Costs-->
  <us-gaap:AmortizationOfFinancingCosts contextRef="c20150101to20151231" unitRef="U002" decimals="-3">1240000</us-gaap:AmortizationOfFinancingCosts>
  <!--Amortization of Deferred Financing Costs-->
  <us-gaap:AmortizationOfFinancingCosts contextRef="c20170101to20171231" unitRef="U002" decimals="-3">1393000</us-gaap:AmortizationOfFinancingCosts>
  <!--Assets-->
  <us-gaap:Assets contextRef="c20161231" unitRef="U002" decimals="-3">1349904000</us-gaap:Assets>
  <!--Assets-->
  <us-gaap:Assets contextRef="c20171231" unitRef="U002" decimals="-3">1141063000</us-gaap:Assets>
  <!--Assets, Noncurrent-->
  <us-gaap:AssetsNoncurrent contextRef="c20171231" unitRef="U002" decimals="-3">1014076000</us-gaap:AssetsNoncurrent>
  <!--Assets, Noncurrent-->
  <us-gaap:AssetsNoncurrent contextRef="c20161231" unitRef="U002" decimals="-3">1186195000</us-gaap:AssetsNoncurrent>
  <!--Assets, Current-->
  <us-gaap:AssetsCurrent contextRef="c20161231" unitRef="U002" decimals="-3">163709000</us-gaap:AssetsCurrent>
  <!--Assets, Current-->
  <us-gaap:AssetsCurrent contextRef="c20171231" unitRef="U002" decimals="-3">126987000</us-gaap:AssetsCurrent>
  <!--Basis of Accounting-->
  <us-gaap:BasisOfAccounting contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Basis of Accounting: &lt;/font&gt;These consolidated financial statements ("financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").&lt;/div&gt;&lt;/div&gt;</us-gaap:BasisOfAccounting>
  <!--Common shares paid-Scandic American Shipping Ltd [Member]-->
  <us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable contextRef="c20130110to20130110_BusinessAcquisitionAxis_ScandicAmericanShippingLtdMember" unitRef="U002" decimals="-5">18100000</us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable>
  <!--Payable to seller-Scandic American Shipping Ltd [Member]-->
  <us-gaap:BusinessCombinationConsiderationTransferredLiabilitiesIncurred contextRef="c20130110to20130110_BusinessAcquisitionAxis_ScandicAmericanShippingLtdMember" unitRef="U002" decimals="-5">7200000</us-gaap:BusinessCombinationConsiderationTransferredLiabilitiesIncurred>
  <!--Purchase price-Scandic American Shipping Ltd [Member]-->
  <us-gaap:BusinessCombinationConsiderationTransferred1 contextRef="c20130110to20130110_BusinessAcquisitionAxis_ScandicAmericanShippingLtdMember" unitRef="U002" decimals="-5">33300000</us-gaap:BusinessCombinationConsiderationTransferred1>
  <!--ACQUISITIONS-->
  <us-gaap:BusinessCombinationDisclosureTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr style="vertical-align: top;"&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;5.&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;ACQUISITIONS&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In 2013 the Company acquired Scandic. The purchase price was $33.3 million, of which $18.1 million was paid in shares, $8.0 million was paid in cash and $7.2 million was payable to the seller for additional assets. The Company performed an analysis of the fair value of the tangible assets acquired and liabilities assumed, resulting in recognition of $19.0 million of goodwill.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;As of December 31, 2017 the Company has recorded an impairment loss of $19.0 million for the goodwill associated with the Company&amp;#8217;s one reporting unit, which encompasses the entire company. &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;As a result of the impairment loss related to the ten pre-2000 built vessels, the Company has assessed and concluded that this probable reduction in the fleet does not support the assumption that the fleet size is maintained throughout the lifetime of the analysis through replacement of retired vessels. The assumed reduction in the fleet has resulted in the fair value of the reporting unit to fall below the carrying value, implying a negative value of the goodwill. As a result we have written down the value of the goodwill by $19.0 million. As of December 31, 2017, the carrying value of goodwill is zero after the impairment loss is recognized.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:BusinessCombinationDisclosureTextBlock>
  <!--Voyage Revenues-->
  <us-gaap:CargoAndFreightRevenue contextRef="c20160101to20161231" unitRef="U002" decimals="-3">357451000</us-gaap:CargoAndFreightRevenue>
  <!--Voyage Revenues-->
  <us-gaap:CargoAndFreightRevenue contextRef="c20170101to20171231" unitRef="U002" decimals="-3">297141000</us-gaap:CargoAndFreightRevenue>
  <!--Voyage Revenues-->
  <us-gaap:CargoAndFreightRevenue contextRef="c20150101to20151231" unitRef="U002" decimals="-3">445738000</us-gaap:CargoAndFreightRevenue>
  <!--Cash and Cash Equivalents, Policy [Policy Text Block]-->
  <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Cash and Cash Equivalents:&lt;/font&gt; Cash and cash equivalents consist of highly liquid investments such as time deposits with original maturities of three months or less.&lt;/div&gt;&lt;/div&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
  <!--Cash and Cash Equivalents, at Carrying Value-->
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c20161231" unitRef="U002" decimals="-3">82170000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <!--Cash and Cash Equivalents, at Carrying Value-->
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c20171231" unitRef="U002" decimals="-3">58359000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <!--Cash and Cash Equivalents, at Carrying Value-->
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c20141231" unitRef="U002" decimals="-3">100736000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <!--Cash and Cash Equivalents, at Carrying Value-->
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c20151231" unitRef="U002" decimals="-3">29889000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <!--Cash and Cash Equivalents, Period Increase (Decrease)-->
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-33747000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <!--Cash and Cash Equivalents, Period Increase (Decrease)-->
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="c20160101to20161231" unitRef="U002" decimals="-3">52266000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <!--Cash and Cash Equivalents, Period Increase (Decrease)-->
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-65743000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <!--Cash and Cash Equivalents-Reported Value Measurement [Member]-Fair Value, Inputs, Level 1 [Member]-->
  <us-gaap:CashAndCashEquivalentsFairValueDisclosure contextRef="c20161231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U002" decimals="-3">82170000</us-gaap:CashAndCashEquivalentsFairValueDisclosure>
  <!--Cash and Cash Equivalents-Fair Value, Inputs, Level 1 [Member]-Estimate of Fair Value Measurement [Member]-->
  <us-gaap:CashAndCashEquivalentsFairValueDisclosure contextRef="c20171231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U002" decimals="-3">58359000</us-gaap:CashAndCashEquivalentsFairValueDisclosure>
  <!--Cash and Cash Equivalents-Reported Value Measurement [Member]-Fair Value, Inputs, Level 1 [Member]-->
  <us-gaap:CashAndCashEquivalentsFairValueDisclosure contextRef="c20171231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U002" decimals="-3">58359000</us-gaap:CashAndCashEquivalentsFairValueDisclosure>
  <!--Cash and Cash Equivalents-Fair Value, Inputs, Level 1 [Member]-Estimate of Fair Value Measurement [Member]-->
  <us-gaap:CashAndCashEquivalentsFairValueDisclosure contextRef="c20161231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U002" decimals="-3">82170000</us-gaap:CashAndCashEquivalentsFairValueDisclosure>
  <!--Commitments and Contingencies-->
  <us-gaap:CommitmentsAndContingencies contextRef="c20161231" unitRef="U002" xsi:nil="true" />
  <!--Commitments and Contingencies-->
  <us-gaap:CommitmentsAndContingencies contextRef="c20171231" unitRef="U002" xsi:nil="true" />
  <!--Common Stock, Capital Shares Reserved for Future Issuance-Equity Incentive Plan 2011 [Member]-->
  <us-gaap:CommonStockCapitalSharesReservedForFutureIssuance contextRef="c20151231_PlanNameAxis_EquityIncentivePlan2011Member" unitRef="U001" decimals="INF">137665</us-gaap:CommonStockCapitalSharesReservedForFutureIssuance>
  <!--Dividend declared (in dollars per share)-Subsequent Event [Member]-->
  <us-gaap:CommonStockDividendsPerShareDeclared contextRef="c20180126to20180126_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U003" decimals="INF">0.03</us-gaap:CommonStockDividendsPerShareDeclared>
  <!--Dividend declared (in dollars per share)-Subsequent Event [Member]-->
  <us-gaap:CommonStockDividendsPerShareDeclared contextRef="c20180427to20180427_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U003" decimals="INF">0.01</us-gaap:CommonStockDividendsPerShareDeclared>
  <!--Common Stock, shares authorized (in shares)-->
  <us-gaap:CommonStockSharesAuthorized contextRef="c20161231" unitRef="U001" decimals="INF">180000000</us-gaap:CommonStockSharesAuthorized>
  <!--Common Stock, shares authorized (in shares)-->
  <us-gaap:CommonStockSharesAuthorized contextRef="c20171231" unitRef="U001" decimals="INF">180000000</us-gaap:CommonStockSharesAuthorized>
  <!--Common Stock, shares authorized (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesAuthorized contextRef="c20141231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">180000000</us-gaap:CommonStockSharesAuthorized>
  <!--Common Stock, shares authorized (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesAuthorized contextRef="c20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">180000000</us-gaap:CommonStockSharesAuthorized>
  <!--Common Stock, shares authorized (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesAuthorized contextRef="c20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">180000000</us-gaap:CommonStockSharesAuthorized>
  <!--Common Stock, shares authorized (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesAuthorized contextRef="c20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">180000000</us-gaap:CommonStockSharesAuthorized>
  <!--Shares as dividend-in-kind (in shares)-->
  <us-gaap:CommonStockDividendsShares contextRef="c20140101to20141231" unitRef="U001" decimals="INF">699802</us-gaap:CommonStockDividendsShares>
  <!--Shares as dividend-in-kind (in shares)-Nordic American Offshore Limited [Member]-->
  <us-gaap:CommonStockDividendsShares contextRef="c20170831to20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U001" decimals="INF">4024745</us-gaap:CommonStockDividendsShares>
  <!--Common Stock, shares issued (in shares)-->
  <us-gaap:CommonStockSharesIssued contextRef="c20161231" unitRef="U001" decimals="INF">101969666</us-gaap:CommonStockSharesIssued>
  <!--Common Stock, shares issued (in shares)-->
  <us-gaap:CommonStockSharesIssued contextRef="c20171231" unitRef="U001" decimals="INF">141969666</us-gaap:CommonStockSharesIssued>
  <!--Common Stock, shares issued (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesIssued contextRef="c20141231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">89182001</us-gaap:CommonStockSharesIssued>
  <!--Common Stock, shares issued (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesIssued contextRef="c20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">141969666</us-gaap:CommonStockSharesIssued>
  <!--Common Stock, shares issued (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesIssued contextRef="c20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">89182001</us-gaap:CommonStockSharesIssued>
  <!--Common Stock, shares issued (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesIssued contextRef="c20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">101969666</us-gaap:CommonStockSharesIssued>
  <!--Cash Dividends per Share (in dollars per share)-->
  <us-gaap:CommonStockDividendsPerShareCashPaid contextRef="c20160101to20161231" unitRef="U003" decimals="INF">1.37</us-gaap:CommonStockDividendsPerShareCashPaid>
  <!--Cash Dividends per Share (in dollars per share)-->
  <us-gaap:CommonStockDividendsPerShareCashPaid contextRef="c20170101to20171231" unitRef="U003" decimals="INF">0.53</us-gaap:CommonStockDividendsPerShareCashPaid>
  <!--Cash Dividends per Share (in dollars per share)-->
  <us-gaap:CommonStockDividendsPerShareCashPaid contextRef="c20150101to20151231" unitRef="U003" decimals="INF">1.38</us-gaap:CommonStockDividendsPerShareCashPaid>
  <!--Cash Dividends per Share (in dollars per share)-Nordic American Offshore Limited [Member]-->
  <us-gaap:CommonStockDividendsPerShareCashPaid contextRef="c20170831to20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U003" decimals="INF">0.10</us-gaap:CommonStockDividendsPerShareCashPaid>
  <!--Common Share, par value (in dollars per share)-->
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="c20171231" unitRef="U003" decimals="INF">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
  <!--Common Share, par value (in dollars per share)-->
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="c20161231" unitRef="U003" decimals="INF">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
  <!--Common Share, par value (in dollars per share)-->
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="c20071231" unitRef="U003" decimals="INF">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
  <!--Common Share, par value (in dollars per share)-->
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="c20170616" unitRef="U003" decimals="INF">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
  <!--Common Stock, Value, Issued-->
  <us-gaap:CommonStockValue contextRef="c20171231" unitRef="U002" decimals="-3">1420000</us-gaap:CommonStockValue>
  <!--Common Stock, Value, Issued-->
  <us-gaap:CommonStockValue contextRef="c20161231" unitRef="U002" decimals="-3">1020000</us-gaap:CommonStockValue>
  <!--Common Stock, Value, Outstanding-Common Stock [Member]-->
  <us-gaap:CommonStockValueOutstanding contextRef="c20141231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">892000</us-gaap:CommonStockValueOutstanding>
  <!--Common Stock, Value, Outstanding-Common Stock [Member]-->
  <us-gaap:CommonStockValueOutstanding contextRef="c20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">1020000</us-gaap:CommonStockValueOutstanding>
  <!--Common Stock, Value, Outstanding-Common Stock [Member]-->
  <us-gaap:CommonStockValueOutstanding contextRef="c20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">1420000</us-gaap:CommonStockValueOutstanding>
  <!--Common Stock, Value, Outstanding-Common Stock [Member]-->
  <us-gaap:CommonStockValueOutstanding contextRef="c20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">892000</us-gaap:CommonStockValueOutstanding>
  <!--Common Stock, shares outstanding (in shares)-->
  <us-gaap:CommonStockSharesOutstanding contextRef="c20171231" unitRef="U001" decimals="INF">141969666</us-gaap:CommonStockSharesOutstanding>
  <!--Common Stock, shares outstanding (in shares)-->
  <us-gaap:CommonStockSharesOutstanding contextRef="c20161231" unitRef="U001" decimals="INF">101969666</us-gaap:CommonStockSharesOutstanding>
  <!--Common Stock, shares outstanding (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesOutstanding contextRef="c20141231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">89182001</us-gaap:CommonStockSharesOutstanding>
  <!--Common Stock, shares outstanding (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesOutstanding contextRef="c20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">141969666</us-gaap:CommonStockSharesOutstanding>
  <!--Common Stock, shares outstanding (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesOutstanding contextRef="c20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">89182001</us-gaap:CommonStockSharesOutstanding>
  <!--Common Stock, shares outstanding (in shares)-Common Stock [Member]-->
  <us-gaap:CommonStockSharesOutstanding contextRef="c20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">101969666</us-gaap:CommonStockSharesOutstanding>
  <!--Compensation Related Costs, Policy [Policy Text Block]-->
  <us-gaap:CompensationRelatedCostsPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Deferred Compensation Liability: &lt;/font&gt;The Company has one individual deferred compensation agreement with the Company's CEO. The former CFO &amp;amp; EVP had an individual deferred compensation agreement, denominated in Norwegian currency, where further benefits do not accrue upon leaving the Company as of Dec 31, 2017. The liabilities are accounted for on an accrual basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses are recognized in general and administrative expenses as incurred.&lt;/div&gt;&lt;/div&gt;</us-gaap:CompensationRelatedCostsPolicyTextBlock>
  <!--Compensation Related Costs, General [Text Block]-->
  <us-gaap:CompensationRelatedCostsGeneralTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 17.85pt; vertical-align: top; font-weight: bold; align: right;"&gt;7.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;DEFERRED COMPENSATION LIABILITY&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In 2010, the Board of Directors approved an unfunded deferred compensation agreement for the Company's former Chief Financial Officer and Executive Vice President. The agreements provide for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents. The deferred compensation liability for the former Chief Financial Officer and Executive Vice President is denominated in Norwegian currency. The vesting period has ended upon leaving the Company per December 31, 2017 and is payable from the age of 67. Interest is imputed at 2.30% and 2.60% as of December 31, 2017 and 2016, respectively.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In 2007, the Board of Directors approved an unfunded deferred compensation agreement for Herbj&amp;#248;rn Hansson, the Chairman, President and CEO, with vesting of benefits accruing from 2004. The agreement provides for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents. The agreement has been amended in 2017 for the benefits to vest over a period of employment of 15 years up to a maximum of 66% of the salary level at the time of retirement, age of 72. Interest is imputed at 2.30% and 2.60% as of December 31, 2017 and 2016, respectively. The Company had a restricted deposit account for securing the financing of this deferred compensation liability per December 31, 2016 as described in Note 8, where the restriction was lifted in 2017.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The total expense related to the deferred compensation agreements for the Chairman, President and CEO and the Company's former Chief Financial Officer and Executive Vice President, recognized in 2017, 2016 and 2015 were $1.3 million, $1.8 million and $0.4 million, respectively. As of December 31, 2017 and 2016 total deferred compensation liability was $15.8 and $14.5 million, respectively.&lt;/div&gt;&lt;/div&gt;</us-gaap:CompensationRelatedCostsGeneralTextBlock>
  <!--Comprehensive Income (Loss), Net of Tax, Attributable to Parent-->
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="c20150101to20151231" unitRef="U002" decimals="-3">114493000</us-gaap:ComprehensiveIncomeNetOfTax>
  <!--Comprehensive Income (Loss), Net of Tax, Attributable to Parent-->
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-4521000</us-gaap:ComprehensiveIncomeNetOfTax>
  <!--Comprehensive Income (Loss), Net of Tax, Attributable to Parent-->
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-205119000</us-gaap:ComprehensiveIncomeNetOfTax>
  <!--Concentration Risk, Credit Risk, Policy [Policy Text Block]-->
  <us-gaap:ConcentrationRiskCreditRisk contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Concentration of Credit Risk:&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables. The Company's cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;For the year ended December 31, 2017, one customer accounted for 12% of the total revenues. For the year ended December 31, 2016, one customer accounted for 32% of the total revenues.&amp;#160; For the year ended December 31, 2015, two customers accounted for 42% of the total revenues, with 30% and 12%.&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Accounts receivable, net, as of December 31, 2017, and 2016 were $21.7 and $17.5 million, respectively. As of December 31, 2017, two charterers accounted for 25% of the outstanding accounts receivable, with 11% and 14%. As of December 31, 2016, three charterers accounted for 44% of the outstanding accounts receivable, with 16%, 16%, and 12%.&lt;/div&gt;&lt;/div&gt;</us-gaap:ConcentrationRiskCreditRisk>
  <!--Concentration Risk, Percentage-Sales Revenue, Services, Net [Member]-Customer two [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20150101to20151231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember_MajorCustomersAxis_CustomerTwoMember" unitRef="U005" decimals="2">0.12</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Accounts Receivable [Member]-Customer three [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember_MajorCustomersAxis_CustomerThreeMember" unitRef="U005" decimals="2">0.12</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Customer one [Member]-Sales Revenue, Services, Net [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20150101to20151231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember_MajorCustomersAxis_CustomerOneMember" unitRef="U005" decimals="1">0.3</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Accounts Receivable [Member]-Customer two [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember_MajorCustomersAxis_CustomerTwoMember" unitRef="U005" decimals="2">0.16</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Sales Revenue, Services, Net [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember" unitRef="U005" decimals="2">0.32</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Customer one [Member]-Accounts Receivable [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember_MajorCustomersAxis_CustomerOneMember" unitRef="U005" decimals="2">0.16</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Customer one [Member]-Accounts Receivable [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember_MajorCustomersAxis_CustomerOneMember" unitRef="U005" decimals="2">0.11</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Sales Revenue, Services, Net [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember" unitRef="U005" decimals="2">0.12</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Sales Revenue, Services, Net [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20150101to20151231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember" unitRef="U005" decimals="2">0.42</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Accounts Receivable [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="U005" decimals="2">0.25</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Accounts Receivable [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="U005" decimals="2">0.44</us-gaap:ConcentrationRiskPercentage1>
  <!--Concentration Risk, Percentage-Customer two [Member]-Accounts Receivable [Member]-->
  <us-gaap:ConcentrationRiskPercentage1 contextRef="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember_MajorCustomersAxis_CustomerTwoMember" unitRef="U005" decimals="2">0.14</us-gaap:ConcentrationRiskPercentage1>
  <!--Principles of Consolidation-->
  <us-gaap:ConsolidationPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Principles of Consolidation: &lt;/font&gt;Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries' accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in the consolidation.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The equity method of accounting is used for investments in companies which NAT does not control, but over which NAT has the ability to exercise significant influence.&lt;/div&gt;&lt;/div&gt;</us-gaap:ConsolidationPolicyTextBlock>
  <!--Contract with Customer, Liability, Current-ASU 2014-09 [Member]-->
  <us-gaap:ContractWithCustomerLiabilityCurrent contextRef="c20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member" unitRef="U002" decimals="-5">5300000</us-gaap:ContractWithCustomerLiabilityCurrent>
  <!--Cost of Services-->
  <us-gaap:CostOfServices contextRef="c20170101to20171231" unitRef="U002" decimals="-3">142465000</us-gaap:CostOfServices>
  <!--Cost of Services-->
  <us-gaap:CostOfServices contextRef="c20150101to20151231" unitRef="U002" decimals="-3">158656000</us-gaap:CostOfServices>
  <!--Cost of Services-->
  <us-gaap:CostOfServices contextRef="c20160101to20161231" unitRef="U002" decimals="-3">125987000</us-gaap:CostOfServices>
  <!--Costs and Expenses, Related Party-Immediate Family Member of Management or Principal Owner [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty contextRef="c20150101to20151231_RelatedPartyTransactionsByRelatedPartyAxis_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" unitRef="U002" decimals="-5">100000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Nordic American Offshore Limited [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty contextRef="c20160101to20161231_RelatedPartyTransactionsByRelatedPartyAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">2200000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Board Member [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty contextRef="c20170101to20171231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember" unitRef="U002" decimals="-5">100000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Board Member [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty contextRef="c20160101to20161231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember" unitRef="U002" decimals="-5">300000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Board Member [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty contextRef="c20150101to20151231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember" unitRef="U002" decimals="-5">100000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Nordic American Offshore Limited [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty contextRef="c20170101to20171231_RelatedPartyTransactionsByRelatedPartyAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">2300000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Nordic American Offshore Limited [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty contextRef="c20150101to20151231_RelatedPartyTransactionsByRelatedPartyAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">2100000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Immediate Family Member of Management or Principal Owner [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty contextRef="c20160101to20161231_RelatedPartyTransactionsByRelatedPartyAxis_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" unitRef="U002" decimals="-5">100000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Dividend distributed-Revolving Credit Facility [Member]-Subsequent Event [Member]-->
  <us-gaap:DistributedEarnings contextRef="c20180504to20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-5">4300000</us-gaap:DistributedEarnings>
  <!--Interest rate-Maximum [Member]-->
  <us-gaap:DebtInstrumentInterestRateDuringPeriod contextRef="c20170101to20171231_RangeAxis_MaximumMember" unitRef="U005" decimals="INF">0.105</us-gaap:DebtInstrumentInterestRateDuringPeriod>
  <!--Associated fees-New Revolving Credit Facility [Member]-->
  <us-gaap:DebtInstrumentFeeAmount contextRef="c20171231_CreditFacilityAxis_NewRevolvingCreditFacilityMember" unitRef="U002" decimals="-5">13100000</us-gaap:DebtInstrumentFeeAmount>
  <!--Debt Instrument, Frequency of Periodic Payment-->
  <us-gaap:DebtInstrumentFrequencyOfPeriodicPayment contextRef="c20170101to20171231">quarterly</us-gaap:DebtInstrumentFrequencyOfPeriodicPayment>
  <!--Debt instrument, periodic payment-->
  <us-gaap:DebtInstrumentPeriodicPayment contextRef="c20170101to20171231" unitRef="U002" decimals="-5">10000000</us-gaap:DebtInstrumentPeriodicPayment>
  <!--Decrease in Restricted Cash-->
  <us-gaap:DecreaseInRestrictedCash contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</us-gaap:DecreaseInRestrictedCash>
  <!--Decrease in Restricted Cash-->
  <us-gaap:DecreaseInRestrictedCash contextRef="c20150101to20151231" unitRef="U002" decimals="-3">10000000</us-gaap:DecreaseInRestrictedCash>
  <!--Decrease in Restricted Cash-->
  <us-gaap:DecreaseInRestrictedCash contextRef="c20160101to20161231" unitRef="U002" decimals="-3">10149000</us-gaap:DecreaseInRestrictedCash>
  <!--Required service period-Chief Executive Officer [Member]-->
  <us-gaap:DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1 contextRef="c20170101to20171231_TitleOfIndividualAxis_ChiefExecutiveOfficerMember">P15Y</us-gaap:DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1>
  <!--Total expense recognized-->
  <us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense contextRef="c20170101to20171231" unitRef="U002" decimals="-3">1303000</us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense>
  <!--Total expense recognized-->
  <us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense contextRef="c20150101to20151231" unitRef="U002" decimals="-3">324000</us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense>
  <!--Total expense recognized-->
  <us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense contextRef="c20160101to20161231" unitRef="U002" decimals="-3">1369000</us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense>
  <!--Total expense recognized-CEO and CFO [Member]-->
  <us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense contextRef="c20150101to20151231_TitleOfIndividualAxis_CEOAndCFOMember" unitRef="U002" decimals="-5">400000</us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense>
  <!--Total expense recognized-CEO and CFO [Member]-->
  <us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense contextRef="c20160101to20161231_TitleOfIndividualAxis_CEOAndCFOMember" unitRef="U002" decimals="-5">1800000</us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense>
  <!--Total expense recognized-CEO and CFO [Member]-->
  <us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense contextRef="c20170101to20171231_TitleOfIndividualAxis_CEOAndCFOMember" unitRef="U002" decimals="-5">1300000</us-gaap:DeferredCompensationArrangementWithIndividualCompensationExpense>
  <!--Total deferred compensation liability-->
  <us-gaap:DeferredCompensationLiabilityCurrent contextRef="c20161231" unitRef="U002" decimals="-5">14500000</us-gaap:DeferredCompensationLiabilityCurrent>
  <!--Total deferred compensation liability-->
  <us-gaap:DeferredCompensationLiabilityCurrent contextRef="c20171231" unitRef="U002" decimals="-5">15800000</us-gaap:DeferredCompensationLiabilityCurrent>
  <!--Deferred financing costs-Revolving Credit Facility [Member]-->
  <us-gaap:DeferredFinanceCostsNet contextRef="c20151231_CreditFacilityAxis_RevolvingCreditFacilityMember" unitRef="U002" decimals="-5">4600000</us-gaap:DeferredFinanceCostsNet>
  <!--Deferred Compensation Liability, Classified, Noncurrent-->
  <us-gaap:DeferredCompensationLiabilityClassifiedNoncurrent contextRef="c20171231" unitRef="U002" decimals="-3">15814000</us-gaap:DeferredCompensationLiabilityClassifiedNoncurrent>
  <!--Deferred Compensation Liability, Classified, Noncurrent-->
  <us-gaap:DeferredCompensationLiabilityClassifiedNoncurrent contextRef="c20161231" unitRef="U002" decimals="-3">14510000</us-gaap:DeferredCompensationLiabilityClassifiedNoncurrent>
  <!--Deposits Assets-->
  <us-gaap:DepositsAssets contextRef="c20171231" unitRef="U002" decimals="-3">50130000</us-gaap:DepositsAssets>
  <!--Deposits Assets-->
  <us-gaap:DepositsAssets contextRef="c20161231" unitRef="U002" decimals="-3">82130000</us-gaap:DepositsAssets>
  <!--Depreciation-->
  <us-gaap:Depreciation contextRef="c20170101to20171231" unitRef="U002" decimals="-3">100669000</us-gaap:Depreciation>
  <!--Depreciation-->
  <us-gaap:Depreciation contextRef="c20150101to20151231" unitRef="U002" decimals="-3">82610000</us-gaap:Depreciation>
  <!--Depreciation-->
  <us-gaap:Depreciation contextRef="c20160101to20161231" unitRef="U002" decimals="-3">90889000</us-gaap:Depreciation>
  <!--Disclosure of Compensation Related Costs, Share-based Payments [Text Block]-->
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="margin-bottom: 12pt; text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; font-weight: bold; align: right;"&gt;9.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;SHARE-BASED COMPENSATION PLAN&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Equity Incentive Plan 2011&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In 2011, the Board of Directors decided to establish an incentive plan involving a maximum of 400,000 shares pursuant to a vesting schedule of which all shares were allocated among the management of the Company and the members of the Board of Directors. The shares are forfeited if the grantee leaves the Company before the restricted shares are vested. The holders of the restricted shares are entitled to receive dividends paid in the period as well as voting rights.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In 2011 326,000 and 74,000 restricted shares were granted with a four-year and five-year cliff-vesting period, respectively. 174,000 shares vested in 2013 in relation to the acquisition of Scandic American Shipping Ltd. The remaining shares vested in 2015 and 2016, except for 33,000 common shares that were reallocated to certain employees in 2014 at grant date fair value of $9.84 and four-year cliff vesting period.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In 2015, we amended and restated the 2011 Equity Incentive Plan to reserve an additional 137,665 restricted shares for issuance to persons employed in the management of the Company and members of the Board of Directors under the same terms as the original plan.&amp;#160; The holders of the restricted shares are entitled to voting rights as well as to receive dividends paid during the trade restriction period.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company granted 4,500 common shares to employees in 2017 at a grant date fair value of $9.13. In 2017 and 2016, the Company received 13,000 and 13,500 shares from employees who have resigned, respectively. The shares are held as treasury shares at December 31, 2017.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The compensation expense is recognized on a straight-line basis over the vesting period and is recorded as part of General and Administrative expenses. The total compensation expense related to restricted shares under the plan was $0.5 million, $0.4 million, and $0.4 million for the years ended December 31, 2017, December 31, 2016 and December 31, 2015, respectively.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;As of December 31, 2017, unrecognized cost related to unvested shares aggregated to $0.8 million, which will be recognized over a weighted period of 1.7 years.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;As of December 31, 2017, a total number of 138,665 common shares have been allocated among 26 employees. The Company has 22,000 treasury shares related to the Equity Incentive plan.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The tables below summarize the Company's restricted stock awards as of December 31, 2017:&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Restricted &lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;shares -&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Employees&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Weighted-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;average grant-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;date fair value&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;- Employees&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Non-vested at January 1, 2017&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,165&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;13.75&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Granted during the year&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;4,500&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;9.13&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Vested during the year&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(10,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;14.65&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Forfeited during the year&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(13,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;13.54&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Non-vested at December 31, 2017&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;138,665&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;13.55&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <!--Dividend payment date-Subsequent Event [Member]-->
  <us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="c20180427to20180427_SubsequentEventTypeAxis_SubsequentEventMember">2018-06-12</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
  <!--Dividend payment date-Subsequent Event [Member]-->
  <us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="c20180126to20180126_SubsequentEventTypeAxis_SubsequentEventMember">2018-03-09</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
  <!--Dividend declare date-Subsequent Event [Member]-->
  <us-gaap:DividendsPayableDateDeclaredDayMonthAndYear contextRef="c20180427to20180427_SubsequentEventTypeAxis_SubsequentEventMember">2018-04-27</us-gaap:DividendsPayableDateDeclaredDayMonthAndYear>
  <!--Dividend declare date-Subsequent Event [Member]-->
  <us-gaap:DividendsPayableDateDeclaredDayMonthAndYear contextRef="c20180126to20180126_SubsequentEventTypeAxis_SubsequentEventMember">2018-01-26</us-gaap:DividendsPayableDateDeclaredDayMonthAndYear>
  <!--Dividends, Common Stock-Additional Paid-in Capital [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20170101to20171231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-AOCI Attributable to Parent [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20160101to20161231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-->
  <us-gaap:DividendsCommonStock contextRef="c20160101to20161231" unitRef="U002" decimals="-3">125650000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-Other Additional Capital [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20160101to20161231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">125650000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-Common Stock [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20170101to20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-AOCI Attributable to Parent [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20170101to20171231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20170101to20171231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-Other Additional Capital [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20150101to20151231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">8444000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20160101to20161231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-Other Additional Capital [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20170101to20171231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">59136000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-->
  <us-gaap:DividendsCommonStock contextRef="c20150101to20151231" unitRef="U002" decimals="-3">123071000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-Common Stock [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20160101to20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-Additional Paid-in Capital [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20160101to20161231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-->
  <us-gaap:DividendsCommonStock contextRef="c20170101to20171231" unitRef="U002" decimals="-3">59136000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20150101to20151231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">114627000</us-gaap:DividendsCommonStock>
  <!--Accounts payable-Board Member [Member]-->
  <us-gaap:DueToRelatedPartiesCurrent contextRef="c20161231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember" unitRef="U002" decimals="-3">0</us-gaap:DueToRelatedPartiesCurrent>
  <!--Accounts payable-Immediate Family Member of Management or Principal Owner [Member]-->
  <us-gaap:DueToRelatedPartiesCurrent contextRef="c20171231_RelatedPartyTransactionsByRelatedPartyAxis_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" unitRef="U002" decimals="-3">0</us-gaap:DueToRelatedPartiesCurrent>
  <!--Accounts payable-Board Member [Member]-->
  <us-gaap:DueToRelatedPartiesCurrent contextRef="c20171231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember" unitRef="U002" decimals="-3">0</us-gaap:DueToRelatedPartiesCurrent>
  <!--Accounts payable-Immediate Family Member of Management or Principal Owner [Member]-->
  <us-gaap:DueToRelatedPartiesCurrent contextRef="c20161231_RelatedPartyTransactionsByRelatedPartyAxis_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" unitRef="U002" decimals="-3">0</us-gaap:DueToRelatedPartiesCurrent>
  <!--Accounts payable-Immediate Family Member of Management or Principal Owner [Member]-->
  <us-gaap:DueToRelatedPartiesCurrent contextRef="c20151231_RelatedPartyTransactionsByRelatedPartyAxis_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" unitRef="U002" decimals="-3">0</us-gaap:DueToRelatedPartiesCurrent>
  <!--Diluted (in dollars per share)-->
  <us-gaap:EarningsPerShareDiluted contextRef="c20150101to20151231" unitRef="U003" decimals="2">1.29</us-gaap:EarningsPerShareDiluted>
  <!--Diluted (in dollars per share)-->
  <us-gaap:EarningsPerShareDiluted contextRef="c20160101to20161231" unitRef="U003" decimals="2">-0.05</us-gaap:EarningsPerShareDiluted>
  <!--Diluted (in dollars per share)-->
  <us-gaap:EarningsPerShareDiluted contextRef="c20170101to20171231" unitRef="U003" decimals="2">-1.97</us-gaap:EarningsPerShareDiluted>
  <!--Earnings Per Share [Text Block]-->
  <us-gaap:EarningsPerShareTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;"&gt;13.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;EARNINGS (LOSS) PER SHARE&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Basic earnings per share ("EPS") are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;All figures in USD except number of shares and earnings (loss) per common share&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"&gt;Numerator&lt;/font&gt;:&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px;"&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;Net (Loss) Income&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(204,969&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(4,456&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;114,627&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;Denominator:&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 10px;"&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;Basic - Weighted Average Common Shares Outstanding&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;103,832,680&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;92,531,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;89,182,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Dilutive &amp;#8211; Weighted Average Common Shares Outstanding&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;103,832,680&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;92,531,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;89,182,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;Earnings (Loss) per Common Share:&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"&gt;Basic&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(1.97&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(0.05&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1.29&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;Diluted&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(1.97&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(0.05&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1.29&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <!--Basic (in dollars per share)-->
  <us-gaap:EarningsPerShareBasic contextRef="c20150101to20151231" unitRef="U003" decimals="2">1.29</us-gaap:EarningsPerShareBasic>
  <!--Basic (in dollars per share)-->
  <us-gaap:EarningsPerShareBasic contextRef="c20160101to20161231" unitRef="U003" decimals="2">-0.05</us-gaap:EarningsPerShareBasic>
  <!--Basic (in dollars per share)-->
  <us-gaap:EarningsPerShareBasic contextRef="c20170101to20171231" unitRef="U003" decimals="2">-1.97</us-gaap:EarningsPerShareBasic>
  <!--Earnings Per Share, Basic and Diluted-->
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="c20150101to20151231" unitRef="U003" decimals="2">1.29</us-gaap:EarningsPerShareBasicAndDiluted>
  <!--Earnings Per Share, Basic and Diluted-->
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="c20160101to20161231" unitRef="U003" decimals="2">-0.05</us-gaap:EarningsPerShareBasicAndDiluted>
  <!--Earnings Per Share, Basic and Diluted-->
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="c20170101to20171231" unitRef="U003" decimals="2">-1.97</us-gaap:EarningsPerShareBasicAndDiluted>
  <!--Effect of Exchange Rate Changes on Cash and Cash Equivalents-->
  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-104000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
  <!--Effect of Exchange Rate Changes on Cash and Cash Equivalents-->
  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-64000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
  <!--Effect of Exchange Rate Changes on Cash and Cash Equivalents-->
  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents contextRef="c20160101to20161231" unitRef="U002" decimals="-3">15000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
  <!--Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent-->
  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c20170101to20171231" unitRef="U005" decimals="2">0.24</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
  <!--Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent-->
  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c20150101to20151231" unitRef="U005" decimals="2">0.27</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
  <!--Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent-->
  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c20160101to20161231" unitRef="U005" decimals="2">0.25</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
  <!--Effective Income Tax Rate Reconciliation, Percent-->
  <us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c20170101to20171231" unitRef="U005" decimals="0">0</us-gaap:EffectiveIncomeTaxRateContinuingOperations>
  <!--Unrecognized compensation cost related to unvested restricted stock-Equity Incentive Plan 2011 [Member]-Restricted Stock [Member]-Employees and Non Employees [Member]-->
  <us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized contextRef="c20171231_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember" unitRef="U002" decimals="-5">800000</us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized>
  <!--Weighted average period to recognize the unrecognized compensation cost-Equity Incentive Plan 2011 [Member]-Employees and Non Employees [Member]-Restricted Stock [Member]-->
  <us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 contextRef="c20170101to20171231_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember">P1Y8M12D</us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1>
  <!--Equity Method Investment, Summarized Financial Information, Current Liabilities-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities contextRef="c20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">4089000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities>
  <!--Equity Method Investment, Summarized Financial Information, Current Liabilities-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities contextRef="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">2809000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities>
  <!--Operating Revenues-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationRevenue contextRef="c20160101to20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">17697000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationRevenue>
  <!--Operating Revenues-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationRevenue contextRef="c20170101to20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">17895000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationRevenue>
  <!--Operating Revenues-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationRevenue contextRef="c20150101to20151231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">36372000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationRevenue>
  <!--Equity Method Investment, Summarized Financial Information, Assets-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationAssets contextRef="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">387711000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationAssets>
  <!--Equity Method Investment, Summarized Financial Information, Assets-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationAssets contextRef="c20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">374854000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationAssets>
  <!--Current assets-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets contextRef="c20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">7909000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets>
  <!--Current assets-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets contextRef="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">37076000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets>
  <!--Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss contextRef="c20150101to20151231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">-8372000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss>
  <!--Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss contextRef="c20170101to20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">-26068000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss>
  <!--Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss contextRef="c20160101to20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">-28543000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss>
  <!--Ownership interest-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U005" decimals="INF">0.161</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Ownership interest-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U005" decimals="INF">0.291</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Ownership interest-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20170331_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U005" decimals="INF">0.226</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Private equity placement participation-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentAggregateCost contextRef="c20170331_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">10000000</us-gaap:EquityMethodInvestmentAggregateCost>
  <!--Private equity placement participation-Nordic American Offshore Limited [Member]-Private Placement [Member]-->
  <us-gaap:EquityMethodInvestmentAggregateCost contextRef="c20131118_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember_SubsidiarySaleOfStockAxis_PrivatePlacementMember" unitRef="U002" decimals="-6">65000000</us-gaap:EquityMethodInvestmentAggregateCost>
  <!--Impairment of investment-->
  <us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment contextRef="c20160101to20161231" unitRef="U002" decimals="-5">37300000</us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment>
  <!--Impairment of investment-->
  <us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment contextRef="c20170101to20171231" unitRef="U002" decimals="-6">0</us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment>
  <!--Equity Method Investment, Summarized Financial Information, Noncurrent Assets-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets contextRef="c20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">366945000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets>
  <!--Equity Method Investment, Summarized Financial Information, Noncurrent Assets-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets contextRef="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">350635000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets>
  <!--Noncurrent liabilities-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities contextRef="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">136629000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities>
  <!--Noncurrent liabilities-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities contextRef="c20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">136568000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities>
  <!--Total liabilities and equity-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity contextRef="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">387711000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity>
  <!--Total liabilities and equity-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity contextRef="c20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">374854000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity>
  <!--Total Shareholders' Equity-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity contextRef="c20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">234196000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity>
  <!--Total Shareholders' Equity-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity contextRef="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">248273000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity>
  <!--Equity Method Investments-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestments contextRef="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">40000000</us-gaap:EquityMethodInvestments>
  <!--Equity Method Investments-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestments contextRef="c20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">68100000</us-gaap:EquityMethodInvestments>
  <!--Equity Method Investment, Summarized Financial Information, Net Income (Loss)-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss contextRef="c20150101to20151231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">-10844000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss>
  <!--Equity Method Investment, Summarized Financial Information, Net Income (Loss)-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss contextRef="c20170101to20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">-29326000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss>
  <!--Equity Method Investment, Summarized Financial Information, Net Income (Loss)-Nordic American Offshore Limited [Member]-->
  <us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss contextRef="c20160101to20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-3">-32151000</us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss>
  <!--NATs share of NAOs total market capitalization-->
  <us-gaap:EquityMethodInvestmentsFairValueDisclosure contextRef="c20171231" unitRef="U002" decimals="-5">12000000</us-gaap:EquityMethodInvestmentsFairValueDisclosure>
  <!--NATs share of NAOs total market capitalization-->
  <us-gaap:EquityMethodInvestmentsFairValueDisclosure contextRef="c20161231" unitRef="U002" decimals="-5">16600000</us-gaap:EquityMethodInvestmentsFairValueDisclosure>
  <!--Investments in Equity Method Investees-->
  <us-gaap:EquityMethodInvestmentsPolicy contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Investments in Equity Method Investees: &lt;/font&gt;Investments in other entities where the Company has "significant influence" in accordance with U.S. GAAP are accounted for using the equity method of accounting.&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company's proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.&lt;/div&gt;&lt;/div&gt;</us-gaap:EquityMethodInvestmentsPolicy>
  <!--Fair Value Disclosures [Text Block]-->
  <us-gaap:FairValueDisclosuresTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="margin-bottom: 12pt; text-align: left;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;"&gt;16.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The majority of NAT and its subsidiaries' transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company's cash flows.&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 72pt; vertical-align: top; align: right;"&gt;Level 1.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 72pt; vertical-align: top; align: right;"&gt;Level 2.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr style="vertical-align: top;"&gt;&lt;td style="width: 72pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Level &lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;3.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; align: right;"&gt;-&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; align: right;"&gt;-&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; align: right;"&gt;-&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;The carrying amount of the Company's restricted cash at December 31, 2016 approximate fair value and is considered to be a Level 1 item.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2017 and 2016, are as follows:&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify; margin-left: 18pt; text-indent: -18pt;"&gt;All figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Fair Value Hierarchy&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Level&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Fair&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Carrying&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2016&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Fair&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2016&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Carrying&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Cash and Cash Equivalents&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;58,359&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;58,359&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;82,170&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;82,170&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Credit Facility&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(391,641&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(391,641&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(447,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(447,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Other Non-Current Assets (restricted cash)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;10,149&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;10,149&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <!--Fair Value of Financial Instruments-->
  <us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Fair Value of Financial Instruments:&lt;/font&gt; The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments. For further information on fair value of financial instruments please see Note 16.&lt;/div&gt;&lt;/div&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
  <!--Carrying value of estimated fair value of financial instruments-->
  <us-gaap:FairValueByBalanceSheetGroupingTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2017 and 2016, are as follows:&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify; margin-left: 18pt; text-indent: -18pt;"&gt;All figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Fair Value Hierarchy&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Level&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Fair&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Carrying&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2016&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Fair&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2016&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Carrying&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Cash and Cash Equivalents&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;58,359&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;58,359&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;82,170&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;82,170&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Credit Facility&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(391,641&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(391,641&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(447,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(447,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Other Non-Current Assets (restricted cash)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;10,149&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;10,149&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueByBalanceSheetGroupingTextBlock>
  <!--Foreign Currency Translation-->
  <us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Foreign Currency Translation: &lt;/font&gt;The functional currency of NAT is the United States ("U.S.") dollar as all revenues are received in U.S. dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;.&lt;/font&gt; The subsidiaries of NATC, NAT Chartering AS, and the European branch of Scandic, have Norwegian Kroner as their functional currency. All assets and liabilities of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders' equity as part of accumulated other comprehensive loss.&lt;/div&gt;&lt;/div&gt;</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
  <!--Gain (Loss) on Sale of Equity Investments-->
  <us-gaap:GainLossOnSaleOfEquityInvestments contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-8435000</us-gaap:GainLossOnSaleOfEquityInvestments>
  <!--Gain (Loss) on Sale of Equity Investments-->
  <us-gaap:GainLossOnSaleOfEquityInvestments contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-46642000</us-gaap:GainLossOnSaleOfEquityInvestments>
  <!--Gain (Loss) on Sale of Equity Investments-->
  <us-gaap:GainLossOnSaleOfEquityInvestments contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-2462000</us-gaap:GainLossOnSaleOfEquityInvestments>
  <!--Loss on investments-->
  <us-gaap:GainLossOnInvestments contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-2462000</us-gaap:GainLossOnInvestments>
  <!--Loss on investments-->
  <us-gaap:GainLossOnInvestments contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-8435000</us-gaap:GainLossOnInvestments>
  <!--Loss on investments-->
  <us-gaap:GainLossOnInvestments contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-46642000</us-gaap:GainLossOnInvestments>
  <!--Loss on investments-Nordic American Offshore Limited [Member]-->
  <us-gaap:GainLossOnInvestments contextRef="c20170831to20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">700000</us-gaap:GainLossOnInvestments>
  <!--Received Settlement-->
  <us-gaap:GainLossRelatedToLitigationSettlement contextRef="c20160101to20161231" unitRef="U002" decimals="-3">5328000</us-gaap:GainLossRelatedToLitigationSettlement>
  <!--Received Settlement-->
  <us-gaap:GainLossRelatedToLitigationSettlement contextRef="c20150101to20151231" unitRef="U002" decimals="-3">0</us-gaap:GainLossRelatedToLitigationSettlement>
  <!--Received Settlement-->
  <us-gaap:GainLossRelatedToLitigationSettlement contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</us-gaap:GainLossRelatedToLitigationSettlement>
  <!--General and Administrative Expense-->
  <us-gaap:GeneralAndAdministrativeExpense contextRef="c20150101to20151231" unitRef="U002" decimals="-3">9790000</us-gaap:GeneralAndAdministrativeExpense>
  <!--General and Administrative Expense-->
  <us-gaap:GeneralAndAdministrativeExpense contextRef="c20160101to20161231" unitRef="U002" decimals="-3">12296000</us-gaap:GeneralAndAdministrativeExpense>
  <!--General and Administrative Expense-->
  <us-gaap:GeneralAndAdministrativeExpense contextRef="c20170101to20171231" unitRef="U002" decimals="-3">12575000</us-gaap:GeneralAndAdministrativeExpense>
  <!--Goodwill-->
  <us-gaap:Goodwill contextRef="c20171231" unitRef="U002" decimals="-3">0</us-gaap:Goodwill>
  <!--Goodwill-->
  <us-gaap:Goodwill contextRef="c20161231" unitRef="U002" decimals="-3">18979000</us-gaap:Goodwill>
  <!--Goodwill-->
  <!--Goodwill-Scandic American Shipping Ltd [Member]-->
  <us-gaap:Goodwill contextRef="c20130110_BusinessAcquisitionAxis_ScandicAmericanShippingLtdMember" unitRef="U002" decimals="-5">19000000</us-gaap:Goodwill>
  <!--Impairment Loss on Goodwill-->
  <us-gaap:GoodwillImpairmentLoss contextRef="c20170101to20171231" unitRef="U002" decimals="-3">18979000</us-gaap:GoodwillImpairmentLoss>
  <!--Impairment Loss on Goodwill-->
  <us-gaap:GoodwillImpairmentLoss contextRef="c20160101to20161231" unitRef="U002" decimals="-3">0</us-gaap:GoodwillImpairmentLoss>
  <!--Impairment Loss on Goodwill-->
  <us-gaap:GoodwillImpairmentLoss contextRef="c20150101to20151231" unitRef="U002" decimals="-3">0</us-gaap:GoodwillImpairmentLoss>
  <!--Goodwill and Intangible Assets, Policy [Policy Text Block]-->
  <us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Goodwill: &lt;/font&gt;Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has acquired.&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.&lt;/div&gt;&lt;/div&gt;</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
  <!--Impairment Loss on Vessels-->
  <us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf contextRef="c20160101to20161231" unitRef="U002" decimals="-6">0</us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf>
  <!--Impairment Loss on Vessels-->
  <!--Impairment Loss on Vessels-->
  <us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf contextRef="c20170101to20171231" unitRef="U002" decimals="-3">110480000</us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf>
  <!--Impairment Loss on Vessels-->
  <us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf contextRef="c20150101to20151231" unitRef="U002" decimals="-3">0</us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf>
  <!--Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest-->
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="c20160101to20161231" unitRef="U002" decimals="-3">42288000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
  <!--Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest-->
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="c20150101to20151231" unitRef="U002" decimals="-3">117185000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
  <!--Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest-->
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-196451000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
  <!--Income (Loss) from Equity Method Investments-Nordic American Offshore Limited [Member]-->
  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="c20160101to20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">-9300000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <!--Income (Loss) from Equity Method Investments-Nordic American Offshore Limited [Member]-->
  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="c20170101to20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">-5100000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <!--Income (Loss) from Equity Method Investments-Nordic American Offshore Limited [Member]-->
  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="c20150101to20151231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">-2500000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <!--Income tax expense-->
  <us-gaap:IncomeTaxExpenseBenefit contextRef="c20150101to20151231" unitRef="U002" decimals="-3">96000</us-gaap:IncomeTaxExpenseBenefit>
  <!--Income tax expense-->
  <us-gaap:IncomeTaxExpenseBenefit contextRef="c20160101to20161231" unitRef="U002" decimals="-3">102000</us-gaap:IncomeTaxExpenseBenefit>
  <!--Income tax expense-->
  <us-gaap:IncomeTaxExpenseBenefit contextRef="c20170101to20171231" unitRef="U002" decimals="-3">83000</us-gaap:IncomeTaxExpenseBenefit>
  <!--Income Taxes-->
  <us-gaap:IncomeTaxPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Income Taxes:&amp;#160; &lt;/font&gt;The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Two of the Company's wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 24%, 25%, and 27% for the years ended December 31, 2017, 2016 and 2015, respectively, of their taxable profit.&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;The income tax expensed for year ended December 31, 2017, 2016 and 2015 was $83,000, $102,000 and $96,000, respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:IncomeTaxPolicyTextBlock>
  <!--Cash Paid for Taxes-->
  <us-gaap:IncomeTaxesPaidNet contextRef="c20150101to20151231" unitRef="U002" decimals="-3">47000</us-gaap:IncomeTaxesPaidNet>
  <!--Cash Paid for Taxes-->
  <us-gaap:IncomeTaxesPaidNet contextRef="c20170101to20171231" unitRef="U002" decimals="-3">102000</us-gaap:IncomeTaxesPaidNet>
  <!--Cash Paid for Taxes-->
  <us-gaap:IncomeTaxesPaidNet contextRef="c20160101to20161231" unitRef="U002" decimals="-3">96000</us-gaap:IncomeTaxesPaidNet>
  <!--Increase (Decrease) in Accounts Receivable, Related Parties-->
  <us-gaap:IncreaseDecreaseInAccountsReceivableRelatedParties contextRef="c20170101to20171231" unitRef="U002" decimals="-3">145000</us-gaap:IncreaseDecreaseInAccountsReceivableRelatedParties>
  <!--Increase (Decrease) in Accounts Receivable, Related Parties-->
  <us-gaap:IncreaseDecreaseInAccountsReceivableRelatedParties contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-77000</us-gaap:IncreaseDecreaseInAccountsReceivableRelatedParties>
  <!--Increase (Decrease) in Accounts Receivable, Related Parties-->
  <us-gaap:IncreaseDecreaseInAccountsReceivableRelatedParties contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-12000</us-gaap:IncreaseDecreaseInAccountsReceivableRelatedParties>
  <!--Increase (Decrease) in Accounts Receivable-->
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="c20170101to20171231" unitRef="U002" decimals="-3">4258000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <!--Increase (Decrease) in Accounts Receivable-->
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-10084000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <!--Increase (Decrease) in Accounts Receivable-->
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="c20150101to20151231" unitRef="U002" decimals="-3">11832000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <!--Increase (Decrease) in Accounts Payable and Accrued Liabilities-->
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="c20160101to20161231" unitRef="U002" decimals="-3">668000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <!--Increase (Decrease) in Accounts Payable and Accrued Liabilities-->
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="c20170101to20171231" unitRef="U002" decimals="-3">1072000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <!--Increase (Decrease) in Accounts Payable and Accrued Liabilities-->
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-3869000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <!--Increase (Decrease) in Prepaid Expense and Other Assets-->
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-262000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <!--Increase (Decrease) in Prepaid Expense and Other Assets-->
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="c20170101to20171231" unitRef="U002" decimals="-3">904000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <!--Increase (Decrease) in Prepaid Expense and Other Assets-->
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-415000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <!--Increase (Decrease) in Inventories-->
  <us-gaap:IncreaseDecreaseInInventories contextRef="c20160101to20161231" unitRef="U002" decimals="-3">6043000</us-gaap:IncreaseDecreaseInInventories>
  <!--Increase (Decrease) in Inventories-->
  <us-gaap:IncreaseDecreaseInInventories contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-7380000</us-gaap:IncreaseDecreaseInInventories>
  <!--Increase (Decrease) in Inventories-->
  <us-gaap:IncreaseDecreaseInInventories contextRef="c20170101to20171231" unitRef="U002" decimals="-3">2200000</us-gaap:IncreaseDecreaseInInventories>
  <!--Increase (Decrease) in Unbilled Receivables-->
  <us-gaap:IncreaseDecreaseInUnbilledReceivables contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-1743000</us-gaap:IncreaseDecreaseInUnbilledReceivables>
  <!--Increase (Decrease) in Unbilled Receivables-->
  <us-gaap:IncreaseDecreaseInUnbilledReceivables contextRef="c20150101to20151231" unitRef="U002" decimals="-3">7767000</us-gaap:IncreaseDecreaseInUnbilledReceivables>
  <!--Increase (Decrease) in Unbilled Receivables-->
  <us-gaap:IncreaseDecreaseInUnbilledReceivables contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-20303000</us-gaap:IncreaseDecreaseInUnbilledReceivables>
  <!--Accrued Interest-->
  <us-gaap:InterestPayableCurrent contextRef="c20171231" unitRef="U002" decimals="-3">1031000</us-gaap:InterestPayableCurrent>
  <!--Accrued Interest-->
  <us-gaap:InterestPayableCurrent contextRef="c20161231" unitRef="U002" decimals="-3">1437000</us-gaap:InterestPayableCurrent>
  <!--Interest expenses, capitalized interest-->
  <us-gaap:InterestCostsCapitalized contextRef="c20150101to20151231" unitRef="U002" decimals="-5">1000000</us-gaap:InterestCostsCapitalized>
  <!--Interest expenses, capitalized interest-->
  <us-gaap:InterestCostsCapitalized contextRef="c20160101to20161231" unitRef="U002" decimals="-5">1600000</us-gaap:InterestCostsCapitalized>
  <!--Interest expenses, capitalized interest-->
  <us-gaap:InterestCostsCapitalized contextRef="c20170101to20171231" unitRef="U002" decimals="-5">2500000</us-gaap:InterestCostsCapitalized>
  <!--Interest Expense-->
  <us-gaap:InterestExpense contextRef="c20150101to20151231" unitRef="U002" decimals="-3">10855000</us-gaap:InterestExpense>
  <!--Interest Expense-->
  <us-gaap:InterestExpense contextRef="c20160101to20161231" unitRef="U002" decimals="-3">11170000</us-gaap:InterestExpense>
  <!--Interest Expense-->
  <us-gaap:InterestExpense contextRef="c20170101to20171231" unitRef="U002" decimals="-3">20464000</us-gaap:InterestExpense>
  <!--Interest Income and Interest Expense Disclosure [Text Block]-->
  <us-gaap:InterestIncomeAndInterestExpenseDisclosureTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="margin-bottom: 12pt; text-align: left;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; font-weight: bold; align: right;"&gt;11.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;INTEREST EXPENSE&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Interest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 10.&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;All amounts in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Interest Expenses, net of capitalized interest&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;18,286&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;8,811&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;7,590&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Commitment Fee&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;760&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;937&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2,025&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Amortization of Deferred Financing Costs&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,393&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,382&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,240&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Other financial costs&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;25&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;40&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Total Interest Expenses&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;20,464&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;11,170&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;10,855&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;&lt;br /&gt;&lt;/font&gt; For the years ended December 31, 2017, 2016 and 2015, $2.5, $1.6 million and $1.0 million of interest expenses were capitalized, respectively.&lt;/div&gt;&lt;/div&gt;</us-gaap:InterestIncomeAndInterestExpenseDisclosureTextBlock>
  <!--Other financial costs-->
  <us-gaap:InterestExpenseOther contextRef="c20150101to20151231" unitRef="U002" decimals="-3">0</us-gaap:InterestExpenseOther>
  <!--Other financial costs-->
  <us-gaap:InterestExpenseOther contextRef="c20170101to20171231" unitRef="U002" decimals="-3">25000</us-gaap:InterestExpenseOther>
  <!--Other financial costs-->
  <us-gaap:InterestExpenseOther contextRef="c20160101to20161231" unitRef="U002" decimals="-3">40000</us-gaap:InterestExpenseOther>
  <!--Cash Paid for Interest, Net of Amounts Capitalized-->
  <us-gaap:InterestPaidNet contextRef="c20170101to20171231" unitRef="U002" decimals="-3">19476000</us-gaap:InterestPaidNet>
  <!--Cash Paid for Interest, Net of Amounts Capitalized-->
  <us-gaap:InterestPaidNet contextRef="c20160101to20161231" unitRef="U002" decimals="-3">9840000</us-gaap:InterestPaidNet>
  <!--Cash Paid for Interest, Net of Amounts Capitalized-->
  <us-gaap:InterestPaidNet contextRef="c20150101to20151231" unitRef="U002" decimals="-3">9374000</us-gaap:InterestPaidNet>
  <!--Inventory-->
  <us-gaap:InventoryNet contextRef="c20171231" unitRef="U002" decimals="-3">23086000</us-gaap:InventoryNet>
  <!--Inventory-->
  <us-gaap:InventoryNet contextRef="c20161231" unitRef="U002" decimals="-3">20886000</us-gaap:InventoryNet>
  <!--Inventories-->
  <us-gaap:InventoryPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Inventories: &lt;/font&gt;Inventories, which are comprised of bunker fuel and lubrication oil, are stated at the lower of cost or market. Cost is determined on a first-in, first-out ("FIFO") basis.&lt;/div&gt;&lt;/div&gt;</us-gaap:InventoryPolicyTextBlock>
  <!--Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures-->
  <us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures contextRef="c20171231" unitRef="U002" decimals="-3">12164000</us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures>
  <!--Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures-->
  <us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures contextRef="c20161231" unitRef="U002" decimals="-3">16550000</us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures>
  <!--Liabilities and Equity-->
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="c20171231" unitRef="U002" decimals="-3">1141063000</us-gaap:LiabilitiesAndStockholdersEquity>
  <!--Liabilities and Equity-->
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="c20161231" unitRef="U002" decimals="-3">1349904000</us-gaap:LiabilitiesAndStockholdersEquity>
  <!--Liabilities, Current-->
  <us-gaap:LiabilitiesCurrent contextRef="c20171231" unitRef="U002" decimals="-3">25330000</us-gaap:LiabilitiesCurrent>
  <!--Liabilities, Current-->
  <us-gaap:LiabilitiesCurrent contextRef="c20161231" unitRef="U002" decimals="-3">21525000</us-gaap:LiabilitiesCurrent>
  <!--Liabilities, Noncurrent-->
  <us-gaap:LiabilitiesNoncurrent contextRef="c20171231" unitRef="U002" decimals="-3">404669000</us-gaap:LiabilitiesNoncurrent>
  <!--Liabilities, Noncurrent-->
  <us-gaap:LiabilitiesNoncurrent contextRef="c20161231" unitRef="U002" decimals="-3">457330000</us-gaap:LiabilitiesNoncurrent>
  <!--Line of Credit Facility, Expiration Date-Revolving Credit Facility [Member]-->
  <us-gaap:LineOfCreditFacilityExpirationDate1 contextRef="c20170101to20171231_CreditFacilityAxis_RevolvingCreditFacilityMember">2020-12-31</us-gaap:LineOfCreditFacilityExpirationDate1>
  <!--Line of Credit Facility, Expiration Date-->
  <us-gaap:LineOfCreditFacilityExpirationDate1 contextRef="c20170101to20171231">2020-11-30</us-gaap:LineOfCreditFacilityExpirationDate1>
  <!--Drawn amount-Revolving Credit Facility [Member]-->
  <us-gaap:LineOfCredit contextRef="c20171231_CreditFacilityAxis_RevolvingCreditFacilityMember" unitRef="U002" decimals="-5">391600000</us-gaap:LineOfCredit>
  <!--Drawn amount-Revolving Credit Facility [Member]-->
  <us-gaap:LineOfCredit contextRef="c20161231_CreditFacilityAxis_RevolvingCreditFacilityMember" unitRef="U002" decimals="-5">447000000</us-gaap:LineOfCredit>
  <!--Maximum borrowing capacity-New Revolving Credit Facility [Member]-->
  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="c20171231_CreditFacilityAxis_NewRevolvingCreditFacilityMember" unitRef="U002" decimals="-5">250000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
  <!--Maximum borrowing capacity-Revolving Credit Facility [Member]-->
  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="c20121231_CreditFacilityAxis_RevolvingCreditFacilityMember" unitRef="U002" decimals="-6">430000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
  <!--Maximum borrowing capacity-New Revolving Credit Facility [Member]-Bond Loan [Member]-->
  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="c20171231_CreditFacilityAxis_NewRevolvingCreditFacilityMember_DebtInstrumentAxis_BondLoanMember" unitRef="U002" decimals="-5">150000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
  <!--Maximum borrowing capacity-Revolving Credit Facility [Member]-->
  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="c20151231_CreditFacilityAxis_RevolvingCreditFacilityMember" unitRef="U002" decimals="-6">500000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
  <!--Maximum borrowing capacity-->
  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="c20171231" unitRef="U002" decimals="-5">375000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
  <!--Lines of Credit, Fair Value Disclosure-Estimate of Fair Value Measurement [Member]-Level 2 [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20161231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U002" decimals="-3">447000000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Lines of Credit, Fair Value Disclosure-Estimate of Fair Value Measurement [Member]-Level 2 [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20171231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U002" decimals="-3">391641000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Lines of Credit, Fair Value Disclosure-Level 2 [Member]-Reported Value Measurement [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20161231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U002" decimals="-3">447000000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Lines of Credit, Fair Value Disclosure-Level 2 [Member]-Reported Value Measurement [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20171231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U002" decimals="-3">391641000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Long-term Debt [Text Block]-->
  <us-gaap:LongTermDebtTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="margin-bottom: 12pt; text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; font-weight: bold; align: right;"&gt;10.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;LONG-TERM DEBT&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Credit Facility and financing:&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In 2012, the Company entered into a $430 million revolving credit facility, which in 2015 was increased to $500 million, with a syndicate of lenders in order to refinance its existing credit facility, fund future vessel acquisitions and for general corporate purposes (the "Credit Facility"). Amounts borrowed under the Credit Facility bear interest at an annual rate equal to LIBOR plus a margin and the Company pays a commitment fee, which is a percentage of the applicable margin, on any undrawn amounts. The maturity of the credit facility is December 2020. There are no repayment requirements before maturity on the Credit Facility.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In connection with the expansion of the Credit Facility, the Company incurred $4.6 million in deferred financing costs in 2015, which is amortized over the term of the loan and presented net of the outstanding loan balance.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Borrowings under the Credit Facility are secured by first priority mortgages over the Company's vessels and assignments of earnings and insurance. Under the Credit Facility, the Company is subject to certain covenants requiring among other things, the maintenance of (i) a minimum amount of value adjusted equity; (ii) a minimum value adjusted equity ratio; (iii) a minimum level of liquidity, (iv) positive working capital; and (v) a required security ratio of vessel values to draw on the facility. &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;The security ratio and the market cap to value adjusted total assets ratio are based on the fair market value of vessels, compared to drawn amount on the Credit Facility.&lt;/font&gt; The Credit Facility also includes customary events of default including non-payment, breach of covenants, insolvency, cross default and material adverse change. A breach of any of these covenants would, unless waived, result in that the credit facility is callable by the lenders.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;At the end of 2017 and 2016 the Company had $391.6 and $447.0 million drawn under its Credit Facility, respectively. The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it bears spread and a variable interest rate.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;As of December 31, 2016, the Company was in default with one of its debt covenants; (v) required security ratio of vessel value clause. A waiver was obtained lowering the required ratio to a level where the Company was in compliance. This waiver was effective until May 31, 2018. &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;Under the terms of the waiver obtained, we were unable to draw further on the Credit Facility, our margin was increased by 2.0 % for the period of the waiver and limitations on dividend distribution until compliance with the terms of the original Credit Facility. The waiver has subsequently been modified and amended.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;As &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;of December 31, 2017 &lt;/font&gt;and as of the date of the issuance of this report&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;, the Company is in compliance with the modified terms under the Credit Facility and the loan is not considered currently callable.&amp;#160;On May 4, 2018, the&amp;#160;Company has entered into an amendment to the credit agreement for the Credit Facility modifying certain of the financial covenants until December&amp;#160;31, 2018, lowering the required security ratio to 135%, lowering the liquidity covenant to $15.0 million (&lt;/font&gt;original requirements to be reinstated upon delivery of the first Newbuilding)&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;, the minimum market cap ratio to $200.0 million and the minimum market cap to value adjusted total assets from 45% to 25% for the remaining duration of the waiver. Under the revised terms of the credit agreement, the Company is unable to draw further on the Credit Facility and the margin is increased to 6.0% from January 1, 2018. The Company can distribute a maximum dividend of $0.03 per share or $4.3&amp;#160;million in the aggregate, subject to a corresponding amount being repaid under the Credit Facility. Further, until December 31, 2018, half of any proceeds received by the Company from the sale of equity, up to $75.0 million, must be used to repay the Credit Facility. The Company has repaid $3.1 million on the Credit Facility in relation to the dividend paid out on December&amp;#160;5, 2017 and $52.3 million in relation to the offering in December 2017. We have further repaid $ 4.3 million on March 10, 2018 in relation to the dividend paid out on March 9, 2018. Additionally, the Company undertakes to not make new investments, excluding the Newbuildings, except for investments made in connection with normal maintenance of the Vessels.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company is in process of retiring the Credit Facility and signed on December 20, 2017 an agreement for a financing facility, or the Backstop Facility, for $375.0 million. &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;The financing facility is providing for a senior secured loan facility of up to $375.0 million to support the recapitalization of the Company. The Backstop Facility is available for drawing from July 1, 2018. Further, the facility, if utilized and not repaid, will be rolled into a term loan on January 1, 2019 with maturity on November 30, 2020. The Backstop Facility will have no amortization until December 31, 2018, upon and following which date the principal of the loan must be repaid in quarterly instalments of $10.0 million. The Backstop Facility carries an interest rate that will step-up over time and carries a maximum interest margin of 10.5% per annum. The Company can distribute quarterly dividends up to $0.03 per quarter under the Backstop Facility. The Backstop Facility contains financial covenants in relation to minimum liquidity of $30.0 million, minimum value and book equity that will come into effect upon utilizing the Backstop Facility.&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;The &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;Backstop Facility is part of the recapitalization program that was initiated in December 2017. The &lt;/font&gt;first steps in the recapitalization program encompassed the financing of the three Newbuildings to be delivered in 2018 and raising new equity of $103.7 million ($110.0 million gross). The Company is evaluating different options for the final steps of the recapitalization program.&amp;#160; The Company is in discussion with the lenders to either raise a large secured bond or enter into a new Revolving Credit Facility of $250.0 million together with the issuance of a bond for $150.0 million. Associated fees of $13.1 million incurred in December 2017 have been capitalized as Other Non-Current Assets and will be amortized over the term of the associated financing arrangement. The Company expects these measures to be completed by the end of the second quarter of 2018. Upon securing this financing the Company is not expected to enter into the terms of the Backstop Facility as described above. In May 2018, the Board authorized management to sell two vessels. A sale will also&amp;#160; improve the cash balance of the Company. In addition, the Board has authorized that the Company may further adjust the size of the fleet.&lt;/font&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;The Company has the option to utilize the Backstop Facility with the associated terms. The Company has flexibility, also under the scenario that the tanker market remains low for a longer period, to strengthen the liquidity through selling additional vessels or raise equity to ensure that the Company has sufficient working capital. In a prolonged marked downturn the Company will have to further adjust the size of its fleet selling up to ten vessels in accordance with the authorization mentioned above in order to comply with the liquidity and other covenants under the existing Credit Facility or the Backstop Facility, if utilized. Sale of a vessel requires a proportionate repayment of the Credit Facility and an equally proportionate reduction of the Backstop Facility.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;In December 2017, the Company entered into final agreements for the financing of the outstanding commitments of $39.0 million per ship for the Newbuildings with a subsidiary of Ocean Yield ASA. The lender will finance 77.5% of the purchase price for each of the three Newbuildings. Net proceeds received from Ocean Yield ASA shall be used towards prepayment of the Credit Facility, unless the Credit Facility is retired before the deliveries of the vessels. After delivery of each of the vessels, the Company will enter into ten-year bareboat charter agreements. The Company has obligations to purchase the vessels upon the completion of the ten-year bareboat charter agreement, but also have the flexibility to purchase the vessels after year five and seven. The financing agreement contains certain financial covenants requiring us to maintain a minimum value adjusted equity of $175.0 million and ratio of 25% ; minimum liquidity of $20.0 million; and minimum value clause.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;The Company performs on a regular basis cash flow projections to evaluate whether it will be in a position to cover the liquidity needs for the next 12-month period and the compliance with financial and security ratios under the existing and future financing agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels' future performance, market rates, operating expenses, capital expenditure, fleet utilization, general and administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;The Company believes that the current cash and cash equivalents and cash expected to be generated from operations, together with the above measures taken, are sufficient to meet the working capital needs and other liquidity requirements for the next 12 months from the date of this report.&lt;/div&gt;&lt;/div&gt;</us-gaap:LongTermDebtTextBlock>
  <!--Long-term Debt, Excluding Current Maturities-->
  <us-gaap:LongTermDebtNoncurrent contextRef="c20171231" unitRef="U002" decimals="-3">388855000</us-gaap:LongTermDebtNoncurrent>
  <!--Long-term Debt, Excluding Current Maturities-->
  <us-gaap:LongTermDebtNoncurrent contextRef="c20161231" unitRef="U002" decimals="-3">442820000</us-gaap:LongTermDebtNoncurrent>
  <!--Number of claims filed-->
  <us-gaap:LossContingencyPendingClaimsNumber contextRef="c20171231" unitRef="U015" decimals="INF">0</us-gaap:LossContingencyPendingClaimsNumber>
  <!--Number of claims filed-->
  <us-gaap:LossContingencyPendingClaimsNumber contextRef="c20161231" unitRef="U015" decimals="INF">0</us-gaap:LossContingencyPendingClaimsNumber>
  <!--Nature of Operations [Text Block]-->
  <us-gaap:NatureOfOperations contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;"&gt;1.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;NATURE OF BUSINESS&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Nordic American Tankers Limited ("NAT") was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company's shares trade under the symbol "NAT" on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company is an international tanker company that currently has a fleet of 33 Suezmax tankers, including three newbuildings expected to be delivered in 2018, an increase from the three vessels owned in the autumn of 2004. The Company expects to expand the fleet over time despite the short-term plan of disposing of certain vessels. The 30 vessels the Company operated per December 31, 2017, average approximately 156,000 dwt each. In 2017, 2016 and 2015, the Company chartered its operating vessels primarily in the spot market.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;NAT has the subsidiaries Scandic American Shipping Ltd. ("Scandic"), providing administrative and operational services, and NAT Chartering Ltd ("NATC"), providing services as commercial manager. Accordingly, these financial statements are presented on a consolidated basis for NAT and its subsidiaries ("the Company").&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;"&gt;Tanker markets are typically stronger in the fall and winter months (the fourth and first quarters of the calendar year) in anticipation of increased oil consumption in the northern hemisphere during the winter months.&amp;#160; Seasonal variations in tanker demand normally result in seasonal fluctuations in spot market charter rates.&lt;/font&gt;&lt;/div&gt;&lt;div style="margin-bottom: 6pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;The Company's Fleet&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Including three newbuildings, the Company's current fleet consists of 33 Suezmax crude oil tankers of which 31 were built, or are under construction, in Korea.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 60%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Vessel&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; padding-bottom: 2px; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Built&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;Deadweight Tons&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;Delivered to NAT&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Harrier&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;151,459&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Hawk&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;151,475&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Hunter&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;151,401&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Voyager&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;149,591&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2004&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Fighter&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1998&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;153,328&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Freedom&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,331&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Discovery&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1998&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;153,328&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Saturn&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1998&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,331&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Jupiter&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1998&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,411&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Moon&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;160,305&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px;"&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Apollo&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,998&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Cosmos&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,999&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Sprite&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1999&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;147,188&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2009&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Grace&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;149,921&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2009&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Mistral&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;164,236&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2009&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Passat&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;164,274&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Vega&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;163,940&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Breeze&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;158,597&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Aurora&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1999&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;147,262&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Zenith&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;158,645&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Sprinter&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,089&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2014&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Skier&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,089&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2014&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Light&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;158,475&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Cross&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;158,475&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Luna&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2004&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;150,037&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Castor&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2004&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;150,249&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Sirius&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;150,183&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Pollux&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;150,103&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Star&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Space&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Newbuilding(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018(2&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Newbuilding(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018(2&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Newbuilding(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018(2&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr style="vertical-align: top;"&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Vessel under construction per December 31, 2017.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr style="vertical-align: top;"&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Expected delivery during the July, August and October 2018, respectively&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:NatureOfOperations>
  <!--Net Cash Provided by (Used in) Financing Activities-->
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-18962000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <!--Net Cash Provided by (Used in) Financing Activities-->
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="c20160101to20161231" unitRef="U002" decimals="-3">111288000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <!--Net Cash Provided by (Used in) Financing Activities-->
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-47711000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <!--Net Cash Provided by (Used in) Investing Activities-->
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-192423000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <!--Net Cash Provided by (Used in) Investing Activities-->
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-186809000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <!--Net Cash Provided by (Used in) Investing Activities-->
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-46526000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <!--Net Cash Provided by (Used in) Operating Activities-->
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="c20160101to20161231" unitRef="U002" decimals="-3">127786000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <!--Net Cash Provided by (Used in) Operating Activities-->
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="c20150101to20151231" unitRef="U002" decimals="-3">174391000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <!--Net Cash Provided by (Used in) Operating Activities-->
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="c20170101to20171231" unitRef="U002" decimals="-3">31741000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <!--Net Income-->
  <us-gaap:NetIncomeLoss contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-4456000</us-gaap:NetIncomeLoss>
  <!--Net Income-->
  <us-gaap:NetIncomeLoss contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-204969000</us-gaap:NetIncomeLoss>
  <!--Net Income-->
  <us-gaap:NetIncomeLoss contextRef="c20150101to20151231" unitRef="U002" decimals="-3">114627000</us-gaap:NetIncomeLoss>
  <!--Net Income-Other Additional Capital [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20160101to20161231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-Common Stock [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20150101to20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-Additional Paid-in Capital [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20150101to20151231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20170101to20171231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">-204969000</us-gaap:NetIncomeLoss>
  <!--Net Income-AOCI Attributable to Parent [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20150101to20151231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20150101to20151231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">114627000</us-gaap:NetIncomeLoss>
  <!--Net Income-Common Stock [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20170101to20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-Common Stock [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20160101to20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-Additional Paid-in Capital [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20160101to20161231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20160101to20161231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">-4456000</us-gaap:NetIncomeLoss>
  <!--Net Income-AOCI Attributable to Parent [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20160101to20161231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-Other Additional Capital [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20170101to20171231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-Other Additional Capital [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20150101to20151231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-Additional Paid-in Capital [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20170101to20171231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--Net Income-AOCI Attributable to Parent [Member]-->
  <us-gaap:NetIncomeLoss contextRef="c20170101to20171231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:NetIncomeLoss>
  <!--New Accounting Pronouncements, Policy [Policy Text Block]-->
  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Recent Accounting Pronouncements:&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In May 2014, the FASB issued ASU No. 2014-09,&amp;#160;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"&gt;Revenue from Contracts with Customers&lt;/font&gt;, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. Effective date is for reporting periods commencing on or after December 15, 2017.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company has concluded that it will continue to recognize revenue from voyage charters over time. Under ASC 606 the period for revenue recognition will change from the current method of discharge-to-discharge to load-to-discharge. Revenues from voyage charters will not change, however the timing of revenue recognition will change materially and will affect the voyage results recognized in each period. Recognizing revenues from load-to-discharge results in delayed revenue recognition compared to the current practice and we also expect more volatility in the results as the revenue is recognized over a shorter time period.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;Under this new guidance the Company will also capitalize the voyage costs incurred between contract signing and the next load port if the voyage costs qualify as fulfilment cost and will be expensed over the same period as the related revenue is recognized.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The implementation of this standard is as of December 31, 2017, estimated to result in a reduction of accrued revenue of $5.3 million, a reduction of accrued voyage expenses of $0.6 million and recognition of capitalized spot charter contract fulfilment cost of $0.6 million, with the net effect being recorded as a reduction of equity per January 1, 2018. The Company has elected to apply the option to implement the standard under the modified retrospective method.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company also generates revenues from time charter contracts, which is recognized on an accrual basis over the term of the charter contract.&amp;#160; Time charter revenues are not expected to be affected materially from this new guidance.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Under&amp;#160;the modified retrospective approach prior year figures will not be adjusted. The cumulative effect of adopting this guidance will be recorded as an adjustment to its opening balance of retained earnings (accumulated loss) as of January 1, 2018.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In February 2016, the FASB issued ASU 2016-02,&amp;#160;Leases&amp;#160;(Topic 842). The update requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Implemented in 2017&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In November 2016, the FASB issued ASU 2016-18, Statement of cash flows (230): Restricted cash, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company has early adopted this ASU in 2017 and retrospectively applied this to all periods presented. As such, $5.0 million has been transferred from Investing Activities to be presented separately below the Statements of Cash Flows for the 2015 financial year.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;In August 2016, the FASB issued ASU No. 2016-15,&amp;#160;Statement of cash flows (Topic 230). &lt;/font&gt;The Company has early adopted this ASU and the adoption did not have any effect on the consolidated financial statements.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In January 2017, the FASB issued ASU 2017-04 Intangibles &amp;#8211; Goodwill and other (Topic 350), which simplifies the test for goodwill impairment. This update eliminates Step 2 from the goodwill impairment test. The Company has early adopted this ASU and the adoption resulted in that the Company did not perform step 2 in the goodwill impairment testing in 2017.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Effective January 1, 2017, the Company adopted ASU 2016-07,&amp;#160;Investments-Equity Method and Joint Ventures (Topic 323). The adoption did not have any effect on the consolidated financial statements.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Effective January 1, 2017, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The adoption did not have any effect on the consolidated financial statements.&lt;/div&gt;&lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
  <!--Nonoperating Income (Expense)-->
  <us-gaap:NonoperatingIncomeExpense contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-20761000</us-gaap:NonoperatingIncomeExpense>
  <!--Nonoperating Income (Expense)-->
  <us-gaap:NonoperatingIncomeExpense contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-10908000</us-gaap:NonoperatingIncomeExpense>
  <!--Nonoperating Income (Expense)-->
  <us-gaap:NonoperatingIncomeExpense contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-11053000</us-gaap:NonoperatingIncomeExpense>
  <!--Number of reporting units-->
  <us-gaap:NumberOfReportingUnits contextRef="c20170101to20171231" unitRef="U012" decimals="INF">1</us-gaap:NumberOfReportingUnits>
  <!--Number of operating segment-->
  <us-gaap:NumberOfOperatingSegments contextRef="c20170101to20171231" unitRef="U008" decimals="INF">1</us-gaap:NumberOfOperatingSegments>
  <!--Operating Costs and Expenses-->
  <us-gaap:OperatingCostsAndExpenses contextRef="c20150101to20151231" unitRef="U002" decimals="-3">66589000</us-gaap:OperatingCostsAndExpenses>
  <!--Operating Costs and Expenses-->
  <us-gaap:OperatingCostsAndExpenses contextRef="c20170101to20171231" unitRef="U002" decimals="-3">87663000</us-gaap:OperatingCostsAndExpenses>
  <!--Operating Costs and Expenses-->
  <us-gaap:OperatingCostsAndExpenses contextRef="c20160101to20161231" unitRef="U002" decimals="-3">80266000</us-gaap:OperatingCostsAndExpenses>
  <!--Operating Income (Loss)-->
  <us-gaap:OperatingIncomeLoss contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-175690000</us-gaap:OperatingIncomeLoss>
  <!--Operating Income (Loss)-->
  <us-gaap:OperatingIncomeLoss contextRef="c20160101to20161231" unitRef="U002" decimals="-3">53341000</us-gaap:OperatingIncomeLoss>
  <!--Operating Income (Loss)-->
  <us-gaap:OperatingIncomeLoss contextRef="c20150101to20151231" unitRef="U002" decimals="-3">128093000</us-gaap:OperatingIncomeLoss>
  <!--Other Comprehensive Income (Loss), Net of Tax-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-150000</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-134000</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-65000</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Other Additional Capital [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20150101to20151231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Common Stock [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20170101to20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20170101to20171231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Common Stock [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20160101to20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Common Stock [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20150101to20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Additional Paid-in Capital [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20160101to20161231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-AOCI Attributable to Parent [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20170101to20171231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">-150000</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-AOCI Attributable to Parent [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20150101to20151231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">-134000</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20160101to20161231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Additional Paid-in Capital [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20170101to20171231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20150101to20151231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-AOCI Attributable to Parent [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20160101to20161231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">-65000</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Other Additional Capital [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20170101to20171231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Other Additional Capital [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20160101to20161231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Net of Tax-Additional Paid-in Capital [Member]-->
  <us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="c20150101to20151231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:OtherComprehensiveIncomeLossNetOfTax>
  <!--Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax-->
  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="c20170101to20171231" unitRef="U002" decimals="-3">110000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>
  <!--Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax-->
  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-326000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>
  <!--Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax-->
  <us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax contextRef="c20160101to20161231" unitRef="U002" decimals="-3">29000</us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax>
  <!--Other-->
  <us-gaap:OtherAssetsMiscellaneousNoncurrent contextRef="c20161231" unitRef="U002" decimals="-3">0</us-gaap:OtherAssetsMiscellaneousNoncurrent>
  <!--Other-->
  <us-gaap:OtherAssetsMiscellaneousNoncurrent contextRef="c20171231" unitRef="U002" decimals="-3">316000</us-gaap:OtherAssetsMiscellaneousNoncurrent>
  <!--Other Noncash Income (Expense)-->
  <us-gaap:OtherNoncashIncomeExpense contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-33000</us-gaap:OtherNoncashIncomeExpense>
  <!--Other Noncash Income (Expense)-->
  <us-gaap:OtherNoncashIncomeExpense contextRef="c20170101to20171231" unitRef="U002" decimals="-3">163000</us-gaap:OtherNoncashIncomeExpense>
  <!--Other Noncash Income (Expense)-->
  <us-gaap:OtherNoncashIncomeExpense contextRef="c20150101to20151231" unitRef="U002" decimals="-3">61000</us-gaap:OtherNoncashIncomeExpense>
  <!--Other Assets, Noncurrent-->
  <us-gaap:OtherAssetsNoncurrent contextRef="c20171231" unitRef="U002" decimals="-3">15969000</us-gaap:OtherAssetsNoncurrent>
  <!--Other Assets, Noncurrent-->
  <us-gaap:OtherAssetsNoncurrent contextRef="c20161231" unitRef="U002" decimals="-3">10487000</us-gaap:OtherAssetsNoncurrent>
  <!--Other Assets, Current-->
  <us-gaap:OtherAssetsCurrent contextRef="c20161231" unitRef="U002" decimals="-3">2493000</us-gaap:OtherAssetsCurrent>
  <!--Other Assets, Current-->
  <us-gaap:OtherAssetsCurrent contextRef="c20171231" unitRef="U002" decimals="-3">4384000</us-gaap:OtherAssetsCurrent>
  <!--Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax-->
  <us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax contextRef="c20150101to20151231" unitRef="U002" decimals="-3">192000</us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax>
  <!--Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax-->
  <us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-94000</us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax>
  <!--Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax-->
  <us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-260000</us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax>
  <!--Other Financial Expense-->
  <us-gaap:OtherNonoperatingIncomeExpense contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-644000</us-gaap:OtherNonoperatingIncomeExpense>
  <!--Other Financial Expense-->
  <us-gaap:OtherNonoperatingIncomeExpense contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-167000</us-gaap:OtherNonoperatingIncomeExpense>
  <!--Other Financial Expense-->
  <us-gaap:OtherNonoperatingIncomeExpense contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-98000</us-gaap:OtherNonoperatingIncomeExpense>
  <!--Other Accrued Liabilities, Current-->
  <us-gaap:OtherAccruedLiabilitiesCurrent contextRef="c20161231" unitRef="U002" decimals="-3">6211000</us-gaap:OtherAccruedLiabilitiesCurrent>
  <!--Other Accrued Liabilities, Current-->
  <us-gaap:OtherAccruedLiabilitiesCurrent contextRef="c20171231" unitRef="U002" decimals="-3">10208000</us-gaap:OtherAccruedLiabilitiesCurrent>
  <!--Payments of Dividends-->
  <us-gaap:PaymentsOfDividends contextRef="c20160101to20161231" unitRef="U002" decimals="-5">125700000</us-gaap:PaymentsOfDividends>
  <!--Payments of Dividends-->
  <us-gaap:PaymentsOfDividends contextRef="c20170101to20171231" unitRef="U002" decimals="-5">59100000</us-gaap:PaymentsOfDividends>
  <!--Payments of Ordinary Dividends, Common Stock-->
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="c20170101to20171231" unitRef="U002" decimals="-3">54226000</us-gaap:PaymentsOfDividendsCommonStock>
  <!--Payments of Ordinary Dividends, Common Stock-->
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="c20160101to20161231" unitRef="U002" decimals="-3">125650000</us-gaap:PaymentsOfDividendsCommonStock>
  <!--Payments of Ordinary Dividends, Common Stock-->
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="c20150101to20151231" unitRef="U002" decimals="-3">123071000</us-gaap:PaymentsOfDividendsCommonStock>
  <!--Payments of Financing Costs-->
  <us-gaap:PaymentsOfFinancingCosts contextRef="c20170101to20171231" unitRef="U002" decimals="-3">13125000</us-gaap:PaymentsOfFinancingCosts>
  <!--Payments of Financing Costs-->
  <us-gaap:PaymentsOfFinancingCosts contextRef="c20160101to20161231" unitRef="U002" decimals="-3">130000</us-gaap:PaymentsOfFinancingCosts>
  <!--Payments of Financing Costs-->
  <us-gaap:PaymentsOfFinancingCosts contextRef="c20150101to20151231" unitRef="U002" decimals="-3">4640000</us-gaap:PaymentsOfFinancingCosts>
  <!--Common Shares Issued, issuance costs-->
  <us-gaap:PaymentsOfStockIssuanceCosts contextRef="c20170101to20171231" unitRef="U002" decimals="-5">800000</us-gaap:PaymentsOfStockIssuanceCosts>
  <!--Common Shares Issued, issuance costs-->
  <us-gaap:PaymentsOfStockIssuanceCosts contextRef="c20160101to20161231" unitRef="U002" decimals="-5">400000</us-gaap:PaymentsOfStockIssuanceCosts>
  <!--Cash consideration-Scandic American Shipping Ltd [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20130110to20130110_BusinessAcquisitionAxis_ScandicAmericanShippingLtdMember" unitRef="U002" decimals="-5">8000000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Other Property, Plant, and Equipment-->
  <us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment>
  <!--Payments to Acquire Other Property, Plant, and Equipment-->
  <us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment contextRef="c20160101to20161231" unitRef="U002" decimals="-3">87000</us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment>
  <!--Payments to Acquire Other Property, Plant, and Equipment-->
  <us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment contextRef="c20150101to20151231" unitRef="U002" decimals="-3">103000</us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment>
  <!--Payments to Acquire Interest in Subsidiaries and Affiliates-->
  <us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates contextRef="c20150101to20151231" unitRef="U002" decimals="-3">9508000</us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates>
  <!--Payments to Acquire Interest in Subsidiaries and Affiliates-->
  <us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates contextRef="c20160101to20161231" unitRef="U002" decimals="-3">0</us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates>
  <!--Payments to Acquire Interest in Subsidiaries and Affiliates-->
  <us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates contextRef="c20170101to20171231" unitRef="U002" decimals="-3">10000000</us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates>
  <!--Payments to Acquire Oil and Gas Property and Equipment-->
  <us-gaap:PaymentsToAcquireOilAndGasPropertyAndEquipment contextRef="c20150101to20151231" unitRef="U002" decimals="-3">123373000</us-gaap:PaymentsToAcquireOilAndGasPropertyAndEquipment>
  <!--Payments to Acquire Oil and Gas Property and Equipment-->
  <us-gaap:PaymentsToAcquireOilAndGasPropertyAndEquipment contextRef="c20170101to20171231" unitRef="U002" decimals="-3">37567000</us-gaap:PaymentsToAcquireOilAndGasPropertyAndEquipment>
  <!--Payments to Acquire Oil and Gas Property and Equipment-->
  <us-gaap:PaymentsToAcquireOilAndGasPropertyAndEquipment contextRef="c20160101to20161231" unitRef="U002" decimals="-3">138277000</us-gaap:PaymentsToAcquireOilAndGasPropertyAndEquipment>
  <!--Prepaid Expense, Current-->
  <us-gaap:PrepaidExpenseCurrent contextRef="c20161231" unitRef="U002" decimals="-3">4480000</us-gaap:PrepaidExpenseCurrent>
  <!--Prepaid Expense, Current-->
  <us-gaap:PrepaidExpenseCurrent contextRef="c20171231" unitRef="U002" decimals="-3">3376000</us-gaap:PrepaidExpenseCurrent>
  <!--Release / (deposit) of restricted cash-->
  <us-gaap:ProceedsFromRepaymentsOfRestrictedCashFinancingActivities contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-5000000</us-gaap:ProceedsFromRepaymentsOfRestrictedCashFinancingActivities>
  <!--Release / (deposit) of restricted cash-->
  <us-gaap:ProceedsFromRepaymentsOfRestrictedCashFinancingActivities contextRef="c20160101to20161231" unitRef="U002" decimals="-3">0</us-gaap:ProceedsFromRepaymentsOfRestrictedCashFinancingActivities>
  <!--Release / (deposit) of restricted cash-->
  <us-gaap:ProceedsFromRepaymentsOfRestrictedCashFinancingActivities contextRef="c20170101to20171231" unitRef="U002" decimals="-3">10000000</us-gaap:ProceedsFromRepaymentsOfRestrictedCashFinancingActivities>
  <!--Net proceeds from underwritten public offering of common shares-->
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="c20170101to20171231" unitRef="U002" decimals="-3">103748000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <!--Net proceeds from underwritten public offering of common shares-->
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="c20150101to20151231" unitRef="U002" decimals="-3">0</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <!--Net proceeds from underwritten public offering of common shares-->
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="c20160101to20161231" unitRef="U002" decimals="-3">120068000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <!--Net proceeds from underwritten public offering of common shares-->
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="c20160901to20160930" unitRef="U002" decimals="-5">120100000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <!--Dividends received-Nordic American Offshore Limited [Member]-->
  <us-gaap:ProceedsFromDividendsReceived contextRef="c20170101to20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">1000000</us-gaap:ProceedsFromDividendsReceived>
  <!--Dividends received-Nordic American Offshore Limited [Member]-->
  <us-gaap:ProceedsFromDividendsReceived contextRef="c20160101to20161231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">1700000</us-gaap:ProceedsFromDividendsReceived>
  <!--Proceeds from Use of Credit Facility-->
  <us-gaap:ProceedsFromLinesOfCredit contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</us-gaap:ProceedsFromLinesOfCredit>
  <!--Proceeds from Use of Credit Facility-->
  <us-gaap:ProceedsFromLinesOfCredit contextRef="c20160101to20161231" unitRef="U002" decimals="-3">117000000</us-gaap:ProceedsFromLinesOfCredit>
  <!--Proceeds from Use of Credit Facility-->
  <us-gaap:ProceedsFromLinesOfCredit contextRef="c20150101to20151231" unitRef="U002" decimals="-3">80000000</us-gaap:ProceedsFromLinesOfCredit>
  <!--Proceeds from sale of equity-Maximum [Member]-Revolving Credit Facility [Member]-Subsequent Event [Member]-->
  <us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="c20180504to20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_RangeAxis_MaximumMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-5">75000000</us-gaap:ProceedsFromIssuanceOrSaleOfEquity>
  <!--Sale of Other Fixed Assets-->
  <us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment contextRef="c20150101to20151231" unitRef="U002" decimals="-3">334000</us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment>
  <!--Sale of Other Fixed Assets-->
  <us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment>
  <!--Sale of Other Fixed Assets-->
  <us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment contextRef="c20160101to20161231" unitRef="U002" decimals="-3">0</us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment>
  <!--Property, Plant and Equipment, Policy [Policy Text Block]-->
  <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Vessels, Net:&lt;/font&gt; Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are also capitalized and included in vessels' cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is provided over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.&lt;/div&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
  <!--Salvage value of the vessel-->
  <us-gaap:PropertyPlantAndEquipmentSalvageValue contextRef="c20171231" unitRef="U002" decimals="-5">8000000</us-gaap:PropertyPlantAndEquipmentSalvageValue>
  <!--Fixture, Furniture and Equipment-->
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="c20171231" unitRef="U002" decimals="-3">169000</us-gaap:PropertyPlantAndEquipmentNet>
  <!--Fixture, Furniture and Equipment-->
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="c20161231" unitRef="U002" decimals="-3">338000</us-gaap:PropertyPlantAndEquipmentNet>
  <!--Property, Plant and Equipment Disclosure [Text Block]-->
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 17.85pt; vertical-align: top; font-weight: bold; align: right;"&gt;3.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;VESSELS, NET&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Vessels, net, consist of the carrying value of 30 vessels and 29 vessels for the year ended December 31, 2017 and December 31, 2016, respectively. Vessels, net include drydocking costs.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify;"&gt;All Figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Vessels&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,769,967&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,700,040&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Drydocking&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;119,303&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;99,153&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,889,270&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,799,193&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Less Accumulated Depreciation&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(842,977&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(741,144&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;Less Impairment Loss on Vessels&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&amp;#160;(110,480&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;)&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&amp;#160;-&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Vessels, net&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;935,813&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,058,049&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company has taken delivery of one vessel, Nordic Space, in 2017. Further, the Company has taken ten vessels through periodical maintenance surveys in 2017.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company has paid $50.1 million in deposits for three vessels under construction to be delivered in 2018 and has total remaining capital commitments of $117.0 million, which is payable upon delivery in July, August and October 2018, respectively. The financing of these vessels is secured through a&amp;#160;finance agreement&amp;#160;with Ocean Yield ASA (see further information in note 9).&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Impairment Loss on Vessels&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company reviewed its assets for impairment on an asset by asset basis. The Company recorded an impairment loss of $110.5 million for the year ended December 31, 2017. The Company has not recorded impairment loss on vessels for the years ended December 31, 2016 and 2015, respectively.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;Company performed a probability-weighted approach as part of the vessel impairment assessment, where different scenarios for the vessels were assessed. Further, the Company performed cash flow forecasts for the following twelve months as required under ASC 205-40 Going Concern and performed these analyses for different market scenarios. These forecasts are prepared under the assumption of utilizing the Backstop facility that is the financing arrangement the Company currently has available under the recapitalization program. Under this assumption, with possible prolonged weak tanker market rates, the Company applied the probability-weighted approach and identified that it had to sell up to ten vessels to comply with the covenant requirements under the Backstop Facility. As a result, the Company has as of December 31, 2017 decided to record an impairment loss of $110.5 million related to the ten pre-2000 built vessels and written these vessels down to their estimated fair values. Fair value is in line with broker estimates. Assumed recapitalization transactions outside of the Backstop facility were not taken into consideration when assessing the probability of selling vessels in the probability-weighted approach.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <!--Estimate useful life of vessel-->
  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c20170101to20171231">P25Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
  <!--Impairment of Vessels-->
  <us-gaap:PropertyPlantAndEquipmentImpairment contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Impairment of Vessels: &lt;/font&gt;The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (calculated based on estimated discounted operating cashflows). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&amp;#8217; future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel. The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical average for similar vessels for the remaining estimated life of the vessel. Useful economic life is assumed to be 25 years from the delivery of the vessel from the shipyard, net of brokerage commissions, expected outflows for vessels&amp;#8217; maintenance and vessel operating expenses (including planned drydocking expenditures). The salvage value used in the impairment test is estimated to be $8.0 million per vessel. If the Company&amp;#8217;s estimate of undiscounted future cash flows for any vessel is lower than the vessel&amp;#8217;s carrying value, the carrying value is written down, by recording an impairment charge. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. The Company has further applied a probability-weighted approach taking into consideration different scenarios for the vessels being assessed.&lt;/div&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentImpairment>
  <!--Transaction recognized in dilution loss-Nordic American Offshore Limited [Member]-->
  <us-gaap:RealizedInvestmentGainsLosses contextRef="c20170101to20170331_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">2600000</us-gaap:RealizedInvestmentGainsLosses>
  <!--Related Party Transactions Disclosure [Text Block]-->
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 17.85pt; vertical-align: top; font-weight: bold; align: right;"&gt;6.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;RELATED PARTY TRANSACTIONS&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Nordic American Offshore Ltd.:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In December 2013, NAT entered into a management agreement with NAO for the provision of administrative services.&amp;#160; For services under the management agreement, NAT received a management fee of $100,000 for 2017, $100,000 for 2016 and $200,000 for 2015, and is reimbursed for cost incurred in connection with its services.&amp;#160; NAT also receives reimbursement for a portion of the operational costs such as salary and office rent, among others, incurred by NAT, which is attributable to NAO.&amp;#160; For the year ended December 31, 2017, 2016 and 2015, the Company recognized an aggregate of $2.3 million, $2.2 million and $2.1 million, respectively, for such costs incurred which was included in General and Administrative Expenses.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Board Member and Employees:&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Mr.&amp;#160;Jan Erik Langangen, Board Member and advisor of the Company, is a partner of Langangen&amp;#160;&amp;amp; Helset Advokatfirma AS, a firm which provides legal services to the Company. The Company recognized $0.1 million, $0.3 million and $0.1 million in costs in each of the years ended December 31, 2017, 2016 and 2015, respectively, for the services provided by Langangen &amp;amp; Helset Advokatfirma AS. These costs are included in General and Administrative Expenses within the Statements of Operations. No amounts were due to the related party as of December 31, 2017 and 2016.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;In 2014, the Company entered into an agreement with an immediate family member of the Chairman for the use of an asset for corporate and marketing activities.&amp;#160;The Company paid a fixed annual fee and fees associated with actual use. This agreement was terminated in 1Q, 2017. The cost of this arrangement for the year ended December 31, 2016 and 2015, respectively, was $0.1 million per year, which are included in General and Administrative costs. In 2017, use of the asset is paid for upon utilization. No amounts were due to the related party as of December 31, 2017, 2016 or 2015.&lt;/div&gt;&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <!--Repayments of Lines of Credit-->
  <us-gaap:RepaymentsOfLinesOfCredit contextRef="c20160101to20161231" unitRef="U002" decimals="-3">0</us-gaap:RepaymentsOfLinesOfCredit>
  <!--Repayments of Lines of Credit-->
  <us-gaap:RepaymentsOfLinesOfCredit contextRef="c20170101to20171231" unitRef="U002" decimals="-3">55359000</us-gaap:RepaymentsOfLinesOfCredit>
  <!--Repayments of Lines of Credit-->
  <us-gaap:RepaymentsOfLinesOfCredit contextRef="c20150101to20151231" unitRef="U002" decimals="-3">0</us-gaap:RepaymentsOfLinesOfCredit>
  <!--Repayment of debt-Revolving Credit Facility [Member]-Subsequent Event [Member]-->
  <us-gaap:RepaymentsOfLongTermDebt contextRef="c20180504to20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-5">52300000</us-gaap:RepaymentsOfLongTermDebt>
  <!--Repayment of debt-Revolving Credit Facility [Member]-->
  <us-gaap:RepaymentsOfLongTermDebt contextRef="c20171205to20171205_CreditFacilityAxis_RevolvingCreditFacilityMember" unitRef="U002" decimals="-5">3100000</us-gaap:RepaymentsOfLongTermDebt>
  <!--Repayment of debt-Revolving Credit Facility [Member]-Subsequent Event [Member]-->
  <us-gaap:RepaymentsOfLongTermDebt contextRef="c20180310to20180310_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-5">4300000</us-gaap:RepaymentsOfLongTermDebt>
  <!--Restricted Cash-Estimate of Fair Value Measurement [Member]-Fair Value, Inputs, Level 1 [Member]-->
  <us-gaap:RestrictedCash contextRef="c20161231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U002" decimals="-3">10149000</us-gaap:RestrictedCash>
  <!--Restricted Cash-Reported Value Measurement [Member]-Fair Value, Inputs, Level 1 [Member]-->
  <us-gaap:RestrictedCash contextRef="c20161231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U002" decimals="-3">10149000</us-gaap:RestrictedCash>
  <!--Restricted Cash-Reported Value Measurement [Member]-Fair Value, Inputs, Level 1 [Member]-->
  <us-gaap:RestrictedCash contextRef="c20171231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U002" decimals="-3">0</us-gaap:RestrictedCash>
  <!--Restricted Cash-Estimate of Fair Value Measurement [Member]-Fair Value, Inputs, Level 1 [Member]-->
  <us-gaap:RestrictedCash contextRef="c20171231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U002" decimals="-3">0</us-gaap:RestrictedCash>
  <!--Accumulated Deficit-->
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="c20161231" unitRef="U002" decimals="-3">-4456000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <!--Accumulated Deficit-->
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="c20171231" unitRef="U002" decimals="-3">-209425000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <!--Cost of shares acquired-IPO [Member]-Nordic American Offshore Limited [Member]-->
  <us-gaap:SaleOfStockConsiderationReceivedOnTransaction contextRef="c20140630to20140630_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember_SubsidiarySaleOfStockAxis_IPOMember" unitRef="U002" decimals="-5">5600000</us-gaap:SaleOfStockConsiderationReceivedOnTransaction>
  <!--Shares acquired (in shares)-IPO [Member]-Nordic American Offshore Limited [Member]-->
  <us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction contextRef="c20140630to20140630_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember_SubsidiarySaleOfStockAxis_IPOMember" unitRef="U001" decimals="INF">375000</us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction>
  <!--Basic and diluted earnings per share-->
  <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Basic earnings per share ("EPS") are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;All figures in USD except number of shares and earnings (loss) per common share&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"&gt;Numerator&lt;/font&gt;:&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px;"&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;Net (Loss) Income&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(204,969&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(4,456&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;114,627&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;Denominator:&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 10px;"&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;Basic - Weighted Average Common Shares Outstanding&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;103,832,680&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;92,531,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;89,182,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Dilutive &amp;#8211; Weighted Average Common Shares Outstanding&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;103,832,680&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;92,531,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;89,182,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;Earnings (Loss) per Common Share:&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"&gt;Basic&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(1.97&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(0.05&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1.29&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;Diluted&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(1.97&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(0.05&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1.29&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
  <!--Authorized, issued and outstanding common shares roll-forward-->
  <us-gaap:ScheduleOfStockholdersEquityTableTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Authorized, issued and outstanding common shares roll-forward is as follows:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; margin-left: 9pt; text-indent: -9pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Authorized Shares&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Issued and Out-&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;&lt;br /&gt;&lt;/font&gt; standing Shares&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Common Stock&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Balance as of January 1, 2015&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;89,182,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;892&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Balance as of December 31, 2015&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;89,182,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;892&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Equity incentive plan issuance&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;137,665&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Common Shares Issued in Follow-on Offering&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;12,650,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;127&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Balance as of December 31, 2016&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;101,969,666&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;1,020&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Common Shares Issued in Follow-on Offering&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;40,000,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;400&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Balance as of December 31, 2017&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;141,969,666&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;1,420&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfStockholdersEquityTableTextBlock>
  <!--Summary of company's restricted stock awards-->
  <us-gaap:ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The tables below summarize the Company's restricted stock awards as of December 31, 2017:&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Restricted &lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;shares -&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Employees&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Weighted-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;average grant-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;date fair value&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;- Employees&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Non-vested at January 1, 2017&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,165&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;13.75&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Granted during the year&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;4,500&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;9.13&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Vested during the year&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(10,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;14.65&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Forfeited during the year&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(13,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;13.54&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Non-vested at December 31, 2017&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;138,665&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;13.55&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock>
  <!--Accrued liabilities-->
  <us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify; margin-left: 18pt; text-indent: -18pt;"&gt;All figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 14px;"&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Accrued Interest&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,031&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,437&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Accrued Expenses&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;10,208&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;6,211&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Total as of December 31,&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;11,239&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;7,648&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
  <!--Schedule of Other Assets, Noncurrent [Table Text Block]-->
  <us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;All figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Fixture, Furniture and Equipment&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;169&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;338&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Arrangement fees Backstop facility and Newbuildings&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;15,484&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Long term Deposit (Restricted Cash)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;10,149&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Other&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;316&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Total as of December 31,&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;15,969&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;10,487&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock>
  <!--Schedule of Subsequent Events [Table Text Block]-->
  <us-gaap:ScheduleOfSubsequentEventsTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="margin-bottom: 10pt; text-align: left;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;"&gt;17.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;SUBSEQUENT EVENTS&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="background-color: #ffffff;"&gt;On January 26, 2018 the Company declared a cash dividend of $0.03 per share in respect of the results for the fourth quarter of 2017, which was paid on March 9, 2018.&lt;/font&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="background-color: #ffffff;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="background-color: #ffffff;"&gt;On &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;April 27, 2018&lt;/font&gt; the Company declared a cash dividend of $&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;0.01&lt;/font&gt; per share in respect of the results for the first quarter of 2018, which is to be paid on or around &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;June 12&lt;/font&gt;, 2018.&lt;/font&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;On May 3, 2018 the Company announced that two vessels have been placed in the market for sale.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;On May 4, 2018 the Company executed an amendment to the Credit Facility expiring on December 31, 2018. &lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;Please see Note 10 to our financial statements for further information.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ScheduleOfSubsequentEventsTextBlock>
  <!--Segment Information-->
  <us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Segment Information: &lt;/font&gt;The Company has identified only one operating segment. The Company has only one type of vessel &amp;#8211; Suezmax crude oil tankers. The Company does not provide a geographical analysis because the Company's business is global in nature and the location of its vessels continually changes.&lt;/div&gt;&lt;/div&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
  <!--Cash value (in dollars per share)-Nordic American Offshore Limited [Member]-->
  <us-gaap:SharePrice contextRef="c20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U003" decimals="INF">0.05</us-gaap:SharePrice>
  <!--Cash value (in dollars per share)-->
  <us-gaap:SharePrice contextRef="c20071231" unitRef="U003" decimals="0">115</us-gaap:SharePrice>
  <!--Cash value (in dollars per share)-->
  <us-gaap:SharePrice contextRef="c20170616" unitRef="U003" decimals="0">30</us-gaap:SharePrice>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value-Restricted Stock [Member]-Employees [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue contextRef="c20170101to20171231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember" unitRef="U003" decimals="2">13.54</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue>
  <!--Share-based Compensation-->
  <us-gaap:ShareBasedCompensation contextRef="c20170101to20171231" unitRef="U002" decimals="-3">522000</us-gaap:ShareBasedCompensation>
  <!--Share-based Compensation-->
  <us-gaap:ShareBasedCompensation contextRef="c20160101to20161231" unitRef="U002" decimals="-3">430000</us-gaap:ShareBasedCompensation>
  <!--Share-based Compensation-->
  <us-gaap:ShareBasedCompensation contextRef="c20150101to20151231" unitRef="U002" decimals="-3">388000</us-gaap:ShareBasedCompensation>
  <!--Share-based compensation arrangement shares cliff vesting period-Maximum [Member]-Equity Incentive Plan 2011 [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="c20170101to20171231_PlanNameAxis_EquityIncentivePlan2011Member_RangeAxis_MaximumMember">P5Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
  <!--Share-based compensation arrangement shares cliff vesting period-Equity Incentive Plan 2011 [Member]-Employees and Non Employees [Member]-Restricted Stock [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="c20170101to20171231_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember">P4Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
  <!--Share-based compensation arrangement shares cliff vesting period-Equity Incentive Plan 2011 [Member]-Minimum [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="c20170101to20171231_PlanNameAxis_EquityIncentivePlan2011Member_RangeAxis_MinimumMember">P4Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period-Restricted Stock [Member]-Employees [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod contextRef="c20170101to20171231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember" unitRef="U001" decimals="INF">13000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period-Restricted Stock [Member]-Employees [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod contextRef="c20170101to20171231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember" unitRef="U001" decimals="INF">10000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value-Restricted Stock [Member]-Employees [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="c20170101to20171231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember" unitRef="U003" decimals="2">9.13</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period-Restricted Stock [Member]-Equity Incentive Plan 2011 [Member]-Employees and Non Employees [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="c20110223to20110223_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember" unitRef="U001" decimals="INF">326000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period-Equity Incentive Plan 2011 [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="c20110101to20111231_PlanNameAxis_EquityIncentivePlan2011Member" unitRef="U001" decimals="INF">400000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period-Restricted Stock [Member]-Employees [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="c20170101to20171231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember" unitRef="U001" decimals="INF">4500</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period-Employees and Non Employees [Member]-Equity Incentive Plan 2011 [Member]-Restricted Stock [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="c20110805to20110805_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember" unitRef="U001" decimals="INF">74000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value-Employees [Member]-Restricted Stock [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue contextRef="c20161231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember" unitRef="U003" decimals="2">13.75</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value-Restricted Stock [Member]-Employees [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue contextRef="c20171231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember" unitRef="U003" decimals="2">13.55</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue>
  <!--Vested during the year (in dollars per share)-Restricted Stock [Member]-Employees [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue contextRef="c20170101to20171231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember" unitRef="U003" decimals="2">14.65</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number-Employees [Member]-Restricted Stock [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="c20161231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember" unitRef="U001" decimals="INF">157165</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number-Employees [Member]-Restricted Stock [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="c20171231_AwardTypeAxis_RestrictedStockMember_TitleOfIndividualAxis_EmployeesMember" unitRef="U001" decimals="INF">138665</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
  <!--Forfeited shares - 2011 Equity Incentive Plan (in shares)-Treasury Shares [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="c20170101to20171231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">13000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
  <!--Forfeited shares - 2011 Equity Incentive Plan (in shares)-Treasury Shares [Member]-->
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="c20160101to20161231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">13500</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
  <!--Stock-Based Payments-->
  <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Stock-Based Payments:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The fair value of restricted shares to employees is estimated based on the market price of the Company's shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period.&lt;/div&gt;&lt;/div&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
  <!--Shares, Issued-Treasury Shares [Member]-->
  <us-gaap:SharesIssued contextRef="c20141231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">0</us-gaap:SharesIssued>
  <!--Shares, Issued-Common Stock [Member]-->
  <us-gaap:SharesIssued contextRef="c20141231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">89182001</us-gaap:SharesIssued>
  <!--Shares, Issued-Common Stock [Member]-->
  <us-gaap:SharesIssued contextRef="c20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">141969666</us-gaap:SharesIssued>
  <!--Shares, Issued-Common Stock [Member]-->
  <us-gaap:SharesIssued contextRef="c20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">89182001</us-gaap:SharesIssued>
  <!--Shares, Issued-Treasury Shares [Member]-->
  <us-gaap:SharesIssued contextRef="c20171231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">22000</us-gaap:SharesIssued>
  <!--Shares, Issued-Treasury Shares [Member]-->
  <us-gaap:SharesIssued contextRef="c20161231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">13500</us-gaap:SharesIssued>
  <!--Shares, Issued-Treasury Shares [Member]-->
  <us-gaap:SharesIssued contextRef="c20151231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">0</us-gaap:SharesIssued>
  <!--Shares, Issued-Common Stock [Member]-->
  <us-gaap:SharesIssued contextRef="c20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">101969666</us-gaap:SharesIssued>
  <!--Significant Accounting Policies [Text Block]-->
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;"&gt;2.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Basis of Accounting: &lt;/font&gt;These consolidated financial statements ("financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Principles of Consolidation: &lt;/font&gt;Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries' accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in the consolidation.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The equity method of accounting is used for investments in companies which NAT does not control, but over which NAT has the ability to exercise significant influence.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Use of Estimates:&lt;/font&gt; Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Foreign Currency Translation: &lt;/font&gt;The functional currency of NAT is the United States ("U.S.") dollar as all revenues are received in U.S. dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;.&lt;/font&gt; The subsidiaries of NATC, NAT Chartering AS, and the European branch of Scandic, have Norwegian Kroner as their functional currency. All assets and liabilities of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders' equity as part of accumulated other comprehensive loss.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Revenue and Expense Recognition: &lt;/font&gt;Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot and time charters.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"&gt;Spot Charters:&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Voyage revenues and expenses are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Based on the terms of the customer agreement, a voyage is deemed to commence upon the completion of discharge of the vessel's previous cargo and is deemed to end upon the completion of discharge of the current cargo. However, the Company does not recognize revenue if a charter has not been contractually committed to by a customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Revenue is generated from freight billing. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the loading or discharging ports. When the Company's tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"&gt;Time Charters: &lt;/font&gt;Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the shipowner pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel's intermediate and special surveys.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Vessel Operating Expenses&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;:&lt;/font&gt; Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Cash and Cash Equivalents:&lt;/font&gt; Cash and cash equivalents consist of highly liquid investments such as time deposits with original maturities of three months or less.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Accounts Receivable, Net:&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Account receivable and other receivables are presented net of allowance for doubtful balances. If balances are determined uncollectable, after all means of collections have been exhausted and the potential for recovery is considered to be remote, they are charged against the allowance for doubtful balances. As of December 31, 2017 and December 31, 2016, we made an allowance of approximately $0 and $150,000 for doubtful receivables, respectively.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Inventories: &lt;/font&gt;Inventories, which are comprised of bunker fuel and lubrication oil, are stated at the lower of cost or market. Cost is determined on a first-in, first-out ("FIFO") basis.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Vessels, Net:&lt;/font&gt; Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are also capitalized and included in vessels' cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is provided over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Impairment of Vessels: &lt;/font&gt;The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (calculated based on estimated discounted operating cashflows). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&amp;#8217; future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel. The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical average for similar vessels for the remaining estimated life of the vessel. Useful economic life is assumed to be 25 years from the delivery of the vessel from the shipyard, net of brokerage commissions, expected outflows for vessels&amp;#8217; maintenance and vessel operating expenses (including planned drydocking expenditures). The salvage value used in the impairment test is estimated to be $8.0 million per vessel. If the Company&amp;#8217;s estimate of undiscounted future cash flows for any vessel is lower than the vessel&amp;#8217;s carrying value, the carrying value is written down, by recording an impairment charge. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. The Company has further applied a probability-weighted approach taking into consideration different scenarios for the vessels being assessed.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Drydocking:&lt;/font&gt; The Company's vessels are required to be drydocked approximately every 30 to 60&amp;#160;months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Consistent with prior periods, drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Investments in Equity Method Investees: &lt;/font&gt;Investments in other entities where the Company has "significant influence" in accordance with U.S. GAAP are accounted for using the equity method of accounting.&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company's proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Goodwill: &lt;/font&gt;Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has acquired.&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Deferred Compensation Liability: &lt;/font&gt;The Company has one individual deferred compensation agreement with the Company's CEO. The former CFO &amp;amp; EVP had an individual deferred compensation agreement, denominated in Norwegian currency, where further benefits do not accrue upon leaving the Company as of Dec 31, 2017. The liabilities are accounted for on an accrual basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses are recognized in general and administrative expenses as incurred.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Other Comprehensive (Loss) Income:&lt;/font&gt; The Company follows the guidance in ASC Topic 220, "Comprehensive Income" which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Segment Information: &lt;/font&gt;The Company has identified only one operating segment. The Company has only one type of vessel &amp;#8211; Suezmax crude oil tankers. The Company does not provide a geographical analysis because the Company's business is global in nature and the location of its vessels continually changes.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Fair Value of Financial Instruments:&lt;/font&gt; The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments. For further information on fair value of financial instruments please see Note 16.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Deferred Financing Costs:&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. The deferred financing costs are accounted as a direct deduction from the associated debt liability in Long-Term Debt.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Stock-Based Payments:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The fair value of restricted shares to employees is estimated based on the market price of the Company's shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Income Taxes:&amp;#160; &lt;/font&gt;The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Two of the Company's wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 24%, 25%, and 27% for the years ended December 31, 2017, 2016 and 2015, respectively, of their taxable profit.&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;The income tax expensed for year ended December 31, 2017, 2016 and 2015 was $83,000, $102,000 and $96,000, respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Concentration of Credit Risk:&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables. The Company's cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;For the year ended December 31, 2017, one customer accounted for 12% of the total revenues. For the year ended December 31, 2016, one customer accounted for 32% of the total revenues.&amp;#160; For the year ended December 31, 2015, two customers accounted for 42% of the total revenues, with 30% and 12%.&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Accounts receivable, net, as of December 31, 2017, and 2016 were $21.7 and $17.5 million, respectively. As of December 31, 2017, two charterers accounted for 25% of the outstanding accounts receivable, with 11% and 14%. As of December 31, 2016, three charterers accounted for 44% of the outstanding accounts receivable, with 16%, 16%, and 12%.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Recent Accounting Pronouncements:&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In May 2014, the FASB issued ASU No. 2014-09,&amp;#160;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"&gt;Revenue from Contracts with Customers&lt;/font&gt;, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. Effective date is for reporting periods commencing on or after December 15, 2017.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company has concluded that it will continue to recognize revenue from voyage charters over time. Under ASC 606 the period for revenue recognition will change from the current method of discharge-to-discharge to load-to-discharge. Revenues from voyage charters will not change, however the timing of revenue recognition will change materially and will affect the voyage results recognized in each period. Recognizing revenues from load-to-discharge results in delayed revenue recognition compared to the current practice and we also expect more volatility in the results as the revenue is recognized over a shorter time period.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;Under this new guidance the Company will also capitalize the voyage costs incurred between contract signing and the next load port if the voyage costs qualify as fulfilment cost and will be expensed over the same period as the related revenue is recognized.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The implementation of this standard is as of December 31, 2017, estimated to result in a reduction of accrued revenue of $5.3 million, a reduction of accrued voyage expenses of $0.6 million and recognition of capitalized spot charter contract fulfilment cost of $0.6 million, with the net effect being recorded as a reduction of equity per January 1, 2018. The Company has elected to apply the option to implement the standard under the modified retrospective method.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company also generates revenues from time charter contracts, which is recognized on an accrual basis over the term of the charter contract.&amp;#160; Time charter revenues are not expected to be affected materially from this new guidance.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Under&amp;#160;the modified retrospective approach prior year figures will not be adjusted. The cumulative effect of adopting this guidance will be recorded as an adjustment to its opening balance of retained earnings (accumulated loss) as of January 1, 2018.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In February 2016, the FASB issued ASU 2016-02,&amp;#160;Leases&amp;#160;(Topic 842). The update requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Implemented in 2017&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In November 2016, the FASB issued ASU 2016-18, Statement of cash flows (230): Restricted cash, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company has early adopted this ASU in 2017 and retrospectively applied this to all periods presented. As such, $5.0 million has been transferred from Investing Activities to be presented separately below the Statements of Cash Flows for the 2015 financial year.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;In August 2016, the FASB issued ASU No. 2016-15,&amp;#160;Statement of cash flows (Topic 230). &lt;/font&gt;The Company has early adopted this ASU and the adoption did not have any effect on the consolidated financial statements.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In January 2017, the FASB issued ASU 2017-04 Intangibles &amp;#8211; Goodwill and other (Topic 350), which simplifies the test for goodwill impairment. This update eliminates Step 2 from the goodwill impairment test. The Company has early adopted this ASU and the adoption resulted in that the Company did not perform step 2 in the goodwill impairment testing in 2017.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Effective January 1, 2017, the Company adopted ASU 2016-07,&amp;#160;Investments-Equity Method and Joint Ventures (Topic 323). The adoption did not have any effect on the consolidated financial statements.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Effective January 1, 2017, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The adoption did not have any effect on the consolidated financial statements.&lt;/div&gt;&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
  <!--Stock Issued During Period, Shares, Share-based Compensation, Gross-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="c20160101to20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">0</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
  <!--Stock Issued During Period, Shares, Share-based Compensation, Gross-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="c20170101to20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">0</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
  <!--Stock Issued During Period, Shares, Share-based Compensation, Gross-Treasury Shares [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="c20170101to20171231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">-4500</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
  <!--Stock Issued During Period, Shares, Share-based Compensation, Gross-Treasury Shares [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="c20150101to20151231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">0</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
  <!--Stock Issued During Period, Shares, Share-based Compensation, Gross-Treasury Shares [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="c20160101to20161231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">0</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
  <!--Stock Issued During Period, Shares, Share-based Compensation, Gross-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="c20150101to20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">0</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross>
  <!--Stock Issued During Period, Shares, Dividend Reinvestment Plan-->
  <us-gaap:StockIssuedDuringPeriodSharesDividendReinvestmentPlan contextRef="c20130101to20131231" unitRef="U001" decimals="INF">1664450</us-gaap:StockIssuedDuringPeriodSharesDividendReinvestmentPlan>
  <!--Equity incentive plan issuance (in shares)-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan contextRef="c20160101to20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">137665</us-gaap:StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan>
  <!--Equity incentive plan issuance (in shares)-Treasury Shares [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan contextRef="c20160101to20161231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">0</us-gaap:StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan>
  <!--Common Shares Issued, net of issuance costs-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20160101to20161231" unitRef="U002" decimals="-3">120069000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20170101to20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">400000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20160101to20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">127000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20160101to20161231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-AOCI Attributable to Parent [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20160101to20161231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-Other Additional Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20160101to20161231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-Additional Paid-in Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20160101to20161231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">119942000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-Additional Paid-in Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20170101to20171231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">103348000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-Other Additional Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20170101to20171231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20170101to20171231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-AOCI Attributable to Parent [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20170101to20171231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20170101to20171231" unitRef="U002" decimals="-3">103748000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Common Shares Issued, net of issuance costs-Private Placement [Member]-Nordic American Offshore Limited [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="c20131118to20131118_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember_SubsidiarySaleOfStockAxis_PrivatePlacementMember" unitRef="U002" decimals="-6">250000000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <!--Equity incentive plan issuance-Additional Paid-in Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan contextRef="c20160101to20161231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan>
  <!--Equity incentive plan issuance-AOCI Attributable to Parent [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan contextRef="c20160101to20161231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan>
  <!--Equity incentive plan issuance-->
  <us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan contextRef="c20160101to20161231" unitRef="U002" decimals="-3">1000</us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan>
  <!--Equity incentive plan issuance-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan contextRef="c20160101to20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">1000</us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan>
  <!--Equity incentive plan issuance-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan contextRef="c20160101to20161231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan>
  <!--Equity incentive plan issuance-Other Additional Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan contextRef="c20160101to20161231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan>
  <!--Stock Issued During Period, Shares, New Issues-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="c20160101to20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">12650000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <!--Stock Issued During Period, Shares, New Issues-Treasury Shares [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="c20160101to20161231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">0</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <!--Stock Issued During Period, Shares, New Issues-Treasury Shares [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="c20170101to20171231_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="U001" decimals="INF">0</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <!--Stock Issued During Period, Shares, New Issues-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="c20170101to20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">40000000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <!--Stock Issued During Period, Shares, New Issues-->
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="c20170101to20171231" unitRef="U001" decimals="INF">0</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-AOCI Attributable to Parent [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20170101to20171231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-AOCI Attributable to Parent [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20150101to20151231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Other Additional Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20160101to20161231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Other Additional Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20170101to20171231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20170101to20171231" unitRef="U002" decimals="-3">522000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Additional Paid-in Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20160101to20161231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">429000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Other Additional Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20150101to20151231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20150101to20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20160101to20161231" unitRef="U002" decimals="-3">429000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Additional Paid-in Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20170101to20171231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">522000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20160101to20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20150101to20151231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Common Stock [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20170101to20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20160101to20161231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20150101to20151231" unitRef="U002" decimals="-3">388000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-AOCI Attributable to Parent [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20160101to20161231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20170101to20171231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures-Additional Paid-in Capital [Member]-->
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="c20150101to20151231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">388000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <!--Stockholders' Equity Attributable to Parent-->
  <us-gaap:StockholdersEquity contextRef="c20161231" unitRef="U002" decimals="-3">871049000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-->
  <us-gaap:StockholdersEquity contextRef="c20171231" unitRef="U002" decimals="-3">711064000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Other Additional Capital [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20141231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">787732000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-AOCI Attributable to Parent [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20141231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">-838000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Additional Paid-in Capital [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20141231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">114291000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-->
  <us-gaap:StockholdersEquity contextRef="c20141231" unitRef="U002" decimals="-3">888911000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Common Stock [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20141231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">892000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20141231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">-13166000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-AOCI Attributable to Parent [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20161231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">-1037000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Other Additional Capital [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20161231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">640472000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20171231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">-209425000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-AOCI Attributable to Parent [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20171231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">-1187000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Other Additional Capital [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20171231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">796817000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-AOCI Attributable to Parent [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20151231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">-972000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Additional Paid-in Capital [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20171231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">123439000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Common Stock [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">1420000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Other Additional Capital [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20151231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">766122000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-->
  <us-gaap:StockholdersEquity contextRef="c20151231" unitRef="U002" decimals="-3">880721000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Additional Paid-in Capital [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20151231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">114679000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20161231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">-4456000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Additional Paid-in Capital [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20161231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">235050000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Common Stock [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20151231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">892000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Common Stock [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20161231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">1020000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Retained Earnings (Accumulated Deficit) [Member]-->
  <us-gaap:StockholdersEquity contextRef="c20151231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</us-gaap:StockholdersEquity>
  <!--Contribution to surplus account-->
  <us-gaap:StockholdersEquityPeriodIncreaseDecrease contextRef="c20170101to20171231" unitRef="U002" decimals="-5">796800000</us-gaap:StockholdersEquityPeriodIncreaseDecrease>
  <!--Contribution to surplus account-->
  <us-gaap:StockholdersEquityPeriodIncreaseDecrease contextRef="c20160101to20161231" unitRef="U002" decimals="-5">640500000</us-gaap:StockholdersEquityPeriodIncreaseDecrease>
  <!--Stockholders' Equity Note Disclosure [Text Block]-->
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="margin-bottom: 6pt; text-align: left;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;"&gt;14.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;SHAREHOLDERS' EQUITY&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Authorized, issued and outstanding common shares roll-forward is as follows:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; margin-left: 9pt; text-indent: -9pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Authorized Shares&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Issued and Out-&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;&lt;br /&gt;&lt;/font&gt; standing Shares&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Common Stock&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Balance as of January 1, 2015&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;89,182,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;892&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Balance as of December 31, 2015&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;89,182,001&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;892&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Equity incentive plan issuance&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;137,665&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Common Shares Issued in Follow-on Offering&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;12,650,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;127&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Balance as of December 31, 2016&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;101,969,666&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;1,020&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Common Shares Issued in Follow-on Offering&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;40,000,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;400&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Balance as of December 31, 2017&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;141,969,666&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;1,420&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In September 2016, the Company completed an underwritten public offering of 12,650,000 common shares which increased its equity by $120.1 million.&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In December 2017, the Company completed an underwritten public offering of 40,000,000 common shares which increased its equity by $103.7 million.&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Additional Paid-in Capital&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Included in Additional Paid-in Capital is the Company's Share Premium Fund as defined by Bermuda law. The Share Premium Fund cannot be distributed without complying with certain legal procedures designed to protect the creditors of the Company, including public notice to its creditors and a subsequent period for creditor notice of concern, regarding the Company's intention, following shareholder approval, to transfer such funds to the Company's Contributed Surplus Account and thereby make such funds available for distribution. The Share Premium Fund was $103.4 million and $215.5 million as of December 31, 2017 and 2016 respectively. Credits and Charges to Additional Paid in Capital were a result of the accounting for the Company's share based compensation programs and issuance of shares.&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;On December 12, 2017, at the Company's Annual General Meeting, shareholders voted to reduce the Share Premium Fund by the amount of $215.5 million. The legal procedures related to this reduction were finalized in December 2017 upon which the amount became eligible for distribution.&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Contributed Surplus Account&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company's Contributed Surplus Account as defined by Bermuda law, consists of amounts previously recorded as share premium, transferred to Contributed Surplus Account when resolutions are adopted by the Company's shareholders to make Share Premium Fund distributable or available for other purposes. As indicated by the laws governing the Company, the Contributed Surplus Account can be used for dividend distribution and to cover accumulated losses from its operations.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;For the year ended December 31, 2017 the Company paid a dividend of $59.1 million, which was charged to the Contributed Surplus Account, and on December 12, 2017 the Company's Annual General Meeting voted to reduce the Share Premium Fund by $215.5 million, which was transferred to the Contributed Surplus Account. For the year ended December 31, 2016 the Company paid a dividend of $125.7 million, which was charged to the Contributed Surplus Account. The Company's Contributed Surplus account was $796.8 million and $640.5 million per December 31, 2017 and 2016, respectively.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Shareholders' Rights Plan&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In 2007, the Board of Directors adopted a shareholders' rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a Series A Participating Preferred Share for each outstanding common share, par value $0.01 per share. The dividend was payable on February 27, 2007, to shareholders of record on that date. Each right entitles the registered holder to purchase from the Company one one-thousandth of a Series A Participating Preferred Share at an exercise price of $115, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person has acquired ownership of 15% or more of the Company's common shares.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;In 2013 a registration statement on Form F-3&amp;#160;was declared effective by the SEC relating to the Dividend Reinvestment and Direct Stock Purchase Plan for 1,664,450 common shares to allow existing shareholders to purchase additional common shares by reinvesting all or a portion of the dividends paid on their common shares and by making optional cash investments and new investors to enter into the plan by making an initial investment.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; text-indent: 36pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;On June&amp;#160;16, 2017, the Board of Directors, after its expiration, adopted a new shareholders' rights agreement and declared a dividend of one preferred share purchase right to purchase one&amp;#160;one-thousandth&amp;#160;of a Series A Participating Preferred Share of the Company for each outstanding common share, par value $0.01 per share. The dividend was payable on June&amp;#160;26, 2017 to shareholders of record on that date. Each right entitles the registered holder to purchase from us one&amp;#160;one-thousandth&amp;#160;of a Series A Participating Preferred Share of the Company at an exercise price of $30.00, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person or group has acquired ownership of 15% or more of the Company's common shares. As at December 31, 2017, no shares were issued pursuant to the plan.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;This shareholders' rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. Our shareholders' rights plan is not intended to deter offers that the Board determines are in the best interests of our shareholders.&lt;/div&gt;&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <!--Trade and Other Accounts Receivable, Policy [Policy Text Block]-->
  <us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Accounts Receivable, Net:&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Account receivable and other receivables are presented net of allowance for doubtful balances. If balances are determined uncollectable, after all means of collections have been exhausted and the potential for recovery is considered to be remote, they are charged against the allowance for doubtful balances. As of December 31, 2017 and December 31, 2016, we made an allowance of approximately $0 and $150,000 for doubtful receivables, respectively.&lt;/div&gt;&lt;/div&gt;</us-gaap:TradeAndOtherAccountsReceivablePolicy>
  <!--Treasury shares (in shares)-Equity Incentive Plan 2011 [Member]-->
  <us-gaap:TreasuryStockShares contextRef="c20171231_PlanNameAxis_EquityIncentivePlan2011Member" unitRef="U001" decimals="INF">22000</us-gaap:TreasuryStockShares>
  <!--Treasury Stock, Shares, Acquired-Employees [Member]-->
  <us-gaap:TreasuryStockSharesAcquired contextRef="c20160101to20161231_TitleOfIndividualAxis_EmployeesMember" unitRef="U001" decimals="INF">13500</us-gaap:TreasuryStockSharesAcquired>
  <!--Treasury Stock, Shares, Acquired-Employees [Member]-->
  <us-gaap:TreasuryStockSharesAcquired contextRef="c20170101to20171231_TitleOfIndividualAxis_EmployeesMember" unitRef="U001" decimals="INF">13000</us-gaap:TreasuryStockSharesAcquired>
  <!--Voyages in Progress-->
  <us-gaap:UnbilledReceivablesCurrent contextRef="c20171231" unitRef="U002" decimals="-3">15308000</us-gaap:UnbilledReceivablesCurrent>
  <!--Voyages in Progress-->
  <us-gaap:UnbilledReceivablesCurrent contextRef="c20161231" unitRef="U002" decimals="-3">35610000</us-gaap:UnbilledReceivablesCurrent>
  <!--Use of Estimates-->
  <us-gaap:UseOfEstimates contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Use of Estimates:&lt;/font&gt; Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.&lt;/div&gt;&lt;/div&gt;</us-gaap:UseOfEstimates>
  <!--Basic - Weighted Average Common Shares Outstanding (in shares)-->
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="c20160101to20161231" unitRef="U001" decimals="0">92531001</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <!--Basic - Weighted Average Common Shares Outstanding (in shares)-->
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="c20150101to20151231" unitRef="U001" decimals="0">89182001</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <!--Basic - Weighted Average Common Shares Outstanding (in shares)-->
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="c20170101to20171231" unitRef="U001" decimals="0">103832680</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <!--Weighted Average Number of Shares Outstanding, Diluted-->
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="c20150101to20151231" unitRef="U001" decimals="0">89182001</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <!--Weighted Average Number of Shares Outstanding, Diluted-->
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="c20160101to20161231" unitRef="U001" decimals="0">92531001</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <!--Weighted Average Number of Shares Outstanding, Diluted-->
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="c20170101to20171231" unitRef="U001" decimals="0">103832680</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <!--Weighted Average Number of Shares Outstanding, Basic and Diluted-->
  <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted contextRef="c20150101to20151231" unitRef="U001" decimals="0">89182001</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
  <!--Weighted Average Number of Shares Outstanding, Basic and Diluted-->
  <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted contextRef="c20170101to20171231" unitRef="U001" decimals="0">103832680</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
  <!--Weighted Average Number of Shares Outstanding, Basic and Diluted-->
  <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted contextRef="c20160101to20161231" unitRef="U001" decimals="0">92531001</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
  <!--Deferred Compensation Liability, Retirement age-Chief Executive Officer [Member]-->
  <nat:DeferredCompensationLiabilityRetirementAge contextRef="c20170101to20171231_TitleOfIndividualAxis_ChiefExecutiveOfficerMember">P72Y</nat:DeferredCompensationLiabilityRetirementAge>
  <!--Deferred Compensation Liability, Retirement age-Executive Vice President and Chief Financial Officer [Member]-->
  <nat:DeferredCompensationLiabilityRetirementAge contextRef="c20170101to20171231_TitleOfIndividualAxis_ChiefFinancialOfficerMember">P67Y</nat:DeferredCompensationLiabilityRetirementAge>
  <!--Deferred Compensation Liability, Maximum benefit as a percentage of salary-Chief Executive Officer [Member]-->
  <nat:DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary contextRef="c20170101to20171231_TitleOfIndividualAxis_ChiefExecutiveOfficerMember" unitRef="U005" decimals="2">0.66</nat:DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary>
  <!--Deferred Compensation Liability, Imputed interest-Chief Executive Officer [Member]-->
  <nat:DeferredCompensationLiabilityImputedInterest contextRef="c20170101to20171231_TitleOfIndividualAxis_ChiefExecutiveOfficerMember" unitRef="U005" decimals="4">0.0230</nat:DeferredCompensationLiabilityImputedInterest>
  <!--Deferred Compensation Liability, Imputed interest-Executive Vice President and Chief Financial Officer [Member]-->
  <nat:DeferredCompensationLiabilityImputedInterest contextRef="c20160101to20161231_TitleOfIndividualAxis_ChiefFinancialOfficerMember" unitRef="U005" decimals="4">0.0260</nat:DeferredCompensationLiabilityImputedInterest>
  <!--Deferred Compensation Liability, Imputed interest-Executive Vice President and Chief Financial Officer [Member]-->
  <nat:DeferredCompensationLiabilityImputedInterest contextRef="c20170101to20171231_TitleOfIndividualAxis_ChiefFinancialOfficerMember" unitRef="U005" decimals="4">0.0230</nat:DeferredCompensationLiabilityImputedInterest>
  <!--Deferred Compensation Liability, Imputed interest-Chief Executive Officer [Member]-->
  <nat:DeferredCompensationLiabilityImputedInterest contextRef="c20160101to20161231_TitleOfIndividualAxis_ChiefExecutiveOfficerMember" unitRef="U005" decimals="4">0.0260</nat:DeferredCompensationLiabilityImputedInterest>
  <!--Contributed Surplus-->
  <nat:ContributedSurplus contextRef="c20171231" unitRef="U002" decimals="-3">796817000</nat:ContributedSurplus>
  <!--Contributed Surplus-->
  <nat:ContributedSurplus contextRef="c20161231" unitRef="U002" decimals="-3">640472000</nat:ContributedSurplus>
  <!--Equity Method Investment Summarized Statement Of Operations [Text Block]-->
  <nat:EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Summarized Statement of Operations information for NAO is as follows:&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="10" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;Years ended December 31,&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;All figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Operating Revenues&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;17,895&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;17,697&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;36,372&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Net Operating (Loss) Income&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(26,068&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(28,543&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(8,372&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Net (Loss) Income&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(29,326&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(32,151&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(10,844&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nat:EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock>
  <!--Equity Method Investment Summarized Balance Sheet Information [Text Block]-->
  <nat:EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Summarized balance sheet information for NAO is as follows:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;All figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;December 31, &lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;December 31, &lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Current assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;37,076&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;7,909&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 12px;"&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Noncurrent assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;350,635&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;366,945&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Total Assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;387,711&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;374,854&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Current liabilities&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2,809&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;4,089&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Noncurrent liabilities&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;136,629&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;136,568&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Total Shareholders' Equity&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;248,273&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;234,196&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Total liabilities and equity&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;387,711&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;374,854&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nat:EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock>
  <!--Equity Method Investments, Carrying Value-Nordic American Offshore Limited [Member]-->
  <nat:EquityMethodInvestmentsCarryingValue contextRef="c20171231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U002" decimals="-5">12200000</nat:EquityMethodInvestmentsCarryingValue>
  <!--Equity Method Investment Private Equity Placement Participation-Nordic American Offshore Limited [Member]-Private Placement [Member]-->
  <nat:EquityMethodInvestmentPrivateEquityPlacementParticipation contextRef="c20131118_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember_SubsidiarySaleOfStockAxis_PrivatePlacementMember" unitRef="U001" decimals="INF">4333566</nat:EquityMethodInvestmentPrivateEquityPlacementParticipation>
  <!--Additional Shares Acquired In Open Market-->
  <nat:AdditionalSharesAcquiredInOpenMarket contextRef="c20140101to20141231" unitRef="U001" decimals="INF">488216</nat:AdditionalSharesAcquiredInOpenMarket>
  <!--Number Of Share Held of Common Shares Received-Nordic American Offshore Limited [Member]-->
  <nat:NumberOfShareHeldOfCommonSharesReceived contextRef="c20170831to20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U001" decimals="INF">250</nat:NumberOfShareHeldOfCommonSharesReceived>
  <!--Closing Price of Share-Nordic American Offshore Limited [Member]-->
  <nat:ClosingPriceOfShare contextRef="c20170720_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U003" decimals="INF">1.22</nat:ClosingPriceOfShare>
  <!--Additional Shares Acquired In Private Transaction-->
  <nat:AdditionalSharesAcquiredInPrivateTransaction contextRef="c20151101to20151130" unitRef="U001" decimals="INF">1521300</nat:AdditionalSharesAcquiredInPrivateTransaction>
  <!--Number Of Shares Received by Shareholders in Conversion of Common Shares-Nordic American Offshore Limited [Member]-->
  <nat:NumberOfSharesReceivedByShareholdersInConversionOfCommonShares contextRef="c20170831to20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U001" decimals="INF">1</nat:NumberOfSharesReceivedByShareholdersInConversionOfCommonShares>
  <!--Number of Common Shares Used for Conversion-Nordic American Offshore Limited [Member]-->
  <nat:NumberOfCommonSharesUsedForConversion contextRef="c20170831to20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U001" decimals="INF">24.4</nat:NumberOfCommonSharesUsedForConversion>
  <!--Maximum number of shares held by shareholder to receive cash dividend-Nordic American Offshore Limited [Member]-->
  <nat:MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend contextRef="c20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U001" decimals="INF">249</nat:MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend>
  <!--Common Stock Additional Dividends Per Share Cash Paid-Nordic American Offshore Limited [Member]-->
  <nat:CommonStockAdditionalDividendsPerShareCashPaid contextRef="c20170831_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U003" decimals="INF">0.05</nat:CommonStockAdditionalDividendsPerShareCashPaid>
  <!--Interest income-->
  <nat:InterestIncome contextRef="c20150101to20151231" unitRef="U002" decimals="-3">114000</nat:InterestIncome>
  <!--Interest income-->
  <nat:InterestIncome contextRef="c20170101to20171231" unitRef="U002" decimals="-3">347000</nat:InterestIncome>
  <!--Interest income-->
  <nat:InterestIncome contextRef="c20160101to20161231" unitRef="U002" decimals="-3">215000</nat:InterestIncome>
  <!--Reduction of share premium-Other Additional Capital [Member]-->
  <nat:ReductionOfSharePremium contextRef="c20170101to20171231_StatementEquityComponentsAxis_OtherAdditionalCapitalMember" unitRef="U002" decimals="-3">-215481000</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-Retained Earnings (Accumulated Deficit) [Member]-->
  <nat:ReductionOfSharePremium contextRef="c20170101to20171231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-AOCI Attributable to Parent [Member]-->
  <nat:ReductionOfSharePremium contextRef="c20170101to20171231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-->
  <nat:ReductionOfSharePremium contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-Additional Paid-in Capital [Member]-->
  <nat:ReductionOfSharePremium contextRef="c20170101to20171231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">215481000</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-Common Stock [Member]-->
  <nat:ReductionOfSharePremium contextRef="c20170101to20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Number of employees to whom restricted common shares were allocated-Equity Incentive Plan 2011 [Member]-->
  <nat:NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated contextRef="c20170101to20171231_PlanNameAxis_EquityIncentivePlan2011Member" unitRef="U014" decimals="INF">26</nat:NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated>
  <!--Vesting requirement lifted for restricted shares-Equity Incentive Plan 2011 [Member]-->
  <nat:VestingRequirementLiftedForRestrictedShares contextRef="c20131231_PlanNameAxis_EquityIncentivePlan2011Member" unitRef="U001" decimals="INF">174000</nat:VestingRequirementLiftedForRestrictedShares>
  <!--Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Fair Value of Nonvested Shares Repurchased-Employees and Non Employees [Member]-Restricted Stock [Member]-Equity Incentive Plan 2011 [Member]-->
  <nat:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested contextRef="c20140101to20141231_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember" unitRef="U001" decimals="INF">33000</nat:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested>
  <!--Share based compensation Fair value of shares issued-Employees and Non Employees [Member]-Restricted Stock [Member]-Equity Incentive Plan 2011 [Member]-->
  <nat:ShareBasedCompensationFairValueOfSharesIssued contextRef="c20140101to20141231_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_EquityIncentivePlan2011Member_TitleOfIndividualAxis_EmployeesAndNonEmployeesMember" unitRef="U003" decimals="2">9.84</nat:ShareBasedCompensationFairValueOfSharesIssued>
  <!--Preferred share purchase right-->
  <nat:PreferredSharePurchaseRight contextRef="c20170101to20171231">one preferred stock purchase right to purchase one one-thousandth of a share of our Series A Participating Preferred Stock for each outstanding share of its common stock, par value $0.01 per share</nat:PreferredSharePurchaseRight>
  <!--Share Premium Fund-->
  <nat:SharePremiumFund contextRef="c20161231" unitRef="U002" decimals="-5">215500000</nat:SharePremiumFund>
  <!--Share Premium Fund-->
  <nat:SharePremiumFund contextRef="c20171231" unitRef="U002" decimals="-5">103400000</nat:SharePremiumFund>
  <!--Percentage of common share ownership-->
  <nat:PercentageOfCommonShareOwnership contextRef="c20170616" unitRef="U005" decimals="2">0.15</nat:PercentageOfCommonShareOwnership>
  <!--Percentage of common share ownership-->
  <nat:PercentageOfCommonShareOwnership contextRef="c20071231" unitRef="U005" decimals="2">0.15</nat:PercentageOfCommonShareOwnership>
  <!--Increase Decrease of Share Premium Fund-->
  <nat:IncreaseDecreaseOfSharePremiumFund contextRef="c20171212to20171212" unitRef="U002" decimals="-5">215500000</nat:IncreaseDecreaseOfSharePremiumFund>
  <!--RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES [Text Block]-->
  <nat:RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="margin-bottom: 12pt; text-align: left;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;"&gt;15.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Received settlements&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;In 2016 the arbitration hearings involving the Suezmax vessel Gulf Scandic (now named Nordic Harrier) was settled between the Company and Gulf Navigation Holding PJSC (GulfNav). The Company recognized in 2016 in aggregate $5.3 million as Received Settlement in the Consolidated Statements of Operations. No transactions related to this matter is recorded in 2017.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Commitments and Contingencies&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;The Company may become a party to various legal proceedings generally incidental to its business and is subject to a variety of environmental and pollution control laws and regulations. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings. Although the ultimate disposition of legal proceedings cannot be predicted with certainty, it is the opinion of the Company's management that the outcome of any claim which might be pending or threatened, either individually or on a combined basis, will not have a materially adverse effect on the financial position of the Company, but could materially affect the Company's results of operations in a given year.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;No claims have been filed against the Company, nor has it been part to any legal proceedings, other than the matter discussed above, for the fiscal years ended December 31, 2017 and 2016.&lt;/div&gt;&lt;/div&gt;</nat:RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock>
  <!--Dry dock Expenditures-->
  <nat:DryDockExpenditures contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-18776000</nat:DryDockExpenditures>
  <!--Dry dock Expenditures-->
  <nat:DryDockExpenditures contextRef="c20160101to20161231" unitRef="U002" decimals="-3">-15382000</nat:DryDockExpenditures>
  <!--Dry dock Expenditures-->
  <nat:DryDockExpenditures contextRef="c20150101to20151231" unitRef="U002" decimals="-3">-11450000</nat:DryDockExpenditures>
  <!--Fair Value of Shares Distributed as Dividend in Kind-->
  <nat:FairValueOfSharesDistributedAsDividendInKind contextRef="c20160101to20161231" unitRef="U002" decimals="-3">0</nat:FairValueOfSharesDistributedAsDividendInKind>
  <!--Fair Value of Shares Distributed as Dividend in Kind-->
  <nat:FairValueOfSharesDistributedAsDividendInKind contextRef="c20150101to20151231" unitRef="U002" decimals="-3">0</nat:FairValueOfSharesDistributedAsDividendInKind>
  <!--Fair Value of Shares Distributed as Dividend in Kind-->
  <nat:FairValueOfSharesDistributedAsDividendInKind contextRef="c20170101to20171231" unitRef="U002" decimals="-3">4910000</nat:FairValueOfSharesDistributedAsDividendInKind>
  <!--Dividends received from Associate-->
  <nat:DividendsReceivedFromAssociate contextRef="c20160101to20161231" unitRef="U002" decimals="-3">1685000</nat:DividendsReceivedFromAssociate>
  <!--Dividends received from Associate-->
  <nat:DividendsReceivedFromAssociate contextRef="c20170101to20171231" unitRef="U002" decimals="-3">1041000</nat:DividendsReceivedFromAssociate>
  <!--Dividends received from Associate-->
  <nat:DividendsReceivedFromAssociate contextRef="c20150101to20151231" unitRef="U002" decimals="-3">4227000</nat:DividendsReceivedFromAssociate>
  <!--Minimum value adjusted equity ratio-->
  <nat:MinimumValueAdjustedEquityRatio contextRef="c20171231" unitRef="U005" decimals="INF">0.25</nat:MinimumValueAdjustedEquityRatio>
  <!--Debt Instrument Minimum Value Adjusted Equity-->
  <nat:DebtInstrumentMinimumValueAdjustedEquity contextRef="c20171231" unitRef="U002" decimals="-5">175000000</nat:DebtInstrumentMinimumValueAdjustedEquity>
  <!--First Flexibility Period to Purchase Vessels-->
  <nat:FirstFlexibilityPeriodToPurchaseVessels contextRef="c20170101to20171231">P5Y</nat:FirstFlexibilityPeriodToPurchaseVessels>
  <!--Minimum Market Cap to Value Adjusted Total Assets-Maximum [Member]-Revolving Credit Facility [Member]-->
  <nat:MinimumMarketCapToValueAdjustedTotalAssets contextRef="c20170101to20171231_CreditFacilityAxis_RevolvingCreditFacilityMember_RangeAxis_MaximumMember" unitRef="U005" decimals="INF">0.45</nat:MinimumMarketCapToValueAdjustedTotalAssets>
  <!--Minimum Market Cap to Value Adjusted Total Assets-Minimum [Member]-Revolving Credit Facility [Member]-->
  <nat:MinimumMarketCapToValueAdjustedTotalAssets contextRef="c20170101to20171231_CreditFacilityAxis_RevolvingCreditFacilityMember_RangeAxis_MinimumMember" unitRef="U005" decimals="INF">0.25</nat:MinimumMarketCapToValueAdjustedTotalAssets>
  <!--Financing of Outstanding Commitments per ship-New Revolving Credit Facility [Member]-->
  <nat:FinancingOfOutstandingCommitmentsPerShip contextRef="c20171231_CreditFacilityAxis_NewRevolvingCreditFacilityMember" unitRef="U002" decimals="-5">39000000</nat:FinancingOfOutstandingCommitmentsPerShip>
  <!--Number of additional vessels expected to be sold-Subsequent Event [Member]-Maximum [Member]-->
  <nat:NumberOfAdditionalVesselsExpectedToBeSold contextRef="c20180503_RangeAxis_MaximumMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U004" decimals="INF">10</nat:NumberOfAdditionalVesselsExpectedToBeSold>
  <!--Debt Instrument, Minimum Liquidity Value-->
  <nat:DebtInstrumentMinimumLiquidityValue contextRef="c20171231" unitRef="U002" decimals="-5">20000000</nat:DebtInstrumentMinimumLiquidityValue>
  <!--Security Ratio after adjustment-Revolving Credit Facility [Member]-Subsequent Event [Member]-->
  <nat:SecurityRatioAfterAdjustment contextRef="c20180504to20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U005" decimals="INF">1.35</nat:SecurityRatioAfterAdjustment>
  <!--Percentage of purchase price expected to pay by lending provider-->
  <nat:PercentageOfPurchasePriceExpectedToPayByLendingProvider contextRef="c20170101to20171231" unitRef="U005" decimals="INF">0.775</nat:PercentageOfPurchasePriceExpectedToPayByLendingProvider>
  <!--Percentage of increase in margin for the period of waiver-Revolving Credit Facility [Member]-->
  <nat:PercentageOfIncreaseInMarginForThePeriodOfWaiver contextRef="c20161231_CreditFacilityAxis_RevolvingCreditFacilityMember" unitRef="U005" decimals="INF">0.020</nat:PercentageOfIncreaseInMarginForThePeriodOfWaiver>
  <!--Gross amount under new equity under recapitalization program-New Revolving Credit Facility [Member]-->
  <nat:GrossAmountUnderNewEquityUnderRecapitalizationProgram contextRef="c20171231_CreditFacilityAxis_NewRevolvingCreditFacilityMember" unitRef="U002" decimals="-5">110000000</nat:GrossAmountUnderNewEquityUnderRecapitalizationProgram>
  <!--Second Flexibility Period to Purchase Vessels-->
  <nat:SecondFlexibilityPeriodToPurchaseVessels contextRef="c20170101to20171231">P7Y</nat:SecondFlexibilityPeriodToPurchaseVessels>
  <!--Amount of dividends that can be distributed quarterly-Maximum [Member]-->
  <nat:AmountOfDividendsThatCanBeDistributedQuarterly contextRef="c20170101to20171231_RangeAxis_MaximumMember" unitRef="U003" decimals="2">0.03</nat:AmountOfDividendsThatCanBeDistributedQuarterly>
  <!--Amount of dividends that can be distributed quarterly-Revolving Credit Facility [Member]-Subsequent Event [Member]-->
  <nat:AmountOfDividendsThatCanBeDistributedQuarterly contextRef="c20180504to20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U003" decimals="2">0.03</nat:AmountOfDividendsThatCanBeDistributedQuarterly>
  <!--New Equity under Recapitalization Program-New Revolving Credit Facility [Member]-->
  <nat:NewEquityUnderRecapitalizationProgram contextRef="c20171231_CreditFacilityAxis_NewRevolvingCreditFacilityMember" unitRef="U002" decimals="-5">103700000</nat:NewEquityUnderRecapitalizationProgram>
  <!--Liquidity Covenant after Adjustment-Revolving Credit Facility [Member]-Subsequent Event [Member]-->
  <nat:LiquidityCovenantAfterAdjustment contextRef="c20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-5">15000000</nat:LiquidityCovenantAfterAdjustment>
  <!--Line of Credit Facility, Increase in undrawn percentage-Revolving Credit Facility [Member]-Subsequent Event [Member]-->
  <nat:LineOfCreditFacilityIncreaseInUndrawnPercentage contextRef="c20180504to20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U005" decimals="INF">0.060</nat:LineOfCreditFacilityIncreaseInUndrawnPercentage>
  <!--Term of bareboat charter agreement-->
  <nat:TermOfBareboatCharterAgreement contextRef="c20170101to20171231">P10Y</nat:TermOfBareboatCharterAgreement>
  <!--Minimum Market Cap after Adjustments-Revolving Credit Facility [Member]-Subsequent Event [Member]-->
  <nat:MinimumMarketCapAfterAdjustments contextRef="c20180504_CreditFacilityAxis_RevolvingCreditFacilityMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-5">200000000</nat:MinimumMarketCapAfterAdjustments>
  <!--Line of Credit Facility, Covenant amount-New Revolving Credit Facility [Member]-->
  <nat:LineOfCreditFacilityCovenantAmount contextRef="c20171231_CreditFacilityAxis_NewRevolvingCreditFacilityMember" unitRef="U002" decimals="-5">30000000</nat:LineOfCreditFacilityCovenantAmount>
  <!--Related Party Transaction, Amount of management fee received during the period-Scandic American Shipping Ltd [Member]-->
  <nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod contextRef="c20160101to20161231_RelatedPartyTransactionsByRelatedPartyAxis_ScandicAmericanShippingLtdMember" unitRef="U002" decimals="-3">100000000</nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod>
  <!--Related Party Transaction, Amount of management fee received during the period-Scandic American Shipping Ltd [Member]-->
  <nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod contextRef="c20150101to20151231_RelatedPartyTransactionsByRelatedPartyAxis_ScandicAmericanShippingLtdMember" unitRef="U002" decimals="-3">200000000</nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod>
  <!--Related Party Transaction, Amount of management fee received during the period-Scandic American Shipping Ltd [Member]-->
  <nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod contextRef="c20170101to20171231_RelatedPartyTransactionsByRelatedPartyAxis_ScandicAmericanShippingLtdMember" unitRef="U002" decimals="-3">100000000</nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod>
  <!--Interest Expenses, Net of Capitalized Interest-->
  <nat:InterestExpensesNetOfCapitalizedInterest contextRef="c20170101to20171231" unitRef="U002" decimals="-3">18286000</nat:InterestExpensesNetOfCapitalizedInterest>
  <!--Interest Expenses, Net of Capitalized Interest-->
  <nat:InterestExpensesNetOfCapitalizedInterest contextRef="c20150101to20151231" unitRef="U002" decimals="-3">7590000</nat:InterestExpensesNetOfCapitalizedInterest>
  <!--Interest Expenses, Net of Capitalized Interest-->
  <nat:InterestExpensesNetOfCapitalizedInterest contextRef="c20160101to20161231" unitRef="U002" decimals="-3">8811000</nat:InterestExpensesNetOfCapitalizedInterest>
  <!--Commitment Fee-->
  <nat:CommitmentFee contextRef="c20150101to20151231" unitRef="U002" decimals="-3">2025000</nat:CommitmentFee>
  <!--Commitment Fee-->
  <nat:CommitmentFee contextRef="c20160101to20161231" unitRef="U002" decimals="-3">937000</nat:CommitmentFee>
  <!--Commitment Fee-->
  <nat:CommitmentFee contextRef="c20170101to20171231" unitRef="U002" decimals="-3">760000</nat:CommitmentFee>
  <!--Schedule Of Interest Expense [Table Text Block]-->
  <nat:ScheduleOfInterestExpenseTableTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Interest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 10.&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;All amounts in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Interest Expenses, net of capitalized interest&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;18,286&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;8,811&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;7,590&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Commitment Fee&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;760&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;937&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2,025&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Amortization of Deferred Financing Costs&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,393&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,382&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,240&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Other financial costs&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;25&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;40&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Total Interest Expenses&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;20,464&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;11,170&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;10,855&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nat:ScheduleOfInterestExpenseTableTextBlock>
  <!--Number of new buildings-->
  <nat:NumberOfNewBuildings contextRef="c20170101to20171231" unitRef="U013" decimals="INF">3</nat:NumberOfNewBuildings>
  <!--Long term deposit Noncurrent-->
  <nat:LongTermDepositNoncurrent contextRef="c20171231" unitRef="U002" decimals="-3">0</nat:LongTermDepositNoncurrent>
  <!--Long term deposit Noncurrent-->
  <nat:LongTermDepositNoncurrent contextRef="c20161231" unitRef="U002" decimals="-3">10149000</nat:LongTermDepositNoncurrent>
  <!--Arrangement Fees Backstop Facility and New Buildings, Non-current-->
  <nat:ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent contextRef="c20171231" unitRef="U002" decimals="-3">15484000</nat:ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent>
  <!--Arrangement Fees Backstop Facility and New Buildings, Non-current-->
  <nat:ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent contextRef="c20161231" unitRef="U002" decimals="-3">0</nat:ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent>
  <!--Other Non Current Assets [Text Block]-->
  <nat:OtherNonCurrentAssetsTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 17.85pt; vertical-align: top; font-weight: bold; align: right;"&gt;8.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;OTHER NON-CURRENT ASSETS&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;"&gt;All figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Fixture, Furniture and Equipment&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;169&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;338&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Arrangement fees Backstop facility and Newbuildings&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;15,484&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Long term Deposit (Restricted Cash)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;10,149&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Other&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;316&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Total as of December 31,&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;15,969&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;10,487&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Long-Term Deposit relates to the Company having transferred cash to a restricted bank account in accordance with the deferred compensation agreement for the Chairman, President and CEO, described in Note 7.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;The Company has in 2017 incurred customary arrangement fees in relation to entering into the Backstop Facility agreement and mandate letter as part of the recapitalization program and securing financing of its three newbuildings (see further information in note 3 and 10).&lt;/div&gt;&lt;/div&gt;</nat:OtherNonCurrentAssetsTextBlock>
  <!--Number of vessels placed in the market for sale-Subsequent Event [Member]-->
  <nat:NumberOfVesselsPlacedInTheMarketForSale contextRef="c20180503_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U004" decimals="INF">2</nat:NumberOfVesselsPlacedInTheMarketForSale>
  <!--Revenue and Expense Recognition [Policy Text Block]-->
  <nat:RevenueAndExpenseRecognitionPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Revenue and Expense Recognition: &lt;/font&gt;Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot and time charters.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"&gt;Spot Charters:&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Voyage revenues and expenses are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Based on the terms of the customer agreement, a voyage is deemed to commence upon the completion of discharge of the vessel's previous cargo and is deemed to end upon the completion of discharge of the current cargo. However, the Company does not recognize revenue if a charter has not been contractually committed to by a customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Revenue is generated from freight billing. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the loading or discharging ports. When the Company's tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"&gt;Time Charters: &lt;/font&gt;Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the shipowner pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel's intermediate and special surveys.&lt;/div&gt;&lt;/div&gt;</nat:RevenueAndExpenseRecognitionPolicyTextBlock>
  <!--Vessel Operating Expenses [Policy Text Block]-->
  <nat:VesselOperatingExpensesPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Vessel Operating Expenses&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;:&lt;/font&gt; Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.&lt;/div&gt;&lt;/div&gt;</nat:VesselOperatingExpensesPolicyTextBlock>
  <!--Drydocking [Policy Text Block]-->
  <nat:DrydockingPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Drydocking:&lt;/font&gt; The Company's vessels are required to be drydocked approximately every 30 to 60&amp;#160;months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Consistent with prior periods, drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.&lt;/div&gt;&lt;/div&gt;</nat:DrydockingPolicyTextBlock>
  <!--Other Comprehensive Income (Loss) [Policy Text Block]-->
  <nat:OtherComprehensiveIncomeLossPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Other Comprehensive (Loss) Income:&lt;/font&gt; The Company follows the guidance in ASC Topic 220, "Comprehensive Income" which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity.&lt;/div&gt;&lt;/div&gt;</nat:OtherComprehensiveIncomeLossPolicyTextBlock>
  <!--Deferred Financing Costs [Policy Text Block]-->
  <nat:DeferredFinancingCostsPolicyTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Deferred Financing Costs:&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. The deferred financing costs are accounted as a direct deduction from the associated debt liability in Long-Term Debt.&lt;/div&gt;&lt;/div&gt;</nat:DeferredFinancingCostsPolicyTextBlock>
  <!--Number of vessels included in write down for impairment loss-->
  <nat:NumberOfVesselsIncludedInWriteDownForImpairmentLoss contextRef="c20171231" unitRef="U004" decimals="INF">10</nat:NumberOfVesselsIncludedInWriteDownForImpairmentLoss>
  <!--Vessels, Net-->
  <nat:VesselsNet contextRef="c20161231" unitRef="U002" decimals="-3">1058049000</nat:VesselsNet>
  <!--Vessels, Net-->
  <nat:VesselsNet contextRef="c20171231" unitRef="U002" decimals="-3">935813000</nat:VesselsNet>
  <!--Vessels Gross-->
  <nat:VesselsGross contextRef="c20171231" unitRef="U002" decimals="-3">1889270000</nat:VesselsGross>
  <!--Vessels Gross-->
  <nat:VesselsGross contextRef="c20161231" unitRef="U002" decimals="-3">1799193000</nat:VesselsGross>
  <!--Vessels Gross-Drydocking [Member]-->
  <nat:VesselsGross contextRef="c20161231_PropertyPlantAndEquipmentByTypeAxis_DrydockingMember" unitRef="U002" decimals="-3">99153000</nat:VesselsGross>
  <!--Vessels Gross-Vessels [Member]-->
  <nat:VesselsGross contextRef="c20161231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3">1700040000</nat:VesselsGross>
  <!--Vessels Gross-Vessels [Member]-->
  <nat:VesselsGross contextRef="c20171231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3">1769967000</nat:VesselsGross>
  <!--Vessels Gross-Drydocking [Member]-->
  <nat:VesselsGross contextRef="c20171231_PropertyPlantAndEquipmentByTypeAxis_DrydockingMember" unitRef="U002" decimals="-3">119303000</nat:VesselsGross>
  <!--Vessels under operations-->
  <nat:VesselsUnderOperations contextRef="c20171231" unitRef="U004" decimals="INF">30</nat:VesselsUnderOperations>
  <!--Vessels under operations-->
  <nat:VesselsUnderOperations contextRef="c20161231" unitRef="U004" decimals="INF">29</nat:VesselsUnderOperations>
  <!--Accumulated Impairment Loss on Vessels-->
  <nat:AccumulatedImpairmentLossOnVessels contextRef="c20161231" unitRef="U002" decimals="-3">0</nat:AccumulatedImpairmentLossOnVessels>
  <!--Accumulated Impairment Loss on Vessels-->
  <nat:AccumulatedImpairmentLossOnVessels contextRef="c20171231" unitRef="U002" decimals="-3">110480000</nat:AccumulatedImpairmentLossOnVessels>
  <!--Remaining Capital Commitments-->
  <nat:RemainingCapitalCommitments contextRef="c20171231" unitRef="U002" decimals="-5">117000000</nat:RemainingCapitalCommitments>
  <!--Vessels Under Operations Delivered In 2018-->
  <nat:VesselsUnderOperationsDeliveredIn2018 contextRef="c20171231" unitRef="U004" decimals="INF">3</nat:VesselsUnderOperationsDeliveredIn2018>
  <!--Number Of Vessels The Company Has Taken Through Periodical Maintenance Survey-->
  <nat:NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey contextRef="c20171231" unitRef="U004" decimals="INF">10</nat:NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey>
  <!--Deposits for Vessels under Construction-->
  <nat:DepositsForVesselsUnderConstruction contextRef="c20150101to20151231" unitRef="U002" decimals="-3">64000000</nat:DepositsForVesselsUnderConstruction>
  <!--Deposits for Vessels under Construction-->
  <nat:DepositsForVesselsUnderConstruction contextRef="c20160101to20161231" unitRef="U002" decimals="-3">50130000</nat:DepositsForVesselsUnderConstruction>
  <!--Deposits for Vessels under Construction-->
  <nat:DepositsForVesselsUnderConstruction contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</nat:DepositsForVesselsUnderConstruction>
  <!--Number Of Vessels Delivered To The Company-->
  <nat:NumberOfVesselsDeliveredToTheCompany contextRef="c20171231" unitRef="U004" decimals="INF">1</nat:NumberOfVesselsDeliveredToTheCompany>
  <!--Vessels, Net [Table Text Block]-->
  <nat:VesselsNetTableTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Vessels, net, consist of the carrying value of 30 vessels and 29 vessels for the year ended December 31, 2017 and December 31, 2016, respectively. Vessels, net include drydocking costs.&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify;"&gt;All Figures in USD '000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Vessels&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,769,967&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,700,040&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Drydocking&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;119,303&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;99,153&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,889,270&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,799,193&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Less Accumulated Depreciation&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(842,977&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;(741,144&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"&gt;Less Impairment Loss on Vessels&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&amp;#160;(110,480&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;)&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"&gt;&amp;#160;-&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"&gt;Vessels, net&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;935,813&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1,058,049&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nat:VesselsNetTableTextBlock>
  <!--Status of each vessel [Table Text Block]-->
  <nat:StatusOfEachVesselTableTextBlock contextRef="c20170101to20171231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"&gt;Including three newbuildings, the Company's current fleet consists of 33 Suezmax crude oil tankers of which 31 were built, or are under construction, in Korea.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 60%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;"&gt;Vessel&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; padding-bottom: 2px; text-align: center;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"&gt;Built&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;Deadweight Tons&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"&gt;Delivered to NAT&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Harrier&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;151,459&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Hawk&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;151,475&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Hunter&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;151,401&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Voyager&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1997&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;149,591&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2004&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Fighter&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1998&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;153,328&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Freedom&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,331&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Discovery&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1998&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;153,328&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Saturn&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1998&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,331&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Jupiter&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1998&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,411&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Moon&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;160,305&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 18px;"&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Apollo&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,998&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Cosmos&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,999&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Sprite&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1999&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;147,188&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2009&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Grace&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;149,921&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2009&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Mistral&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;164,236&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2009&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Passat&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;164,274&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Vega&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;163,940&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Breeze&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;158,597&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Aurora&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;1999&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;147,262&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Zenith&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;158,645&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Sprinter&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,089&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2014&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Skier&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,089&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2014&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Light&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;158,475&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Cross&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;158,475&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Luna&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2004&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;150,037&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Castor&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2004&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;150,249&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Sirius&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2000&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;150,183&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Pollux&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;150,103&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Star&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Nordic Space&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;159,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Newbuilding(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018(2&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Newbuilding(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018(2&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Newbuilding(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;2018(2&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr style="vertical-align: top;"&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Vessel under construction per December 31, 2017.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr style="vertical-align: top;"&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; align: left;"&gt;&lt;div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"&gt;Expected delivery during the July, August and October 2018, respectively&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;/div&gt;</nat:StatusOfEachVesselTableTextBlock>
  <!--Period when vessels are required to be drydocked, maximum-->
  <nat:PeriodWhenVesselsAreRequiredToBeDrydockedMaximum contextRef="c20170101to20171231">P60M</nat:PeriodWhenVesselsAreRequiredToBeDrydockedMaximum>
  <!--Historical and Average Spot Market Rate-->
  <nat:HistoricalAndAverageSpotMarketRate contextRef="c20170101to20171231">P15Y</nat:HistoricalAndAverageSpotMarketRate>
  <!--Period when vessels are required to be drydocked, minimum-->
  <nat:PeriodWhenVesselsAreRequiredToBeDrydockedMinimum contextRef="c20170101to20171231">P30M</nat:PeriodWhenVesselsAreRequiredToBeDrydockedMinimum>
  <!--Amortization period-Ballast Tank [Member]-->
  <nat:AmortizationPeriod contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_BallastTankMember">P8Y</nat:AmortizationPeriod>
  <!--Accrued voyage expenses, current-->
  <nat:AccruedVoyageExpensesCurrent contextRef="c20161231" unitRef="U002" decimals="-3">9583000</nat:AccruedVoyageExpensesCurrent>
  <!--Accrued voyage expenses, current-->
  <nat:AccruedVoyageExpensesCurrent contextRef="c20171231" unitRef="U002" decimals="-3">10873000</nat:AccruedVoyageExpensesCurrent>
  <!--Accrued voyage expenses, current-ASU 2014-09 [Member]-->
  <nat:AccruedVoyageExpensesCurrent contextRef="c20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member" unitRef="U002" decimals="-5">600000</nat:AccruedVoyageExpensesCurrent>
  <!--Market Rates For The Initial Period-->
  <nat:MarketRatesForTheInitialPeriod contextRef="c20170101to20171231">P2Y</nat:MarketRatesForTheInitialPeriod>
  <!--Number Of Customers Accounted For Total Revenues-Sales Revenue, Services, Net [Member]-->
  <nat:NumberOfCustomersAccountedForTotalRevenues contextRef="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember" unitRef="U010" decimals="INF">1</nat:NumberOfCustomersAccountedForTotalRevenues>
  <!--Number Of Customers Accounted For Total Revenues-Sales Revenue, Services, Net [Member]-->
  <nat:NumberOfCustomersAccountedForTotalRevenues contextRef="c20150101to20151231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember" unitRef="U010" decimals="INF">2</nat:NumberOfCustomersAccountedForTotalRevenues>
  <!--Number Of Customers Accounted For Total Revenues-Sales Revenue, Services, Net [Member]-->
  <nat:NumberOfCustomersAccountedForTotalRevenues contextRef="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_SalesRevenueServicesNetMember" unitRef="U010" decimals="INF">1</nat:NumberOfCustomersAccountedForTotalRevenues>
  <!--Number Of Charterers Accounted For Outstanding Amount-Accounts Receivable [Member]-->
  <nat:NumberOfCharterersAccountedForOutstandingAmount contextRef="c20160101to20161231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="U011" decimals="INF">3</nat:NumberOfCharterersAccountedForOutstandingAmount>
  <!--Number Of Charterers Accounted For Outstanding Amount-Accounts Receivable [Member]-->
  <nat:NumberOfCharterersAccountedForOutstandingAmount contextRef="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="U011" decimals="INF">2</nat:NumberOfCharterersAccountedForOutstandingAmount>
  <!--Number of individual deferred compensation agreements-->
  <nat:NumberOfIndividualDeferredCompensationAgreements contextRef="c20170101to20171231" unitRef="U007" decimals="INF">1</nat:NumberOfIndividualDeferredCompensationAgreements>
  <!--Amount Reclassified From Investing Activities-Accounting Standards Update 2016-18 [Member]-->
  <nat:AmountReclassifiedFromInvestingActivities contextRef="c20170101to20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201618Member" unitRef="U002" decimals="-5">5000000</nat:AmountReclassifiedFromInvestingActivities>
  <!--Recognition Of Capitalized Fulfillment Cost-ASU 2014-09 [Member]-->
  <nat:RecognitionOfCapitalizedFulfillmentCost contextRef="c20170101to20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member" unitRef="U002" decimals="-5">600000</nat:RecognitionOfCapitalizedFulfillmentCost>
  <!--Original maturities of deposits classified as cash and cash equivalents-->
  <nat:OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents contextRef="c20170101to20171231">P3M</nat:OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents>
  <!--Number of Wholly Owned Subsidiaries-->
  <nat:NumberOfWhollyOwnedSubsidiaries contextRef="c20170101to20171231" unitRef="U009" decimals="INF">2</nat:NumberOfWhollyOwnedSubsidiaries>
  <!--Number of types of vessels-->
  <nat:NumberOfTypesOfVessels contextRef="c20171231" unitRef="U004" decimals="INF">1</nat:NumberOfTypesOfVessels>
  <!--Number of operating vessels-->
  <nat:NumberOfOperatingVessels contextRef="c20170101to20171231" unitRef="U004" decimals="INF">30</nat:NumberOfOperatingVessels>
  <!--Deadweight tonnage-Nordic Discovery [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicDiscoveryMember" unitRef="U006" decimals="0">153328</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Star [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicStarMember" unitRef="U006" decimals="0">159000</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Sirius [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSiriusMember" unitRef="U006" decimals="0">150183</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Jupiter [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicJupiterMember" unitRef="U006" decimals="0">157411</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Space [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSpaceMember" unitRef="U006" decimals="0">159000</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Light [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicLightMember" unitRef="U006" decimals="0">158475</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Voyager [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicVoyagerMember" unitRef="U006" decimals="0">149591</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Aurora [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicAuroraMember" unitRef="U006" decimals="0">147262</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Moon [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicMoonMember" unitRef="U006" decimals="0">160305</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Mistral [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicMistralMember" unitRef="U006" decimals="0">164236</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Passat [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicPassatMember" unitRef="U006" decimals="0">164274</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Cross [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicCrossMember" unitRef="U006" decimals="0">158475</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Pollux [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicPolluxMember" unitRef="U006" decimals="0">150103</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Castor [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicCastorMember" unitRef="U006" decimals="0">150249</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Harrier [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicHarrierMember" unitRef="U006" decimals="0">151459</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Hawk [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicHawkMember" unitRef="U006" decimals="0">151475</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Sprinter [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSprinterMember" unitRef="U006" decimals="0">159089</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Zenith [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicZenithMember" unitRef="U006" decimals="0">158645</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Newbuildingone [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NewbuildingoneMember" unitRef="U006" decimals="0" id="Item-1">157000</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Breeze [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicBreezeMember" unitRef="U006" decimals="0">158597</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Fighter [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicFighterMember" unitRef="U006" decimals="0">153328</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Saturn [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSaturnMember" unitRef="U006" decimals="0">157331</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Grace [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicGraceMember" unitRef="U006" decimals="0">149921</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Newbuild 2 [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_Newbuild2Member" unitRef="U006" decimals="0" id="Item-2">157000</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Skier [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSkierMember" unitRef="U006" decimals="0">159089</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Sprite [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicSpriteMember" unitRef="U006" decimals="0">147188</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Luna [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicLunaMember" unitRef="U006" decimals="0">150037</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Apollo [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicApolloMember" unitRef="U006" decimals="0">159998</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Hunter [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicHunterMember" unitRef="U006" decimals="0">151401</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Newbuild 3 [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_Newbuild3Member" unitRef="U006" decimals="0" id="Item-3">157000</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Vega [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicVegaMember" unitRef="U006" decimals="0">163940</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Freedom [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicFreedomMember" unitRef="U006" decimals="0">159331</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Cosmos [Member]-->
  <nat:DeadweightTonnage contextRef="c20170101to20171231_PropertyPlantAndEquipmentByTypeAxis_NordicCosmosMember" unitRef="U006" decimals="0">159999</nat:DeadweightTonnage>
  <!--Number of vessels build in Korea-->
  <nat:NumberOfVesselsBuildInKorea contextRef="c20171231" unitRef="U004" decimals="INF">31</nat:NumberOfVesselsBuildInKorea>
  <!--Number of New Building expected to be delivered in 2018-->
  <nat:NumberOfNewBuildingExpectedToBeDeliveredIn2018 contextRef="c20170101to20171231" unitRef="U004" decimals="INF">3</nat:NumberOfNewBuildingExpectedToBeDeliveredIn2018>
  <!--Average approximate deadweight tons per vessel (in deadweight tons)-->
  <nat:AverageApproximateDeadweightTonsPerVesselInDeadweightTons contextRef="c20171231" unitRef="U005" decimals="0">156000</nat:AverageApproximateDeadweightTonsPerVesselInDeadweightTons>
  <!--Total number of vessels-->
  <nat:TotalNumberOfVessels contextRef="c20171231" unitRef="U004" decimals="INF">33</nat:TotalNumberOfVessels>
  <!--Total number of vessels-->
  <nat:TotalNumberOfVessels contextRef="c20041231" unitRef="U004" decimals="INF">3</nat:TotalNumberOfVessels>
  <link:footnoteLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:footnote xlink:label="Footnote-Item-1" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Expected delivery during the July, August and October 2018, respectively.</link:footnote>
    <link:loc xlink:href="#Item-1" xlink:label="Item-1_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-1_lbl" xlink:to="Footnote-Item-1" xlink:type="arc" />
    <link:loc xlink:href="#Item-2" xlink:label="Item-2_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-2_lbl" xlink:to="Footnote-Item-1" xlink:type="arc" />
    <link:loc xlink:href="#Item-3" xlink:label="Item-3_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-3_lbl" xlink:to="Footnote-Item-1" xlink:type="arc" />
    <link:footnote xlink:label="Footnote-Item-2" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Vessel under construction per December 31, 2017.</link:footnote>
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-1_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-2_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-3_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
  </link:footnoteLink>
</xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>12
<FILENAME>nat-20171231.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 4.3.3.1 Broadridge-->
<xs:schema targetNamespace="http://nat.bm/20171231" elementFormDefault="qualified" xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:nat="http://nat.bm/20171231" xmlns:us-types="http://fasb.org/us-types/2017-01-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31">
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="nat-20171231_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="nat-20171231_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="nat-20171231_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="nat-20171231_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:roleType roleURI="http://nat.bm/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
        <link:definition>000100 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ConsolidatedStatementsOfOperations" id="ConsolidatedStatementsOfOperations">
        <link:definition>010000 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ConsolidatedStatementsOfComprehensiveLossIncome" id="ConsolidatedStatementsOfComprehensiveLossIncome">
        <link:definition>020000 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ConsolidatedBalanceSheets" id="ConsolidatedBalanceSheets">
        <link:definition>030000 - Statement - CONSOLIDATED BALANCE SHEETS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ConsolidatedBalanceSheetsParenthetical" id="ConsolidatedBalanceSheetsParenthetical">
        <!--Parent Role: CONSOLIDATED BALANCE SHEETS-->
        <link:definition>030100 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquity" id="ConsolidatedStatementsOfShareholdersEquity">
        <link:definition>040000 - Statement - CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquityParenthetical" id="ConsolidatedStatementsOfShareholdersEquityParenthetical">
        <!--Parent Role: CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY-->
        <link:definition>040100 - Statement - CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ConsolidatedStatementsOfCashFlows" id="ConsolidatedStatementsOfCashFlows">
        <link:definition>050000 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/NatureOfBusiness" id="NatureOfBusiness">
        <link:definition>060100 - Disclosure - NATURE OF BUSINESS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/SummaryOfSignificantAccountingPolicies" id="SummaryOfSignificantAccountingPolicies">
        <link:definition>060200 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/VesselsNet" id="VesselsNet">
        <link:definition>060300 - Disclosure - VESSELS, NET</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/Investments" id="Investments">
        <link:definition>060400 - Disclosure - INVESTMENTS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/Acquisitions" id="Acquisitions">
        <link:definition>060500 - Disclosure - ACQUISITIONS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/RelatedPartyTransactions" id="RelatedPartyTransactions">
        <link:definition>060600 - Disclosure - RELATED PARTY TRANSACTIONS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/DeferredCompensationLiability" id="DeferredCompensationLiability">
        <link:definition>060700 - Disclosure - DEFERRED COMPENSATION LIABILITY</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/OtherNoncurrentAssets" id="OtherNoncurrentAssets">
        <link:definition>060800 - Disclosure - OTHER NON-CURRENT ASSETS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/SharebasedCompensationPlan" id="SharebasedCompensationPlan">
        <link:definition>060900 - Disclosure - SHARE-BASED COMPENSATION PLAN</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/LongtermDebt" id="LongtermDebt">
        <link:definition>061000 - Disclosure - LONG-TERM DEBT</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/InterestExpense" id="InterestExpense">
        <link:definition>061100 - Disclosure - INTEREST EXPENSE</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/AccruedLiabilities" id="AccruedLiabilities">
        <link:definition>061200 - Disclosure - ACCRUED LIABILITIES</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/EarningsLossPerShare" id="EarningsLossPerShare">
        <link:definition>061300 - Disclosure - EARNINGS (LOSS) PER SHARE</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ShareholdersEquity" id="ShareholdersEquity">
        <link:definition>061400 - Disclosure - SHAREHOLDERS' EQUITY</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingencies" id="ReceivedSettlementsAndCommitmentsAndContingencies">
        <link:definition>061500 - Disclosure - RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosures" id="FinancialInstrumentsAndOtherFairValueDisclosures">
        <link:definition>061600 - Disclosure - FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/SubsequentEvents" id="SubsequentEvents">
        <link:definition>061700 - Disclosure - SUBSEQUENT EVENTS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/SummaryOfSignificantAccountingPoliciesPolicies" id="SummaryOfSignificantAccountingPoliciesPolicies">
        <!--Parent Role: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-->
        <link:definition>070200 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/NatureOfBusinessTables" id="NatureOfBusinessTables">
        <!--Parent Role: NATURE OF BUSINESS-->
        <link:definition>080100 - Disclosure - NATURE OF BUSINESS (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/VesselsNetTables" id="VesselsNetTables">
        <!--Parent Role: VESSELS, NET-->
        <link:definition>080300 - Disclosure - VESSELS, NET (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/InvestmentsTables" id="InvestmentsTables">
        <!--Parent Role: INVESTMENTS-->
        <link:definition>080400 - Disclosure - INVESTMENTS (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/OtherNoncurrentAssetsTables" id="OtherNoncurrentAssetsTables">
        <!--Parent Role: OTHER NON-CURRENT ASSETS-->
        <link:definition>080800 - Disclosure - OTHER NON-CURRENT ASSETS (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/SharebasedCompensationPlanTables" id="SharebasedCompensationPlanTables">
        <!--Parent Role: SHARE-BASED COMPENSATION PLAN-->
        <link:definition>080900 - Disclosure - SHARE-BASED COMPENSATION PLAN (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/InterestExpenseTables" id="InterestExpenseTables">
        <!--Parent Role: INTEREST EXPENSE-->
        <link:definition>081100 - Disclosure - INTEREST EXPENSE (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/AccruedLiabilitiesTables" id="AccruedLiabilitiesTables">
        <!--Parent Role: ACCRUED LIABILITIES-->
        <link:definition>081200 - Disclosure - ACCRUED LIABILITIES (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/EarningsLossPerShareTables" id="EarningsLossPerShareTables">
        <!--Parent Role: EARNINGS (LOSS) PER SHARE-->
        <link:definition>081300 - Disclosure - EARNINGS (LOSS) PER SHARE (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ShareholdersEquityTables" id="ShareholdersEquityTables">
        <!--Parent Role: SHAREHOLDERS' EQUITY-->
        <link:definition>081400 - Disclosure - SHAREHOLDERS' EQUITY (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresTables" id="FinancialInstrumentsAndOtherFairValueDisclosuresTables">
        <!--Parent Role: FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES-->
        <link:definition>081600 - Disclosure - FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/NatureOfBusinessDetails" id="NatureOfBusinessDetails">
        <!--Parent Role: NATURE OF BUSINESS-->
        <link:definition>090100 - Disclosure - NATURE OF BUSINESS (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/SummaryOfSignificantAccountingPoliciesDetails" id="SummaryOfSignificantAccountingPoliciesDetails">
        <!--Parent Role: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-->
        <link:definition>090200 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/VesselsNetDetails" id="VesselsNetDetails">
        <!--Parent Role: VESSELS, NET-->
        <link:definition>090300 - Disclosure - VESSELS, NET (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/InvestmentsDetails" id="InvestmentsDetails">
        <!--Parent Role: INVESTMENTS-->
        <link:definition>090400 - Disclosure - INVESTMENTS (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/AcquisitionsDetails" id="AcquisitionsDetails">
        <!--Parent Role: ACQUISITIONS-->
        <link:definition>090500 - Disclosure - ACQUISITIONS (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/RelatedPartyTransactionsDetails" id="RelatedPartyTransactionsDetails">
        <!--Parent Role: RELATED PARTY TRANSACTIONS-->
        <link:definition>090600 - Disclosure - RELATED PARTY TRANSACTIONS (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/DeferredCompensationLiabilityDetails" id="DeferredCompensationLiabilityDetails">
        <!--Parent Role: DEFERRED COMPENSATION LIABILITY-->
        <link:definition>090700 - Disclosure - DEFERRED COMPENSATION LIABILITY (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/OtherNoncurrentAssetsDetails" id="OtherNoncurrentAssetsDetails">
        <!--Parent Role: OTHER NON-CURRENT ASSETS-->
        <link:definition>090800 - Disclosure - OTHER NON-CURRENT ASSETS (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/SharebasedCompensationPlanDetails" id="SharebasedCompensationPlanDetails">
        <!--Parent Role: SHARE-BASED COMPENSATION PLAN-->
        <link:definition>090900 - Disclosure - SHARE-BASED COMPENSATION PLAN (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/LongtermDebtDetails" id="LongtermDebtDetails">
        <!--Parent Role: LONG-TERM DEBT-->
        <link:definition>091000 - Disclosure - LONG-TERM DEBT (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/InterestExpenseDetails" id="InterestExpenseDetails">
        <!--Parent Role: INTEREST EXPENSE-->
        <link:definition>091100 - Disclosure - INTEREST EXPENSE (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/AccruedLiabilitiesDetails" id="AccruedLiabilitiesDetails">
        <!--Parent Role: ACCRUED LIABILITIES-->
        <link:definition>091200 - Disclosure - ACCRUED LIABILITIES (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/EarningsLossPerShareDetails" id="EarningsLossPerShareDetails">
        <!--Parent Role: EARNINGS (LOSS) PER SHARE-->
        <link:definition>091300 - Disclosure - EARNINGS (LOSS) PER SHARE (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ShareholdersEquityDetails" id="ShareholdersEquityDetails">
        <!--Parent Role: SHAREHOLDERS' EQUITY-->
        <link:definition>091400 - Disclosure - SHAREHOLDERS' EQUITY (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingenciesDetails" id="ReceivedSettlementsAndCommitmentsAndContingenciesDetails">
        <!--Parent Role: RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES-->
        <link:definition>091500 - Disclosure - RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresDetails" id="FinancialInstrumentsAndOtherFairValueDisclosuresDetails">
        <!--Parent Role: FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES-->
        <link:definition>091600 - Disclosure - FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://nat.bm/role/SubsequentEventsDetails" id="SubsequentEventsDetails">
        <!--Parent Role: SUBSEQUENT EVENTS-->
        <link:definition>091700 - Disclosure - SUBSEQUENT EVENTS (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xs:appinfo>
  </xs:annotation>
  <xs:import namespace="http://fasb.org/us-gaap/2017-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd" />
  <xs:import namespace="http://xbrl.sec.gov/dei/2014-01-31" schemaLocation="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd" />
  <xs:import namespace="http://xbrl.sec.gov/invest/2013-01-31" schemaLocation="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd" />
  <xs:import namespace="http://xbrl.sec.gov/country/2017-01-31" schemaLocation="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd" />
  <xs:import namespace="http://xbrl.sec.gov/currency/2017-01-31" schemaLocation="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd" />
  <xs:import namespace="http://xbrl.sec.gov/exch/2017-01-31" schemaLocation="http://xbrl.sec.gov/exch/2017/exch-2017-01-31.xsd" />
  <xs:import namespace="http://xbrl.sec.gov/naics/2017-01-31" schemaLocation="http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd" />
  <xs:import namespace="http://xbrl.sec.gov/sic/2011-01-31" schemaLocation="http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd" />
  <xs:import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd" />
  <xs:import namespace="http://www.xbrl.org/2009/role/net" schemaLocation="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd" />
  <xs:import namespace="http://xbrl.sec.gov/stpr/2011-01-31" schemaLocation="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd" />
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xs:import namespace="http://www.xbrl.org/2004/ref" schemaLocation="http://www.xbrl.org/2004/ref-2004-08-10.xsd" />
  <xs:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
  <xs:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
  <xs:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
  <xs:import namespace="http://fasb.org/us-types/2017-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2017/elts/us-types-2017-01-31.xsd" />
  <xs:import namespace="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" schemaLocation="http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd" />
  <xs:element name="TotalNumberOfVessels" id="nat_TotalNumberOfVessels" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" id="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="NumberOfNewBuildingExpectedToBeDeliveredIn2018" id="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="NordicBreezeMember" id="nat_NordicBreezeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="Newbuild2Member" id="nat_Newbuild2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicPolluxMember" id="nat_NordicPolluxMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicApolloMember" id="nat_NordicApolloMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicSkierMember" id="nat_NordicSkierMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicSaturnMember" id="nat_NordicSaturnMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicLunaMember" id="nat_NordicLunaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicSprinterMember" id="nat_NordicSprinterMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicHawkMember" id="nat_NordicHawkMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicCastorMember" id="nat_NordicCastorMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicAuroraMember" id="nat_NordicAuroraMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicGraceMember" id="nat_NordicGraceMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicSpriteMember" id="nat_NordicSpriteMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicCrossMember" id="nat_NordicCrossMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicMistralMember" id="nat_NordicMistralMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="Newbuild3Member" id="nat_Newbuild3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicSpaceMember" id="nat_NordicSpaceMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicSiriusMember" id="nat_NordicSiriusMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicFreedomMember" id="nat_NordicFreedomMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicCosmosMember" id="nat_NordicCosmosMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NewbuildingoneMember" id="nat_NewbuildingoneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicLightMember" id="nat_NordicLightMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicDiscoveryMember" id="nat_NordicDiscoveryMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicMoonMember" id="nat_NordicMoonMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NumberOfVesselsBuildInKorea" id="nat_NumberOfVesselsBuildInKorea" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="DeadweightTonnage" id="nat_DeadweightTonnage" type="num:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="NumberOfOperatingVessels" id="nat_NumberOfOperatingVessels" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="NordicVegaMember" id="nat_NordicVegaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicStarMember" id="nat_NordicStarMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicJupiterMember" id="nat_NordicJupiterMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicFighterMember" id="nat_NordicFighterMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicHunterMember" id="nat_NordicHunterMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicPassatMember" id="nat_NordicPassatMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicZenithMember" id="nat_NordicZenithMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicVoyagerMember" id="nat_NordicVoyagerMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NordicHarrierMember" id="nat_NordicHarrierMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="SegmentsAbstract" id="nat_SegmentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NumberOfTypesOfVessels" id="nat_NumberOfTypesOfVessels" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="NumberOfWhollyOwnedSubsidiaries" id="nat_NumberOfWhollyOwnedSubsidiaries" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" id="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="CreditRiskAbstract" id="nat_CreditRiskAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="CustomerOneMember" id="nat_CustomerOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="CustomerThreeMember" id="nat_CustomerThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="RecognitionOfCapitalizedFulfillmentCost" id="nat_RecognitionOfCapitalizedFulfillmentCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" />
  <xs:element name="AmountReclassifiedFromInvestingActivities" id="nat_AmountReclassifiedFromInvestingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" />
  <xs:element name="NumberOfIndividualDeferredCompensationAgreements" id="nat_NumberOfIndividualDeferredCompensationAgreements" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="CustomerTwoMember" id="nat_CustomerTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NumberOfCharterersAccountedForOutstandingAmount" id="nat_NumberOfCharterersAccountedForOutstandingAmount" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="NumberOfCustomersAccountedForTotalRevenues" id="nat_NumberOfCustomersAccountedForTotalRevenues" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="BallastTankMember" id="nat_BallastTankMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="MarketRatesForTheInitialPeriod" id="nat_MarketRatesForTheInitialPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="AccruedVoyageExpensesCurrent" id="nat_AccruedVoyageExpensesCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="DrydockAbstract" id="nat_DrydockAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="AmortizationPeriod" id="nat_AmortizationPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="HistoricalAndAverageSpotMarketRate" id="nat_HistoricalAndAverageSpotMarketRate" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="StatusOfEachVesselTableTextBlock" id="nat_StatusOfEachVesselTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="VesselsNetTableTextBlock" id="nat_VesselsNetTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="NumberOfVesselsDeliveredToTheCompany" id="nat_NumberOfVesselsDeliveredToTheCompany" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="DepositsForVesselsUnderConstruction" id="nat_DepositsForVesselsUnderConstruction" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" />
  <xs:element name="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" id="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="VesselsUnderOperationsDeliveredIn2018" id="nat_VesselsUnderOperationsDeliveredIn2018" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="RemainingCapitalCommitments" id="nat_RemainingCapitalCommitments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="AccumulatedImpairmentLossOnVessels" id="nat_AccumulatedImpairmentLossOnVessels" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="VesselsUnderOperations" id="nat_VesselsUnderOperations" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="VesselsGross" id="nat_VesselsGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" />
  <xs:element name="VesselsNet" id="nat_VesselsNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" />
  <xs:element name="VesselsMember" id="nat_VesselsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="DrydockingMember" id="nat_DrydockingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" id="nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="DeferredFinancingCostsPolicyTextBlock" id="nat_DeferredFinancingCostsPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="OtherComprehensiveIncomeLossPolicyTextBlock" id="nat_OtherComprehensiveIncomeLossPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="DrydockingPolicyTextBlock" id="nat_DrydockingPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="VesselOperatingExpensesPolicyTextBlock" id="nat_VesselOperatingExpensesPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="RevenueAndExpenseRecognitionPolicyTextBlock" id="nat_RevenueAndExpenseRecognitionPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="FinancialInstrumentsAbstract" id="nat_FinancialInstrumentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NumberOfVesselsPlacedInTheMarketForSale" id="nat_NumberOfVesselsPlacedInTheMarketForSale" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="OtherNonCurrentAssetsTextBlock" id="nat_OtherNonCurrentAssetsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" id="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" />
  <xs:element name="LongTermDepositNoncurrent" id="nat_LongTermDepositNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" />
  <xs:element name="NumberOfNewBuildings" id="nat_NumberOfNewBuildings" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="ScheduleOfInterestExpenseTableTextBlock" id="nat_ScheduleOfInterestExpenseTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="CommitmentFee" id="nat_CommitmentFee" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" />
  <xs:element name="InterestExpensesNetOfCapitalizedInterest" id="nat_InterestExpensesNetOfCapitalizedInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" />
  <xs:element name="NordicAmericanOffshoreLimitedMember" id="nat_NordicAmericanOffshoreLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="ScandicAmericanShippingLtdMember" id="nat_ScandicAmericanShippingLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" id="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" />
  <xs:element name="LineOfCreditFacilityCovenantAmount" id="nat_LineOfCreditFacilityCovenantAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="MinimumMarketCapAfterAdjustments" id="nat_MinimumMarketCapAfterAdjustments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="TermOfBareboatCharterAgreement" id="nat_TermOfBareboatCharterAgreement" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="LineOfCreditFacilityIncreaseInUndrawnPercentage" id="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="LiquidityCovenantAfterAdjustment" id="nat_LiquidityCovenantAfterAdjustment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="NewEquityUnderRecapitalizationProgram" id="nat_NewEquityUnderRecapitalizationProgram" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="AmountOfDividendsThatCanBeDistributedQuarterly" id="nat_AmountOfDividendsThatCanBeDistributedQuarterly" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="SecondFlexibilityPeriodToPurchaseVessels" id="nat_SecondFlexibilityPeriodToPurchaseVessels" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="GrossAmountUnderNewEquityUnderRecapitalizationProgram" id="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="PercentageOfIncreaseInMarginForThePeriodOfWaiver" id="nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="PercentageOfPurchasePriceExpectedToPayByLendingProvider" id="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="BondLoanMember" id="nat_BondLoanMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="SecurityRatioAfterAdjustment" id="nat_SecurityRatioAfterAdjustment" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="DebtInstrumentMinimumLiquidityValue" id="nat_DebtInstrumentMinimumLiquidityValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="NumberOfAdditionalVesselsExpectedToBeSold" id="nat_NumberOfAdditionalVesselsExpectedToBeSold" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="FinancingOfOutstandingCommitmentsPerShip" id="nat_FinancingOfOutstandingCommitmentsPerShip" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="MinimumMarketCapToValueAdjustedTotalAssets" id="nat_MinimumMarketCapToValueAdjustedTotalAssets" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="FirstFlexibilityPeriodToPurchaseVessels" id="nat_FirstFlexibilityPeriodToPurchaseVessels" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="NewRevolvingCreditFacilityMember" id="nat_NewRevolvingCreditFacilityMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="DebtInstrumentMinimumValueAdjustedEquity" id="nat_DebtInstrumentMinimumValueAdjustedEquity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="MinimumValueAdjustedEquityRatio" id="nat_MinimumValueAdjustedEquityRatio" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="DividendsReceivedFromAssociate" id="nat_DividendsReceivedFromAssociate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" />
  <xs:element name="FairValueOfSharesDistributedAsDividendInKind" id="nat_FairValueOfSharesDistributedAsDividendInKind" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" />
  <xs:element name="DryDockExpenditures" id="nat_DryDockExpenditures" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" />
  <xs:element name="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" id="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" id="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="ShareholdersRightsPlanAbstract" id="nat_ShareholdersRightsPlanAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="IncreaseDecreaseOfSharePremiumFund" id="nat_IncreaseDecreaseOfSharePremiumFund" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" />
  <xs:element name="PercentageOfCommonShareOwnership" id="nat_PercentageOfCommonShareOwnership" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="SharePremiumFund" id="nat_SharePremiumFund" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="PreferredSharePurchaseRight" id="nat_PreferredSharePurchaseRight" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="IssuedAndOutstandingSharesRollForward" id="nat_IssuedAndOutstandingSharesRollForward" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="CommonStockRollForward" id="nat_CommonStockRollForward" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="AuthorizedSharesRollForward" id="nat_AuthorizedSharesRollForward" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="ContributedSurplusAccountAbstract" id="nat_ContributedSurplusAccountAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="EmployeesMember" id="nat_EmployeesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="EmployeesAndNonEmployeesMember" id="nat_EmployeesAndNonEmployeesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="EquityIncentivePlan2011Member" id="nat_EquityIncentivePlan2011Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="ShareBasedCompensationFairValueOfSharesIssued" id="nat_ShareBasedCompensationFairValueOfSharesIssued" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" id="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="VestingRequirementLiftedForRestrictedShares" id="nat_VestingRequirementLiftedForRestrictedShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="WeightedAverageGrantDateFairValueAbstract" id="nat_WeightedAverageGrantDateFairValueAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" id="nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="ReductionOfSharePremium" id="nat_ReductionOfSharePremium" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" />
  <xs:element name="InterestIncome" id="nat_InterestIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" />
  <xs:element name="CommonStockAdditionalDividendsPerShareCashPaid" id="nat_CommonStockAdditionalDividendsPerShareCashPaid" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" id="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="NumberOfCommonSharesUsedForConversion" id="nat_NumberOfCommonSharesUsedForConversion" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" id="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="AdditionalSharesAcquiredInPrivateTransaction" id="nat_AdditionalSharesAcquiredInPrivateTransaction" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="ClosingPriceOfShare" id="nat_ClosingPriceOfShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="NumberOfShareHeldOfCommonSharesReceived" id="nat_NumberOfShareHeldOfCommonSharesReceived" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="AdditionalSharesAcquiredInOpenMarket" id="nat_AdditionalSharesAcquiredInOpenMarket" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="EquityMethodInvestmentPrivateEquityPlacementParticipation" id="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xs:element name="EquityMethodInvestmentsCarryingValue" id="nat_EquityMethodInvestmentsCarryingValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" />
  <xs:element name="NordicAmericanOffshoreRepurchaseProgramMember" id="nat_NordicAmericanOffshoreRepurchaseProgramMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" id="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" id="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="ContributedSurplus" id="nat_ContributedSurplus" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" />
  <xs:element name="ReceivedSettlementsAbstract" id="nat_ReceivedSettlementsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" id="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="PostRetirementBenefitsWithIndividualEmployeesLineItems" id="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="DeferredCompensationLiabilityImputedInterest" id="nat_DeferredCompensationLiabilityImputedInterest" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" id="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="CEOAndCFOMember" id="nat_CEOAndCFOMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xs:element name="DeferredCompensationLiabilityRetirementAge" id="nat_DeferredCompensationLiabilityRetirementAge" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xs:element name="DocumentAndEntityInformationAbstract" id="nat_DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>13
<FILENAME>nat-20171231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 4.3.3.1 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
  <link:roleRef roleURI="http://nat.bm/role/AccruedLiabilitiesDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#AccruedLiabilitiesDetails" />
  <link:roleRef roleURI="http://nat.bm/role/InterestExpenseDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#InterestExpenseDetails" />
  <link:roleRef roleURI="http://nat.bm/role/OtherNoncurrentAssetsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#OtherNoncurrentAssetsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/InvestmentsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#InvestmentsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/VesselsNetDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#VesselsNetDetails" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfCashFlows" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfCashFlows" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedBalanceSheets" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedBalanceSheets" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfComprehensiveLossIncome" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfComprehensiveLossIncome" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfOperations" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfOperations" />
  <link:calculationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfOperations">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:title="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:label="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="ImpairmentOfLongLivedAssetsToBeDisposedOf" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:to="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="calculation: OperatingIncomeLoss to ImpairmentOfLongLivedAssetsToBeDisposedOf" order="5.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GoodwillImpairmentLoss" xlink:label="GoodwillImpairmentLoss" xlink:title="GoodwillImpairmentLoss" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:to="GoodwillImpairmentLoss" xlink:title="calculation: OperatingIncomeLoss to GoodwillImpairmentLoss" order="4.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CargoAndFreightRevenue" xlink:label="CargoAndFreightRevenue" xlink:title="CargoAndFreightRevenue" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:to="CargoAndFreightRevenue" xlink:title="calculation: OperatingIncomeLoss to CargoAndFreightRevenue" order="0.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CostOfServices" xlink:label="CostOfServices" xlink:title="CostOfServices" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:to="CostOfServices" xlink:title="calculation: OperatingIncomeLoss to CostOfServices" order="1.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="OperatingCostsAndExpenses" xlink:title="OperatingCostsAndExpenses" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:to="OperatingCostsAndExpenses" xlink:title="calculation: OperatingIncomeLoss to OperatingCostsAndExpenses" order="2.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:to="GeneralAndAdministrativeExpense" xlink:title="calculation: OperatingIncomeLoss to GeneralAndAdministrativeExpense" order="3.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossRelatedToLitigationSettlement" xlink:label="GainLossRelatedToLitigationSettlement" xlink:title="GainLossRelatedToLitigationSettlement" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:to="GainLossRelatedToLitigationSettlement" xlink:title="calculation: OperatingIncomeLoss to GainLossRelatedToLitigationSettlement" order="6.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="Depreciation" xlink:title="Depreciation" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:to="Depreciation" xlink:title="calculation: OperatingIncomeLoss to Depreciation" order="7.0" weight="-1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="OperatingIncomeLoss" xlink:title="calculation: IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest to OperatingIncomeLoss" order="0.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="NonoperatingIncomeExpense" xlink:title="NonoperatingIncomeExpense" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="OtherNonoperatingIncomeExpense" xlink:title="OtherNonoperatingIncomeExpense" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NonoperatingIncomeExpense" xlink:to="OtherNonoperatingIncomeExpense" xlink:title="calculation: NonoperatingIncomeExpense to OtherNonoperatingIncomeExpense" order="4.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_InterestIncome" xlink:label="InterestIncome" xlink:title="InterestIncome" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NonoperatingIncomeExpense" xlink:to="InterestIncome" xlink:title="calculation: NonoperatingIncomeExpense to InterestIncome" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NonoperatingIncomeExpense" xlink:to="InterestExpense" xlink:title="calculation: NonoperatingIncomeExpense to InterestExpense" order="2.0" weight="-1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="NonoperatingIncomeExpense" xlink:title="calculation: IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest to NonoperatingIncomeExpense" order="1.0" weight="1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetIncomeLoss" xlink:to="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:title="calculation: NetIncomeLoss to IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" order="0.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="IncomeTaxExpenseBenefit" xlink:title="IncomeTaxExpenseBenefit" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetIncomeLoss" xlink:to="IncomeTaxExpenseBenefit" xlink:title="calculation: NetIncomeLoss to IncomeTaxExpenseBenefit" order="1.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnInvestments" xlink:label="GainLossOnInvestments" xlink:title="GainLossOnInvestments" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetIncomeLoss" xlink:to="GainLossOnInvestments" xlink:title="calculation: NetIncomeLoss to GainLossOnInvestments" order="2.0" weight="1.0" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfComprehensiveLossIncome">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="ComprehensiveIncomeNetOfTax" xlink:title="ComprehensiveIncomeNetOfTax" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncomeNetOfTax" xlink:to="NetIncomeLoss" xlink:title="calculation: ComprehensiveIncomeNetOfTax to NetIncomeLoss" order="0.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="OtherComprehensiveIncomeLossNetOfTax" xlink:title="OtherComprehensiveIncomeLossNetOfTax" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:title="OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OtherComprehensiveIncomeLossNetOfTax" xlink:to="OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:title="calculation: OtherComprehensiveIncomeLossNetOfTax to OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" xlink:label="OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" xlink:title="OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OtherComprehensiveIncomeLossNetOfTax" xlink:to="OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" xlink:title="calculation: OtherComprehensiveIncomeLossNetOfTax to OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" order="3.0" weight="1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncomeNetOfTax" xlink:to="OtherComprehensiveIncomeLossNetOfTax" xlink:title="calculation: ComprehensiveIncomeNetOfTax to OtherComprehensiveIncomeLossNetOfTax" order="1.0" weight="1.0" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedBalanceSheets">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="LiabilitiesCurrent" xlink:title="LiabilitiesCurrent" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="AccountsPayableCurrent" xlink:title="AccountsPayableCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesCurrent" xlink:to="AccountsPayableCurrent" xlink:title="calculation: LiabilitiesCurrent to AccountsPayableCurrent" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AccruedVoyageExpensesCurrent" xlink:label="AccruedVoyageExpensesCurrent" xlink:title="AccruedVoyageExpensesCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesCurrent" xlink:to="AccruedVoyageExpensesCurrent" xlink:title="calculation: LiabilitiesCurrent to AccruedVoyageExpensesCurrent" order="2.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="AccruedLiabilitiesCurrent" xlink:title="AccruedLiabilitiesCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesCurrent" xlink:to="AccruedLiabilitiesCurrent" xlink:title="calculation: LiabilitiesCurrent to AccruedLiabilitiesCurrent" order="4.0" weight="1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="LiabilitiesCurrent" xlink:title="calculation: LiabilitiesAndStockholdersEquity to LiabilitiesCurrent" order="3.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="LiabilitiesNoncurrent" xlink:title="LiabilitiesNoncurrent" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent" xlink:label="DeferredCompensationLiabilityClassifiedNoncurrent" xlink:title="DeferredCompensationLiabilityClassifiedNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesNoncurrent" xlink:to="DeferredCompensationLiabilityClassifiedNoncurrent" xlink:title="calculation: LiabilitiesNoncurrent to DeferredCompensationLiabilityClassifiedNoncurrent" order="2.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="LongTermDebtNoncurrent" xlink:title="LongTermDebtNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesNoncurrent" xlink:to="LongTermDebtNoncurrent" xlink:title="calculation: LiabilitiesNoncurrent to LongTermDebtNoncurrent" order="1.0" weight="1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="LiabilitiesNoncurrent" xlink:title="calculation: LiabilitiesAndStockholdersEquity to LiabilitiesNoncurrent" order="2.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:to="RetainedEarningsAccumulatedDeficit" xlink:title="calculation: StockholdersEquity to RetainedEarningsAccumulatedDeficit" order="2.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ContributedSurplus" xlink:label="ContributedSurplus" xlink:title="ContributedSurplus" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:to="ContributedSurplus" xlink:title="calculation: StockholdersEquity to ContributedSurplus" order="5.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:to="CommonStockValue" xlink:title="calculation: StockholdersEquity to CommonStockValue" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="AdditionalPaidInCapitalCommonStock" xlink:title="AdditionalPaidInCapitalCommonStock" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:to="AdditionalPaidInCapitalCommonStock" xlink:title="calculation: StockholdersEquity to AdditionalPaidInCapitalCommonStock" order="3.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:to="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="calculation: StockholdersEquity to AccumulatedOtherComprehensiveIncomeLossNetOfTax" order="6.0" weight="1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="StockholdersEquity" xlink:title="calculation: LiabilitiesAndStockholdersEquity to StockholdersEquity" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="AssetsCurrent" xlink:title="AssetsCurrent" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableRelatedPartiesCurrent" xlink:label="AccountsReceivableRelatedPartiesCurrent" xlink:title="AccountsReceivableRelatedPartiesCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="AccountsReceivableRelatedPartiesCurrent" xlink:title="calculation: AssetsCurrent to AccountsReceivableRelatedPartiesCurrent" order="2.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="OtherAssetsCurrent" xlink:title="OtherAssetsCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="OtherAssetsCurrent" xlink:title="calculation: AssetsCurrent to OtherAssetsCurrent" order="6.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnbilledReceivablesCurrent" xlink:label="UnbilledReceivablesCurrent" xlink:title="UnbilledReceivablesCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="UnbilledReceivablesCurrent" xlink:title="calculation: AssetsCurrent to UnbilledReceivablesCurrent" order="5.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="AccountsAndNotesReceivableNet" xlink:title="AccountsAndNotesReceivableNet" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="AccountsAndNotesReceivableNet" xlink:title="calculation: AssetsCurrent to AccountsAndNotesReceivableNet" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="CashAndCashEquivalentsAtCarryingValue" xlink:title="calculation: AssetsCurrent to CashAndCashEquivalentsAtCarryingValue" order="0.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InventoryNet" xlink:label="InventoryNet" xlink:title="InventoryNet" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="InventoryNet" xlink:title="calculation: AssetsCurrent to InventoryNet" order="4.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="PrepaidExpenseCurrent" xlink:title="PrepaidExpenseCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsCurrent" xlink:to="PrepaidExpenseCurrent" xlink:title="calculation: AssetsCurrent to PrepaidExpenseCurrent" order="3.0" weight="1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:to="AssetsCurrent" xlink:title="calculation: Assets to AssetsCurrent" order="2.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsNoncurrent" xlink:label="AssetsNoncurrent" xlink:title="AssetsNoncurrent" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:title="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsNoncurrent" xlink:to="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:title="calculation: AssetsNoncurrent to InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" order="5.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsNet" xlink:label="VesselsNet" xlink:title="VesselsNet" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsNoncurrent" xlink:to="VesselsNet" xlink:title="calculation: AssetsNoncurrent to VesselsNet" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Goodwill" xlink:label="Goodwill" xlink:title="Goodwill" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsNoncurrent" xlink:to="Goodwill" xlink:title="calculation: AssetsNoncurrent to Goodwill" order="4.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DepositsAssets" xlink:label="DepositsAssets" xlink:title="DepositsAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsNoncurrent" xlink:to="DepositsAssets" xlink:title="calculation: AssetsNoncurrent to DepositsAssets" order="2.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="OtherAssetsNoncurrent" xlink:title="OtherAssetsNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AssetsNoncurrent" xlink:to="OtherAssetsNoncurrent" xlink:title="calculation: AssetsNoncurrent to OtherAssetsNoncurrent" order="3.0" weight="1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:to="AssetsNoncurrent" xlink:title="calculation: Assets to AssetsNoncurrent" order="1.0" weight="1.0" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfCashFlows">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="NetCashProvidedByUsedInFinancingActivities" xlink:title="NetCashProvidedByUsedInFinancingActivities" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="PaymentsOfDividendsCommonStock" xlink:title="PaymentsOfDividendsCommonStock" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:to="PaymentsOfDividendsCommonStock" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to PaymentsOfDividendsCommonStock" order="3.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="ProceedsFromIssuanceOfCommonStock" xlink:title="ProceedsFromIssuanceOfCommonStock" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:to="ProceedsFromIssuanceOfCommonStock" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to ProceedsFromIssuanceOfCommonStock" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="ProceedsFromLinesOfCredit" xlink:title="ProceedsFromLinesOfCredit" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:to="ProceedsFromLinesOfCredit" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to ProceedsFromLinesOfCredit" order="5.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="RepaymentsOfLinesOfCredit" xlink:title="RepaymentsOfLinesOfCredit" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:to="RepaymentsOfLinesOfCredit" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to RepaymentsOfLinesOfCredit" order="4.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="PaymentsOfFinancingCosts" xlink:title="PaymentsOfFinancingCosts" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:to="PaymentsOfFinancingCosts" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to PaymentsOfFinancingCosts" order="2.0" weight="-1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: CashAndCashEquivalentsPeriodIncreaseDecrease to NetCashProvidedByUsedInFinancingActivities" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="NetCashProvidedByUsedInInvestingActivities" xlink:title="NetCashProvidedByUsedInInvestingActivities" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DividendsReceivedFromAssociate" xlink:label="DividendsReceivedFromAssociate" xlink:title="DividendsReceivedFromAssociate" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="DividendsReceivedFromAssociate" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to DividendsReceivedFromAssociate" order="10.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to PaymentsToAcquireInterestInSubsidiariesAndAffiliates" order="2.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DepositsForVesselsUnderConstruction" xlink:label="DepositsForVesselsUnderConstruction" xlink:title="DepositsForVesselsUnderConstruction" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="DepositsForVesselsUnderConstruction" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to DepositsForVesselsUnderConstruction" order="14.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:label="PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:title="PaymentsToAcquireOilAndGasPropertyAndEquipment" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to PaymentsToAcquireOilAndGasPropertyAndEquipment" order="1.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:label="PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:title="PaymentsToAcquireOtherPropertyPlantAndEquipment" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to PaymentsToAcquireOtherPropertyPlantAndEquipment" order="11.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:label="ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:title="ProceedsFromSaleOfOtherPropertyPlantAndEquipment" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to ProceedsFromSaleOfOtherPropertyPlantAndEquipment" order="15.0" weight="1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: CashAndCashEquivalentsPeriodIncreaseDecrease to NetCashProvidedByUsedInInvestingActivities" order="2.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="NetIncomeLoss" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to NetIncomeLoss" order="0.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="ShareBasedCompensation" xlink:title="ShareBasedCompensation" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="ShareBasedCompensation" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to ShareBasedCompensation" order="9.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="OtherNoncashIncomeExpense" xlink:title="OtherNoncashIncomeExpense" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="OtherNoncashIncomeExpense" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to OtherNoncashIncomeExpense" order="12.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="Depreciation" xlink:title="Depreciation" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="Depreciation" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to Depreciation" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnSaleOfEquityInvestments" xlink:label="GainLossOnSaleOfEquityInvestments" xlink:title="GainLossOnSaleOfEquityInvestments" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="GainLossOnSaleOfEquityInvestments" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to GainLossOnSaleOfEquityInvestments" order="22.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="AmortizationOfFinancingCosts" xlink:title="AmortizationOfFinancingCosts" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="AmortizationOfFinancingCosts" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to AmortizationOfFinancingCosts" order="6.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:title="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" order="18.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInUnbilledReceivables" xlink:label="IncreaseDecreaseInUnbilledReceivables" xlink:title="IncreaseDecreaseInUnbilledReceivables" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInUnbilledReceivables" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInUnbilledReceivables" order="20.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DryDockExpenditures" xlink:label="DryDockExpenditures" xlink:title="DryDockExpenditures" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="DryDockExpenditures" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to DryDockExpenditures" order="5.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="IncreaseDecreaseInInventories" xlink:title="IncreaseDecreaseInInventories" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInInventories" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInInventories" order="15.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:label="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:title="DeferredCompensationArrangementWithIndividualCompensationExpense" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to DeferredCompensationArrangementWithIndividualCompensationExpense" order="7.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="IncreaseDecreaseInAccountsReceivable" xlink:title="IncreaseDecreaseInAccountsReceivable" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInAccountsReceivable" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInAccountsReceivable" order="13.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:label="IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:title="IncreaseDecreaseInAccountsReceivableRelatedParties" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInAccountsReceivableRelatedParties" order="14.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" order="16.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:label="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="ImpairmentOfLongLivedAssetsToBeDisposedOf" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to ImpairmentOfLongLivedAssetsToBeDisposedOf" order="4.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GoodwillImpairmentLoss" xlink:label="GoodwillImpairmentLoss" xlink:title="GoodwillImpairmentLoss" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="GoodwillImpairmentLoss" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to GoodwillImpairmentLoss" order="17.0" weight="1.0" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: CashAndCashEquivalentsPeriodIncreaseDecrease to NetCashProvidedByUsedInOperatingActivities" order="3.0" weight="1.0" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://nat.bm/role/VesselsNetDetails">
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsNet" xlink:label="VesselsNet" xlink:title="VesselsNet" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AccumulatedImpairmentLossOnVessels" xlink:label="AccumulatedImpairmentLossOnVessels" xlink:title="AccumulatedImpairmentLossOnVessels" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="VesselsNet" xlink:to="AccumulatedImpairmentLossOnVessels" xlink:title="calculation: VesselsNet to AccumulatedImpairmentLossOnVessels" order="2.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:title="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="VesselsNet" xlink:to="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:title="calculation: VesselsNet to AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" order="0.0" weight="-1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsGross" xlink:label="VesselsGross" xlink:title="VesselsGross" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="VesselsNet" xlink:to="VesselsGross" xlink:title="calculation: VesselsNet to VesselsGross" order="3.0" weight="1.0" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://nat.bm/role/InvestmentsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationAssets" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:title="calculation: EquityMethodInvestmentSummarizedFinancialInformationAssets to EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:title="calculation: EquityMethodInvestmentSummarizedFinancialInformationAssets to EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" order="0.0" weight="1.0" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://nat.bm/role/OtherNoncurrentAssetsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="OtherAssetsNoncurrent" xlink:title="OtherAssetsNoncurrent" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:label="OtherAssetsMiscellaneousNoncurrent" xlink:title="OtherAssetsMiscellaneousNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OtherAssetsNoncurrent" xlink:to="OtherAssetsMiscellaneousNoncurrent" xlink:title="calculation: OtherAssetsNoncurrent to OtherAssetsMiscellaneousNoncurrent" order="8.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LongTermDepositNoncurrent" xlink:label="LongTermDepositNoncurrent" xlink:title="LongTermDepositNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OtherAssetsNoncurrent" xlink:to="LongTermDepositNoncurrent" xlink:title="calculation: OtherAssetsNoncurrent to LongTermDepositNoncurrent" order="5.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:label="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:title="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OtherAssetsNoncurrent" xlink:to="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:title="calculation: OtherAssetsNoncurrent to ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" order="7.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="PropertyPlantAndEquipmentNet" xlink:title="PropertyPlantAndEquipmentNet" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OtherAssetsNoncurrent" xlink:to="PropertyPlantAndEquipmentNet" xlink:title="calculation: OtherAssetsNoncurrent to PropertyPlantAndEquipmentNet" order="6.0" weight="1.0" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://nat.bm/role/InterestExpenseDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpenseOther" xlink:label="InterestExpenseOther" xlink:title="InterestExpenseOther" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="InterestExpense" xlink:to="InterestExpenseOther" xlink:title="calculation: InterestExpense to InterestExpenseOther" order="1.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_InterestExpensesNetOfCapitalizedInterest" xlink:label="InterestExpensesNetOfCapitalizedInterest" xlink:title="InterestExpensesNetOfCapitalizedInterest" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="InterestExpense" xlink:to="InterestExpensesNetOfCapitalizedInterest" xlink:title="calculation: InterestExpense to InterestExpensesNetOfCapitalizedInterest" order="0.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CommitmentFee" xlink:label="CommitmentFee" xlink:title="CommitmentFee" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="InterestExpense" xlink:to="CommitmentFee" xlink:title="calculation: InterestExpense to CommitmentFee" order="2.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="AmortizationOfFinancingCosts" xlink:title="AmortizationOfFinancingCosts" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="InterestExpense" xlink:to="AmortizationOfFinancingCosts" xlink:title="calculation: InterestExpense to AmortizationOfFinancingCosts" order="3.0" weight="1.0" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://nat.bm/role/AccruedLiabilitiesDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="AccruedLiabilitiesCurrent" xlink:title="AccruedLiabilitiesCurrent" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="OtherAccruedLiabilitiesCurrent" xlink:title="OtherAccruedLiabilitiesCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AccruedLiabilitiesCurrent" xlink:to="OtherAccruedLiabilitiesCurrent" xlink:title="calculation: AccruedLiabilitiesCurrent to OtherAccruedLiabilitiesCurrent" order="2.0" weight="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPayableCurrent" xlink:label="InterestPayableCurrent" xlink:title="InterestPayableCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="AccruedLiabilitiesCurrent" xlink:to="InterestPayableCurrent" xlink:title="calculation: AccruedLiabilitiesCurrent to InterestPayableCurrent" order="1.0" weight="1.0" />
  </link:calculationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>14
<FILENAME>nat-20171231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 4.3.3.1 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:t1="http://xbrl.org/2005/xbrldt">
  <link:roleRef roleURI="http://nat.bm/role/SubsequentEventsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#SubsequentEventsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#FinancialInstrumentsAndOtherFairValueDisclosuresDetails" />
  <link:roleRef roleURI="http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingenciesDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#ReceivedSettlementsAndCommitmentsAndContingenciesDetails" />
  <link:roleRef roleURI="http://nat.bm/role/ShareholdersEquityDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#ShareholdersEquityDetails" />
  <link:roleRef roleURI="http://nat.bm/role/EarningsLossPerShareDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#EarningsLossPerShareDetails" />
  <link:roleRef roleURI="http://nat.bm/role/AccruedLiabilitiesDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#AccruedLiabilitiesDetails" />
  <link:roleRef roleURI="http://nat.bm/role/InterestExpenseDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#InterestExpenseDetails" />
  <link:roleRef roleURI="http://nat.bm/role/LongtermDebtDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#LongtermDebtDetails" />
  <link:roleRef roleURI="http://nat.bm/role/SharebasedCompensationPlanDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#SharebasedCompensationPlanDetails" />
  <link:roleRef roleURI="http://nat.bm/role/OtherNoncurrentAssetsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#OtherNoncurrentAssetsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/DeferredCompensationLiabilityDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#DeferredCompensationLiabilityDetails" />
  <link:roleRef roleURI="http://nat.bm/role/RelatedPartyTransactionsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#RelatedPartyTransactionsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/AcquisitionsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#AcquisitionsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/InvestmentsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#InvestmentsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/VesselsNetDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#VesselsNetDetails" />
  <link:roleRef roleURI="http://nat.bm/role/SummaryOfSignificantAccountingPoliciesDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#SummaryOfSignificantAccountingPoliciesDetails" />
  <link:roleRef roleURI="http://nat.bm/role/NatureOfBusinessDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#NatureOfBusinessDetails" />
  <link:roleRef roleURI="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresTables" xlink:type="simple" xlink:href="nat-20171231.xsd#FinancialInstrumentsAndOtherFairValueDisclosuresTables" />
  <link:roleRef roleURI="http://nat.bm/role/ShareholdersEquityTables" xlink:type="simple" xlink:href="nat-20171231.xsd#ShareholdersEquityTables" />
  <link:roleRef roleURI="http://nat.bm/role/EarningsLossPerShareTables" xlink:type="simple" xlink:href="nat-20171231.xsd#EarningsLossPerShareTables" />
  <link:roleRef roleURI="http://nat.bm/role/AccruedLiabilitiesTables" xlink:type="simple" xlink:href="nat-20171231.xsd#AccruedLiabilitiesTables" />
  <link:roleRef roleURI="http://nat.bm/role/InterestExpenseTables" xlink:type="simple" xlink:href="nat-20171231.xsd#InterestExpenseTables" />
  <link:roleRef roleURI="http://nat.bm/role/SharebasedCompensationPlanTables" xlink:type="simple" xlink:href="nat-20171231.xsd#SharebasedCompensationPlanTables" />
  <link:roleRef roleURI="http://nat.bm/role/OtherNoncurrentAssetsTables" xlink:type="simple" xlink:href="nat-20171231.xsd#OtherNoncurrentAssetsTables" />
  <link:roleRef roleURI="http://nat.bm/role/InvestmentsTables" xlink:type="simple" xlink:href="nat-20171231.xsd#InvestmentsTables" />
  <link:roleRef roleURI="http://nat.bm/role/VesselsNetTables" xlink:type="simple" xlink:href="nat-20171231.xsd#VesselsNetTables" />
  <link:roleRef roleURI="http://nat.bm/role/NatureOfBusinessTables" xlink:type="simple" xlink:href="nat-20171231.xsd#NatureOfBusinessTables" />
  <link:roleRef roleURI="http://nat.bm/role/SummaryOfSignificantAccountingPoliciesPolicies" xlink:type="simple" xlink:href="nat-20171231.xsd#SummaryOfSignificantAccountingPoliciesPolicies" />
  <link:roleRef roleURI="http://nat.bm/role/SubsequentEvents" xlink:type="simple" xlink:href="nat-20171231.xsd#SubsequentEvents" />
  <link:roleRef roleURI="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosures" xlink:type="simple" xlink:href="nat-20171231.xsd#FinancialInstrumentsAndOtherFairValueDisclosures" />
  <link:roleRef roleURI="http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingencies" xlink:type="simple" xlink:href="nat-20171231.xsd#ReceivedSettlementsAndCommitmentsAndContingencies" />
  <link:roleRef roleURI="http://nat.bm/role/ShareholdersEquity" xlink:type="simple" xlink:href="nat-20171231.xsd#ShareholdersEquity" />
  <link:roleRef roleURI="http://nat.bm/role/EarningsLossPerShare" xlink:type="simple" xlink:href="nat-20171231.xsd#EarningsLossPerShare" />
  <link:roleRef roleURI="http://nat.bm/role/AccruedLiabilities" xlink:type="simple" xlink:href="nat-20171231.xsd#AccruedLiabilities" />
  <link:roleRef roleURI="http://nat.bm/role/InterestExpense" xlink:type="simple" xlink:href="nat-20171231.xsd#InterestExpense" />
  <link:roleRef roleURI="http://nat.bm/role/LongtermDebt" xlink:type="simple" xlink:href="nat-20171231.xsd#LongtermDebt" />
  <link:roleRef roleURI="http://nat.bm/role/SharebasedCompensationPlan" xlink:type="simple" xlink:href="nat-20171231.xsd#SharebasedCompensationPlan" />
  <link:roleRef roleURI="http://nat.bm/role/OtherNoncurrentAssets" xlink:type="simple" xlink:href="nat-20171231.xsd#OtherNoncurrentAssets" />
  <link:roleRef roleURI="http://nat.bm/role/DeferredCompensationLiability" xlink:type="simple" xlink:href="nat-20171231.xsd#DeferredCompensationLiability" />
  <link:roleRef roleURI="http://nat.bm/role/RelatedPartyTransactions" xlink:type="simple" xlink:href="nat-20171231.xsd#RelatedPartyTransactions" />
  <link:roleRef roleURI="http://nat.bm/role/Acquisitions" xlink:type="simple" xlink:href="nat-20171231.xsd#Acquisitions" />
  <link:roleRef roleURI="http://nat.bm/role/Investments" xlink:type="simple" xlink:href="nat-20171231.xsd#Investments" />
  <link:roleRef roleURI="http://nat.bm/role/VesselsNet" xlink:type="simple" xlink:href="nat-20171231.xsd#VesselsNet" />
  <link:roleRef roleURI="http://nat.bm/role/SummaryOfSignificantAccountingPolicies" xlink:type="simple" xlink:href="nat-20171231.xsd#SummaryOfSignificantAccountingPolicies" />
  <link:roleRef roleURI="http://nat.bm/role/NatureOfBusiness" xlink:type="simple" xlink:href="nat-20171231.xsd#NatureOfBusiness" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfCashFlows" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfCashFlows" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquityParenthetical" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfShareholdersEquityParenthetical" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquity" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfShareholdersEquity" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedBalanceSheetsParenthetical" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedBalanceSheetsParenthetical" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedBalanceSheets" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedBalanceSheets" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfComprehensiveLossIncome" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfComprehensiveLossIncome" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfOperations" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfOperations" />
  <link:roleRef roleURI="http://nat.bm/role/DocumentAndEntityInformation" xlink:type="simple" xlink:href="nat-20171231.xsd#DocumentAndEntityInformation" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/all" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" />
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/DocumentAndEntityInformation" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfOperations" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfComprehensiveLossIncome" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedBalanceSheets" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedBalanceSheetsParenthetical" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquity">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="IncreaseDecreaseInStockholdersEquityRollForward" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: StatementLineItems to IncreaseDecreaseInStockholdersEquityRollForward" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesIssued" xlink:label="SharesIssued" xlink:title="SharesIssued" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="SharesIssued" xlink:title="definition: StatementLineItems to SharesIssued" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="StockholdersEquity" xlink:title="definition: StatementLineItems to StockholdersEquity" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" xlink:label="AdjustmentsToAdditionalPaidInCapitalOther" xlink:title="AdjustmentsToAdditionalPaidInCapitalOther" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="AdjustmentsToAdditionalPaidInCapitalOther" xlink:title="definition: StatementLineItems to AdjustmentsToAdditionalPaidInCapitalOther" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="NetIncomeLoss" xlink:title="definition: StatementLineItems to NetIncomeLoss" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ReductionOfSharePremium" xlink:label="ReductionOfSharePremium" xlink:title="ReductionOfSharePremium" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="ReductionOfSharePremium" xlink:title="definition: StatementLineItems to ReductionOfSharePremium" order="6.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:label="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:title="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:title="definition: StatementLineItems to StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" order="7.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:label="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:title="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:title="definition: StatementLineItems to StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" order="8.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="StockIssuedDuringPeriodSharesNewIssues" xlink:title="StockIssuedDuringPeriodSharesNewIssues" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="StockIssuedDuringPeriodSharesNewIssues" xlink:title="definition: StatementLineItems to StockIssuedDuringPeriodSharesNewIssues" order="9.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:title="definition: StatementLineItems to StockIssuedDuringPeriodValueNewIssues" order="10.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="OtherComprehensiveIncomeLossNetOfTax" xlink:title="OtherComprehensiveIncomeLossNetOfTax" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="OtherComprehensiveIncomeLossNetOfTax" xlink:title="definition: StatementLineItems to OtherComprehensiveIncomeLossNetOfTax" order="11.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:label="StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:title="StockIssuedDuringPeriodSharesShareBasedCompensationGross" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:title="definition: StatementLineItems to StockIssuedDuringPeriodSharesShareBasedCompensationGross" order="12.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="StockIssuedDuringPeriodValueShareBasedCompensation" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="definition: StatementLineItems to StockIssuedDuringPeriodValueShareBasedCompensation" order="13.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:title="definition: StatementLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" order="14.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsCommonStock" xlink:label="DividendsCommonStock" xlink:title="DividendsCommonStock" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:to="DividendsCommonStock" xlink:title="definition: StatementLineItems to DividendsCommonStock" order="15.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="StatementLineItems" xlink:to="StatementTable" xlink:title="definition: StatementLineItems to StatementTable" order="16.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="StatementTable" xlink:to="StatementEquityComponentsAxis" xlink:title="definition: StatementTable to StatementEquityComponentsAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="StatementEquityComponentsAxis" xlink:to="EquityComponentDomain" xlink:title="definition: StatementEquityComponentsAxis to EquityComponentDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain_2" xlink:title="EquityComponentDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="StatementEquityComponentsAxis" xlink:to="EquityComponentDomain_2" xlink:title="definition: StatementEquityComponentsAxis to EquityComponentDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="CommonStockMember" xlink:title="definition: EquityComponentDomain to CommonStockMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="TreasuryStockMember" xlink:title="TreasuryStockMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="TreasuryStockMember" xlink:title="definition: EquityComponentDomain to TreasuryStockMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="AdditionalPaidInCapitalMember" xlink:title="AdditionalPaidInCapitalMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="AdditionalPaidInCapitalMember" xlink:title="definition: EquityComponentDomain to AdditionalPaidInCapitalMember" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAdditionalCapitalMember" xlink:label="OtherAdditionalCapitalMember" xlink:title="OtherAdditionalCapitalMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="OtherAdditionalCapitalMember" xlink:title="definition: EquityComponentDomain to OtherAdditionalCapitalMember" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="AccumulatedOtherComprehensiveIncomeMember" xlink:title="AccumulatedOtherComprehensiveIncomeMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="AccumulatedOtherComprehensiveIncomeMember" xlink:title="definition: EquityComponentDomain to AccumulatedOtherComprehensiveIncomeMember" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="RetainedEarningsMember" xlink:title="definition: EquityComponentDomain to RetainedEarningsMember" order="6.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquityParenthetical" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfCashFlows" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/NatureOfBusiness" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/SummaryOfSignificantAccountingPolicies" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/VesselsNet" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/Investments" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/Acquisitions" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/RelatedPartyTransactions" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/DeferredCompensationLiability" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/OtherNoncurrentAssets" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/SharebasedCompensationPlan" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/LongtermDebt" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/InterestExpense" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/AccruedLiabilities" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/EarningsLossPerShare" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ShareholdersEquity" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingencies" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosures" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/SubsequentEvents" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/SummaryOfSignificantAccountingPoliciesPolicies" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/NatureOfBusinessTables" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/VesselsNetTables" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/InvestmentsTables" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/OtherNoncurrentAssetsTables" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/SharebasedCompensationPlanTables" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/InterestExpenseTables" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/AccruedLiabilitiesTables" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/EarningsLossPerShareTables" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ShareholdersEquityTables" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresTables" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/NatureOfBusinessDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="PropertyPlantAndEquipmentLineItems" xlink:title="PropertyPlantAndEquipmentLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeadweightTonnage" xlink:label="DeadweightTonnage" xlink:title="DeadweightTonnage" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="DeadweightTonnage" xlink:title="definition: PropertyPlantAndEquipmentLineItems to DeadweightTonnage" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="ScheduleOfPropertyPlantAndEquipmentTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="definition: PropertyPlantAndEquipmentLineItems to ScheduleOfPropertyPlantAndEquipmentTable" order="2.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="PropertyPlantAndEquipmentByTypeAxis" xlink:title="PropertyPlantAndEquipmentByTypeAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="PropertyPlantAndEquipmentByTypeAxis" xlink:title="definition: ScheduleOfPropertyPlantAndEquipmentTable to PropertyPlantAndEquipmentByTypeAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="PropertyPlantAndEquipmentTypeDomain" xlink:title="definition: PropertyPlantAndEquipmentByTypeAxis to PropertyPlantAndEquipmentTypeDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain_2" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="PropertyPlantAndEquipmentTypeDomain_2" xlink:title="definition: PropertyPlantAndEquipmentByTypeAxis to PropertyPlantAndEquipmentTypeDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicHarrierMember" xlink:label="NordicHarrierMember" xlink:title="NordicHarrierMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicHarrierMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicHarrierMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicHawkMember" xlink:label="NordicHawkMember" xlink:title="NordicHawkMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicHawkMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicHawkMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicHunterMember" xlink:label="NordicHunterMember" xlink:title="NordicHunterMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicHunterMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicHunterMember" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicVoyagerMember" xlink:label="NordicVoyagerMember" xlink:title="NordicVoyagerMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicVoyagerMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicVoyagerMember" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicFighterMember" xlink:label="NordicFighterMember" xlink:title="NordicFighterMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicFighterMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicFighterMember" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicFreedomMember" xlink:label="NordicFreedomMember" xlink:title="NordicFreedomMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicFreedomMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicFreedomMember" order="6.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicDiscoveryMember" xlink:label="NordicDiscoveryMember" xlink:title="NordicDiscoveryMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicDiscoveryMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicDiscoveryMember" order="7.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSaturnMember" xlink:label="NordicSaturnMember" xlink:title="NordicSaturnMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSaturnMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicSaturnMember" order="8.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicJupiterMember" xlink:label="NordicJupiterMember" xlink:title="NordicJupiterMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicJupiterMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicJupiterMember" order="9.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicMoonMember" xlink:label="NordicMoonMember" xlink:title="NordicMoonMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicMoonMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicMoonMember" order="10.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicApolloMember" xlink:label="NordicApolloMember" xlink:title="NordicApolloMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicApolloMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicApolloMember" order="11.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicCosmosMember" xlink:label="NordicCosmosMember" xlink:title="NordicCosmosMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicCosmosMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicCosmosMember" order="12.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSpriteMember" xlink:label="NordicSpriteMember" xlink:title="NordicSpriteMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSpriteMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicSpriteMember" order="13.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicGraceMember" xlink:label="NordicGraceMember" xlink:title="NordicGraceMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicGraceMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicGraceMember" order="14.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicMistralMember" xlink:label="NordicMistralMember" xlink:title="NordicMistralMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicMistralMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicMistralMember" order="15.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicPassatMember" xlink:label="NordicPassatMember" xlink:title="NordicPassatMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicPassatMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicPassatMember" order="16.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicVegaMember" xlink:label="NordicVegaMember" xlink:title="NordicVegaMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicVegaMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicVegaMember" order="17.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicBreezeMember" xlink:label="NordicBreezeMember" xlink:title="NordicBreezeMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicBreezeMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicBreezeMember" order="18.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAuroraMember" xlink:label="NordicAuroraMember" xlink:title="NordicAuroraMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicAuroraMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicAuroraMember" order="19.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicZenithMember" xlink:label="NordicZenithMember" xlink:title="NordicZenithMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicZenithMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicZenithMember" order="20.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSprinterMember" xlink:label="NordicSprinterMember" xlink:title="NordicSprinterMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSprinterMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicSprinterMember" order="21.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSkierMember" xlink:label="NordicSkierMember" xlink:title="NordicSkierMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSkierMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicSkierMember" order="22.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicLightMember" xlink:label="NordicLightMember" xlink:title="NordicLightMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicLightMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicLightMember" order="23.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicCrossMember" xlink:label="NordicCrossMember" xlink:title="NordicCrossMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicCrossMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicCrossMember" order="24.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicLunaMember" xlink:label="NordicLunaMember" xlink:title="NordicLunaMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicLunaMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicLunaMember" order="25.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicCastorMember" xlink:label="NordicCastorMember" xlink:title="NordicCastorMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicCastorMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicCastorMember" order="26.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSiriusMember" xlink:label="NordicSiriusMember" xlink:title="NordicSiriusMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSiriusMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicSiriusMember" order="27.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicPolluxMember" xlink:label="NordicPolluxMember" xlink:title="NordicPolluxMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicPolluxMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicPolluxMember" order="28.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicStarMember" xlink:label="NordicStarMember" xlink:title="NordicStarMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicStarMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicStarMember" order="29.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSpaceMember" xlink:label="NordicSpaceMember" xlink:title="NordicSpaceMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSpaceMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NordicSpaceMember" order="30.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NewbuildingoneMember" xlink:label="NewbuildingoneMember" xlink:title="NewbuildingoneMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NewbuildingoneMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to NewbuildingoneMember" order="31.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_Newbuild2Member" xlink:label="Newbuild2Member" xlink:title="Newbuild2Member" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="Newbuild2Member" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to Newbuild2Member" order="32.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_Newbuild3Member" xlink:label="Newbuild3Member" xlink:title="Newbuild3Member" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="Newbuild3Member" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to Newbuild3Member" order="33.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/SummaryOfSignificantAccountingPoliciesDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:label="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:title="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:label="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:title="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:title="definition: NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems to NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ContractWithCustomerLiabilityCurrent" xlink:label="ContractWithCustomerLiabilityCurrent" xlink:title="ContractWithCustomerLiabilityCurrent" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="ContractWithCustomerLiabilityCurrent" xlink:title="definition: NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems to ContractWithCustomerLiabilityCurrent" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AccruedVoyageExpensesCurrent" xlink:label="AccruedVoyageExpensesCurrent" xlink:title="AccruedVoyageExpensesCurrent" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="AccruedVoyageExpensesCurrent" xlink:title="definition: NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems to AccruedVoyageExpensesCurrent" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RecognitionOfCapitalizedFulfillmentCost" xlink:label="RecognitionOfCapitalizedFulfillmentCost" xlink:title="RecognitionOfCapitalizedFulfillmentCost" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="RecognitionOfCapitalizedFulfillmentCost" xlink:title="definition: NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems to RecognitionOfCapitalizedFulfillmentCost" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AmountReclassifiedFromInvestingActivities" xlink:label="AmountReclassifiedFromInvestingActivities" xlink:title="AmountReclassifiedFromInvestingActivities" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="AmountReclassifiedFromInvestingActivities" xlink:title="definition: NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems to AmountReclassifiedFromInvestingActivities" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:label="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:title="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:title="definition: NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems to NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" order="6.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="AdjustmentsForNewAccountingPronouncementsAxis" xlink:title="AdjustmentsForNewAccountingPronouncementsAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:to="AdjustmentsForNewAccountingPronouncementsAxis" xlink:title="definition: NewAccountingPronouncementsOrChangeInAccountingPrincipleTable to AdjustmentsForNewAccountingPronouncementsAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="TypeOfAdoptionMember" xlink:title="TypeOfAdoptionMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="AdjustmentsForNewAccountingPronouncementsAxis" xlink:to="TypeOfAdoptionMember" xlink:title="definition: AdjustmentsForNewAccountingPronouncementsAxis to TypeOfAdoptionMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="TypeOfAdoptionMember_2" xlink:title="TypeOfAdoptionMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="AdjustmentsForNewAccountingPronouncementsAxis" xlink:to="TypeOfAdoptionMember_2" xlink:title="definition: AdjustmentsForNewAccountingPronouncementsAxis to TypeOfAdoptionMember_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementMember" xlink:label="NewAccountingPronouncementMember" xlink:title="NewAccountingPronouncementMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="TypeOfAdoptionMember" xlink:to="NewAccountingPronouncementMember" xlink:title="definition: TypeOfAdoptionMember to NewAccountingPronouncementMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingStandardsUpdate201409Member" xlink:label="AccountingStandardsUpdate201409Member" xlink:title="AccountingStandardsUpdate201409Member" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="NewAccountingPronouncementMember" xlink:to="AccountingStandardsUpdate201409Member" xlink:title="definition: NewAccountingPronouncementMember to AccountingStandardsUpdate201409Member" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingStandardsUpdate201618Member" xlink:label="AccountingStandardsUpdate201618Member" xlink:title="AccountingStandardsUpdate201618Member" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="NewAccountingPronouncementMember" xlink:to="AccountingStandardsUpdate201618Member" xlink:title="definition: NewAccountingPronouncementMember to AccountingStandardsUpdate201618Member" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="ConcentrationRiskLineItems" xlink:title="ConcentrationRiskLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfCustomersAccountedForTotalRevenues" xlink:label="NumberOfCustomersAccountedForTotalRevenues" xlink:title="NumberOfCustomersAccountedForTotalRevenues" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ConcentrationRiskLineItems" xlink:to="NumberOfCustomersAccountedForTotalRevenues" xlink:title="definition: ConcentrationRiskLineItems to NumberOfCustomersAccountedForTotalRevenues" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="ConcentrationRiskPercentage1" xlink:title="ConcentrationRiskPercentage1" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ConcentrationRiskLineItems" xlink:to="ConcentrationRiskPercentage1" xlink:title="definition: ConcentrationRiskLineItems to ConcentrationRiskPercentage1" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="AccountsReceivableNet" xlink:title="AccountsReceivableNet" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ConcentrationRiskLineItems" xlink:to="AccountsReceivableNet" xlink:title="definition: ConcentrationRiskLineItems to AccountsReceivableNet" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfCharterersAccountedForOutstandingAmount" xlink:label="NumberOfCharterersAccountedForOutstandingAmount" xlink:title="NumberOfCharterersAccountedForOutstandingAmount" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ConcentrationRiskLineItems" xlink:to="NumberOfCharterersAccountedForOutstandingAmount" xlink:title="definition: ConcentrationRiskLineItems to NumberOfCharterersAccountedForOutstandingAmount" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="ConcentrationRiskTable" xlink:title="ConcentrationRiskTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="ConcentrationRiskLineItems" xlink:to="ConcentrationRiskTable" xlink:title="definition: ConcentrationRiskLineItems to ConcentrationRiskTable" order="5.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="ConcentrationRiskByBenchmarkAxis" xlink:title="ConcentrationRiskByBenchmarkAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ConcentrationRiskTable" xlink:to="ConcentrationRiskByBenchmarkAxis" xlink:title="definition: ConcentrationRiskTable to ConcentrationRiskByBenchmarkAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="ConcentrationRiskBenchmarkDomain" xlink:title="ConcentrationRiskBenchmarkDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ConcentrationRiskByBenchmarkAxis" xlink:to="ConcentrationRiskBenchmarkDomain" xlink:title="definition: ConcentrationRiskByBenchmarkAxis to ConcentrationRiskBenchmarkDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="ConcentrationRiskBenchmarkDomain_2" xlink:title="ConcentrationRiskBenchmarkDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ConcentrationRiskByBenchmarkAxis" xlink:to="ConcentrationRiskBenchmarkDomain_2" xlink:title="definition: ConcentrationRiskByBenchmarkAxis to ConcentrationRiskBenchmarkDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableMember" xlink:label="AccountsReceivableMember" xlink:title="AccountsReceivableMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ConcentrationRiskBenchmarkDomain" xlink:to="AccountsReceivableMember" xlink:title="definition: ConcentrationRiskBenchmarkDomain to AccountsReceivableMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SalesRevenueServicesNetMember" xlink:label="SalesRevenueServicesNetMember" xlink:title="SalesRevenueServicesNetMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ConcentrationRiskBenchmarkDomain" xlink:to="SalesRevenueServicesNetMember" xlink:title="definition: ConcentrationRiskBenchmarkDomain to SalesRevenueServicesNetMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MajorCustomersAxis" xlink:label="MajorCustomersAxis" xlink:title="MajorCustomersAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ConcentrationRiskTable" xlink:to="MajorCustomersAxis" xlink:title="definition: ConcentrationRiskTable to MajorCustomersAxis" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NameOfMajorCustomerDomain" xlink:label="NameOfMajorCustomerDomain" xlink:title="NameOfMajorCustomerDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="MajorCustomersAxis" xlink:to="NameOfMajorCustomerDomain" xlink:title="definition: MajorCustomersAxis to NameOfMajorCustomerDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NameOfMajorCustomerDomain" xlink:label="NameOfMajorCustomerDomain_2" xlink:title="NameOfMajorCustomerDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="MajorCustomersAxis" xlink:to="NameOfMajorCustomerDomain_2" xlink:title="definition: MajorCustomersAxis to NameOfMajorCustomerDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CustomerOneMember" xlink:label="CustomerOneMember" xlink:title="CustomerOneMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="NameOfMajorCustomerDomain" xlink:to="CustomerOneMember" xlink:title="definition: NameOfMajorCustomerDomain to CustomerOneMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CustomerTwoMember" xlink:label="CustomerTwoMember" xlink:title="CustomerTwoMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="NameOfMajorCustomerDomain" xlink:to="CustomerTwoMember" xlink:title="definition: NameOfMajorCustomerDomain to CustomerTwoMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CustomerThreeMember" xlink:label="CustomerThreeMember" xlink:title="CustomerThreeMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="NameOfMajorCustomerDomain" xlink:to="CustomerThreeMember" xlink:title="definition: NameOfMajorCustomerDomain to CustomerThreeMember" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="PropertyPlantAndEquipmentLineItems" xlink:title="PropertyPlantAndEquipmentLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="PropertyPlantAndEquipmentAbstract" xlink:title="PropertyPlantAndEquipmentAbstract" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="PropertyPlantAndEquipmentAbstract" xlink:title="definition: PropertyPlantAndEquipmentLineItems to PropertyPlantAndEquipmentAbstract" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DrydockAbstract" xlink:label="DrydockAbstract" xlink:title="DrydockAbstract" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="DrydockAbstract" xlink:title="definition: PropertyPlantAndEquipmentLineItems to DrydockAbstract" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:label="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:title="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:title="definition: PropertyPlantAndEquipmentLineItems to PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:label="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:title="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:title="definition: PropertyPlantAndEquipmentLineItems to PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AmortizationPeriod" xlink:label="AmortizationPeriod" xlink:title="AmortizationPeriod" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="AmortizationPeriod" xlink:title="definition: PropertyPlantAndEquipmentLineItems to AmortizationPeriod" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="PropertyPlantAndEquipmentUsefulLife" xlink:title="PropertyPlantAndEquipmentUsefulLife" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="PropertyPlantAndEquipmentUsefulLife" xlink:title="definition: PropertyPlantAndEquipmentLineItems to PropertyPlantAndEquipmentUsefulLife" order="6.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MarketRatesForTheInitialPeriod" xlink:label="MarketRatesForTheInitialPeriod" xlink:title="MarketRatesForTheInitialPeriod" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="MarketRatesForTheInitialPeriod" xlink:title="definition: PropertyPlantAndEquipmentLineItems to MarketRatesForTheInitialPeriod" order="7.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_HistoricalAndAverageSpotMarketRate" xlink:label="HistoricalAndAverageSpotMarketRate" xlink:title="HistoricalAndAverageSpotMarketRate" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="HistoricalAndAverageSpotMarketRate" xlink:title="definition: PropertyPlantAndEquipmentLineItems to HistoricalAndAverageSpotMarketRate" order="8.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentSalvageValue" xlink:label="PropertyPlantAndEquipmentSalvageValue" xlink:title="PropertyPlantAndEquipmentSalvageValue" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="PropertyPlantAndEquipmentSalvageValue" xlink:title="definition: PropertyPlantAndEquipmentLineItems to PropertyPlantAndEquipmentSalvageValue" order="9.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="ScheduleOfPropertyPlantAndEquipmentTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="definition: PropertyPlantAndEquipmentLineItems to ScheduleOfPropertyPlantAndEquipmentTable" order="10.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="PropertyPlantAndEquipmentByTypeAxis" xlink:title="PropertyPlantAndEquipmentByTypeAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="PropertyPlantAndEquipmentByTypeAxis" xlink:title="definition: ScheduleOfPropertyPlantAndEquipmentTable to PropertyPlantAndEquipmentByTypeAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="PropertyPlantAndEquipmentTypeDomain" xlink:title="definition: PropertyPlantAndEquipmentByTypeAxis to PropertyPlantAndEquipmentTypeDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain_2" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="PropertyPlantAndEquipmentTypeDomain_2" xlink:title="definition: PropertyPlantAndEquipmentByTypeAxis to PropertyPlantAndEquipmentTypeDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_BallastTankMember" xlink:label="BallastTankMember" xlink:title="BallastTankMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="BallastTankMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to BallastTankMember" order="1.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/VesselsNetDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="PropertyPlantAndEquipmentLineItems" xlink:title="PropertyPlantAndEquipmentLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsGross" xlink:label="VesselsGross" xlink:title="VesselsGross" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="VesselsGross" xlink:title="definition: PropertyPlantAndEquipmentLineItems to VesselsGross" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:title="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:title="definition: PropertyPlantAndEquipmentLineItems to AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AccumulatedImpairmentLossOnVessels" xlink:label="AccumulatedImpairmentLossOnVessels" xlink:title="AccumulatedImpairmentLossOnVessels" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="AccumulatedImpairmentLossOnVessels" xlink:title="definition: PropertyPlantAndEquipmentLineItems to AccumulatedImpairmentLossOnVessels" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsNet" xlink:label="VesselsNet" xlink:title="VesselsNet" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="VesselsNet" xlink:title="definition: PropertyPlantAndEquipmentLineItems to VesselsNet" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsDeliveredToTheCompany" xlink:label="NumberOfVesselsDeliveredToTheCompany" xlink:title="NumberOfVesselsDeliveredToTheCompany" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="NumberOfVesselsDeliveredToTheCompany" xlink:title="definition: PropertyPlantAndEquipmentLineItems to NumberOfVesselsDeliveredToTheCompany" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:label="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:title="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:title="definition: PropertyPlantAndEquipmentLineItems to NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" order="6.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DepositsForVesselsUnderConstruction" xlink:label="DepositsForVesselsUnderConstruction" xlink:title="DepositsForVesselsUnderConstruction" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="DepositsForVesselsUnderConstruction" xlink:title="definition: PropertyPlantAndEquipmentLineItems to DepositsForVesselsUnderConstruction" order="7.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsUnderOperationsDeliveredIn2018" xlink:label="VesselsUnderOperationsDeliveredIn2018" xlink:title="VesselsUnderOperationsDeliveredIn2018" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="VesselsUnderOperationsDeliveredIn2018" xlink:title="definition: PropertyPlantAndEquipmentLineItems to VesselsUnderOperationsDeliveredIn2018" order="8.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RemainingCapitalCommitments" xlink:label="RemainingCapitalCommitments" xlink:title="RemainingCapitalCommitments" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="RemainingCapitalCommitments" xlink:title="definition: PropertyPlantAndEquipmentLineItems to RemainingCapitalCommitments" order="9.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:label="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="ImpairmentOfLongLivedAssetsToBeDisposedOf" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="definition: PropertyPlantAndEquipmentLineItems to ImpairmentOfLongLivedAssetsToBeDisposedOf" order="10.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:label="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:title="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:title="definition: PropertyPlantAndEquipmentLineItems to NumberOfVesselsIncludedInWriteDownForImpairmentLoss" order="11.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="ScheduleOfPropertyPlantAndEquipmentTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="definition: PropertyPlantAndEquipmentLineItems to ScheduleOfPropertyPlantAndEquipmentTable" order="12.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="PropertyPlantAndEquipmentByTypeAxis" xlink:title="PropertyPlantAndEquipmentByTypeAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="PropertyPlantAndEquipmentByTypeAxis" xlink:title="definition: ScheduleOfPropertyPlantAndEquipmentTable to PropertyPlantAndEquipmentByTypeAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="PropertyPlantAndEquipmentTypeDomain" xlink:title="definition: PropertyPlantAndEquipmentByTypeAxis to PropertyPlantAndEquipmentTypeDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain_2" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="PropertyPlantAndEquipmentTypeDomain_2" xlink:title="definition: PropertyPlantAndEquipmentByTypeAxis to PropertyPlantAndEquipmentTypeDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsMember" xlink:label="VesselsMember" xlink:title="VesselsMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="VesselsMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to VesselsMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DrydockingMember" xlink:label="DrydockingMember" xlink:title="DrydockingMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="DrydockingMember" xlink:title="definition: PropertyPlantAndEquipmentTypeDomain to DrydockingMember" order="2.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/InvestmentsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionLineItems" xlink:label="BusinessAcquisitionLineItems" xlink:title="BusinessAcquisitionLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:title="definition: BusinessAcquisitionLineItems to StockIssuedDuringPeriodValueNewIssues" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentAggregateCost" xlink:label="EquityMethodInvestmentAggregateCost" xlink:title="EquityMethodInvestmentAggregateCost" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentAggregateCost" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentAggregateCost" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:label="EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:title="EquityMethodInvestmentPrivateEquityPlacementParticipation" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentPrivateEquityPlacementParticipation" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:label="SaleOfStockNumberOfSharesIssuedInTransaction" xlink:title="SaleOfStockNumberOfSharesIssuedInTransaction" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="SaleOfStockNumberOfSharesIssuedInTransaction" xlink:title="definition: BusinessAcquisitionLineItems to SaleOfStockNumberOfSharesIssuedInTransaction" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:label="SaleOfStockConsiderationReceivedOnTransaction" xlink:title="SaleOfStockConsiderationReceivedOnTransaction" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="SaleOfStockConsiderationReceivedOnTransaction" xlink:title="definition: BusinessAcquisitionLineItems to SaleOfStockConsiderationReceivedOnTransaction" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsShares" xlink:label="CommonStockDividendsShares" xlink:title="CommonStockDividendsShares" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="CommonStockDividendsShares" xlink:title="definition: BusinessAcquisitionLineItems to CommonStockDividendsShares" order="6.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AdditionalSharesAcquiredInOpenMarket" xlink:label="AdditionalSharesAcquiredInOpenMarket" xlink:title="AdditionalSharesAcquiredInOpenMarket" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="AdditionalSharesAcquiredInOpenMarket" xlink:title="definition: BusinessAcquisitionLineItems to AdditionalSharesAcquiredInOpenMarket" order="7.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AdditionalSharesAcquiredInPrivateTransaction" xlink:label="AdditionalSharesAcquiredInPrivateTransaction" xlink:title="AdditionalSharesAcquiredInPrivateTransaction" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="AdditionalSharesAcquiredInPrivateTransaction" xlink:title="definition: BusinessAcquisitionLineItems to AdditionalSharesAcquiredInPrivateTransaction" order="8.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="EquityMethodInvestmentOwnershipPercentage" xlink:title="EquityMethodInvestmentOwnershipPercentage" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentOwnershipPercentage" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentOwnershipPercentage" order="9.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealizedInvestmentGainsLosses" xlink:label="RealizedInvestmentGainsLosses" xlink:title="RealizedInvestmentGainsLosses" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="RealizedInvestmentGainsLosses" xlink:title="definition: BusinessAcquisitionLineItems to RealizedInvestmentGainsLosses" order="10.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsPerShareCashPaid" xlink:label="CommonStockDividendsPerShareCashPaid" xlink:title="CommonStockDividendsPerShareCashPaid" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="CommonStockDividendsPerShareCashPaid" xlink:title="definition: BusinessAcquisitionLineItems to CommonStockDividendsPerShareCashPaid" order="11.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfShareHeldOfCommonSharesReceived" xlink:label="NumberOfShareHeldOfCommonSharesReceived" xlink:title="NumberOfShareHeldOfCommonSharesReceived" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="NumberOfShareHeldOfCommonSharesReceived" xlink:title="definition: BusinessAcquisitionLineItems to NumberOfShareHeldOfCommonSharesReceived" order="12.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:label="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:title="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:title="definition: BusinessAcquisitionLineItems to NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" order="13.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfCommonSharesUsedForConversion" xlink:label="NumberOfCommonSharesUsedForConversion" xlink:title="NumberOfCommonSharesUsedForConversion" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="NumberOfCommonSharesUsedForConversion" xlink:title="definition: BusinessAcquisitionLineItems to NumberOfCommonSharesUsedForConversion" order="14.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharePrice" xlink:label="SharePrice" xlink:title="SharePrice" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="SharePrice" xlink:title="definition: BusinessAcquisitionLineItems to SharePrice" order="15.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ClosingPriceOfShare" xlink:label="ClosingPriceOfShare" xlink:title="ClosingPriceOfShare" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="ClosingPriceOfShare" xlink:title="definition: BusinessAcquisitionLineItems to ClosingPriceOfShare" order="16.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:label="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:title="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:title="definition: BusinessAcquisitionLineItems to MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" order="17.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CommonStockAdditionalDividendsPerShareCashPaid" xlink:label="CommonStockAdditionalDividendsPerShareCashPaid" xlink:title="CommonStockAdditionalDividendsPerShareCashPaid" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="CommonStockAdditionalDividendsPerShareCashPaid" xlink:title="definition: BusinessAcquisitionLineItems to CommonStockAdditionalDividendsPerShareCashPaid" order="18.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnInvestments" xlink:label="GainLossOnInvestments" xlink:title="GainLossOnInvestments" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="GainLossOnInvestments" xlink:title="definition: BusinessAcquisitionLineItems to GainLossOnInvestments" order="19.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:label="EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:title="EquityMethodInvestmentOtherThanTemporaryImpairment" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentOtherThanTemporaryImpairment" order="20.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentsFairValueDisclosure" xlink:label="EquityMethodInvestmentsFairValueDisclosure" xlink:title="EquityMethodInvestmentsFairValueDisclosure" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentsFairValueDisclosure" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentsFairValueDisclosure" order="21.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityMethodInvestmentsCarryingValue" xlink:label="EquityMethodInvestmentsCarryingValue" xlink:title="EquityMethodInvestmentsCarryingValue" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentsCarryingValue" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentsCarryingValue" order="22.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationAbstract" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationAbstract" order="23.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="EquityMethodInvestments" xlink:title="EquityMethodInvestments" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestments" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestments" order="24.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" order="25.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="IncomeLossFromEquityMethodInvestments" xlink:title="IncomeLossFromEquityMethodInvestments" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="IncomeLossFromEquityMethodInvestments" xlink:title="definition: BusinessAcquisitionLineItems to IncomeLossFromEquityMethodInvestments" order="26.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromDividendsReceived" xlink:label="ProceedsFromDividendsReceived" xlink:title="ProceedsFromDividendsReceived" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="ProceedsFromDividendsReceived" xlink:title="definition: BusinessAcquisitionLineItems to ProceedsFromDividendsReceived" order="27.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationRevenue" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationRevenue" order="28.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" order="29.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" order="30.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" order="31.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" order="32.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationAssets" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationAssets" order="33.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" order="34.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" order="35.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationEquity" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationEquity" order="36.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:title="definition: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" order="37.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:label="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:title="ScheduleOfBusinessAcquisitionsByAcquisitionTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="BusinessAcquisitionLineItems" xlink:to="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:title="definition: BusinessAcquisitionLineItems to ScheduleOfBusinessAcquisitionsByAcquisitionTable" order="38.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="BusinessAcquisitionAxis" xlink:title="BusinessAcquisitionAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="BusinessAcquisitionAxis" xlink:title="definition: ScheduleOfBusinessAcquisitionsByAcquisitionTable to BusinessAcquisitionAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="BusinessAcquisitionAcquireeDomain" xlink:title="BusinessAcquisitionAcquireeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="BusinessAcquisitionAxis" xlink:to="BusinessAcquisitionAcquireeDomain" xlink:title="definition: BusinessAcquisitionAxis to BusinessAcquisitionAcquireeDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="BusinessAcquisitionAcquireeDomain_2" xlink:title="BusinessAcquisitionAcquireeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="BusinessAcquisitionAxis" xlink:to="BusinessAcquisitionAcquireeDomain_2" xlink:title="definition: BusinessAcquisitionAxis to BusinessAcquisitionAcquireeDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAmericanOffshoreLimitedMember" xlink:label="NordicAmericanOffshoreLimitedMember" xlink:title="NordicAmericanOffshoreLimitedMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionAcquireeDomain" xlink:to="NordicAmericanOffshoreLimitedMember" xlink:title="definition: BusinessAcquisitionAcquireeDomain to NordicAmericanOffshoreLimitedMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="SubsidiarySaleOfStockAxis" xlink:title="SubsidiarySaleOfStockAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="SubsidiarySaleOfStockAxis" xlink:title="definition: ScheduleOfBusinessAcquisitionsByAcquisitionTable to SubsidiarySaleOfStockAxis" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="SaleOfStockNameOfTransactionDomain" xlink:title="SaleOfStockNameOfTransactionDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="SubsidiarySaleOfStockAxis" xlink:to="SaleOfStockNameOfTransactionDomain" xlink:title="definition: SubsidiarySaleOfStockAxis to SaleOfStockNameOfTransactionDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="SaleOfStockNameOfTransactionDomain_2" xlink:title="SaleOfStockNameOfTransactionDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="SubsidiarySaleOfStockAxis" xlink:to="SaleOfStockNameOfTransactionDomain_2" xlink:title="definition: SubsidiarySaleOfStockAxis to SaleOfStockNameOfTransactionDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="PrivatePlacementMember" xlink:title="PrivatePlacementMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="SaleOfStockNameOfTransactionDomain" xlink:to="PrivatePlacementMember" xlink:title="definition: SaleOfStockNameOfTransactionDomain to PrivatePlacementMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IPOMember" xlink:label="IPOMember" xlink:title="IPOMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="SaleOfStockNameOfTransactionDomain" xlink:to="IPOMember" xlink:title="definition: SaleOfStockNameOfTransactionDomain to IPOMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareRepurchaseProgramAxis" xlink:label="ShareRepurchaseProgramAxis" xlink:title="ShareRepurchaseProgramAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="ShareRepurchaseProgramAxis" xlink:title="definition: ScheduleOfBusinessAcquisitionsByAcquisitionTable to ShareRepurchaseProgramAxis" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareRepurchaseProgramDomain" xlink:label="ShareRepurchaseProgramDomain" xlink:title="ShareRepurchaseProgramDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="ShareRepurchaseProgramAxis" xlink:to="ShareRepurchaseProgramDomain" xlink:title="definition: ShareRepurchaseProgramAxis to ShareRepurchaseProgramDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareRepurchaseProgramDomain" xlink:label="ShareRepurchaseProgramDomain_2" xlink:title="ShareRepurchaseProgramDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="ShareRepurchaseProgramAxis" xlink:to="ShareRepurchaseProgramDomain_2" xlink:title="definition: ShareRepurchaseProgramAxis to ShareRepurchaseProgramDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAmericanOffshoreRepurchaseProgramMember" xlink:label="NordicAmericanOffshoreRepurchaseProgramMember" xlink:title="NordicAmericanOffshoreRepurchaseProgramMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareRepurchaseProgramDomain" xlink:to="NordicAmericanOffshoreRepurchaseProgramMember" xlink:title="definition: ShareRepurchaseProgramDomain to NordicAmericanOffshoreRepurchaseProgramMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="SubsequentEventTypeAxis" xlink:title="SubsequentEventTypeAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="SubsequentEventTypeAxis" xlink:title="definition: ScheduleOfBusinessAcquisitionsByAcquisitionTable to SubsequentEventTypeAxis" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain" xlink:title="SubsequentEventTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="SubsequentEventTypeAxis" xlink:to="SubsequentEventTypeDomain" xlink:title="definition: SubsequentEventTypeAxis to SubsequentEventTypeDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain_2" xlink:title="SubsequentEventTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="SubsequentEventTypeAxis" xlink:to="SubsequentEventTypeDomain_2" xlink:title="definition: SubsequentEventTypeAxis to SubsequentEventTypeDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="SubsequentEventMember" xlink:title="SubsequentEventMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="SubsequentEventTypeDomain" xlink:to="SubsequentEventMember" xlink:title="definition: SubsequentEventTypeDomain to SubsequentEventMember" order="1.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/AcquisitionsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionLineItems" xlink:label="BusinessAcquisitionLineItems" xlink:title="BusinessAcquisitionLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferred1" xlink:label="BusinessCombinationConsiderationTransferred1" xlink:title="BusinessCombinationConsiderationTransferred1" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="BusinessCombinationConsiderationTransferred1" xlink:title="definition: BusinessAcquisitionLineItems to BusinessCombinationConsiderationTransferred1" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:label="BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:title="BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:title="definition: BusinessAcquisitionLineItems to BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesGross" xlink:label="PaymentsToAcquireBusinessesGross" xlink:title="PaymentsToAcquireBusinessesGross" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="PaymentsToAcquireBusinessesGross" xlink:title="definition: BusinessAcquisitionLineItems to PaymentsToAcquireBusinessesGross" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:label="BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:title="BusinessCombinationConsiderationTransferredLiabilitiesIncurred" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:title="definition: BusinessAcquisitionLineItems to BusinessCombinationConsiderationTransferredLiabilitiesIncurred" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Goodwill" xlink:label="Goodwill" xlink:title="Goodwill" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="Goodwill" xlink:title="definition: BusinessAcquisitionLineItems to Goodwill" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GoodwillImpairmentLoss" xlink:label="GoodwillImpairmentLoss" xlink:title="GoodwillImpairmentLoss" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="GoodwillImpairmentLoss" xlink:title="definition: BusinessAcquisitionLineItems to GoodwillImpairmentLoss" order="6.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NumberOfReportingUnits" xlink:label="NumberOfReportingUnits" xlink:title="NumberOfReportingUnits" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="NumberOfReportingUnits" xlink:title="definition: BusinessAcquisitionLineItems to NumberOfReportingUnits" order="7.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:label="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:title="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionLineItems" xlink:to="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:title="definition: BusinessAcquisitionLineItems to NumberOfVesselsIncludedInWriteDownForImpairmentLoss" order="8.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:label="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:title="ScheduleOfBusinessAcquisitionsByAcquisitionTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="BusinessAcquisitionLineItems" xlink:to="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:title="definition: BusinessAcquisitionLineItems to ScheduleOfBusinessAcquisitionsByAcquisitionTable" order="9.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="BusinessAcquisitionAxis" xlink:title="BusinessAcquisitionAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="BusinessAcquisitionAxis" xlink:title="definition: ScheduleOfBusinessAcquisitionsByAcquisitionTable to BusinessAcquisitionAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="BusinessAcquisitionAcquireeDomain" xlink:title="BusinessAcquisitionAcquireeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="BusinessAcquisitionAxis" xlink:to="BusinessAcquisitionAcquireeDomain" xlink:title="definition: BusinessAcquisitionAxis to BusinessAcquisitionAcquireeDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="BusinessAcquisitionAcquireeDomain_2" xlink:title="BusinessAcquisitionAcquireeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="BusinessAcquisitionAxis" xlink:to="BusinessAcquisitionAcquireeDomain_2" xlink:title="definition: BusinessAcquisitionAxis to BusinessAcquisitionAcquireeDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ScandicAmericanShippingLtdMember" xlink:label="ScandicAmericanShippingLtdMember" xlink:title="ScandicAmericanShippingLtdMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="BusinessAcquisitionAcquireeDomain" xlink:to="ScandicAmericanShippingLtdMember" xlink:title="definition: BusinessAcquisitionAcquireeDomain to ScandicAmericanShippingLtdMember" order="1.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/RelatedPartyTransactionsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="RelatedPartyTransactionLineItems" xlink:title="RelatedPartyTransactionLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:label="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:title="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RelatedPartyTransactionLineItems" xlink:to="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:title="definition: RelatedPartyTransactionLineItems to RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="DueToRelatedPartiesCurrent" xlink:title="DueToRelatedPartiesCurrent" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RelatedPartyTransactionLineItems" xlink:to="DueToRelatedPartiesCurrent" xlink:title="definition: RelatedPartyTransactionLineItems to DueToRelatedPartiesCurrent" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CostsAndExpensesRelatedParty" xlink:label="CostsAndExpensesRelatedParty" xlink:title="CostsAndExpensesRelatedParty" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RelatedPartyTransactionLineItems" xlink:to="CostsAndExpensesRelatedParty" xlink:title="definition: RelatedPartyTransactionLineItems to CostsAndExpensesRelatedParty" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:title="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="RelatedPartyTransactionLineItems" xlink:to="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:title="definition: RelatedPartyTransactionLineItems to ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" order="4.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="RelatedPartyTransactionsByRelatedPartyAxis" xlink:title="RelatedPartyTransactionsByRelatedPartyAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="RelatedPartyTransactionsByRelatedPartyAxis" xlink:title="definition: ScheduleOfRelatedPartyTransactionsByRelatedPartyTable to RelatedPartyTransactionsByRelatedPartyAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="RelatedPartyDomain" xlink:title="RelatedPartyDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="RelatedPartyDomain" xlink:title="definition: RelatedPartyTransactionsByRelatedPartyAxis to RelatedPartyDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="RelatedPartyDomain_2" xlink:title="RelatedPartyDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="RelatedPartyDomain_2" xlink:title="definition: RelatedPartyTransactionsByRelatedPartyAxis to RelatedPartyDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ScandicAmericanShippingLtdMember" xlink:label="ScandicAmericanShippingLtdMember" xlink:title="ScandicAmericanShippingLtdMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RelatedPartyDomain" xlink:to="ScandicAmericanShippingLtdMember" xlink:title="definition: RelatedPartyDomain to ScandicAmericanShippingLtdMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DirectorMember" xlink:label="DirectorMember" xlink:title="DirectorMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RelatedPartyDomain" xlink:to="DirectorMember" xlink:title="definition: RelatedPartyDomain to DirectorMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" xlink:label="ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" xlink:title="ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RelatedPartyDomain" xlink:to="ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" xlink:title="definition: RelatedPartyDomain to ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAmericanOffshoreLimitedMember" xlink:label="NordicAmericanOffshoreLimitedMember" xlink:title="NordicAmericanOffshoreLimitedMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RelatedPartyDomain" xlink:to="NordicAmericanOffshoreLimitedMember" xlink:title="definition: RelatedPartyDomain to NordicAmericanOffshoreLimitedMember" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="RangeAxis" xlink:title="definition: ScheduleOfRelatedPartyTransactionsByRelatedPartyTable to RangeAxis" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="RangeMember" xlink:title="RangeMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="RangeAxis" xlink:to="RangeMember" xlink:title="definition: RangeAxis to RangeMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="RangeMember_2" xlink:title="RangeMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="RangeAxis" xlink:to="RangeMember_2" xlink:title="definition: RangeAxis to RangeMember_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="MinimumMember" xlink:title="MinimumMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RangeMember" xlink:to="MinimumMember" xlink:title="definition: RangeMember to MinimumMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="MaximumMember" xlink:title="MaximumMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RangeMember" xlink:to="MaximumMember" xlink:title="definition: RangeMember to MaximumMember" order="2.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/DeferredCompensationLiabilityDetails">
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:label="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:title="PostRetirementBenefitsWithIndividualEmployeesLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredCompensationLiabilityRetirementAge" xlink:label="DeferredCompensationLiabilityRetirementAge" xlink:title="DeferredCompensationLiabilityRetirementAge" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationLiabilityRetirementAge" xlink:title="definition: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationLiabilityRetirementAge" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredCompensationLiabilityImputedInterest" xlink:label="DeferredCompensationLiabilityImputedInterest" xlink:title="DeferredCompensationLiabilityImputedInterest" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationLiabilityImputedInterest" xlink:title="definition: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationLiabilityImputedInterest" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" xlink:label="DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" xlink:title="DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" xlink:title="definition: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:label="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:title="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:title="definition: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:label="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:title="DeferredCompensationArrangementWithIndividualCompensationExpense" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:title="definition: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationArrangementWithIndividualCompensationExpense" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationLiabilityCurrent" xlink:label="DeferredCompensationLiabilityCurrent" xlink:title="DeferredCompensationLiabilityCurrent" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationLiabilityCurrent" xlink:title="definition: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationLiabilityCurrent" order="6.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:label="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:title="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:title="definition: PostRetirementBenefitsWithIndividualEmployeesLineItems to ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" order="7.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="TitleOfIndividualAxis" xlink:title="TitleOfIndividualAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:to="TitleOfIndividualAxis" xlink:title="definition: ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable to TitleOfIndividualAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="TitleOfIndividualWithRelationshipToEntityDomain" xlink:title="TitleOfIndividualWithRelationshipToEntityDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="TitleOfIndividualAxis" xlink:to="TitleOfIndividualWithRelationshipToEntityDomain" xlink:title="definition: TitleOfIndividualAxis to TitleOfIndividualWithRelationshipToEntityDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="TitleOfIndividualWithRelationshipToEntityDomain_2" xlink:title="TitleOfIndividualWithRelationshipToEntityDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="TitleOfIndividualAxis" xlink:to="TitleOfIndividualWithRelationshipToEntityDomain_2" xlink:title="definition: TitleOfIndividualAxis to TitleOfIndividualWithRelationshipToEntityDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ChiefFinancialOfficerMember" xlink:label="ChiefFinancialOfficerMember" xlink:title="ChiefFinancialOfficerMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="ChiefFinancialOfficerMember" xlink:title="definition: TitleOfIndividualWithRelationshipToEntityDomain to ChiefFinancialOfficerMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ChiefExecutiveOfficerMember" xlink:label="ChiefExecutiveOfficerMember" xlink:title="ChiefExecutiveOfficerMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="ChiefExecutiveOfficerMember" xlink:title="definition: TitleOfIndividualWithRelationshipToEntityDomain to ChiefExecutiveOfficerMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CEOAndCFOMember" xlink:label="CEOAndCFOMember" xlink:title="CEOAndCFOMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="CEOAndCFOMember" xlink:title="definition: TitleOfIndividualWithRelationshipToEntityDomain to CEOAndCFOMember" order="3.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/OtherNoncurrentAssetsDetails" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/SharebasedCompensationPlanDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ShareBasedCompensationFairValueOfSharesIssued" xlink:label="ShareBasedCompensationFairValueOfSharesIssued" xlink:title="ShareBasedCompensationFairValueOfSharesIssued" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationFairValueOfSharesIssued" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationFairValueOfSharesIssued" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="TreasuryStockSharesAcquired" xlink:title="TreasuryStockSharesAcquired" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="TreasuryStockSharesAcquired" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to TreasuryStockSharesAcquired" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VestingRequirementLiftedForRestrictedShares" xlink:label="VestingRequirementLiftedForRestrictedShares" xlink:title="VestingRequirementLiftedForRestrictedShares" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="VestingRequirementLiftedForRestrictedShares" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to VestingRequirementLiftedForRestrictedShares" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:label="CommonStockCapitalSharesReservedForFutureIssuance" xlink:title="CommonStockCapitalSharesReservedForFutureIssuance" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="CommonStockCapitalSharesReservedForFutureIssuance" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to CommonStockCapitalSharesReservedForFutureIssuance" order="6.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:title="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" order="7.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:label="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:title="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" order="8.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="AllocatedShareBasedCompensationExpense" xlink:title="AllocatedShareBasedCompensationExpense" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="AllocatedShareBasedCompensationExpense" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to AllocatedShareBasedCompensationExpense" order="9.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" xlink:label="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" xlink:title="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" order="10.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="TreasuryStockShares" xlink:title="TreasuryStockShares" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="TreasuryStockShares" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to TreasuryStockShares" order="11.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" order="12.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_WeightedAverageGrantDateFairValueAbstract" xlink:label="WeightedAverageGrantDateFairValueAbstract" xlink:title="WeightedAverageGrantDateFairValueAbstract" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="WeightedAverageGrantDateFairValueAbstract" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to WeightedAverageGrantDateFairValueAbstract" order="13.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" order="14.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" order="15.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" order="16.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" order="17.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" order="18.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" order="19.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" order="20.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" order="21.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:title="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:title="definition: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" order="22.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="PlanNameAxis" xlink:title="PlanNameAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="PlanNameAxis" xlink:title="definition: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to PlanNameAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="PlanNameDomain" xlink:title="PlanNameDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="PlanNameAxis" xlink:to="PlanNameDomain" xlink:title="definition: PlanNameAxis to PlanNameDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="PlanNameDomain_2" xlink:title="PlanNameDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="PlanNameAxis" xlink:to="PlanNameDomain_2" xlink:title="definition: PlanNameAxis to PlanNameDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityIncentivePlan2011Member" xlink:label="EquityIncentivePlan2011Member" xlink:title="EquityIncentivePlan2011Member" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="PlanNameDomain" xlink:to="EquityIncentivePlan2011Member" xlink:title="definition: PlanNameDomain to EquityIncentivePlan2011Member" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="AwardTypeAxis" xlink:title="AwardTypeAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="AwardTypeAxis" xlink:title="definition: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to AwardTypeAxis" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:title="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="AwardTypeAxis" xlink:to="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:title="definition: AwardTypeAxis to ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_2" xlink:title="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="AwardTypeAxis" xlink:to="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_2" xlink:title="definition: AwardTypeAxis to ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="RestrictedStockMember" xlink:title="RestrictedStockMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="RestrictedStockMember" xlink:title="definition: ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain to RestrictedStockMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="TitleOfIndividualAxis" xlink:title="TitleOfIndividualAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="TitleOfIndividualAxis" xlink:title="definition: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to TitleOfIndividualAxis" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="TitleOfIndividualWithRelationshipToEntityDomain" xlink:title="TitleOfIndividualWithRelationshipToEntityDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="TitleOfIndividualAxis" xlink:to="TitleOfIndividualWithRelationshipToEntityDomain" xlink:title="definition: TitleOfIndividualAxis to TitleOfIndividualWithRelationshipToEntityDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="TitleOfIndividualWithRelationshipToEntityDomain_2" xlink:title="TitleOfIndividualWithRelationshipToEntityDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="TitleOfIndividualAxis" xlink:to="TitleOfIndividualWithRelationshipToEntityDomain_2" xlink:title="definition: TitleOfIndividualAxis to TitleOfIndividualWithRelationshipToEntityDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EmployeesMember" xlink:label="EmployeesMember" xlink:title="EmployeesMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="EmployeesMember" xlink:title="definition: TitleOfIndividualWithRelationshipToEntityDomain to EmployeesMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EmployeesAndNonEmployeesMember" xlink:label="EmployeesAndNonEmployeesMember" xlink:title="EmployeesAndNonEmployeesMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="EmployeesAndNonEmployeesMember" xlink:title="definition: TitleOfIndividualWithRelationshipToEntityDomain to EmployeesAndNonEmployeesMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="RangeAxis" xlink:title="definition: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to RangeAxis" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="RangeMember" xlink:title="RangeMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="RangeAxis" xlink:to="RangeMember" xlink:title="definition: RangeAxis to RangeMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="RangeMember_2" xlink:title="RangeMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="RangeAxis" xlink:to="RangeMember_2" xlink:title="definition: RangeAxis to RangeMember_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="MinimumMember" xlink:title="MinimumMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RangeMember" xlink:to="MinimumMember" xlink:title="definition: RangeMember to MinimumMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="MaximumMember" xlink:title="MaximumMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RangeMember" xlink:to="MaximumMember" xlink:title="definition: RangeMember to MaximumMember" order="2.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/LongtermDebtDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="DebtInstrumentLineItems" xlink:title="DebtInstrumentLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:title="LineOfCreditFacilityMaximumBorrowingCapacity" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:title="definition: DebtInstrumentLineItems to LineOfCreditFacilityMaximumBorrowingCapacity" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityExpirationDate1" xlink:label="LineOfCreditFacilityExpirationDate1" xlink:title="LineOfCreditFacilityExpirationDate1" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="LineOfCreditFacilityExpirationDate1" xlink:title="definition: DebtInstrumentLineItems to LineOfCreditFacilityExpirationDate1" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="DeferredFinanceCostsNet" xlink:title="DeferredFinanceCostsNet" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="DeferredFinanceCostsNet" xlink:title="definition: DebtInstrumentLineItems to DeferredFinanceCostsNet" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCredit" xlink:label="LineOfCredit" xlink:title="LineOfCredit" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="LineOfCredit" xlink:title="definition: DebtInstrumentLineItems to LineOfCredit" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver" xlink:label="PercentageOfIncreaseInMarginForThePeriodOfWaiver" xlink:title="PercentageOfIncreaseInMarginForThePeriodOfWaiver" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="PercentageOfIncreaseInMarginForThePeriodOfWaiver" xlink:title="definition: DebtInstrumentLineItems to PercentageOfIncreaseInMarginForThePeriodOfWaiver" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_SecurityRatioAfterAdjustment" xlink:label="SecurityRatioAfterAdjustment" xlink:title="SecurityRatioAfterAdjustment" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="SecurityRatioAfterAdjustment" xlink:title="definition: DebtInstrumentLineItems to SecurityRatioAfterAdjustment" order="6.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LiquidityCovenantAfterAdjustment" xlink:label="LiquidityCovenantAfterAdjustment" xlink:title="LiquidityCovenantAfterAdjustment" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="LiquidityCovenantAfterAdjustment" xlink:title="definition: DebtInstrumentLineItems to LiquidityCovenantAfterAdjustment" order="7.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MinimumMarketCapAfterAdjustments" xlink:label="MinimumMarketCapAfterAdjustments" xlink:title="MinimumMarketCapAfterAdjustments" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="MinimumMarketCapAfterAdjustments" xlink:title="definition: DebtInstrumentLineItems to MinimumMarketCapAfterAdjustments" order="8.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MinimumMarketCapToValueAdjustedTotalAssets" xlink:label="MinimumMarketCapToValueAdjustedTotalAssets" xlink:title="MinimumMarketCapToValueAdjustedTotalAssets" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="MinimumMarketCapToValueAdjustedTotalAssets" xlink:title="definition: DebtInstrumentLineItems to MinimumMarketCapToValueAdjustedTotalAssets" order="9.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:label="LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:title="LineOfCreditFacilityIncreaseInUndrawnPercentage" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:title="definition: DebtInstrumentLineItems to LineOfCreditFacilityIncreaseInUndrawnPercentage" order="10.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DistributedEarnings" xlink:label="DistributedEarnings" xlink:title="DistributedEarnings" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="DistributedEarnings" xlink:title="definition: DebtInstrumentLineItems to DistributedEarnings" order="11.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="ProceedsFromIssuanceOrSaleOfEquity" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="definition: DebtInstrumentLineItems to ProceedsFromIssuanceOrSaleOfEquity" order="12.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="RepaymentsOfLongTermDebt" xlink:title="RepaymentsOfLongTermDebt" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="RepaymentsOfLongTermDebt" xlink:title="definition: DebtInstrumentLineItems to RepaymentsOfLongTermDebt" order="13.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFrequencyOfPeriodicPayment" xlink:label="DebtInstrumentFrequencyOfPeriodicPayment" xlink:title="DebtInstrumentFrequencyOfPeriodicPayment" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentFrequencyOfPeriodicPayment" xlink:title="definition: DebtInstrumentLineItems to DebtInstrumentFrequencyOfPeriodicPayment" order="14.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentPeriodicPayment" xlink:label="DebtInstrumentPeriodicPayment" xlink:title="DebtInstrumentPeriodicPayment" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentPeriodicPayment" xlink:title="definition: DebtInstrumentLineItems to DebtInstrumentPeriodicPayment" order="15.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateDuringPeriod" xlink:label="DebtInstrumentInterestRateDuringPeriod" xlink:title="DebtInstrumentInterestRateDuringPeriod" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentInterestRateDuringPeriod" xlink:title="definition: DebtInstrumentLineItems to DebtInstrumentInterestRateDuringPeriod" order="16.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AmountOfDividendsThatCanBeDistributedQuarterly" xlink:label="AmountOfDividendsThatCanBeDistributedQuarterly" xlink:title="AmountOfDividendsThatCanBeDistributedQuarterly" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="AmountOfDividendsThatCanBeDistributedQuarterly" xlink:title="definition: DebtInstrumentLineItems to AmountOfDividendsThatCanBeDistributedQuarterly" order="17.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LineOfCreditFacilityCovenantAmount" xlink:label="LineOfCreditFacilityCovenantAmount" xlink:title="LineOfCreditFacilityCovenantAmount" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="LineOfCreditFacilityCovenantAmount" xlink:title="definition: DebtInstrumentLineItems to LineOfCreditFacilityCovenantAmount" order="18.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NewEquityUnderRecapitalizationProgram" xlink:label="NewEquityUnderRecapitalizationProgram" xlink:title="NewEquityUnderRecapitalizationProgram" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="NewEquityUnderRecapitalizationProgram" xlink:title="definition: DebtInstrumentLineItems to NewEquityUnderRecapitalizationProgram" order="19.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:label="GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:title="GrossAmountUnderNewEquityUnderRecapitalizationProgram" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:title="definition: DebtInstrumentLineItems to GrossAmountUnderNewEquityUnderRecapitalizationProgram" order="20.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFeeAmount" xlink:label="DebtInstrumentFeeAmount" xlink:title="DebtInstrumentFeeAmount" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentFeeAmount" xlink:title="definition: DebtInstrumentLineItems to DebtInstrumentFeeAmount" order="21.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsPlacedInTheMarketForSale" xlink:label="NumberOfVesselsPlacedInTheMarketForSale" xlink:title="NumberOfVesselsPlacedInTheMarketForSale" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="NumberOfVesselsPlacedInTheMarketForSale" xlink:title="definition: DebtInstrumentLineItems to NumberOfVesselsPlacedInTheMarketForSale" order="22.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfAdditionalVesselsExpectedToBeSold" xlink:label="NumberOfAdditionalVesselsExpectedToBeSold" xlink:title="NumberOfAdditionalVesselsExpectedToBeSold" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="NumberOfAdditionalVesselsExpectedToBeSold" xlink:title="definition: DebtInstrumentLineItems to NumberOfAdditionalVesselsExpectedToBeSold" order="23.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FinancingOfOutstandingCommitmentsPerShip" xlink:label="FinancingOfOutstandingCommitmentsPerShip" xlink:title="FinancingOfOutstandingCommitmentsPerShip" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="FinancingOfOutstandingCommitmentsPerShip" xlink:title="definition: DebtInstrumentLineItems to FinancingOfOutstandingCommitmentsPerShip" order="24.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfNewBuildings" xlink:label="NumberOfNewBuildings" xlink:title="NumberOfNewBuildings" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="NumberOfNewBuildings" xlink:title="definition: DebtInstrumentLineItems to NumberOfNewBuildings" order="25.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:label="PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:title="PercentageOfPurchasePriceExpectedToPayByLendingProvider" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:title="definition: DebtInstrumentLineItems to PercentageOfPurchasePriceExpectedToPayByLendingProvider" order="26.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_TermOfBareboatCharterAgreement" xlink:label="TermOfBareboatCharterAgreement" xlink:title="TermOfBareboatCharterAgreement" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="TermOfBareboatCharterAgreement" xlink:title="definition: DebtInstrumentLineItems to TermOfBareboatCharterAgreement" order="27.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FirstFlexibilityPeriodToPurchaseVessels" xlink:label="FirstFlexibilityPeriodToPurchaseVessels" xlink:title="FirstFlexibilityPeriodToPurchaseVessels" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="FirstFlexibilityPeriodToPurchaseVessels" xlink:title="definition: DebtInstrumentLineItems to FirstFlexibilityPeriodToPurchaseVessels" order="28.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_SecondFlexibilityPeriodToPurchaseVessels" xlink:label="SecondFlexibilityPeriodToPurchaseVessels" xlink:title="SecondFlexibilityPeriodToPurchaseVessels" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="SecondFlexibilityPeriodToPurchaseVessels" xlink:title="definition: DebtInstrumentLineItems to SecondFlexibilityPeriodToPurchaseVessels" order="29.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DebtInstrumentMinimumValueAdjustedEquity" xlink:label="DebtInstrumentMinimumValueAdjustedEquity" xlink:title="DebtInstrumentMinimumValueAdjustedEquity" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentMinimumValueAdjustedEquity" xlink:title="definition: DebtInstrumentLineItems to DebtInstrumentMinimumValueAdjustedEquity" order="30.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MinimumValueAdjustedEquityRatio" xlink:label="MinimumValueAdjustedEquityRatio" xlink:title="MinimumValueAdjustedEquityRatio" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="MinimumValueAdjustedEquityRatio" xlink:title="definition: DebtInstrumentLineItems to MinimumValueAdjustedEquityRatio" order="31.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DebtInstrumentMinimumLiquidityValue" xlink:label="DebtInstrumentMinimumLiquidityValue" xlink:title="DebtInstrumentMinimumLiquidityValue" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentMinimumLiquidityValue" xlink:title="definition: DebtInstrumentLineItems to DebtInstrumentMinimumLiquidityValue" order="32.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="DebtInstrumentTable" xlink:title="DebtInstrumentTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentTable" xlink:title="definition: DebtInstrumentLineItems to DebtInstrumentTable" order="33.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="CreditFacilityAxis" xlink:title="CreditFacilityAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="DebtInstrumentTable" xlink:to="CreditFacilityAxis" xlink:title="definition: DebtInstrumentTable to CreditFacilityAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="CreditFacilityDomain" xlink:title="CreditFacilityDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="CreditFacilityAxis" xlink:to="CreditFacilityDomain" xlink:title="definition: CreditFacilityAxis to CreditFacilityDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="CreditFacilityDomain_2" xlink:title="CreditFacilityDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="CreditFacilityAxis" xlink:to="CreditFacilityDomain_2" xlink:title="definition: CreditFacilityAxis to CreditFacilityDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="RevolvingCreditFacilityMember" xlink:title="RevolvingCreditFacilityMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CreditFacilityDomain" xlink:to="RevolvingCreditFacilityMember" xlink:title="definition: CreditFacilityDomain to RevolvingCreditFacilityMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NewRevolvingCreditFacilityMember" xlink:label="NewRevolvingCreditFacilityMember" xlink:title="NewRevolvingCreditFacilityMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CreditFacilityDomain" xlink:to="NewRevolvingCreditFacilityMember" xlink:title="definition: CreditFacilityDomain to NewRevolvingCreditFacilityMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="DebtInstrumentAxis" xlink:title="DebtInstrumentAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="DebtInstrumentTable" xlink:to="DebtInstrumentAxis" xlink:title="definition: DebtInstrumentTable to DebtInstrumentAxis" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="DebtInstrumentNameDomain" xlink:title="DebtInstrumentNameDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="DebtInstrumentAxis" xlink:to="DebtInstrumentNameDomain" xlink:title="definition: DebtInstrumentAxis to DebtInstrumentNameDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="DebtInstrumentNameDomain_2" xlink:title="DebtInstrumentNameDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="DebtInstrumentAxis" xlink:to="DebtInstrumentNameDomain_2" xlink:title="definition: DebtInstrumentAxis to DebtInstrumentNameDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_BondLoanMember" xlink:label="BondLoanMember" xlink:title="BondLoanMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="DebtInstrumentNameDomain" xlink:to="BondLoanMember" xlink:title="definition: DebtInstrumentNameDomain to BondLoanMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="DebtInstrumentTable" xlink:to="RangeAxis" xlink:title="definition: DebtInstrumentTable to RangeAxis" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="RangeMember" xlink:title="RangeMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="RangeAxis" xlink:to="RangeMember" xlink:title="definition: RangeAxis to RangeMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="RangeMember_2" xlink:title="RangeMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="RangeAxis" xlink:to="RangeMember_2" xlink:title="definition: RangeAxis to RangeMember_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="MinimumMember" xlink:title="MinimumMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RangeMember" xlink:to="MinimumMember" xlink:title="definition: RangeMember to MinimumMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="MaximumMember" xlink:title="MaximumMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="RangeMember" xlink:to="MaximumMember" xlink:title="definition: RangeMember to MaximumMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="SubsequentEventTypeAxis" xlink:title="SubsequentEventTypeAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="DebtInstrumentTable" xlink:to="SubsequentEventTypeAxis" xlink:title="definition: DebtInstrumentTable to SubsequentEventTypeAxis" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain" xlink:title="SubsequentEventTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="SubsequentEventTypeAxis" xlink:to="SubsequentEventTypeDomain" xlink:title="definition: SubsequentEventTypeAxis to SubsequentEventTypeDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain_2" xlink:title="SubsequentEventTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="SubsequentEventTypeAxis" xlink:to="SubsequentEventTypeDomain_2" xlink:title="definition: SubsequentEventTypeAxis to SubsequentEventTypeDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="SubsequentEventMember" xlink:title="SubsequentEventMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="SubsequentEventTypeDomain" xlink:to="SubsequentEventMember" xlink:title="definition: SubsequentEventTypeDomain to SubsequentEventMember" order="1.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/InterestExpenseDetails" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/AccruedLiabilitiesDetails" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/EarningsLossPerShareDetails" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ShareholdersEquityDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="ClassOfStockLineItems" xlink:title="ClassOfStockLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AuthorizedSharesRollForward" xlink:label="AuthorizedSharesRollForward" xlink:title="AuthorizedSharesRollForward" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="AuthorizedSharesRollForward" xlink:title="definition: ClassOfStockLineItems to AuthorizedSharesRollForward" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_IssuedAndOutstandingSharesRollForward" xlink:label="IssuedAndOutstandingSharesRollForward" xlink:title="IssuedAndOutstandingSharesRollForward" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="IssuedAndOutstandingSharesRollForward" xlink:title="definition: ClassOfStockLineItems to IssuedAndOutstandingSharesRollForward" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CommonStockRollForward" xlink:label="CommonStockRollForward" xlink:title="CommonStockRollForward" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="CommonStockRollForward" xlink:title="definition: ClassOfStockLineItems to CommonStockRollForward" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValueOutstanding" xlink:label="CommonStockValueOutstanding" xlink:title="CommonStockValueOutstanding" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="CommonStockValueOutstanding" xlink:title="definition: ClassOfStockLineItems to CommonStockValueOutstanding" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:label="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:title="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:title="definition: ClassOfStockLineItems to StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" order="5.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:title="definition: ClassOfStockLineItems to StockIssuedDuringPeriodValueNewIssues" order="6.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="CommonStockSharesIssued" xlink:title="CommonStockSharesIssued" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="CommonStockSharesIssued" xlink:title="definition: ClassOfStockLineItems to CommonStockSharesIssued" order="7.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding" xlink:title="CommonStockSharesOutstanding" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="CommonStockSharesOutstanding" xlink:title="definition: ClassOfStockLineItems to CommonStockSharesOutstanding" order="8.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:label="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:title="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:title="definition: ClassOfStockLineItems to StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" order="9.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="StockIssuedDuringPeriodSharesNewIssues" xlink:title="StockIssuedDuringPeriodSharesNewIssues" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="StockIssuedDuringPeriodSharesNewIssues" xlink:title="definition: ClassOfStockLineItems to StockIssuedDuringPeriodSharesNewIssues" order="10.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="CommonStockSharesAuthorized" xlink:title="CommonStockSharesAuthorized" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:to="CommonStockSharesAuthorized" xlink:title="definition: ClassOfStockLineItems to CommonStockSharesAuthorized" order="11.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="ScheduleOfStockByClassTable" xlink:title="ScheduleOfStockByClassTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="ClassOfStockLineItems" xlink:to="ScheduleOfStockByClassTable" xlink:title="definition: ClassOfStockLineItems to ScheduleOfStockByClassTable" order="12.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="ScheduleOfStockByClassTable" xlink:to="StatementEquityComponentsAxis" xlink:title="definition: ScheduleOfStockByClassTable to StatementEquityComponentsAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="StatementEquityComponentsAxis" xlink:to="EquityComponentDomain" xlink:title="definition: StatementEquityComponentsAxis to EquityComponentDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain_2" xlink:title="EquityComponentDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="StatementEquityComponentsAxis" xlink:to="EquityComponentDomain_2" xlink:title="definition: StatementEquityComponentsAxis to EquityComponentDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:to="CommonStockMember" xlink:title="definition: EquityComponentDomain to CommonStockMember" order="1.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingenciesDetails" />
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:label="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:title="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:label="CashAndCashEquivalentsFairValueDisclosure" xlink:title="CashAndCashEquivalentsFairValueDisclosure" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="CashAndCashEquivalentsFairValueDisclosure" xlink:title="definition: FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems to CashAndCashEquivalentsFairValueDisclosure" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LinesOfCreditFairValueDisclosure" xlink:label="LinesOfCreditFairValueDisclosure" xlink:title="LinesOfCreditFairValueDisclosure" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="LinesOfCreditFairValueDisclosure" xlink:title="definition: FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems to LinesOfCreditFairValueDisclosure" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RestrictedCash" xlink:label="RestrictedCash" xlink:title="RestrictedCash" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="RestrictedCash" xlink:title="definition: FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems to RestrictedCash" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable" xlink:label="FairValueByBalanceSheetGroupingTable" xlink:title="FairValueByBalanceSheetGroupingTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="FairValueByBalanceSheetGroupingTable" xlink:title="definition: FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems to FairValueByBalanceSheetGroupingTable" order="4.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="FairValueByMeasurementBasisAxis" xlink:title="FairValueByMeasurementBasisAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="FairValueByBalanceSheetGroupingTable" xlink:to="FairValueByMeasurementBasisAxis" xlink:title="definition: FairValueByBalanceSheetGroupingTable to FairValueByMeasurementBasisAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="FairValueDisclosureItemAmountsDomain" xlink:title="FairValueDisclosureItemAmountsDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="FairValueByMeasurementBasisAxis" xlink:to="FairValueDisclosureItemAmountsDomain" xlink:title="definition: FairValueByMeasurementBasisAxis to FairValueDisclosureItemAmountsDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:label="PortionAtFairValueFairValueDisclosureMember" xlink:title="PortionAtFairValueFairValueDisclosureMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="FairValueDisclosureItemAmountsDomain" xlink:to="PortionAtFairValueFairValueDisclosureMember" xlink:title="definition: FairValueDisclosureItemAmountsDomain to PortionAtFairValueFairValueDisclosureMember" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:label="PortionAtFairValueFairValueDisclosureMember_2" xlink:title="PortionAtFairValueFairValueDisclosureMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="FairValueByMeasurementBasisAxis" xlink:to="PortionAtFairValueFairValueDisclosureMember_2" xlink:title="definition: FairValueByMeasurementBasisAxis to PortionAtFairValueFairValueDisclosureMember_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:label="EstimateOfFairValueFairValueDisclosureMember" xlink:title="EstimateOfFairValueFairValueDisclosureMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="FairValueDisclosureItemAmountsDomain" xlink:to="EstimateOfFairValueFairValueDisclosureMember" xlink:title="definition: FairValueDisclosureItemAmountsDomain to EstimateOfFairValueFairValueDisclosureMember" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="CarryingReportedAmountFairValueDisclosureMember" xlink:title="CarryingReportedAmountFairValueDisclosureMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="FairValueDisclosureItemAmountsDomain" xlink:to="CarryingReportedAmountFairValueDisclosureMember" xlink:title="definition: FairValueDisclosureItemAmountsDomain to CarryingReportedAmountFairValueDisclosureMember" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="FairValueByFairValueHierarchyLevelAxis" xlink:title="FairValueByFairValueHierarchyLevelAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="FairValueByBalanceSheetGroupingTable" xlink:to="FairValueByFairValueHierarchyLevelAxis" xlink:title="definition: FairValueByBalanceSheetGroupingTable to FairValueByFairValueHierarchyLevelAxis" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="FairValueMeasurementsFairValueHierarchyDomain" xlink:title="FairValueMeasurementsFairValueHierarchyDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="FairValueByFairValueHierarchyLevelAxis" xlink:to="FairValueMeasurementsFairValueHierarchyDomain" xlink:title="definition: FairValueByFairValueHierarchyLevelAxis to FairValueMeasurementsFairValueHierarchyDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="FairValueMeasurementsFairValueHierarchyDomain_2" xlink:title="FairValueMeasurementsFairValueHierarchyDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="FairValueByFairValueHierarchyLevelAxis" xlink:to="FairValueMeasurementsFairValueHierarchyDomain_2" xlink:title="definition: FairValueByFairValueHierarchyLevelAxis to FairValueMeasurementsFairValueHierarchyDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="FairValueInputsLevel1Member" xlink:title="FairValueInputsLevel1Member" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="FairValueMeasurementsFairValueHierarchyDomain" xlink:to="FairValueInputsLevel1Member" xlink:title="definition: FairValueMeasurementsFairValueHierarchyDomain to FairValueInputsLevel1Member" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="FairValueInputsLevel2Member" xlink:title="FairValueInputsLevel2Member" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="FairValueMeasurementsFairValueHierarchyDomain" xlink:to="FairValueInputsLevel2Member" xlink:title="definition: FairValueMeasurementsFairValueHierarchyDomain to FairValueInputsLevel2Member" order="2.0" />
  </link:definitionLink>
  <link:definitionLink xlink:type="extended" xlink:role="http://nat.bm/role/SubsequentEventsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="SubsequentEventLineItems" xlink:title="SubsequentEventLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="CommonStockDividendsPerShareDeclared" xlink:title="CommonStockDividendsPerShareDeclared" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="SubsequentEventLineItems" xlink:to="CommonStockDividendsPerShareDeclared" xlink:title="definition: SubsequentEventLineItems to CommonStockDividendsPerShareDeclared" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="DividendsPayableDateDeclaredDayMonthAndYear" xlink:title="DividendsPayableDateDeclaredDayMonthAndYear" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="SubsequentEventLineItems" xlink:to="DividendsPayableDateDeclaredDayMonthAndYear" xlink:title="definition: SubsequentEventLineItems to DividendsPayableDateDeclaredDayMonthAndYear" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="DividendPayableDateToBePaidDayMonthAndYear" xlink:title="DividendPayableDateToBePaidDayMonthAndYear" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="SubsequentEventLineItems" xlink:to="DividendPayableDateToBePaidDayMonthAndYear" xlink:title="definition: SubsequentEventLineItems to DividendPayableDateToBePaidDayMonthAndYear" order="3.0" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsPlacedInTheMarketForSale" xlink:label="NumberOfVesselsPlacedInTheMarketForSale" xlink:title="NumberOfVesselsPlacedInTheMarketForSale" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="SubsequentEventLineItems" xlink:to="NumberOfVesselsPlacedInTheMarketForSale" xlink:title="definition: SubsequentEventLineItems to NumberOfVesselsPlacedInTheMarketForSale" order="4.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="SubsequentEventTable" xlink:title="SubsequentEventTable" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="SubsequentEventLineItems" xlink:to="SubsequentEventTable" xlink:title="definition: SubsequentEventLineItems to SubsequentEventTable" order="5.0" t1:closed="true" t1:contextElement="segment" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="SubsequentEventTypeAxis" xlink:title="SubsequentEventTypeAxis" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="SubsequentEventTable" xlink:to="SubsequentEventTypeAxis" xlink:title="definition: SubsequentEventTable to SubsequentEventTypeAxis" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain" xlink:title="SubsequentEventTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="SubsequentEventTypeAxis" xlink:to="SubsequentEventTypeDomain" xlink:title="definition: SubsequentEventTypeAxis to SubsequentEventTypeDomain" order="1.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain_2" xlink:title="SubsequentEventTypeDomain" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="SubsequentEventTypeAxis" xlink:to="SubsequentEventTypeDomain_2" xlink:title="definition: SubsequentEventTypeAxis to SubsequentEventTypeDomain_2" order="2.0" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="SubsequentEventMember" xlink:title="SubsequentEventMember" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="SubsequentEventTypeDomain" xlink:to="SubsequentEventMember" xlink:title="definition: SubsequentEventTypeDomain to SubsequentEventMember" order="1.0" />
  </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>15
<FILENAME>nat-20171231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 4.3.3.1 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" />
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag_lbl" xml:lang="en-US" id="dei_AmendmentFlag_lbl">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:title="label: AmendmentFlag to dei_AmendmentFlag_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US" id="dei_CurrentFiscalYearEndDate_lbl">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:title="label: CurrentFiscalYearEndDate to dei_CurrentFiscalYearEndDate_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US" id="dei_DocumentPeriodEndDate_lbl">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:title="label: DocumentPeriodEndDate to dei_DocumentPeriodEndDate_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer" />
    <link:label xlink:type="resource" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US" id="dei_EntityWellKnownSeasonedIssuer_lbl">Entity Well-known Seasoned Issuer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:title="label: EntityWellKnownSeasonedIssuer to dei_EntityWellKnownSeasonedIssuer_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="EntityVoluntaryFilers" xlink:title="EntityVoluntaryFilers" />
    <link:label xlink:type="resource" xlink:label="dei_EntityVoluntaryFilers_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US" id="dei_EntityVoluntaryFilers_lbl">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:title="label: EntityVoluntaryFilers to dei_EntityVoluntaryFilers_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="EntityCurrentReportingStatus" xlink:title="EntityCurrentReportingStatus" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCurrentReportingStatus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US" id="dei_EntityCurrentReportingStatus_lbl">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:title="label: EntityCurrentReportingStatus to dei_EntityCurrentReportingStatus_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="EntityFilerCategory" xlink:title="EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFilerCategory_lbl" xml:lang="en-US" id="dei_EntityFilerCategory_lbl">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:title="label: EntityFilerCategory to dei_EntityFilerCategory_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName_lbl" xml:lang="en-US" id="dei_EntityRegistrantName_lbl">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="dei_EntityCentralIndexKey_lbl">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:title="label: EntityCentralIndexKey to dei_EntityCentralIndexKey_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US" id="dei_EntityCommonStockSharesOutstanding_lbl">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:title="label: EntityCommonStockSharesOutstanding to dei_EntityCommonStockSharesOutstanding_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalYearFocus_lbl">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:title="label: DocumentFiscalYearFocus to dei_DocumentFiscalYearFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus_lbl">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentType_lbl" xml:lang="en-US" id="dei_DocumentType_lbl">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="dei_DocumentType_lbl" xlink:title="label: DocumentType to dei_DocumentType_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentTextBlock" xlink:label="InvestmentTextBlock" xlink:title="InvestmentTextBlock" />
    <link:label xlink:type="resource" xlink:label="invest_InvestmentTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="invest_InvestmentTextBlock_lbl" xml:lang="en-US" id="invest_InvestmentTextBlock_lbl">INVESTMENTS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentTextBlock" xlink:to="invest_InvestmentTextBlock_lbl" xlink:title="label: InvestmentTextBlock to invest_InvestmentTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="AwardTypeAxis" xlink:title="AwardTypeAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AwardTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_AwardTypeAxis_lbl" xml:lang="en-US" id="us-gaap_AwardTypeAxis_lbl">Award Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis_lbl" xlink:title="label: AwardTypeAxis to us-gaap_AwardTypeAxis_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AwardTypeAxis_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AwardTypeAxis_lbl1" xml:lang="en-US" id="us-gaap_AwardTypeAxis_lbl1">Award Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis_lbl1" xlink:title="label: AwardTypeAxis to us-gaap_AwardTypeAxis_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingStandardsUpdate201409Member" xlink:label="AccountingStandardsUpdate201409Member" xlink:title="AccountingStandardsUpdate201409Member" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountingStandardsUpdate201409Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountingStandardsUpdate201409Member_lbl" xml:lang="en-US" id="us-gaap_AccountingStandardsUpdate201409Member_lbl">ASU 2014-09 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingStandardsUpdate201409Member" xlink:to="us-gaap_AccountingStandardsUpdate201409Member_lbl" xlink:title="label: AccountingStandardsUpdate201409Member to us-gaap_AccountingStandardsUpdate201409Member_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="AccountingPoliciesAbstract" xlink:title="AccountingPoliciesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US" id="us-gaap_AccountingPoliciesAbstract_lbl">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl" xlink:title="label: AccountingPoliciesAbstract to us-gaap_AccountingPoliciesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingStandardsUpdate201618Member" xlink:label="AccountingStandardsUpdate201618Member" xlink:title="AccountingStandardsUpdate201618Member" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountingStandardsUpdate201618Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_AccountingStandardsUpdate201618Member_lbl" xml:lang="en-US" id="us-gaap_AccountingStandardsUpdate201618Member_lbl">ASU 2016-18 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingStandardsUpdate201618Member" xlink:to="us-gaap_AccountingStandardsUpdate201618Member_lbl" xlink:title="label: AccountingStandardsUpdate201618Member to us-gaap_AccountingStandardsUpdate201618Member_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountingStandardsUpdate201618Member_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountingStandardsUpdate201618Member_lbl1" xml:lang="en-US" id="us-gaap_AccountingStandardsUpdate201618Member_lbl1">Accounting Standards Update 2016-18 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingStandardsUpdate201618Member" xlink:to="us-gaap_AccountingStandardsUpdate201618Member_lbl1" xlink:title="label: AccountingStandardsUpdate201618Member to us-gaap_AccountingStandardsUpdate201618Member_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:label="AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:title="AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl">ACCRUED LIABILITIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xlink:title="label: AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock to us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl1">Accounts Payable and Accrued Liabilities Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl1" xlink:title="label: AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock to us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="AccountsAndNotesReceivableNet" xlink:title="AccountsAndNotesReceivableNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsAndNotesReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_AccountsAndNotesReceivableNet_lbl" xml:lang="en-US" id="us-gaap_AccountsAndNotesReceivableNet_lbl">Accounts Receivable, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsAndNotesReceivableNet" xlink:to="us-gaap_AccountsAndNotesReceivableNet_lbl" xlink:title="label: AccountsAndNotesReceivableNet to us-gaap_AccountsAndNotesReceivableNet_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsAndNotesReceivableNet_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountsAndNotesReceivableNet_lbl1" xml:lang="en-US" id="us-gaap_AccountsAndNotesReceivableNet_lbl1">Accounts and Notes Receivable, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsAndNotesReceivableNet" xlink:to="us-gaap_AccountsAndNotesReceivableNet_lbl1" xlink:title="label: AccountsAndNotesReceivableNet to us-gaap_AccountsAndNotesReceivableNet_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="AccountsReceivableNet" xlink:title="AccountsReceivableNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US" id="us-gaap_AccountsReceivableNet_lbl">Accounts receivable, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsReceivableNet" xlink:to="us-gaap_AccountsReceivableNet_lbl" xlink:title="label: AccountsReceivableNet to us-gaap_AccountsReceivableNet_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableMember" xlink:label="AccountsReceivableMember" xlink:title="AccountsReceivableMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsReceivableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountsReceivableMember_lbl" xml:lang="en-US" id="us-gaap_AccountsReceivableMember_lbl">Accounts Receivable [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsReceivableMember" xlink:to="us-gaap_AccountsReceivableMember_lbl" xlink:title="label: AccountsReceivableMember to us-gaap_AccountsReceivableMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableRelatedPartiesCurrent" xlink:label="AccountsReceivableRelatedPartiesCurrent" xlink:title="AccountsReceivableRelatedPartiesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsReceivableRelatedPartiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountsReceivableRelatedPartiesCurrent_lbl" xml:lang="en-US" id="us-gaap_AccountsReceivableRelatedPartiesCurrent_lbl">Accounts Receivable, Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsReceivableRelatedPartiesCurrent" xlink:to="us-gaap_AccountsReceivableRelatedPartiesCurrent_lbl" xlink:title="label: AccountsReceivableRelatedPartiesCurrent to us-gaap_AccountsReceivableRelatedPartiesCurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="AccountsPayableCurrent" xlink:title="AccountsPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US" id="us-gaap_AccountsPayableCurrent_lbl">Accounts Payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:title="label: AccountsPayableCurrent to us-gaap_AccountsPayableCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsPayableCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountsPayableCurrent_lbl1" xml:lang="en-US" id="us-gaap_AccountsPayableCurrent_lbl1">Accounts Payable, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl1" xlink:title="label: AccountsPayableCurrent to us-gaap_AccountsPayableCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableNetAbstract" xlink:label="AccountsReceivableNetAbstract" xlink:title="AccountsReceivableNetAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsReceivableNetAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountsReceivableNetAbstract_lbl" xml:lang="en-US" id="us-gaap_AccountsReceivableNetAbstract_lbl">Accounts Receivable [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsReceivableNetAbstract" xlink:to="us-gaap_AccountsReceivableNetAbstract_lbl" xlink:title="label: AccountsReceivableNetAbstract to us-gaap_AccountsReceivableNetAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="AccruedLiabilitiesCurrent" xlink:title="AccruedLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US" id="us-gaap_AccruedLiabilitiesCurrent_lbl">Total as of December 31</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl" xlink:title="label: AccruedLiabilitiesCurrent to us-gaap_AccruedLiabilitiesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_AccruedLiabilitiesCurrent_lbl1" xml:lang="en-US" id="us-gaap_AccruedLiabilitiesCurrent_lbl1">Accrued Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl1" xlink:title="label: AccruedLiabilitiesCurrent to us-gaap_AccruedLiabilitiesCurrent_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccruedLiabilitiesCurrent_lbl2" xml:lang="en-US" id="us-gaap_AccruedLiabilitiesCurrent_lbl2">Accrued Liabilities, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl2" xlink:title="label: AccruedLiabilitiesCurrent to us-gaap_AccruedLiabilitiesCurrent_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:label="AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:title="AccruedLiabilitiesCurrentAndNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract_lbl" xml:lang="en-US" id="us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract_lbl">ACCRUED LIABILITIES [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:to="us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract_lbl" xlink:title="label: AccruedLiabilitiesCurrentAndNoncurrentAbstract to us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US" id="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl">Accumulated Other Comprehensive Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xlink:title="label: AccumulatedOtherComprehensiveIncomeLossNetOfTax to us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl1" xml:lang="en-US" id="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl1">Accumulated Other Comprehensive Income (Loss), Net of Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl1" xlink:title="label: AccumulatedOtherComprehensiveIncomeLossNetOfTax to us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:title="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl">Less Accumulated Depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xlink:title="label: AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment to us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl1" xml:lang="en-US" id="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl1">Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl1" xlink:title="label: AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment to us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="AccumulatedOtherComprehensiveIncomeMember" xlink:title="AccumulatedOtherComprehensiveIncomeMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" id="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl">Accumulated Other Comprehensive Loss [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedOtherComprehensiveIncomeMember" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xlink:title="label: AccumulatedOtherComprehensiveIncomeMember to us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl1" xml:lang="en-US" id="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl1">AOCI Attributable to Parent [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedOtherComprehensiveIncomeMember" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl1" xlink:title="label: AccumulatedOtherComprehensiveIncomeMember to us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="AdditionalPaidInCapitalCommonStock" xlink:title="AdditionalPaidInCapitalCommonStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xml:lang="en-US" id="us-gaap_AdditionalPaidInCapitalCommonStock_lbl">Additional Paid-in Capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalPaidInCapitalCommonStock" xlink:to="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xlink:title="label: AdditionalPaidInCapitalCommonStock to us-gaap_AdditionalPaidInCapitalCommonStock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalAbstract" xlink:label="AdditionalPaidInCapitalAbstract" xlink:title="AdditionalPaidInCapitalAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AdditionalPaidInCapitalAbstract_lbl" xml:lang="en-US" id="us-gaap_AdditionalPaidInCapitalAbstract_lbl">Additional Paid in Capital [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalPaidInCapitalAbstract" xlink:to="us-gaap_AdditionalPaidInCapitalAbstract_lbl" xlink:title="label: AdditionalPaidInCapitalAbstract to us-gaap_AdditionalPaidInCapitalAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="AdditionalPaidInCapitalMember" xlink:title="AdditionalPaidInCapitalMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US" id="us-gaap_AdditionalPaidInCapitalMember_lbl">Additional Paid-in Capital [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:title="label: AdditionalPaidInCapitalMember to us-gaap_AdditionalPaidInCapitalMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" xlink:label="AdjustmentsToAdditionalPaidInCapitalOther" xlink:title="AdjustmentsToAdditionalPaidInCapitalOther" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl" xml:lang="en-US" id="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl">Accumulated coverage of loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToAdditionalPaidInCapitalOther" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl" xlink:title="label: AdjustmentsToAdditionalPaidInCapitalOther to us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl">Reconciliation of Net Loss to Net Cash Provided by Operating Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:title="label: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="AdjustmentsForNewAccountingPronouncementsAxis" xlink:title="AdjustmentsForNewAccountingPronouncementsAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" xml:lang="en-US" id="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl">Adjustments for New Accounting Pronouncements [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNewAccountingPronouncementsAxis" xlink:to="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" xlink:title="label: AdjustmentsForNewAccountingPronouncementsAxis to us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="AllocatedShareBasedCompensationExpense" xlink:title="AllocatedShareBasedCompensationExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US" id="us-gaap_AllocatedShareBasedCompensationExpense_lbl">Total compensation cost for the period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:title="label: AllocatedShareBasedCompensationExpense to us-gaap_AllocatedShareBasedCompensationExpense_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="AllowanceForDoubtfulAccountsReceivable" xlink:title="AllowanceForDoubtfulAccountsReceivable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xml:lang="en-US" id="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl">Allowance for doubtful balances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulAccountsReceivable" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xlink:title="label: AllowanceForDoubtfulAccountsReceivable to us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="AmortizationOfFinancingCosts" xlink:title="AmortizationOfFinancingCosts" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_AmortizationOfFinancingCosts_lbl" xml:lang="en-US" id="us-gaap_AmortizationOfFinancingCosts_lbl">Amortization of Deferred Finance Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfFinancingCosts" xlink:to="us-gaap_AmortizationOfFinancingCosts_lbl" xlink:title="label: AmortizationOfFinancingCosts to us-gaap_AmortizationOfFinancingCosts_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AmortizationOfFinancingCosts_lbl1" xml:lang="en-US" id="us-gaap_AmortizationOfFinancingCosts_lbl1">Amortization of Deferred Financing Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfFinancingCosts" xlink:to="us-gaap_AmortizationOfFinancingCosts_lbl1" xlink:title="label: AmortizationOfFinancingCosts to us-gaap_AmortizationOfFinancingCosts_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_AssetsAbstract_lbl" xml:lang="en-US" id="us-gaap_AssetsAbstract_lbl">ASSETS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:title="label: AssetsAbstract to us-gaap_AssetsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AssetsAbstract_lbl1" xml:lang="en-US" id="us-gaap_AssetsAbstract_lbl1">Assets [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl1" xlink:title="label: AssetsAbstract to us-gaap_AssetsAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_Assets_lbl" xml:lang="en-US" id="us-gaap_Assets_lbl">Total Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="us-gaap_Assets_lbl" xlink:title="label: Assets to us-gaap_Assets_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Assets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Assets_lbl1" xml:lang="en-US" id="us-gaap_Assets_lbl1">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="us-gaap_Assets_lbl1" xlink:title="label: Assets to us-gaap_Assets_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="AssetsCurrentAbstract" xlink:title="AssetsCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US" id="us-gaap_AssetsCurrentAbstract_lbl">Current Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" xlink:title="label: AssetsCurrentAbstract to us-gaap_AssetsCurrentAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsCurrentAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AssetsCurrentAbstract_lbl1" xml:lang="en-US" id="us-gaap_AssetsCurrentAbstract_lbl1">Assets, Current [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl1" xlink:title="label: AssetsCurrentAbstract to us-gaap_AssetsCurrentAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsNoncurrentAbstract" xlink:label="AssetsNoncurrentAbstract" xlink:title="AssetsNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsNoncurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AssetsNoncurrentAbstract_lbl" xml:lang="en-US" id="us-gaap_AssetsNoncurrentAbstract_lbl">NON-CURRENT ASSETS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsNoncurrentAbstract" xlink:to="us-gaap_AssetsNoncurrentAbstract_lbl" xlink:title="label: AssetsNoncurrentAbstract to us-gaap_AssetsNoncurrentAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsNoncurrent" xlink:label="AssetsNoncurrent" xlink:title="AssetsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_AssetsNoncurrent_lbl" xml:lang="en-US" id="us-gaap_AssetsNoncurrent_lbl">Total Non-current Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsNoncurrent" xlink:to="us-gaap_AssetsNoncurrent_lbl" xlink:title="label: AssetsNoncurrent to us-gaap_AssetsNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsNoncurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AssetsNoncurrent_lbl1" xml:lang="en-US" id="us-gaap_AssetsNoncurrent_lbl1">Assets, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsNoncurrent" xlink:to="us-gaap_AssetsNoncurrent_lbl1" xlink:title="label: AssetsNoncurrent to us-gaap_AssetsNoncurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="AssetsCurrent" xlink:title="AssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_AssetsCurrent_lbl" xml:lang="en-US" id="us-gaap_AssetsCurrent_lbl">Total Current Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xlink:title="label: AssetsCurrent to us-gaap_AssetsCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AssetsCurrent_lbl1" xml:lang="en-US" id="us-gaap_AssetsCurrent_lbl1">Assets, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl1" xlink:title="label: AssetsCurrent to us-gaap_AssetsCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BasisOfAccounting" xlink:label="BasisOfAccounting" xlink:title="BasisOfAccounting" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BasisOfAccounting_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BasisOfAccounting_lbl" xml:lang="en-US" id="us-gaap_BasisOfAccounting_lbl">Basis of Accounting</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasisOfAccounting" xlink:to="us-gaap_BasisOfAccounting_lbl" xlink:title="label: BasisOfAccounting to us-gaap_BasisOfAccounting_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:label="BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:title="BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_lbl" xml:lang="en-US" id="us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_lbl">Common shares paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:to="us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_lbl" xlink:title="label: BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable to us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="BusinessAcquisitionAcquireeDomain" xlink:title="BusinessAcquisitionAcquireeDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xml:lang="en-US" id="us-gaap_BusinessAcquisitionAcquireeDomain_lbl">Business Acquisition, Acquiree [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionAcquireeDomain" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xlink:title="label: BusinessAcquisitionAcquireeDomain to us-gaap_BusinessAcquisitionAcquireeDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:label="BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:title="BusinessCombinationConsiderationTransferredLiabilitiesIncurred" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred_lbl" xml:lang="en-US" id="us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred_lbl">Payable to seller</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:to="us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred_lbl" xlink:title="label: BusinessCombinationConsiderationTransferredLiabilitiesIncurred to us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="BusinessAcquisitionAxis" xlink:title="BusinessAcquisitionAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessAcquisitionAxis_lbl" xml:lang="en-US" id="us-gaap_BusinessAcquisitionAxis_lbl">Business Acquisition [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAxis_lbl" xlink:title="label: BusinessAcquisitionAxis to us-gaap_BusinessAcquisitionAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="BusinessCombinationsAbstract" xlink:title="BusinessCombinationsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessCombinationsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessCombinationsAbstract_lbl" xml:lang="en-US" id="us-gaap_BusinessCombinationsAbstract_lbl">ACQUISITIONS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationsAbstract" xlink:to="us-gaap_BusinessCombinationsAbstract_lbl" xlink:title="label: BusinessCombinationsAbstract to us-gaap_BusinessCombinationsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionLineItems" xlink:label="BusinessAcquisitionLineItems" xlink:title="BusinessAcquisitionLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessAcquisitionLineItems_lbl" xml:lang="en-US" id="us-gaap_BusinessAcquisitionLineItems_lbl">Business Acquisition [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionLineItems" xlink:to="us-gaap_BusinessAcquisitionLineItems_lbl" xlink:title="label: BusinessAcquisitionLineItems to us-gaap_BusinessAcquisitionLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferred1" xlink:label="BusinessCombinationConsiderationTransferred1" xlink:title="BusinessCombinationConsiderationTransferred1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessCombinationConsiderationTransferred1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessCombinationConsiderationTransferred1_lbl" xml:lang="en-US" id="us-gaap_BusinessCombinationConsiderationTransferred1_lbl">Purchase price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationConsiderationTransferred1" xlink:to="us-gaap_BusinessCombinationConsiderationTransferred1_lbl" xlink:title="label: BusinessCombinationConsiderationTransferred1 to us-gaap_BusinessCombinationConsiderationTransferred1_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock" xlink:label="BusinessCombinationDisclosureTextBlock" xlink:title="BusinessCombinationDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessCombinationDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_BusinessCombinationDisclosureTextBlock_lbl">ACQUISITIONS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationDisclosureTextBlock" xlink:to="us-gaap_BusinessCombinationDisclosureTextBlock_lbl" xlink:title="label: BusinessCombinationDisclosureTextBlock to us-gaap_BusinessCombinationDisclosureTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CargoAndFreightRevenue" xlink:label="CargoAndFreightRevenue" xlink:title="CargoAndFreightRevenue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CargoAndFreightRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CargoAndFreightRevenue_lbl" xml:lang="en-US" id="us-gaap_CargoAndFreightRevenue_lbl">Voyage Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoAndFreightRevenue" xlink:to="us-gaap_CargoAndFreightRevenue_lbl" xlink:title="label: CargoAndFreightRevenue to us-gaap_CargoAndFreightRevenue_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="CarryingReportedAmountFairValueDisclosureMember" xlink:title="CarryingReportedAmountFairValueDisclosureMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xml:lang="en-US" id="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl">Carrying Value [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingReportedAmountFairValueDisclosureMember" xlink:to="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xlink:title="label: CarryingReportedAmountFairValueDisclosureMember to us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl1" xml:lang="en-US" id="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl1">Reported Value Measurement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingReportedAmountFairValueDisclosureMember" xlink:to="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl1" xlink:title="label: CarryingReportedAmountFairValueDisclosureMember to us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="CashAndCashEquivalentsPolicyTextBlock" xlink:title="CashAndCashEquivalentsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl">Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xlink:title="label: CashAndCashEquivalentsPolicyTextBlock to us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl1" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl1">Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl1" xlink:title="label: CashAndCashEquivalentsPolicyTextBlock to us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl">Cash and Cash Equivalents at Beginning of Year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:title="label: CashAndCashEquivalentsAtCarryingValue to us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl1" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl1">Cash and Cash Equivalents at the End of Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl1" xlink:title="label: CashAndCashEquivalentsAtCarryingValue to us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl2" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl2">Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl2" xlink:title="label: CashAndCashEquivalentsAtCarryingValue to us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl2" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl3" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl3">Cash and Cash Equivalents, at Carrying Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl3" xlink:title="label: CashAndCashEquivalentsAtCarryingValue to us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl">Net (Decrease) Increase in Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:title="label: CashAndCashEquivalentsPeriodIncreaseDecrease to us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl1" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl1">Cash and Cash Equivalents, Period Increase (Decrease)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl1" xlink:title="label: CashAndCashEquivalentsPeriodIncreaseDecrease to us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:label="CashAndCashEquivalentsFairValueDisclosure" xlink:title="CashAndCashEquivalentsFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CashAndCashEquivalentsFairValueDisclosure_lbl" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsFairValueDisclosure_lbl">Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsFairValueDisclosure" xlink:to="us-gaap_CashAndCashEquivalentsFairValueDisclosure_lbl" xlink:title="label: CashAndCashEquivalentsFairValueDisclosure to us-gaap_CashAndCashEquivalentsFairValueDisclosure_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsAbstract" xlink:label="CashAndCashEquivalentsAbstract" xlink:title="CashAndCashEquivalentsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsAbstract_lbl">Cash and Cash Equivalents [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAbstract" xlink:to="us-gaap_CashAndCashEquivalentsAbstract_lbl" xlink:title="label: CashAndCashEquivalentsAbstract to us-gaap_CashAndCashEquivalentsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ChiefFinancialOfficerMember" xlink:label="ChiefFinancialOfficerMember" xlink:title="ChiefFinancialOfficerMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ChiefFinancialOfficerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ChiefFinancialOfficerMember_lbl" xml:lang="en-US" id="us-gaap_ChiefFinancialOfficerMember_lbl">Executive Vice President and Chief Financial Officer [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChiefFinancialOfficerMember" xlink:to="us-gaap_ChiefFinancialOfficerMember_lbl" xlink:title="label: ChiefFinancialOfficerMember to us-gaap_ChiefFinancialOfficerMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ChiefExecutiveOfficerMember" xlink:label="ChiefExecutiveOfficerMember" xlink:title="ChiefExecutiveOfficerMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ChiefExecutiveOfficerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ChiefExecutiveOfficerMember_lbl" xml:lang="en-US" id="us-gaap_ChiefExecutiveOfficerMember_lbl">Chairman, President and CEO [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChiefExecutiveOfficerMember" xlink:to="us-gaap_ChiefExecutiveOfficerMember_lbl" xlink:title="label: ChiefExecutiveOfficerMember to us-gaap_ChiefExecutiveOfficerMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ChiefExecutiveOfficerMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ChiefExecutiveOfficerMember_lbl1" xml:lang="en-US" id="us-gaap_ChiefExecutiveOfficerMember_lbl1">Chief Executive Officer [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChiefExecutiveOfficerMember" xlink:to="us-gaap_ChiefExecutiveOfficerMember_lbl1" xlink:title="label: ChiefExecutiveOfficerMember to us-gaap_ChiefExecutiveOfficerMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="ClassOfStockLineItems" xlink:title="ClassOfStockLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ClassOfStockLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ClassOfStockLineItems_lbl" xml:lang="en-US" id="us-gaap_ClassOfStockLineItems_lbl">Class of Stock [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassOfStockLineItems" xlink:to="us-gaap_ClassOfStockLineItems_lbl" xlink:title="label: ClassOfStockLineItems to us-gaap_ClassOfStockLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="CommitmentsAndContingencies" xlink:title="CommitmentsAndContingencies" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US" id="us-gaap_CommitmentsAndContingencies_lbl">Commitments and Contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:title="label: CommitmentsAndContingencies to us-gaap_CommitmentsAndContingencies_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingencies_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommitmentsAndContingencies_lbl1" xml:lang="en-US" id="us-gaap_CommitmentsAndContingencies_lbl1">Commitments and Contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl1" xlink:title="label: CommitmentsAndContingencies to us-gaap_CommitmentsAndContingencies_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="CommitmentsAndContingenciesDisclosureAbstract" xlink:title="CommitmentsAndContingenciesDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US" id="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl">Commitments and Contingencies [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:title="label: CommitmentsAndContingenciesDisclosureAbstract to us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:label="CommonStockCapitalSharesReservedForFutureIssuance" xlink:title="CommonStockCapitalSharesReservedForFutureIssuance" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" xml:lang="en-US" id="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl">Shares available for future issuance (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockCapitalSharesReservedForFutureIssuance" xlink:to="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" xlink:title="label: CommonStockCapitalSharesReservedForFutureIssuance to us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl1" xml:lang="en-US" id="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl1">Common Stock, Capital Shares Reserved for Future Issuance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockCapitalSharesReservedForFutureIssuance" xlink:to="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl1" xlink:title="label: CommonStockCapitalSharesReservedForFutureIssuance to us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="CommonStockDividendsPerShareDeclared" xlink:title="CommonStockDividendsPerShareDeclared" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xml:lang="en-US" id="us-gaap_CommonStockDividendsPerShareDeclared_lbl">Dividend declared (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockDividendsPerShareDeclared" xlink:to="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:title="label: CommonStockDividendsPerShareDeclared to us-gaap_CommonStockDividendsPerShareDeclared_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockMember_lbl" xml:lang="en-US" id="us-gaap_CommonStockMember_lbl">Common Stock [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:title="label: CommonStockMember to us-gaap_CommonStockMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="CommonStockSharesAuthorized" xlink:title="CommonStockSharesAuthorized" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US" id="us-gaap_CommonStockSharesAuthorized_lbl">Balance at beginning of period (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:title="label: CommonStockSharesAuthorized to us-gaap_CommonStockSharesAuthorized_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_CommonStockSharesAuthorized_lbl1" xml:lang="en-US" id="us-gaap_CommonStockSharesAuthorized_lbl1">Balance at end of period (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl1" xlink:title="label: CommonStockSharesAuthorized to us-gaap_CommonStockSharesAuthorized_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockSharesAuthorized_lbl2" xml:lang="en-US" id="us-gaap_CommonStockSharesAuthorized_lbl2">Common Stock, shares authorized (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl2" xlink:title="label: CommonStockSharesAuthorized to us-gaap_CommonStockSharesAuthorized_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsShares" xlink:label="CommonStockDividendsShares" xlink:title="CommonStockDividendsShares" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockDividendsShares_lbl" xml:lang="en-US" id="us-gaap_CommonStockDividendsShares_lbl">Shares as dividend-in-kind (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockDividendsShares" xlink:to="us-gaap_CommonStockDividendsShares_lbl" xlink:title="label: CommonStockDividendsShares to us-gaap_CommonStockDividendsShares_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="CommonStockSharesIssued" xlink:title="CommonStockSharesIssued" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US" id="us-gaap_CommonStockSharesIssued_lbl">Balance at beginning of period, issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:title="label: CommonStockSharesIssued to us-gaap_CommonStockSharesIssued_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockSharesIssued_lbl1" xml:lang="en-US" id="us-gaap_CommonStockSharesIssued_lbl1">Common Stock, shares issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl1" xlink:title="label: CommonStockSharesIssued to us-gaap_CommonStockSharesIssued_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_CommonStockSharesIssued_lbl2" xml:lang="en-US" id="us-gaap_CommonStockSharesIssued_lbl2">Balance at end of period, issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl2" xlink:title="label: CommonStockSharesIssued to us-gaap_CommonStockSharesIssued_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsPerShareCashPaid" xlink:label="CommonStockDividendsPerShareCashPaid" xlink:title="CommonStockDividendsPerShareCashPaid" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareCashPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockDividendsPerShareCashPaid_lbl" xml:lang="en-US" id="us-gaap_CommonStockDividendsPerShareCashPaid_lbl">Cash Dividends per Share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockDividendsPerShareCashPaid" xlink:to="us-gaap_CommonStockDividendsPerShareCashPaid_lbl" xlink:title="label: CommonStockDividendsPerShareCashPaid to us-gaap_CommonStockDividendsPerShareCashPaid_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareCashPaid_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_CommonStockDividendsPerShareCashPaid_lbl1" xml:lang="en-US" id="us-gaap_CommonStockDividendsPerShareCashPaid_lbl1">Dividends paid (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockDividendsPerShareCashPaid" xlink:to="us-gaap_CommonStockDividendsPerShareCashPaid_lbl1" xlink:title="label: CommonStockDividendsPerShareCashPaid to us-gaap_CommonStockDividendsPerShareCashPaid_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="CommonStockParOrStatedValuePerShare" xlink:title="CommonStockParOrStatedValuePerShare" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US" id="us-gaap_CommonStockParOrStatedValuePerShare_lbl">Common Share, par value (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:title="label: CommonStockParOrStatedValuePerShare to us-gaap_CommonStockParOrStatedValuePerShare_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:label="CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:title="CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl" xml:lang="en-US" id="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl">Common Stock [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:to="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl" xlink:title="label: CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract to us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_CommonStockValue_lbl" xml:lang="en-US" id="us-gaap_CommonStockValue_lbl">Common Stock, Par Value $0.01 per Share 180,000,000 authorized 141,969,666 issued and outstanding at December 31, 2017 and 101,969,666 issued and outstanding at December 31, 2016</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:title="label: CommonStockValue to us-gaap_CommonStockValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockValue_lbl1" xml:lang="en-US" id="us-gaap_CommonStockValue_lbl1">Common Stock, Value, Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl1" xlink:title="label: CommonStockValue to us-gaap_CommonStockValue_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValueOutstanding" xlink:label="CommonStockValueOutstanding" xlink:title="CommonStockValueOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_CommonStockValueOutstanding_lbl" xml:lang="en-US" id="us-gaap_CommonStockValueOutstanding_lbl">Balance at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValueOutstanding" xlink:to="us-gaap_CommonStockValueOutstanding_lbl" xlink:title="label: CommonStockValueOutstanding to us-gaap_CommonStockValueOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValueOutstanding_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_CommonStockValueOutstanding_lbl1" xml:lang="en-US" id="us-gaap_CommonStockValueOutstanding_lbl1">Balance at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValueOutstanding" xlink:to="us-gaap_CommonStockValueOutstanding_lbl1" xlink:title="label: CommonStockValueOutstanding to us-gaap_CommonStockValueOutstanding_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValueOutstanding_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockValueOutstanding_lbl2" xml:lang="en-US" id="us-gaap_CommonStockValueOutstanding_lbl2">Common Stock, Value, Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValueOutstanding" xlink:to="us-gaap_CommonStockValueOutstanding_lbl2" xlink:title="label: CommonStockValueOutstanding to us-gaap_CommonStockValueOutstanding_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding" xlink:title="CommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US" id="us-gaap_CommonStockSharesOutstanding_lbl">Balance at end of period, outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:title="label: CommonStockSharesOutstanding to us-gaap_CommonStockSharesOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockSharesOutstanding_lbl1" xml:lang="en-US" id="us-gaap_CommonStockSharesOutstanding_lbl1">Common Stock, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl1" xlink:title="label: CommonStockSharesOutstanding to us-gaap_CommonStockSharesOutstanding_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_CommonStockSharesOutstanding_lbl2" xml:lang="en-US" id="us-gaap_CommonStockSharesOutstanding_lbl2">Balance at beginning of period, outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl2" xlink:title="label: CommonStockSharesOutstanding to us-gaap_CommonStockSharesOutstanding_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:label="CompensationRelatedCostsPolicyTextBlock" xlink:title="CompensationRelatedCostsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl">Deferred Compensation Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationRelatedCostsPolicyTextBlock" xlink:to="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" xlink:title="label: CompensationRelatedCostsPolicyTextBlock to us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl1" xml:lang="en-US" id="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl1">Compensation Related Costs, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationRelatedCostsPolicyTextBlock" xlink:to="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl1" xlink:title="label: CompensationRelatedCostsPolicyTextBlock to us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CompensationRelatedCostsGeneralTextBlock" xlink:label="CompensationRelatedCostsGeneralTextBlock" xlink:title="CompensationRelatedCostsGeneralTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl" xml:lang="en-US" id="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl">DEFERRED COMPENSATION LIABILITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationRelatedCostsGeneralTextBlock" xlink:to="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl" xlink:title="label: CompensationRelatedCostsGeneralTextBlock to us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl1" xml:lang="en-US" id="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl1">Compensation Related Costs, General [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationRelatedCostsGeneralTextBlock" xlink:to="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl1" xlink:title="label: CompensationRelatedCostsGeneralTextBlock to us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="ComprehensiveIncomeNetOfTax" xlink:title="ComprehensiveIncomeNetOfTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US" id="us-gaap_ComprehensiveIncomeNetOfTax_lbl">Total Comprehensive (Loss) Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:title="label: ComprehensiveIncomeNetOfTax to us-gaap_ComprehensiveIncomeNetOfTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ComprehensiveIncomeNetOfTax_lbl1" xml:lang="en-US" id="us-gaap_ComprehensiveIncomeNetOfTax_lbl1">Comprehensive Income (Loss), Net of Tax, Attributable to Parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl1" xlink:title="label: ComprehensiveIncomeNetOfTax to us-gaap_ComprehensiveIncomeNetOfTax_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="ConcentrationRiskByBenchmarkAxis" xlink:title="ConcentrationRiskByBenchmarkAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl">Concentration Risk by Benchmark [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskByBenchmarkAxis" xlink:to="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xlink:title="label: ConcentrationRiskByBenchmarkAxis to us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="ConcentrationRiskLineItems" xlink:title="ConcentrationRiskLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskLineItems_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskLineItems_lbl">Concentration Risk [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskLineItems" xlink:to="us-gaap_ConcentrationRiskLineItems_lbl" xlink:title="label: ConcentrationRiskLineItems to us-gaap_ConcentrationRiskLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="ConcentrationRiskCreditRisk" xlink:title="ConcentrationRiskCreditRisk" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskCreditRisk_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_ConcentrationRiskCreditRisk_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskCreditRisk_lbl">Concentration of Credit Risk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskCreditRisk" xlink:to="us-gaap_ConcentrationRiskCreditRisk_lbl" xlink:title="label: ConcentrationRiskCreditRisk to us-gaap_ConcentrationRiskCreditRisk_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskCreditRisk_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskCreditRisk_lbl1" xml:lang="en-US" id="us-gaap_ConcentrationRiskCreditRisk_lbl1">Concentration Risk, Credit Risk, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskCreditRisk" xlink:to="us-gaap_ConcentrationRiskCreditRisk_lbl1" xlink:title="label: ConcentrationRiskCreditRisk to us-gaap_ConcentrationRiskCreditRisk_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="ConcentrationRiskTable" xlink:title="ConcentrationRiskTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskTable_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskTable_lbl">Concentration Risk [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskTable" xlink:to="us-gaap_ConcentrationRiskTable_lbl" xlink:title="label: ConcentrationRiskTable to us-gaap_ConcentrationRiskTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="ConcentrationRiskBenchmarkDomain" xlink:title="ConcentrationRiskBenchmarkDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskBenchmarkDomain_lbl">Concentration Risk Benchmark [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskBenchmarkDomain" xlink:to="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xlink:title="label: ConcentrationRiskBenchmarkDomain to us-gaap_ConcentrationRiskBenchmarkDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="ConcentrationRiskPercentage1" xlink:title="ConcentrationRiskPercentage1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskPercentage1_lbl">Concentration of credit risk percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:title="label: ConcentrationRiskPercentage1 to us-gaap_ConcentrationRiskPercentage1_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskPercentage1_lbl1" xml:lang="en-US" id="us-gaap_ConcentrationRiskPercentage1_lbl1">Concentration Risk, Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl1" xlink:title="label: ConcentrationRiskPercentage1 to us-gaap_ConcentrationRiskPercentage1_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="ConsolidationPolicyTextBlock" xlink:title="ConsolidationPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConsolidationPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_ConsolidationPolicyTextBlock_lbl">Principles of Consolidation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidationPolicyTextBlock" xlink:to="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:title="label: ConsolidationPolicyTextBlock to us-gaap_ConsolidationPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ContractWithCustomerLiabilityCurrent" xlink:label="ContractWithCustomerLiabilityCurrent" xlink:title="ContractWithCustomerLiabilityCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ContractWithCustomerLiabilityCurrent_lbl" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityCurrent_lbl">Reduction of accrued revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiabilityCurrent" xlink:to="us-gaap_ContractWithCustomerLiabilityCurrent_lbl" xlink:title="label: ContractWithCustomerLiabilityCurrent to us-gaap_ContractWithCustomerLiabilityCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractWithCustomerLiabilityCurrent_lbl1" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityCurrent_lbl1">Contract with Customer, Liability, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiabilityCurrent" xlink:to="us-gaap_ContractWithCustomerLiabilityCurrent_lbl1" xlink:title="label: ContractWithCustomerLiabilityCurrent to us-gaap_ContractWithCustomerLiabilityCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CostOfServices" xlink:label="CostOfServices" xlink:title="CostOfServices" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostOfServices_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_CostOfServices_lbl" xml:lang="en-US" id="us-gaap_CostOfServices_lbl">Voyage Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfServices" xlink:to="us-gaap_CostOfServices_lbl" xlink:title="label: CostOfServices to us-gaap_CostOfServices_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostOfServices_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostOfServices_lbl1" xml:lang="en-US" id="us-gaap_CostOfServices_lbl1">Cost of Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfServices" xlink:to="us-gaap_CostOfServices_lbl1" xlink:title="label: CostOfServices to us-gaap_CostOfServices_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CostsAndExpensesRelatedParty" xlink:label="CostsAndExpensesRelatedParty" xlink:title="CostsAndExpensesRelatedParty" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostsAndExpensesRelatedParty_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_CostsAndExpensesRelatedParty_lbl" xml:lang="en-US" id="us-gaap_CostsAndExpensesRelatedParty_lbl">Costs and expenses, related party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsAndExpensesRelatedParty" xlink:to="us-gaap_CostsAndExpensesRelatedParty_lbl" xlink:title="label: CostsAndExpensesRelatedParty to us-gaap_CostsAndExpensesRelatedParty_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostsAndExpensesRelatedParty_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostsAndExpensesRelatedParty_lbl1" xml:lang="en-US" id="us-gaap_CostsAndExpensesRelatedParty_lbl1">Costs and Expenses, Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsAndExpensesRelatedParty" xlink:to="us-gaap_CostsAndExpensesRelatedParty_lbl1" xlink:title="label: CostsAndExpensesRelatedParty to us-gaap_CostsAndExpensesRelatedParty_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="CreditFacilityDomain" xlink:title="CreditFacilityDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CreditFacilityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CreditFacilityDomain_lbl" xml:lang="en-US" id="us-gaap_CreditFacilityDomain_lbl">Credit Facility [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditFacilityDomain" xlink:to="us-gaap_CreditFacilityDomain_lbl" xlink:title="label: CreditFacilityDomain to us-gaap_CreditFacilityDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="CreditFacilityAxis" xlink:title="CreditFacilityAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CreditFacilityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CreditFacilityAxis_lbl" xml:lang="en-US" id="us-gaap_CreditFacilityAxis_lbl">Credit Facility [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditFacilityAxis" xlink:to="us-gaap_CreditFacilityAxis_lbl" xlink:title="label: CreditFacilityAxis to us-gaap_CreditFacilityAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DistributedEarnings" xlink:label="DistributedEarnings" xlink:title="DistributedEarnings" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DistributedEarnings_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DistributedEarnings_lbl" xml:lang="en-US" id="us-gaap_DistributedEarnings_lbl">Dividend distributed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributedEarnings" xlink:to="us-gaap_DistributedEarnings_lbl" xlink:title="label: DistributedEarnings to us-gaap_DistributedEarnings_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="DebtInstrumentAxis" xlink:title="DebtInstrumentAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentAxis_lbl">Debt Instrument [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl" xlink:title="label: DebtInstrumentAxis to us-gaap_DebtInstrumentAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="DebtDisclosureAbstract" xlink:title="DebtDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtDisclosureAbstract_lbl" xml:lang="en-US" id="us-gaap_DebtDisclosureAbstract_lbl">LONG-TERM DEBT [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtDisclosureAbstract" xlink:to="us-gaap_DebtDisclosureAbstract_lbl" xlink:title="label: DebtDisclosureAbstract to us-gaap_DebtDisclosureAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateDuringPeriod" xlink:label="DebtInstrumentInterestRateDuringPeriod" xlink:title="DebtInstrumentInterestRateDuringPeriod" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateDuringPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentInterestRateDuringPeriod_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentInterestRateDuringPeriod_lbl">Interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentInterestRateDuringPeriod" xlink:to="us-gaap_DebtInstrumentInterestRateDuringPeriod_lbl" xlink:title="label: DebtInstrumentInterestRateDuringPeriod to us-gaap_DebtInstrumentInterestRateDuringPeriod_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="DebtInstrumentTable" xlink:title="DebtInstrumentTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentTable_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentTable_lbl">Schedule of Long-term Debt Instruments [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentTable" xlink:to="us-gaap_DebtInstrumentTable_lbl" xlink:title="label: DebtInstrumentTable to us-gaap_DebtInstrumentTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="DebtInstrumentLineItems" xlink:title="DebtInstrumentLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentLineItems_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentLineItems_lbl">Debt Instrument [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentLineItems" xlink:to="us-gaap_DebtInstrumentLineItems_lbl" xlink:title="label: DebtInstrumentLineItems to us-gaap_DebtInstrumentLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="DebtInstrumentNameDomain" xlink:title="DebtInstrumentNameDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentNameDomain_lbl">Debt Instrument, Name [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentNameDomain" xlink:to="us-gaap_DebtInstrumentNameDomain_lbl" xlink:title="label: DebtInstrumentNameDomain to us-gaap_DebtInstrumentNameDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFeeAmount" xlink:label="DebtInstrumentFeeAmount" xlink:title="DebtInstrumentFeeAmount" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFeeAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentFeeAmount_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentFeeAmount_lbl">Associated fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentFeeAmount" xlink:to="us-gaap_DebtInstrumentFeeAmount_lbl" xlink:title="label: DebtInstrumentFeeAmount to us-gaap_DebtInstrumentFeeAmount_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFrequencyOfPeriodicPayment" xlink:label="DebtInstrumentFrequencyOfPeriodicPayment" xlink:title="DebtInstrumentFrequencyOfPeriodicPayment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl">Debt instrument, frequency of periodic payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentFrequencyOfPeriodicPayment" xlink:to="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl" xlink:title="label: DebtInstrumentFrequencyOfPeriodicPayment to us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl1" xml:lang="en-US" id="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl1">Debt Instrument, Frequency of Periodic Payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentFrequencyOfPeriodicPayment" xlink:to="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl1" xlink:title="label: DebtInstrumentFrequencyOfPeriodicPayment to us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentPeriodicPayment" xlink:label="DebtInstrumentPeriodicPayment" xlink:title="DebtInstrumentPeriodicPayment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentPeriodicPayment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentPeriodicPayment_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentPeriodicPayment_lbl">Debt instrument, periodic payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentPeriodicPayment" xlink:to="us-gaap_DebtInstrumentPeriodicPayment_lbl" xlink:title="label: DebtInstrumentPeriodicPayment to us-gaap_DebtInstrumentPeriodicPayment_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DecreaseInRestrictedCash" xlink:label="DecreaseInRestrictedCash" xlink:title="DecreaseInRestrictedCash" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DecreaseInRestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DecreaseInRestrictedCash_lbl" xml:lang="en-US" id="us-gaap_DecreaseInRestrictedCash_lbl">Restricted cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInRestrictedCash" xlink:to="us-gaap_DecreaseInRestrictedCash_lbl" xlink:title="label: DecreaseInRestrictedCash to us-gaap_DecreaseInRestrictedCash_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DecreaseInRestrictedCash_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DecreaseInRestrictedCash_lbl1" xml:lang="en-US" id="us-gaap_DecreaseInRestrictedCash_lbl1">Decrease in Restricted Cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInRestrictedCash" xlink:to="us-gaap_DecreaseInRestrictedCash_lbl1" xlink:title="label: DecreaseInRestrictedCash to us-gaap_DecreaseInRestrictedCash_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" xlink:label="DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" xlink:title="DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_lbl" xml:lang="en-US" id="us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_lbl">Required service period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" xlink:to="us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_lbl" xlink:title="label: DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1 to us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:label="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:title="DeferredCompensationArrangementWithIndividualCompensationExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_lbl" xml:lang="en-US" id="us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_lbl">Deferred Compensation Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:to="us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_lbl" xlink:title="label: DeferredCompensationArrangementWithIndividualCompensationExpense to us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_lbl1" xml:lang="en-US" id="us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_lbl1">Total expense recognized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:to="us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_lbl1" xlink:title="label: DeferredCompensationArrangementWithIndividualCompensationExpense to us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationLiabilityCurrent" xlink:label="DeferredCompensationLiabilityCurrent" xlink:title="DeferredCompensationLiabilityCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCompensationLiabilityCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredCompensationLiabilityCurrent_lbl" xml:lang="en-US" id="us-gaap_DeferredCompensationLiabilityCurrent_lbl">Total deferred compensation liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityCurrent" xlink:to="us-gaap_DeferredCompensationLiabilityCurrent_lbl" xlink:title="label: DeferredCompensationLiabilityCurrent to us-gaap_DeferredCompensationLiabilityCurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationLiabilityAbstract" xlink:label="DeferredCompensationLiabilityAbstract" xlink:title="DeferredCompensationLiabilityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCompensationLiabilityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DeferredCompensationLiabilityAbstract_lbl" xml:lang="en-US" id="us-gaap_DeferredCompensationLiabilityAbstract_lbl">Deferred Compensation Liability [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityAbstract" xlink:to="us-gaap_DeferredCompensationLiabilityAbstract_lbl" xlink:title="label: DeferredCompensationLiabilityAbstract to us-gaap_DeferredCompensationLiabilityAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCompensationLiabilityAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredCompensationLiabilityAbstract_lbl1" xml:lang="en-US" id="us-gaap_DeferredCompensationLiabilityAbstract_lbl1">DEFERRED COMPENSATION LIABILITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityAbstract" xlink:to="us-gaap_DeferredCompensationLiabilityAbstract_lbl1" xlink:title="label: DeferredCompensationLiabilityAbstract to us-gaap_DeferredCompensationLiabilityAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="DeferredFinanceCostsNet" xlink:title="DeferredFinanceCostsNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredFinanceCostsNet_lbl" xml:lang="en-US" id="us-gaap_DeferredFinanceCostsNet_lbl">Deferred financing costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredFinanceCostsNet" xlink:to="us-gaap_DeferredFinanceCostsNet_lbl" xlink:title="label: DeferredFinanceCostsNet to us-gaap_DeferredFinanceCostsNet_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent" xlink:label="DeferredCompensationLiabilityClassifiedNoncurrent" xlink:title="DeferredCompensationLiabilityClassifiedNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent_lbl" xml:lang="en-US" id="us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent_lbl">Deferred Compensation Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityClassifiedNoncurrent" xlink:to="us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent_lbl" xlink:title="label: DeferredCompensationLiabilityClassifiedNoncurrent to us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent_lbl1" xml:lang="en-US" id="us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent_lbl1">Deferred Compensation Liability, Classified, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityClassifiedNoncurrent" xlink:to="us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent_lbl1" xlink:title="label: DeferredCompensationLiabilityClassifiedNoncurrent to us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DepositsAssets" xlink:label="DepositsAssets" xlink:title="DepositsAssets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DepositsAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DepositsAssets_lbl" xml:lang="en-US" id="us-gaap_DepositsAssets_lbl">Deposits for Vessels under Construction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepositsAssets" xlink:to="us-gaap_DepositsAssets_lbl" xlink:title="label: DepositsAssets to us-gaap_DepositsAssets_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DepositsAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DepositsAssets_lbl1" xml:lang="en-US" id="us-gaap_DepositsAssets_lbl1">Deposits Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepositsAssets" xlink:to="us-gaap_DepositsAssets_lbl1" xlink:title="label: DepositsAssets to us-gaap_DepositsAssets_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="Depreciation" xlink:title="Depreciation" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Depreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_Depreciation_lbl" xml:lang="en-US" id="us-gaap_Depreciation_lbl">Depreciation Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Depreciation" xlink:to="us-gaap_Depreciation_lbl" xlink:title="label: Depreciation to us-gaap_Depreciation_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Depreciation_lbl1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_Depreciation_lbl1" xml:lang="en-US" id="us-gaap_Depreciation_lbl1">Depreciation Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Depreciation" xlink:to="us-gaap_Depreciation_lbl1" xlink:title="label: Depreciation to us-gaap_Depreciation_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Depreciation_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Depreciation_lbl2" xml:lang="en-US" id="us-gaap_Depreciation_lbl2">Depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Depreciation" xlink:to="us-gaap_Depreciation_lbl2" xlink:title="label: Depreciation to us-gaap_Depreciation_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DirectorMember" xlink:label="DirectorMember" xlink:title="DirectorMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DirectorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DirectorMember_lbl" xml:lang="en-US" id="us-gaap_DirectorMember_lbl">Board Member [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorMember" xlink:to="us-gaap_DirectorMember_lbl" xlink:title="label: DirectorMember to us-gaap_DirectorMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:title="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xml:lang="en-US" id="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl">SHARE-BASED COMPENSATION PLAN [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xlink:title="label: DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract to us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:title="DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US" id="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl">SHARE-BASED COMPENSATION PLAN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xlink:title="label: DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock to us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl1" xml:lang="en-US" id="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl1">Disclosure of Compensation Related Costs, Share-based Payments [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl1" xlink:title="label: DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock to us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="DividendPayableDateToBePaidDayMonthAndYear" xlink:title="DividendPayableDateToBePaidDayMonthAndYear" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xml:lang="en-US" id="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl">Dividend payment date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayableDateToBePaidDayMonthAndYear" xlink:to="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xlink:title="label: DividendPayableDateToBePaidDayMonthAndYear to us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="DividendsPayableDateDeclaredDayMonthAndYear" xlink:title="DividendsPayableDateDeclaredDayMonthAndYear" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" xml:lang="en-US" id="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl">Dividend declare date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" xlink:title="label: DividendsPayableDateDeclaredDayMonthAndYear to us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsCommonStock" xlink:label="DividendsCommonStock" xlink:title="DividendsCommonStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_DividendsCommonStock_lbl" xml:lang="en-US" id="us-gaap_DividendsCommonStock_lbl">Dividends Distributed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsCommonStock" xlink:to="us-gaap_DividendsCommonStock_lbl" xlink:title="label: DividendsCommonStock to us-gaap_DividendsCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendsCommonStock_lbl1" xml:lang="en-US" id="us-gaap_DividendsCommonStock_lbl1">Dividends, Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsCommonStock" xlink:to="us-gaap_DividendsCommonStock_lbl1" xlink:title="label: DividendsCommonStock to us-gaap_DividendsCommonStock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="DueToRelatedPartiesCurrent" xlink:title="DueToRelatedPartiesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DueToRelatedPartiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DueToRelatedPartiesCurrent_lbl" xml:lang="en-US" id="us-gaap_DueToRelatedPartiesCurrent_lbl">Accounts payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DueToRelatedPartiesCurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrent_lbl" xlink:title="label: DueToRelatedPartiesCurrent to us-gaap_DueToRelatedPartiesCurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="EarningsPerShareDiluted" xlink:title="EarningsPerShareDiluted" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareDiluted_lbl">Diluted (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_lbl" xlink:title="label: EarningsPerShareDiluted to us-gaap_EarningsPerShareDiluted_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="EarningsPerShareTextBlock" xlink:title="EarningsPerShareTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareTextBlock_lbl">EARNINGS (LOSS) PER SHARE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl" xlink:title="label: EarningsPerShareTextBlock to us-gaap_EarningsPerShareTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareTextBlock_lbl1" xml:lang="en-US" id="us-gaap_EarningsPerShareTextBlock_lbl1">Earnings Per Share [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl1" xlink:title="label: EarningsPerShareTextBlock to us-gaap_EarningsPerShareTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="EarningsPerShareBasicAndDilutedAbstract" xlink:title="EarningsPerShareBasicAndDilutedAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl">Earnings (Loss) per Common Share [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasicAndDilutedAbstract" xlink:to="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xlink:title="label: EarningsPerShareBasicAndDilutedAbstract to us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="EarningsPerShareBasic" xlink:title="EarningsPerShareBasic" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareBasic_lbl">Basic (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" xlink:title="label: EarningsPerShareBasic to us-gaap_EarningsPerShareBasic_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="EarningsPerShareBasicAndDiluted" xlink:title="EarningsPerShareBasicAndDiluted" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareBasicAndDiluted_lbl">Basic and Diluted (Loss) Earnings per Share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:title="label: EarningsPerShareBasicAndDiluted to us-gaap_EarningsPerShareBasicAndDiluted_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareBasicAndDiluted_lbl1" xml:lang="en-US" id="us-gaap_EarningsPerShareBasicAndDiluted_lbl1">Earnings Per Share, Basic and Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl1" xlink:title="label: EarningsPerShareBasicAndDiluted to us-gaap_EarningsPerShareBasicAndDiluted_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareAbstract_lbl">EARNINGS (LOSS) PER SHARE [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" xlink:title="label: EarningsPerShareAbstract to us-gaap_EarningsPerShareAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" xlink:label="EffectOfExchangeRateOnCashAndCashEquivalents" xlink:title="EffectOfExchangeRateOnCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents_lbl" xml:lang="en-US" id="us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents_lbl">Effect of Exchange Rate Changes on Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfExchangeRateOnCashAndCashEquivalents" xlink:to="us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents_lbl" xlink:title="label: EffectOfExchangeRateOnCashAndCashEquivalents to us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:title="EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xml:lang="en-US" id="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl">Income tax rate for wholly-owned subsidiaries in Norway</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xlink:title="label: EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate to us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl1" xml:lang="en-US" id="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl1">Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl1" xlink:title="label: EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate to us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="EffectiveIncomeTaxRateContinuingOperations" xlink:title="EffectiveIncomeTaxRateContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US" id="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl">Statutory rate of corporate earnings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectiveIncomeTaxRateContinuingOperations" xlink:to="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xlink:title="label: EffectiveIncomeTaxRateContinuingOperations to us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl1" xml:lang="en-US" id="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl1">Effective Income Tax Rate Reconciliation, Percent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectiveIncomeTaxRateContinuingOperations" xlink:to="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl1" xlink:title="label: EffectiveIncomeTaxRateContinuingOperations to us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:title="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US" id="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl">Unrecognized compensation cost related to unvested restricted stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xlink:title="label: EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized to us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:label="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:title="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" xml:lang="en-US" id="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl">Weighted average period to recognize the unrecognized compensation cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" xlink:title="label: EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 to us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities_lbl">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities_lbl1" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities_lbl1">Equity Method Investment, Summarized Financial Information, Current Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities_lbl1" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationRevenue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl">Operating Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationRevenue to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract_lbl">Summarized Statement of Operations information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract_lbl1" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract_lbl1">Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract_lbl1" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationAssets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl">Total Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationAssets to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl1" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl1">Equity Method Investment, Summarized Financial Information, Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl1" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationAssets to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl">Financial Position [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationAbstract to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl1" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl1">Equity Method Investment, Summarized Financial Information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl1" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationAbstract to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets_lbl">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss_lbl">Net Operating (Loss) Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss_lbl1" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss_lbl1">Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss_lbl1" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="EquityMethodInvestmentOwnershipPercentage" xlink:title="EquityMethodInvestmentOwnershipPercentage" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl">Ownership interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xlink:title="label: EquityMethodInvestmentOwnershipPercentage to us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityComponentDomain_lbl" xml:lang="en-US" id="us-gaap_EquityComponentDomain_lbl">Equity Component [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain_lbl" xlink:title="label: EquityComponentDomain to us-gaap_EquityComponentDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentAggregateCost" xlink:label="EquityMethodInvestmentAggregateCost" xlink:title="EquityMethodInvestmentAggregateCost" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentAggregateCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentAggregateCost_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentAggregateCost_lbl">Private equity placement participation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentAggregateCost" xlink:to="us-gaap_EquityMethodInvestmentAggregateCost_lbl" xlink:title="label: EquityMethodInvestmentAggregateCost to us-gaap_EquityMethodInvestmentAggregateCost_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:label="EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:title="EquityMethodInvestmentOtherThanTemporaryImpairment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl">Impairment of investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:to="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" xlink:title="label: EquityMethodInvestmentOtherThanTemporaryImpairment to us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets_lbl">Noncurrent assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets_lbl1" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets_lbl1">Equity Method Investment, Summarized Financial Information, Noncurrent Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets_lbl1" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities_lbl">Noncurrent liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity_lbl">Total liabilities and equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationEquity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity_lbl">Total Shareholders' Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationEquity to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="EquityMethodInvestments" xlink:title="EquityMethodInvestments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_EquityMethodInvestments_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestments_lbl">NATs share of NAOs equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestments" xlink:to="us-gaap_EquityMethodInvestments_lbl" xlink:title="label: EquityMethodInvestments to us-gaap_EquityMethodInvestments_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestments_lbl1" xml:lang="en-US" id="us-gaap_EquityMethodInvestments_lbl1">Equity Method Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestments" xlink:to="us-gaap_EquityMethodInvestments_lbl1" xlink:title="label: EquityMethodInvestments to us-gaap_EquityMethodInvestments_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl">Net (Loss) Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl1" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl1">Equity Method Investment, Summarized Financial Information, Net Income (Loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl1" xlink:title="label: EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss to us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentsFairValueDisclosure" xlink:label="EquityMethodInvestmentsFairValueDisclosure" xlink:title="EquityMethodInvestmentsFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentsFairValueDisclosure_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentsFairValueDisclosure_lbl">NATs share of NAOs total market capitalization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentsFairValueDisclosure" xlink:to="us-gaap_EquityMethodInvestmentsFairValueDisclosure_lbl" xlink:title="label: EquityMethodInvestmentsFairValueDisclosure to us-gaap_EquityMethodInvestmentsFairValueDisclosure_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentsPolicy" xlink:label="EquityMethodInvestmentsPolicy" xlink:title="EquityMethodInvestmentsPolicy" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentsPolicy_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentsPolicy_lbl">Investments in Equity Method Investees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentsPolicy" xlink:to="us-gaap_EquityMethodInvestmentsPolicy_lbl" xlink:title="label: EquityMethodInvestmentsPolicy to us-gaap_EquityMethodInvestmentsPolicy_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:label="EstimateOfFairValueFairValueDisclosureMember" xlink:title="EstimateOfFairValueFairValueDisclosureMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xml:lang="en-US" id="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl">Fair Value [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimateOfFairValueFairValueDisclosureMember" xlink:to="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xlink:title="label: EstimateOfFairValueFairValueDisclosureMember to us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl1" xml:lang="en-US" id="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl1">Estimate of Fair Value Measurement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimateOfFairValueFairValueDisclosureMember" xlink:to="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl1" xlink:title="label: EstimateOfFairValueFairValueDisclosureMember to us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="FairValueByMeasurementBasisAxis" xlink:title="FairValueByMeasurementBasisAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueByMeasurementBasisAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueByMeasurementBasisAxis_lbl" xml:lang="en-US" id="us-gaap_FairValueByMeasurementBasisAxis_lbl">Measurement Basis [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueByMeasurementBasisAxis" xlink:to="us-gaap_FairValueByMeasurementBasisAxis_lbl" xlink:title="label: FairValueByMeasurementBasisAxis to us-gaap_FairValueByMeasurementBasisAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="FairValueByFairValueHierarchyLevelAxis" xlink:title="FairValueByFairValueHierarchyLevelAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xml:lang="en-US" id="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl">Fair Value, Hierarchy [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:title="label: FairValueByFairValueHierarchyLevelAxis to us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="FairValueMeasurementsFairValueHierarchyDomain" xlink:title="FairValueMeasurementsFairValueHierarchyDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US" id="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl">Fair Value Hierarchy [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueMeasurementsFairValueHierarchyDomain" xlink:to="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:title="label: FairValueMeasurementsFairValueHierarchyDomain to us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="FairValueDisclosuresTextBlock" xlink:title="FairValueDisclosuresTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_FairValueDisclosuresTextBlock_lbl" xml:lang="en-US" id="us-gaap_FairValueDisclosuresTextBlock_lbl">FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:title="label: FairValueDisclosuresTextBlock to us-gaap_FairValueDisclosuresTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueDisclosuresTextBlock_lbl1" xml:lang="en-US" id="us-gaap_FairValueDisclosuresTextBlock_lbl1">Fair Value Disclosures [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl1" xlink:title="label: FairValueDisclosuresTextBlock to us-gaap_FairValueDisclosuresTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="FairValueOfFinancialInstrumentsPolicy" xlink:title="FairValueOfFinancialInstrumentsPolicy" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueOfFinancialInstrumentsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueOfFinancialInstrumentsPolicy_lbl" xml:lang="en-US" id="us-gaap_FairValueOfFinancialInstrumentsPolicy_lbl">Fair Value of Financial Instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfFinancialInstrumentsPolicy" xlink:to="us-gaap_FairValueOfFinancialInstrumentsPolicy_lbl" xlink:title="label: FairValueOfFinancialInstrumentsPolicy to us-gaap_FairValueOfFinancialInstrumentsPolicy_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable" xlink:label="FairValueByBalanceSheetGroupingTable" xlink:title="FairValueByBalanceSheetGroupingTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xml:lang="en-US" id="us-gaap_FairValueByBalanceSheetGroupingTable_lbl">Fair Value, by Balance Sheet Grouping [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueByBalanceSheetGroupingTable" xlink:to="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xlink:title="label: FairValueByBalanceSheetGroupingTable to us-gaap_FairValueByBalanceSheetGroupingTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="FairValueByBalanceSheetGroupingTextBlock" xlink:title="FairValueByBalanceSheetGroupingTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueByBalanceSheetGroupingTextBlock_lbl" xml:lang="en-US" id="us-gaap_FairValueByBalanceSheetGroupingTextBlock_lbl">Carrying value of estimated fair value of financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueByBalanceSheetGroupingTextBlock" xlink:to="us-gaap_FairValueByBalanceSheetGroupingTextBlock_lbl" xlink:title="label: FairValueByBalanceSheetGroupingTextBlock to us-gaap_FairValueByBalanceSheetGroupingTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:label="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:title="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xml:lang="en-US" id="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl">Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xlink:title="label: FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems to us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="FairValueDisclosureItemAmountsDomain" xlink:title="FairValueDisclosureItemAmountsDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xml:lang="en-US" id="us-gaap_FairValueDisclosureItemAmountsDomain_lbl">Fair Value Measurement [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueDisclosureItemAmountsDomain" xlink:to="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xlink:title="label: FairValueDisclosureItemAmountsDomain to us-gaap_FairValueDisclosureItemAmountsDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="FairValueInputsLevel1Member" xlink:title="FairValueInputsLevel1Member" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US" id="us-gaap_FairValueInputsLevel1Member_lbl">Level 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl" xlink:title="label: FairValueInputsLevel1Member to us-gaap_FairValueInputsLevel1Member_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueInputsLevel1Member_lbl1" xml:lang="en-US" id="us-gaap_FairValueInputsLevel1Member_lbl1">Fair Value, Inputs, Level 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl1" xlink:title="label: FairValueInputsLevel1Member to us-gaap_FairValueInputsLevel1Member_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="FairValueInputsLevel2Member" xlink:title="FairValueInputsLevel2Member" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueInputsLevel2Member_lbl" xml:lang="en-US" id="us-gaap_FairValueInputsLevel2Member_lbl">Level 2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member_lbl" xlink:title="label: FairValueInputsLevel2Member to us-gaap_FairValueInputsLevel2Member_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:title="ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl">Foreign Currency Translation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:to="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" xlink:title="label: ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock to us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnSaleOfEquityInvestments" xlink:label="GainLossOnSaleOfEquityInvestments" xlink:title="GainLossOnSaleOfEquityInvestments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GainLossOnSaleOfEquityInvestments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_GainLossOnSaleOfEquityInvestments_lbl" xml:lang="en-US" id="us-gaap_GainLossOnSaleOfEquityInvestments_lbl">Equity Loss from Associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnSaleOfEquityInvestments" xlink:to="us-gaap_GainLossOnSaleOfEquityInvestments_lbl" xlink:title="label: GainLossOnSaleOfEquityInvestments to us-gaap_GainLossOnSaleOfEquityInvestments_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GainLossOnSaleOfEquityInvestments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GainLossOnSaleOfEquityInvestments_lbl1" xml:lang="en-US" id="us-gaap_GainLossOnSaleOfEquityInvestments_lbl1">Gain (Loss) on Sale of Equity Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnSaleOfEquityInvestments" xlink:to="us-gaap_GainLossOnSaleOfEquityInvestments_lbl1" xlink:title="label: GainLossOnSaleOfEquityInvestments to us-gaap_GainLossOnSaleOfEquityInvestments_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnInvestments" xlink:label="GainLossOnInvestments" xlink:title="GainLossOnInvestments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GainLossOnInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GainLossOnInvestments_lbl" xml:lang="en-US" id="us-gaap_GainLossOnInvestments_lbl">Loss on investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnInvestments" xlink:to="us-gaap_GainLossOnInvestments_lbl" xlink:title="label: GainLossOnInvestments to us-gaap_GainLossOnInvestments_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GainLossOnInvestments_lbl1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_GainLossOnInvestments_lbl1" xml:lang="en-US" id="us-gaap_GainLossOnInvestments_lbl1">Equity (Loss) from Associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnInvestments" xlink:to="us-gaap_GainLossOnInvestments_lbl1" xlink:title="label: GainLossOnInvestments to us-gaap_GainLossOnInvestments_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossRelatedToLitigationSettlement" xlink:label="GainLossRelatedToLitigationSettlement" xlink:title="GainLossRelatedToLitigationSettlement" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GainLossRelatedToLitigationSettlement_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_GainLossRelatedToLitigationSettlement_lbl" xml:lang="en-US" id="us-gaap_GainLossRelatedToLitigationSettlement_lbl">Settlement amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToLitigationSettlement" xlink:to="us-gaap_GainLossRelatedToLitigationSettlement_lbl" xlink:title="label: GainLossRelatedToLitigationSettlement to us-gaap_GainLossRelatedToLitigationSettlement_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GainLossRelatedToLitigationSettlement_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GainLossRelatedToLitigationSettlement_lbl1" xml:lang="en-US" id="us-gaap_GainLossRelatedToLitigationSettlement_lbl1">Received Settlement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToLitigationSettlement" xlink:to="us-gaap_GainLossRelatedToLitigationSettlement_lbl1" xlink:title="label: GainLossRelatedToLitigationSettlement to us-gaap_GainLossRelatedToLitigationSettlement_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US" id="us-gaap_GeneralAndAdministrativeExpense_lbl">General and Administrative Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:title="label: GeneralAndAdministrativeExpense to us-gaap_GeneralAndAdministrativeExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GeneralAndAdministrativeExpense_lbl1" xml:lang="en-US" id="us-gaap_GeneralAndAdministrativeExpense_lbl1">General and Administrative Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl1" xlink:title="label: GeneralAndAdministrativeExpense to us-gaap_GeneralAndAdministrativeExpense_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Goodwill" xlink:label="Goodwill" xlink:title="Goodwill" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Goodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Goodwill_lbl" xml:lang="en-US" id="us-gaap_Goodwill_lbl">Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Goodwill" xlink:to="us-gaap_Goodwill_lbl" xlink:title="label: Goodwill to us-gaap_Goodwill_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Goodwill_lbl1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_Goodwill_lbl1" xml:lang="en-US" id="us-gaap_Goodwill_lbl1">Goodwill recognized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Goodwill" xlink:to="us-gaap_Goodwill_lbl1" xlink:title="label: Goodwill to us-gaap_Goodwill_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GoodwillImpairmentLoss" xlink:label="GoodwillImpairmentLoss" xlink:title="GoodwillImpairmentLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GoodwillImpairmentLoss_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_GoodwillImpairmentLoss_lbl" xml:lang="en-US" id="us-gaap_GoodwillImpairmentLoss_lbl">Impairment Loss on Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillImpairmentLoss" xlink:to="us-gaap_GoodwillImpairmentLoss_lbl" xlink:title="label: GoodwillImpairmentLoss to us-gaap_GoodwillImpairmentLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GoodwillImpairmentLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GoodwillImpairmentLoss_lbl1" xml:lang="en-US" id="us-gaap_GoodwillImpairmentLoss_lbl1">Impairment Loss on Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillImpairmentLoss" xlink:to="us-gaap_GoodwillImpairmentLoss_lbl1" xlink:title="label: GoodwillImpairmentLoss to us-gaap_GoodwillImpairmentLoss_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GoodwillImpairmentLoss_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_GoodwillImpairmentLoss_lbl2" xml:lang="en-US" id="us-gaap_GoodwillImpairmentLoss_lbl2">Impairment loss on goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillImpairmentLoss" xlink:to="us-gaap_GoodwillImpairmentLoss_lbl2" xlink:title="label: GoodwillImpairmentLoss to us-gaap_GoodwillImpairmentLoss_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:label="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:title="GoodwillAndIntangibleAssetsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl">Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xlink:title="label: GoodwillAndIntangibleAssetsPolicyTextBlock to us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl1" xml:lang="en-US" id="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl1">Goodwill and Intangible Assets, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl1" xlink:title="label: GoodwillAndIntangibleAssetsPolicyTextBlock to us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" xlink:label="ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" xlink:title="ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember_lbl" xml:lang="en-US" id="us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember_lbl">Immediate Family Member of the Chairman [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" xlink:to="us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember_lbl" xlink:title="label: ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember to us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember_lbl1" xml:lang="en-US" id="us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember_lbl1">Immediate Family Member of Management or Principal Owner [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" xlink:to="us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember_lbl1" xlink:title="label: ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember to us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:label="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="ImpairmentOfLongLivedAssetsToBeDisposedOf" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl" xml:lang="en-US" id="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl">Impairment Loss on Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:to="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl" xlink:title="label: ImpairmentOfLongLivedAssetsToBeDisposedOf to us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl1" xml:lang="en-US" id="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl1">Impairment Loss on Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:to="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl1" xlink:title="label: ImpairmentOfLongLivedAssetsToBeDisposedOf to us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl2" xml:lang="en-US" id="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl2">Impairment loss on vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:to="us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl2" xlink:title="label: ImpairmentOfLongLivedAssetsToBeDisposedOf to us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="IncomeTaxDisclosureAbstract" xlink:title="IncomeTaxDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeTaxDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_IncomeTaxDisclosureAbstract_lbl" xml:lang="en-US" id="us-gaap_IncomeTaxDisclosureAbstract_lbl">Income Taxes [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxDisclosureAbstract" xlink:to="us-gaap_IncomeTaxDisclosureAbstract_lbl" xlink:title="label: IncomeTaxDisclosureAbstract to us-gaap_IncomeTaxDisclosureAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeTaxDisclosureAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncomeTaxDisclosureAbstract_lbl1" xml:lang="en-US" id="us-gaap_IncomeTaxDisclosureAbstract_lbl1">Income Tax Disclosure [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxDisclosureAbstract" xlink:to="us-gaap_IncomeTaxDisclosureAbstract_lbl1" xlink:title="label: IncomeTaxDisclosureAbstract to us-gaap_IncomeTaxDisclosureAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:title="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xml:lang="en-US" id="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl">Net (Loss) Income Before Income Taxes and Equity (Loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:title="label: IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest to us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl1" xml:lang="en-US" id="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl1">Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl1" xlink:title="label: IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest to us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="IncomeLossFromEquityMethodInvestments" xlink:title="IncomeLossFromEquityMethodInvestments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US" id="us-gaap_IncomeLossFromEquityMethodInvestments_lbl">NATs portion of NAOs Net (Loss) Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:title="label: IncomeLossFromEquityMethodInvestments to us-gaap_IncomeLossFromEquityMethodInvestments_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncomeLossFromEquityMethodInvestments_lbl1" xml:lang="en-US" id="us-gaap_IncomeLossFromEquityMethodInvestments_lbl1">Income (Loss) from Equity Method Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_lbl1" xlink:title="label: IncomeLossFromEquityMethodInvestments to us-gaap_IncomeLossFromEquityMethodInvestments_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="IncomeStatementAbstract" xlink:title="IncomeStatementAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US" id="us-gaap_IncomeStatementAbstract_lbl">CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:title="label: IncomeStatementAbstract to us-gaap_IncomeStatementAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="IncomeTaxExpenseBenefit" xlink:title="IncomeTaxExpenseBenefit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US" id="us-gaap_IncomeTaxExpenseBenefit_lbl">Income tax expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:title="label: IncomeTaxExpenseBenefit to us-gaap_IncomeTaxExpenseBenefit_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_IncomeTaxExpenseBenefit_lbl1" xml:lang="en-US" id="us-gaap_IncomeTaxExpenseBenefit_lbl1">Income Tax Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl1" xlink:title="label: IncomeTaxExpenseBenefit to us-gaap_IncomeTaxExpenseBenefit_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="IncomeTaxPolicyTextBlock" xlink:title="IncomeTaxPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_IncomeTaxPolicyTextBlock_lbl">Income Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:title="label: IncomeTaxPolicyTextBlock to us-gaap_IncomeTaxPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxesPaidNet" xlink:label="IncomeTaxesPaidNet" xlink:title="IncomeTaxesPaidNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncomeTaxesPaidNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncomeTaxesPaidNet_lbl" xml:lang="en-US" id="us-gaap_IncomeTaxesPaidNet_lbl">Cash Paid for Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxesPaidNet" xlink:to="us-gaap_IncomeTaxesPaidNet_lbl" xlink:title="label: IncomeTaxesPaidNet to us-gaap_IncomeTaxesPaidNet_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:label="IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:title="IncreaseDecreaseInAccountsReceivableRelatedParties" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl">Accounts Receivables, Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl" xlink:title="label: IncreaseDecreaseInAccountsReceivableRelatedParties to us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl1" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl1">Increase (Decrease) in Accounts Receivable, Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl1" xlink:title="label: IncreaseDecreaseInAccountsReceivableRelatedParties to us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="IncreaseDecreaseInAccountsReceivable" xlink:title="IncreaseDecreaseInAccountsReceivable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl">Accounts Receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:title="label: IncreaseDecreaseInAccountsReceivable to us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl1" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl1">Increase (Decrease) in Accounts Receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl1" xlink:title="label: IncreaseDecreaseInAccountsReceivable to us-gaap_IncreaseDecreaseInAccountsReceivable_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:title="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl">Accounts Payable and Accrued Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xlink:title="label: IncreaseDecreaseInAccountsPayableAndAccruedLiabilities to us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl1" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl1">Increase (Decrease) in Accounts Payable and Accrued Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl1" xlink:title="label: IncreaseDecreaseInAccountsPayableAndAccruedLiabilities to us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="IncreaseDecreaseInOperatingCapitalAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl">Changes in Operating Assets and Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:title="label: IncreaseDecreaseInOperatingCapitalAbstract to us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl1" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl1">Increase (Decrease) in Operating Capital [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl1" xlink:title="label: IncreaseDecreaseInOperatingCapitalAbstract to us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl">Prepaid Expenses and Other Current Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xlink:title="label: IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets to us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl1" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl1">Increase (Decrease) in Prepaid Expense and Other Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl1" xlink:title="label: IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets to us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="IncreaseDecreaseInInventories" xlink:title="IncreaseDecreaseInInventories" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInInventories_lbl">Inventory</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl" xlink:title="label: IncreaseDecreaseInInventories to us-gaap_IncreaseDecreaseInInventories_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncreaseDecreaseInInventories_lbl1" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInInventories_lbl1">Increase (Decrease) in Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl1" xlink:title="label: IncreaseDecreaseInInventories to us-gaap_IncreaseDecreaseInInventories_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInUnbilledReceivables" xlink:label="IncreaseDecreaseInUnbilledReceivables" xlink:title="IncreaseDecreaseInUnbilledReceivables" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl">Voyages in Progress</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInUnbilledReceivables" xlink:to="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl" xlink:title="label: IncreaseDecreaseInUnbilledReceivables to us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl1" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl1">Increase (Decrease) in Unbilled Receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInUnbilledReceivables" xlink:to="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl1" xlink:title="label: IncreaseDecreaseInUnbilledReceivables to us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="IncreaseDecreaseInStockholdersEquityRollForward" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl">Increase (decrease) in Shareholders' Equity [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xlink:title="label: IncreaseDecreaseInStockholdersEquityRollForward to us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPayableCurrent" xlink:label="InterestPayableCurrent" xlink:title="InterestPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestPayableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestPayableCurrent_lbl" xml:lang="en-US" id="us-gaap_InterestPayableCurrent_lbl">Accrued Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPayableCurrent" xlink:to="us-gaap_InterestPayableCurrent_lbl" xlink:title="label: InterestPayableCurrent to us-gaap_InterestPayableCurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestCostsCapitalized" xlink:label="InterestCostsCapitalized" xlink:title="InterestCostsCapitalized" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestCostsCapitalized_lbl" xml:lang="en-US" id="us-gaap_InterestCostsCapitalized_lbl">Interest expenses, capitalized interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestCostsCapitalized" xlink:to="us-gaap_InterestCostsCapitalized_lbl" xlink:title="label: InterestCostsCapitalized to us-gaap_InterestCostsCapitalized_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpenseAbstract" xlink:label="InterestExpenseAbstract" xlink:title="InterestExpenseAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestExpenseAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestExpenseAbstract_lbl" xml:lang="en-US" id="us-gaap_InterestExpenseAbstract_lbl">INTEREST EXPENSE [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseAbstract" xlink:to="us-gaap_InterestExpenseAbstract_lbl" xlink:title="label: InterestExpenseAbstract to us-gaap_InterestExpenseAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_InterestExpense_lbl" xml:lang="en-US" id="us-gaap_InterestExpense_lbl">Total Interest Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" xlink:title="label: InterestExpense to us-gaap_InterestExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_InterestExpense_lbl1" xml:lang="en-US" id="us-gaap_InterestExpense_lbl1">Interest Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpense" xlink:to="us-gaap_InterestExpense_lbl1" xlink:title="label: InterestExpense to us-gaap_InterestExpense_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestExpense_lbl2" xml:lang="en-US" id="us-gaap_InterestExpense_lbl2">Interest Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpense" xlink:to="us-gaap_InterestExpense_lbl2" xlink:title="label: InterestExpense to us-gaap_InterestExpense_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:label="InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:title="InterestIncomeAndInterestExpenseDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl">INTEREST EXPENSE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:to="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl" xlink:title="label: InterestIncomeAndInterestExpenseDisclosureTextBlock to us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl1">Interest Income and Interest Expense Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:to="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl1" xlink:title="label: InterestIncomeAndInterestExpenseDisclosureTextBlock to us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpenseOther" xlink:label="InterestExpenseOther" xlink:title="InterestExpenseOther" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestExpenseOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestExpenseOther_lbl" xml:lang="en-US" id="us-gaap_InterestExpenseOther_lbl">Other financial costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOther" xlink:to="us-gaap_InterestExpenseOther_lbl" xlink:title="label: InterestExpenseOther to us-gaap_InterestExpenseOther_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="InterestPaidNet" xlink:title="InterestPaidNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestPaidNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestPaidNet_lbl" xml:lang="en-US" id="us-gaap_InterestPaidNet_lbl">Cash Paid for Interest, Net of Amounts Capitalized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidNet" xlink:to="us-gaap_InterestPaidNet_lbl" xlink:title="label: InterestPaidNet to us-gaap_InterestPaidNet_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InventoryNet" xlink:label="InventoryNet" xlink:title="InventoryNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InventoryNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InventoryNet_lbl" xml:lang="en-US" id="us-gaap_InventoryNet_lbl">Inventory</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryNet" xlink:to="us-gaap_InventoryNet_lbl" xlink:title="label: InventoryNet to us-gaap_InventoryNet_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="InventoryPolicyTextBlock" xlink:title="InventoryPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InventoryPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InventoryPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_InventoryPolicyTextBlock_lbl">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryPolicyTextBlock" xlink:to="us-gaap_InventoryPolicyTextBlock_lbl" xlink:title="label: InventoryPolicyTextBlock to us-gaap_InventoryPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:title="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US" id="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl">Investment in Nordic American Offshore Ltd</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xlink:title="label: InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures to us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl1" xml:lang="en-US" id="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl1">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl1" xlink:title="label: InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures to us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestmentsAbstract" xlink:label="InvestmentsAbstract" xlink:title="InvestmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentsAbstract_lbl" xml:lang="en-US" id="us-gaap_InvestmentsAbstract_lbl">INVESTMENTS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsAbstract" xlink:to="us-gaap_InvestmentsAbstract_lbl" xlink:title="label: InvestmentsAbstract to us-gaap_InvestmentsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IPOMember" xlink:label="IPOMember" xlink:title="IPOMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IPOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IPOMember_lbl" xml:lang="en-US" id="us-gaap_IPOMember_lbl">IPO [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPOMember" xlink:to="us-gaap_IPOMember_lbl" xlink:title="label: IPOMember to us-gaap_IPOMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquity_lbl">Total Liabilities and Shareholders' Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:title="label: LiabilitiesAndStockholdersEquity to us-gaap_LiabilitiesAndStockholdersEquity_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesAndStockholdersEquity_lbl1" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquity_lbl1">Liabilities and Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl1" xlink:title="label: LiabilitiesAndStockholdersEquity to us-gaap_LiabilitiesAndStockholdersEquity_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="LiabilitiesAndStockholdersEquityAbstract" xlink:title="LiabilitiesAndStockholdersEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl">LIABILITIES AND SHAREHOLDERS' EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:title="label: LiabilitiesAndStockholdersEquityAbstract to us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl1" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl1">Liabilities and Equity [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl1" xlink:title="label: LiabilitiesAndStockholdersEquityAbstract to us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="LiabilitiesCurrent" xlink:title="LiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesCurrent_lbl">Total Current Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:title="label: LiabilitiesCurrent to us-gaap_LiabilitiesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesCurrent_lbl1" xml:lang="en-US" id="us-gaap_LiabilitiesCurrent_lbl1">Liabilities, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl1" xlink:title="label: LiabilitiesCurrent to us-gaap_LiabilitiesCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="LiabilitiesCurrentAbstract" xlink:title="LiabilitiesCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesCurrentAbstract_lbl">Current Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:title="label: LiabilitiesCurrentAbstract to us-gaap_LiabilitiesCurrentAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="LiabilitiesNoncurrent" xlink:title="LiabilitiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LiabilitiesNoncurrent_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesNoncurrent_lbl">Total Non-Current Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesNoncurrent" xlink:to="us-gaap_LiabilitiesNoncurrent_lbl" xlink:title="label: LiabilitiesNoncurrent to us-gaap_LiabilitiesNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesNoncurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesNoncurrent_lbl1" xml:lang="en-US" id="us-gaap_LiabilitiesNoncurrent_lbl1">Liabilities, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesNoncurrent" xlink:to="us-gaap_LiabilitiesNoncurrent_lbl1" xlink:title="label: LiabilitiesNoncurrent to us-gaap_LiabilitiesNoncurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityExpirationDate1" xlink:label="LineOfCreditFacilityExpirationDate1" xlink:title="LineOfCreditFacilityExpirationDate1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityExpirationDate1_lbl">Maturity date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityExpirationDate1" xlink:to="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xlink:title="label: LineOfCreditFacilityExpirationDate1 to us-gaap_LineOfCreditFacilityExpirationDate1_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCreditFacilityExpirationDate1_lbl1" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityExpirationDate1_lbl1">Line of Credit Facility, Expiration Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityExpirationDate1" xlink:to="us-gaap_LineOfCreditFacilityExpirationDate1_lbl1" xlink:title="label: LineOfCreditFacilityExpirationDate1 to us-gaap_LineOfCreditFacilityExpirationDate1_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCredit" xlink:label="LineOfCredit" xlink:title="LineOfCredit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCredit_lbl" xml:lang="en-US" id="us-gaap_LineOfCredit_lbl">Drawn amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl" xlink:title="label: LineOfCredit to us-gaap_LineOfCredit_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:title="LineOfCreditFacilityMaximumBorrowingCapacity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl">Maximum borrowing capacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:title="label: LineOfCreditFacilityMaximumBorrowingCapacity to us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LinesOfCreditFairValueDisclosure" xlink:label="LinesOfCreditFairValueDisclosure" xlink:title="LinesOfCreditFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LinesOfCreditFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_LinesOfCreditFairValueDisclosure_lbl" xml:lang="en-US" id="us-gaap_LinesOfCreditFairValueDisclosure_lbl">Credit Facility</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LinesOfCreditFairValueDisclosure" xlink:to="us-gaap_LinesOfCreditFairValueDisclosure_lbl" xlink:title="label: LinesOfCreditFairValueDisclosure to us-gaap_LinesOfCreditFairValueDisclosure_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LinesOfCreditFairValueDisclosure_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LinesOfCreditFairValueDisclosure_lbl1" xml:lang="en-US" id="us-gaap_LinesOfCreditFairValueDisclosure_lbl1">Lines of Credit, Fair Value Disclosure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LinesOfCreditFairValueDisclosure" xlink:to="us-gaap_LinesOfCreditFairValueDisclosure_lbl1" xlink:title="label: LinesOfCreditFairValueDisclosure to us-gaap_LinesOfCreditFairValueDisclosure_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="LongTermDebtTextBlock" xlink:title="LongTermDebtTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_LongTermDebtTextBlock_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtTextBlock_lbl">LONG-TERM DEBT</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtTextBlock" xlink:to="us-gaap_LongTermDebtTextBlock_lbl" xlink:title="label: LongTermDebtTextBlock to us-gaap_LongTermDebtTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtTextBlock_lbl1" xml:lang="en-US" id="us-gaap_LongTermDebtTextBlock_lbl1">Long-term Debt [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtTextBlock" xlink:to="us-gaap_LongTermDebtTextBlock_lbl1" xlink:title="label: LongTermDebtTextBlock to us-gaap_LongTermDebtTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="LongTermDebtNoncurrent" xlink:title="LongTermDebtNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtNoncurrent_lbl">Long-Term Debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl" xlink:title="label: LongTermDebtNoncurrent to us-gaap_LongTermDebtNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtNoncurrent_lbl1" xml:lang="en-US" id="us-gaap_LongTermDebtNoncurrent_lbl1">Long-term Debt, Excluding Current Maturities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl1" xlink:title="label: LongTermDebtNoncurrent to us-gaap_LongTermDebtNoncurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingencyPendingClaimsNumber" xlink:label="LossContingencyPendingClaimsNumber" xlink:title="LossContingencyPendingClaimsNumber" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LossContingencyPendingClaimsNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LossContingencyPendingClaimsNumber_lbl" xml:lang="en-US" id="us-gaap_LossContingencyPendingClaimsNumber_lbl">Number of claims filed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossContingencyPendingClaimsNumber" xlink:to="us-gaap_LossContingencyPendingClaimsNumber_lbl" xlink:title="label: LossContingencyPendingClaimsNumber to us-gaap_LossContingencyPendingClaimsNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MajorCustomersAxis" xlink:label="MajorCustomersAxis" xlink:title="MajorCustomersAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_MajorCustomersAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_MajorCustomersAxis_lbl" xml:lang="en-US" id="us-gaap_MajorCustomersAxis_lbl">Customer [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorCustomersAxis" xlink:to="us-gaap_MajorCustomersAxis_lbl" xlink:title="label: MajorCustomersAxis to us-gaap_MajorCustomersAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="MaximumMember" xlink:title="MaximumMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_MaximumMember_lbl" xml:lang="en-US" id="us-gaap_MaximumMember_lbl">Maximum [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMember" xlink:to="us-gaap_MaximumMember_lbl" xlink:title="label: MaximumMember to us-gaap_MaximumMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="MinimumMember" xlink:title="MinimumMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_MinimumMember_lbl" xml:lang="en-US" id="us-gaap_MinimumMember_lbl">Minimum [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMember" xlink:to="us-gaap_MinimumMember_lbl" xlink:title="label: MinimumMember to us-gaap_MinimumMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NameOfMajorCustomerDomain" xlink:label="NameOfMajorCustomerDomain" xlink:title="NameOfMajorCustomerDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NameOfMajorCustomerDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NameOfMajorCustomerDomain_lbl" xml:lang="en-US" id="us-gaap_NameOfMajorCustomerDomain_lbl">Customer [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NameOfMajorCustomerDomain" xlink:to="us-gaap_NameOfMajorCustomerDomain_lbl" xlink:title="label: NameOfMajorCustomerDomain to us-gaap_NameOfMajorCustomerDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="NatureOfOperations" xlink:title="NatureOfOperations" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NatureOfOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_NatureOfOperations_lbl" xml:lang="en-US" id="us-gaap_NatureOfOperations_lbl">NATURE OF BUSINESS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NatureOfOperations" xlink:to="us-gaap_NatureOfOperations_lbl" xlink:title="label: NatureOfOperations to us-gaap_NatureOfOperations_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NatureOfOperations_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NatureOfOperations_lbl1" xml:lang="en-US" id="us-gaap_NatureOfOperations_lbl1">Nature of Operations [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NatureOfOperations" xlink:to="us-gaap_NatureOfOperations_lbl1" xlink:title="label: NatureOfOperations to us-gaap_NatureOfOperations_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="NetCashProvidedByUsedInFinancingActivities" xlink:title="NetCashProvidedByUsedInFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl">Net Cash (Used In)/Provided by Financing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:title="label: NetCashProvidedByUsedInFinancingActivities to us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1">Net Cash Provided by (Used in) Financing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xlink:title="label: NetCashProvidedByUsedInFinancingActivities to us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl">Cash Flows from Financing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:title="label: NetCashProvidedByUsedInFinancingActivitiesAbstract to us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl">Cash Flows from Investing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:title="label: NetCashProvidedByUsedInInvestingActivitiesAbstract to us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInOperatingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl">Cash Flows from Operating Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:title="label: NetCashProvidedByUsedInOperatingActivitiesAbstract to us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl1">Net Cash Provided by (Used in) Operating Activities [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl1" xlink:title="label: NetCashProvidedByUsedInOperatingActivitiesAbstract to us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="NetCashProvidedByUsedInInvestingActivities" xlink:title="NetCashProvidedByUsedInInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl">Net Cash Used in Investing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:title="label: NetCashProvidedByUsedInInvestingActivities to us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1">Net Cash Provided by (Used in) Investing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xlink:title="label: NetCashProvidedByUsedInInvestingActivities to us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl">Net Cash Provided by Operating Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:title="label: NetCashProvidedByUsedInOperatingActivities to us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1">Net Cash Provided by (Used in) Operating Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" xlink:title="label: NetCashProvidedByUsedInOperatingActivities to us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLossAbstract" xlink:label="NetIncomeLossAbstract" xlink:title="NetIncomeLossAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_NetIncomeLossAbstract_lbl" xml:lang="en-US" id="us-gaap_NetIncomeLossAbstract_lbl">Numerator [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAbstract" xlink:to="us-gaap_NetIncomeLossAbstract_lbl" xlink:title="label: NetIncomeLossAbstract to us-gaap_NetIncomeLossAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetIncomeLossAbstract_lbl1" xml:lang="en-US" id="us-gaap_NetIncomeLossAbstract_lbl1">Net Income (Loss) Attributable to Parent [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAbstract" xlink:to="us-gaap_NetIncomeLossAbstract_lbl1" xlink:title="label: NetIncomeLossAbstract to us-gaap_NetIncomeLossAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US" id="us-gaap_NetIncomeLoss_lbl">Net (Loss) Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:title="label: NetIncomeLoss to us-gaap_NetIncomeLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_NetIncomeLoss_lbl1" xml:lang="en-US" id="us-gaap_NetIncomeLoss_lbl1">Net (Loss) Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl1" xlink:title="label: NetIncomeLoss to us-gaap_NetIncomeLoss_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetIncomeLoss_lbl2" xml:lang="en-US" id="us-gaap_NetIncomeLoss_lbl2">Net Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl2" xlink:title="label: NetIncomeLoss to us-gaap_NetIncomeLoss_lbl2" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetIncomeLoss_lbl3" xml:lang="en-US" id="us-gaap_NetIncomeLoss_lbl3">Net Income (Loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl3" xlink:title="label: NetIncomeLoss to us-gaap_NetIncomeLoss_lbl3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementMember" xlink:label="NewAccountingPronouncementMember" xlink:title="NewAccountingPronouncementMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NewAccountingPronouncementMember_lbl" xml:lang="en-US" id="us-gaap_NewAccountingPronouncementMember_lbl">Adjustments for New Accounting Pronouncement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewAccountingPronouncementMember" xlink:to="us-gaap_NewAccountingPronouncementMember_lbl" xlink:title="label: NewAccountingPronouncementMember to us-gaap_NewAccountingPronouncementMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:label="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:title="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_lbl" xml:lang="en-US" id="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_lbl">New Accounting Pronouncements or Change in Accounting Principle [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:to="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_lbl" xlink:title="label: NewAccountingPronouncementsOrChangeInAccountingPrincipleTable to us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:title="NewAccountingPronouncementsPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl">Recent Accounting Pronouncements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:title="label: NewAccountingPronouncementsPolicyPolicyTextBlock to us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl1" xml:lang="en-US" id="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl1">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl1" xlink:title="label: NewAccountingPronouncementsPolicyPolicyTextBlock to us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:label="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:title="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract_lbl" xml:lang="en-US" id="us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract_lbl">Recent Accounting Pronouncements [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:to="us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract_lbl" xlink:title="label: NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract to us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:label="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:title="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_lbl" xml:lang="en-US" id="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_lbl">New Accounting Pronouncements or Change in Accounting Principle [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_lbl" xlink:title="label: NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems to us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="NonoperatingIncomeExpense" xlink:title="NonoperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US" id="us-gaap_NonoperatingIncomeExpense_lbl">Total Other Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl" xlink:title="label: NonoperatingIncomeExpense to us-gaap_NonoperatingIncomeExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NonoperatingIncomeExpense_lbl1" xml:lang="en-US" id="us-gaap_NonoperatingIncomeExpense_lbl1">Nonoperating Income (Expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl1" xlink:title="label: NonoperatingIncomeExpense to us-gaap_NonoperatingIncomeExpense_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NumberOfReportingUnits" xlink:label="NumberOfReportingUnits" xlink:title="NumberOfReportingUnits" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NumberOfReportingUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NumberOfReportingUnits_lbl" xml:lang="en-US" id="us-gaap_NumberOfReportingUnits_lbl">Number of reporting units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfReportingUnits" xlink:to="us-gaap_NumberOfReportingUnits_lbl" xlink:title="label: NumberOfReportingUnits to us-gaap_NumberOfReportingUnits_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="NumberOfOperatingSegments" xlink:title="NumberOfOperatingSegments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US" id="us-gaap_NumberOfOperatingSegments_lbl">Number of operating segment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOperatingSegments" xlink:to="us-gaap_NumberOfOperatingSegments_lbl" xlink:title="label: NumberOfOperatingSegments to us-gaap_NumberOfOperatingSegments_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="OperatingCostsAndExpenses" xlink:title="OperatingCostsAndExpenses" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingCostsAndExpenses_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_OperatingCostsAndExpenses_lbl" xml:lang="en-US" id="us-gaap_OperatingCostsAndExpenses_lbl">Vessel Operating Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingCostsAndExpenses" xlink:to="us-gaap_OperatingCostsAndExpenses_lbl" xlink:title="label: OperatingCostsAndExpenses to us-gaap_OperatingCostsAndExpenses_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingCostsAndExpenses_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OperatingCostsAndExpenses_lbl1" xml:lang="en-US" id="us-gaap_OperatingCostsAndExpenses_lbl1">Operating Costs and Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingCostsAndExpenses" xlink:to="us-gaap_OperatingCostsAndExpenses_lbl1" xlink:title="label: OperatingCostsAndExpenses to us-gaap_OperatingCostsAndExpenses_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US" id="us-gaap_OperatingIncomeLoss_lbl">Net Operating (Loss) Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:title="label: OperatingIncomeLoss to us-gaap_OperatingIncomeLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingIncomeLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OperatingIncomeLoss_lbl1" xml:lang="en-US" id="us-gaap_OperatingIncomeLoss_lbl1">Operating Income (Loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl1" xlink:title="label: OperatingIncomeLoss to us-gaap_OperatingIncomeLoss_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:title="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US" id="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl">NATURE OF BUSINESS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:title="label: OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract to us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="OtherComprehensiveIncomeLossNetOfTax" xlink:title="OtherComprehensiveIncomeLossNetOfTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US" id="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl">Total Other Comprehensive Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl" xlink:title="label: OtherComprehensiveIncomeLossNetOfTax to us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl1" xml:lang="en-US" id="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl1">Other Comprehensive Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl1" xlink:title="label: OtherComprehensiveIncomeLossNetOfTax to us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl2" xml:lang="en-US" id="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl2">Other Comprehensive Income (Loss), Net of Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl2" xlink:title="label: OtherComprehensiveIncomeLossNetOfTax to us-gaap_OtherComprehensiveIncomeLossNetOfTax_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:title="OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_lbl" xml:lang="en-US" id="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_lbl">Translation Differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_lbl" xlink:title="label: OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax to us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_lbl1" xml:lang="en-US" id="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_lbl1">Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_lbl1" xlink:title="label: OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax to us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:label="OtherAssetsMiscellaneousNoncurrent" xlink:title="OtherAssetsMiscellaneousNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAssetsMiscellaneousNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherAssetsMiscellaneousNoncurrent_lbl" xml:lang="en-US" id="us-gaap_OtherAssetsMiscellaneousNoncurrent_lbl">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsMiscellaneousNoncurrent" xlink:to="us-gaap_OtherAssetsMiscellaneousNoncurrent_lbl" xlink:title="label: OtherAssetsMiscellaneousNoncurrent to us-gaap_OtherAssetsMiscellaneousNoncurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="OtherNoncashIncomeExpense" xlink:title="OtherNoncashIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_OtherNoncashIncomeExpense_lbl" xml:lang="en-US" id="us-gaap_OtherNoncashIncomeExpense_lbl">Other, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncashIncomeExpense" xlink:to="us-gaap_OtherNoncashIncomeExpense_lbl" xlink:title="label: OtherNoncashIncomeExpense to us-gaap_OtherNoncashIncomeExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherNoncashIncomeExpense_lbl1" xml:lang="en-US" id="us-gaap_OtherNoncashIncomeExpense_lbl1">Other Noncash Income (Expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncashIncomeExpense" xlink:to="us-gaap_OtherNoncashIncomeExpense_lbl1" xlink:title="label: OtherNoncashIncomeExpense to us-gaap_OtherNoncashIncomeExpense_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="OtherAssetsNoncurrent" xlink:title="OtherAssetsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US" id="us-gaap_OtherAssetsNoncurrent_lbl">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" xlink:title="label: OtherAssetsNoncurrent to us-gaap_OtherAssetsNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_OtherAssetsNoncurrent_lbl1" xml:lang="en-US" id="us-gaap_OtherAssetsNoncurrent_lbl1">Other Non-current Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl1" xlink:title="label: OtherAssetsNoncurrent to us-gaap_OtherAssetsNoncurrent_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherAssetsNoncurrent_lbl2" xml:lang="en-US" id="us-gaap_OtherAssetsNoncurrent_lbl2">Other Assets, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl2" xlink:title="label: OtherAssetsNoncurrent to us-gaap_OtherAssetsNoncurrent_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsNoncurrentDisclosureAbstract" xlink:label="OtherAssetsNoncurrentDisclosureAbstract" xlink:title="OtherAssetsNoncurrentDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAssetsNoncurrentDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherAssetsNoncurrentDisclosureAbstract_lbl" xml:lang="en-US" id="us-gaap_OtherAssetsNoncurrentDisclosureAbstract_lbl">OTHER NON-CURRENT ASSETS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsNoncurrentDisclosureAbstract" xlink:to="us-gaap_OtherAssetsNoncurrentDisclosureAbstract_lbl" xlink:title="label: OtherAssetsNoncurrentDisclosureAbstract to us-gaap_OtherAssetsNoncurrentDisclosureAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="OtherAssetsCurrent" xlink:title="OtherAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US" id="us-gaap_OtherAssetsCurrent_lbl">Other Current Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl" xlink:title="label: OtherAssetsCurrent to us-gaap_OtherAssetsCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAssetsCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherAssetsCurrent_lbl1" xml:lang="en-US" id="us-gaap_OtherAssetsCurrent_lbl1">Other Assets, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl1" xlink:title="label: OtherAssetsCurrent to us-gaap_OtherAssetsCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" xlink:label="OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" xlink:title="OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_lbl" xml:lang="en-US" id="us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_lbl">Unrealized (Loss) Gain on Defined benefit plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_lbl" xlink:title="label: OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax to us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_lbl1" xml:lang="en-US" id="us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_lbl1">Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_lbl1" xlink:title="label: OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax to us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="OtherNonoperatingIncomeExpense" xlink:title="OtherNonoperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherNonoperatingIncomeExpense_lbl" xml:lang="en-US" id="us-gaap_OtherNonoperatingIncomeExpense_lbl">Other Financial Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNonoperatingIncomeExpense" xlink:to="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:title="label: OtherNonoperatingIncomeExpense to us-gaap_OtherNonoperatingIncomeExpense_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="OtherAccruedLiabilitiesCurrent" xlink:title="OtherAccruedLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_OtherAccruedLiabilitiesCurrent_lbl" xml:lang="en-US" id="us-gaap_OtherAccruedLiabilitiesCurrent_lbl">Accrued Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAccruedLiabilitiesCurrent" xlink:to="us-gaap_OtherAccruedLiabilitiesCurrent_lbl" xlink:title="label: OtherAccruedLiabilitiesCurrent to us-gaap_OtherAccruedLiabilitiesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherAccruedLiabilitiesCurrent_lbl1" xml:lang="en-US" id="us-gaap_OtherAccruedLiabilitiesCurrent_lbl1">Other Accrued Liabilities, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAccruedLiabilitiesCurrent" xlink:to="us-gaap_OtherAccruedLiabilitiesCurrent_lbl1" xlink:title="label: OtherAccruedLiabilitiesCurrent to us-gaap_OtherAccruedLiabilitiesCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:label="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:title="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_lbl" xml:lang="en-US" id="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_lbl">Other Comprehensive Loss Current Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_lbl" xlink:title="label: OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract to us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_lbl1" xml:lang="en-US" id="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_lbl1">Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_lbl1" xlink:title="label: OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract to us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAdditionalCapitalMember" xlink:label="OtherAdditionalCapitalMember" xlink:title="OtherAdditionalCapitalMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAdditionalCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_OtherAdditionalCapitalMember_lbl" xml:lang="en-US" id="us-gaap_OtherAdditionalCapitalMember_lbl">Contributed Surplus [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAdditionalCapitalMember" xlink:to="us-gaap_OtherAdditionalCapitalMember_lbl" xlink:title="label: OtherAdditionalCapitalMember to us-gaap_OtherAdditionalCapitalMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAdditionalCapitalMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherAdditionalCapitalMember_lbl1" xml:lang="en-US" id="us-gaap_OtherAdditionalCapitalMember_lbl1">Other Additional Capital [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAdditionalCapitalMember" xlink:to="us-gaap_OtherAdditionalCapitalMember_lbl1" xlink:title="label: OtherAdditionalCapitalMember to us-gaap_OtherAdditionalCapitalMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="PaymentsOfDividends" xlink:title="PaymentsOfDividends" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PaymentsOfDividends_lbl" xml:lang="en-US" id="us-gaap_PaymentsOfDividends_lbl">Dividend paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividends" xlink:to="us-gaap_PaymentsOfDividends_lbl" xlink:title="label: PaymentsOfDividends to us-gaap_PaymentsOfDividends_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividends_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsOfDividends_lbl1" xml:lang="en-US" id="us-gaap_PaymentsOfDividends_lbl1">Payments of Dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividends" xlink:to="us-gaap_PaymentsOfDividends_lbl1" xlink:title="label: PaymentsOfDividends to us-gaap_PaymentsOfDividends_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="PaymentsOfDividendsCommonStock" xlink:title="PaymentsOfDividendsCommonStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US" id="us-gaap_PaymentsOfDividendsCommonStock_lbl">Dividends Distributed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock_lbl" xlink:title="label: PaymentsOfDividendsCommonStock to us-gaap_PaymentsOfDividendsCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsOfDividendsCommonStock_lbl1" xml:lang="en-US" id="us-gaap_PaymentsOfDividendsCommonStock_lbl1">Payments of Ordinary Dividends, Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock_lbl1" xlink:title="label: PaymentsOfDividendsCommonStock to us-gaap_PaymentsOfDividendsCommonStock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="PaymentsOfFinancingCosts" xlink:title="PaymentsOfFinancingCosts" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsOfFinancingCosts_lbl" xml:lang="en-US" id="us-gaap_PaymentsOfFinancingCosts_lbl">Transaction Costs Borrowing Facilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfFinancingCosts" xlink:to="us-gaap_PaymentsOfFinancingCosts_lbl" xlink:title="label: PaymentsOfFinancingCosts to us-gaap_PaymentsOfFinancingCosts_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsOfFinancingCosts_lbl1" xml:lang="en-US" id="us-gaap_PaymentsOfFinancingCosts_lbl1">Payments of Financing Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfFinancingCosts" xlink:to="us-gaap_PaymentsOfFinancingCosts_lbl1" xlink:title="label: PaymentsOfFinancingCosts to us-gaap_PaymentsOfFinancingCosts_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="PaymentsOfStockIssuanceCosts" xlink:title="PaymentsOfStockIssuanceCosts" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xml:lang="en-US" id="us-gaap_PaymentsOfStockIssuanceCosts_lbl">Common Shares Issued, issuance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfStockIssuanceCosts" xlink:to="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:title="label: PaymentsOfStockIssuanceCosts to us-gaap_PaymentsOfStockIssuanceCosts_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesGross" xlink:label="PaymentsToAcquireBusinessesGross" xlink:title="PaymentsToAcquireBusinessesGross" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireBusinessesGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireBusinessesGross_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireBusinessesGross_lbl">Cash consideration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireBusinessesGross" xlink:to="us-gaap_PaymentsToAcquireBusinessesGross_lbl" xlink:title="label: PaymentsToAcquireBusinessesGross to us-gaap_PaymentsToAcquireBusinessesGross_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:label="PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:title="PaymentsToAcquireOtherPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl">Investment in Other Fixed Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl" xlink:title="label: PaymentsToAcquireOtherPropertyPlantAndEquipment to us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl1">Payments to Acquire Other Property, Plant, and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl1" xlink:title="label: PaymentsToAcquireOtherPropertyPlantAndEquipment to us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl">Investment in Nordic American Offshore</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" xlink:title="label: PaymentsToAcquireInterestInSubsidiariesAndAffiliates to us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl1">Payments to Acquire Interest in Subsidiaries and Affiliates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl1" xlink:title="label: PaymentsToAcquireInterestInSubsidiariesAndAffiliates to us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:label="PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:title="PaymentsToAcquireOilAndGasPropertyAndEquipment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl">Investment in Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:to="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl" xlink:title="label: PaymentsToAcquireOilAndGasPropertyAndEquipment to us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl1">Payments to Acquire Oil and Gas Property and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:to="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl1" xlink:title="label: PaymentsToAcquireOilAndGasPropertyAndEquipment to us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="PlanNameAxis" xlink:title="PlanNameAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PlanNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PlanNameAxis_lbl" xml:lang="en-US" id="us-gaap_PlanNameAxis_lbl">Plan Name [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlanNameAxis" xlink:to="us-gaap_PlanNameAxis_lbl" xlink:title="label: PlanNameAxis to us-gaap_PlanNameAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="PlanNameDomain" xlink:title="PlanNameDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PlanNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PlanNameDomain_lbl" xml:lang="en-US" id="us-gaap_PlanNameDomain_lbl">Plan Name [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlanNameDomain" xlink:to="us-gaap_PlanNameDomain_lbl" xlink:title="label: PlanNameDomain to us-gaap_PlanNameDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:label="PortionAtFairValueFairValueDisclosureMember" xlink:title="PortionAtFairValueFairValueDisclosureMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xml:lang="en-US" id="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl">Portion at Fair Value Measurement [Member] [Default]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortionAtFairValueFairValueDisclosureMember" xlink:to="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xlink:title="label: PortionAtFairValueFairValueDisclosureMember to us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="PrepaidExpenseCurrent" xlink:title="PrepaidExpenseCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PrepaidExpenseCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_PrepaidExpenseCurrent_lbl" xml:lang="en-US" id="us-gaap_PrepaidExpenseCurrent_lbl">Prepaid Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpenseCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent_lbl" xlink:title="label: PrepaidExpenseCurrent to us-gaap_PrepaidExpenseCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PrepaidExpenseCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PrepaidExpenseCurrent_lbl1" xml:lang="en-US" id="us-gaap_PrepaidExpenseCurrent_lbl1">Prepaid Expense, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpenseCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent_lbl1" xlink:title="label: PrepaidExpenseCurrent to us-gaap_PrepaidExpenseCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="PrivatePlacementMember" xlink:title="PrivatePlacementMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PrivatePlacementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PrivatePlacementMember_lbl" xml:lang="en-US" id="us-gaap_PrivatePlacementMember_lbl">Private Placement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrivatePlacementMember" xlink:to="us-gaap_PrivatePlacementMember_lbl" xlink:title="label: PrivatePlacementMember to us-gaap_PrivatePlacementMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities" xlink:label="ProceedsFromRepaymentsOfRestrictedCashFinancingActivities" xlink:title="ProceedsFromRepaymentsOfRestrictedCashFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities_lbl">Release / (deposit) of restricted cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRepaymentsOfRestrictedCashFinancingActivities" xlink:to="us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities_lbl" xlink:title="label: ProceedsFromRepaymentsOfRestrictedCashFinancingActivities to us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="ProceedsFromIssuanceOfCommonStock" xlink:title="ProceedsFromIssuanceOfCommonStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl">Proceeds from Issuance of Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:title="label: ProceedsFromIssuanceOfCommonStock to us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl1" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl1">Net proceeds from underwritten public offering of common shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl1" xlink:title="label: ProceedsFromIssuanceOfCommonStock to us-gaap_ProceedsFromIssuanceOfCommonStock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromDividendsReceived" xlink:label="ProceedsFromDividendsReceived" xlink:title="ProceedsFromDividendsReceived" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromDividendsReceived_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromDividendsReceived_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromDividendsReceived_lbl">Dividends received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromDividendsReceived" xlink:to="us-gaap_ProceedsFromDividendsReceived_lbl" xlink:title="label: ProceedsFromDividendsReceived to us-gaap_ProceedsFromDividendsReceived_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="ProceedsFromLinesOfCredit" xlink:title="ProceedsFromLinesOfCredit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromLinesOfCredit_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromLinesOfCredit_lbl">Proceeds from Use of Credit Facility</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromLinesOfCredit" xlink:to="us-gaap_ProceedsFromLinesOfCredit_lbl" xlink:title="label: ProceedsFromLinesOfCredit to us-gaap_ProceedsFromLinesOfCredit_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="ProceedsFromIssuanceOrSaleOfEquity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl">Proceeds from sale of equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOrSaleOfEquity" xlink:to="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xlink:title="label: ProceedsFromIssuanceOrSaleOfEquity to us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:label="ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:title="ProceedsFromSaleOfOtherPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment_lbl">Sale of Other Fixed Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:to="us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment_lbl" xlink:title="label: ProceedsFromSaleOfOtherPropertyPlantAndEquipment to us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="PropertyPlantAndEquipmentPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl">Vessels, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xlink:title="label: PropertyPlantAndEquipmentPolicyTextBlock to us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl1">Property, Plant and Equipment, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl1" xlink:title="label: PropertyPlantAndEquipmentPolicyTextBlock to us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentSalvageValue" xlink:label="PropertyPlantAndEquipmentSalvageValue" xlink:title="PropertyPlantAndEquipmentSalvageValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl">Salvage value of the vessel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentSalvageValue" xlink:to="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl" xlink:title="label: PropertyPlantAndEquipmentSalvageValue to us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="PropertyPlantAndEquipmentAbstract" xlink:title="PropertyPlantAndEquipmentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentAbstract_lbl">VESSELS, NET [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentAbstract_lbl" xlink:title="label: PropertyPlantAndEquipmentAbstract to us-gaap_PropertyPlantAndEquipmentAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentAbstract_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentAbstract_lbl1">Vessels, Net [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentAbstract_lbl1" xlink:title="label: PropertyPlantAndEquipmentAbstract to us-gaap_PropertyPlantAndEquipmentAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="PropertyPlantAndEquipmentNet" xlink:title="PropertyPlantAndEquipmentNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentNet_lbl">Fixture, Furniture and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:title="label: PropertyPlantAndEquipmentNet to us-gaap_PropertyPlantAndEquipmentNet_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="PropertyPlantAndEquipmentDisclosureTextBlock" xlink:title="PropertyPlantAndEquipmentDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl">VESSELS, NET</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xlink:title="label: PropertyPlantAndEquipmentDisclosureTextBlock to us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl1">Property, Plant and Equipment Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl1" xlink:title="label: PropertyPlantAndEquipmentDisclosureTextBlock to us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="PropertyPlantAndEquipmentLineItems" xlink:title="PropertyPlantAndEquipmentLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentLineItems_lbl">Property, Plant and Equipment [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xlink:title="label: PropertyPlantAndEquipmentLineItems to us-gaap_PropertyPlantAndEquipmentLineItems_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentLineItems_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentLineItems_lbl1">Property, Plant and Equipment [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="us-gaap_PropertyPlantAndEquipmentLineItems_lbl1" xlink:title="label: PropertyPlantAndEquipmentLineItems to us-gaap_PropertyPlantAndEquipmentLineItems_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="PropertyPlantAndEquipmentUsefulLife" xlink:title="PropertyPlantAndEquipmentUsefulLife" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl">Estimate useful life of vessel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentUsefulLife" xlink:to="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:title="label: PropertyPlantAndEquipmentUsefulLife to us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentImpairment" xlink:label="PropertyPlantAndEquipmentImpairment" xlink:title="PropertyPlantAndEquipmentImpairment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentImpairment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentImpairment_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentImpairment_lbl">Impairment of Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentImpairment" xlink:to="us-gaap_PropertyPlantAndEquipmentImpairment_lbl" xlink:title="label: PropertyPlantAndEquipmentImpairment to us-gaap_PropertyPlantAndEquipmentImpairment_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="PropertyPlantAndEquipmentByTypeAxis" xlink:title="PropertyPlantAndEquipmentByTypeAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl">Property by Vessel or Other Equipment [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:title="label: PropertyPlantAndEquipmentByTypeAxis to us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl">Property Type, Vessel [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:title="label: PropertyPlantAndEquipmentTypeDomain to us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="RangeMember" xlink:title="RangeMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RangeMember_lbl" xml:lang="en-US" id="us-gaap_RangeMember_lbl">Range [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeMember" xlink:to="us-gaap_RangeMember_lbl" xlink:title="label: RangeMember to us-gaap_RangeMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RangeAxis_lbl" xml:lang="en-US" id="us-gaap_RangeAxis_lbl">Range [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeAxis" xlink:to="us-gaap_RangeAxis_lbl" xlink:title="label: RangeAxis to us-gaap_RangeAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealizedInvestmentGainsLosses" xlink:label="RealizedInvestmentGainsLosses" xlink:title="RealizedInvestmentGainsLosses" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealizedInvestmentGainsLosses_lbl" xml:lang="en-US" id="us-gaap_RealizedInvestmentGainsLosses_lbl">Transaction recognized in dilution loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealizedInvestmentGainsLosses" xlink:to="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:title="label: RealizedInvestmentGainsLosses to us-gaap_RealizedInvestmentGainsLosses_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="RelatedPartyTransactionLineItems" xlink:title="RelatedPartyTransactionLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionLineItems_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionLineItems_lbl">Related Party Transaction [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionLineItems" xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:title="label: RelatedPartyTransactionLineItems to us-gaap_RelatedPartyTransactionLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="RelatedPartyDomain" xlink:title="RelatedPartyDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyDomain_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyDomain_lbl">Related Party [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain_lbl" xlink:title="label: RelatedPartyDomain to us-gaap_RelatedPartyDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="RelatedPartyTransactionsByRelatedPartyAxis" xlink:title="RelatedPartyTransactionsByRelatedPartyAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl">Related Party [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:title="label: RelatedPartyTransactionsByRelatedPartyAxis to us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="RelatedPartyTransactionsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl">RELATED PARTY TRANSACTIONS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:title="label: RelatedPartyTransactionsDisclosureTextBlock to us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1">Related Party Transactions Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" xlink:title="label: RelatedPartyTransactionsDisclosureTextBlock to us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="RelatedPartyTransactionsAbstract" xlink:title="RelatedPartyTransactionsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsAbstract_lbl">RELATED PARTY TRANSACTIONS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:title="label: RelatedPartyTransactionsAbstract to us-gaap_RelatedPartyTransactionsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="RepaymentsOfLinesOfCredit" xlink:title="RepaymentsOfLinesOfCredit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_RepaymentsOfLinesOfCredit_lbl" xml:lang="en-US" id="us-gaap_RepaymentsOfLinesOfCredit_lbl">Repayments on Credit Facility</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLinesOfCredit_lbl" xlink:title="label: RepaymentsOfLinesOfCredit to us-gaap_RepaymentsOfLinesOfCredit_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RepaymentsOfLinesOfCredit_lbl1" xml:lang="en-US" id="us-gaap_RepaymentsOfLinesOfCredit_lbl1">Repayments of Lines of Credit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLinesOfCredit_lbl1" xlink:title="label: RepaymentsOfLinesOfCredit to us-gaap_RepaymentsOfLinesOfCredit_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="RepaymentsOfLongTermDebt" xlink:title="RepaymentsOfLongTermDebt" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US" id="us-gaap_RepaymentsOfLongTermDebt_lbl">Repayment of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:title="label: RepaymentsOfLongTermDebt to us-gaap_RepaymentsOfLongTermDebt_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="RestrictedStockMember" xlink:title="RestrictedStockMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RestrictedStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_RestrictedStockMember_lbl" xml:lang="en-US" id="us-gaap_RestrictedStockMember_lbl">Restricted Stock Awards [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedStockMember" xlink:to="us-gaap_RestrictedStockMember_lbl" xlink:title="label: RestrictedStockMember to us-gaap_RestrictedStockMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RestrictedStockMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RestrictedStockMember_lbl1" xml:lang="en-US" id="us-gaap_RestrictedStockMember_lbl1">Restricted Stock [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedStockMember" xlink:to="us-gaap_RestrictedStockMember_lbl1" xlink:title="label: RestrictedStockMember to us-gaap_RestrictedStockMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RestrictedCash" xlink:label="RestrictedCash" xlink:title="RestrictedCash" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_RestrictedCash_lbl" xml:lang="en-US" id="us-gaap_RestrictedCash_lbl">Other Non-Current Assets (restricted cash)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCash" xlink:to="us-gaap_RestrictedCash_lbl" xlink:title="label: RestrictedCash to us-gaap_RestrictedCash_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RestrictedCash_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RestrictedCash_lbl1" xml:lang="en-US" id="us-gaap_RestrictedCash_lbl1">Restricted Cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCash" xlink:to="us-gaap_RestrictedCash_lbl1" xlink:title="label: RestrictedCash to us-gaap_RestrictedCash_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US" id="us-gaap_RetainedEarningsAccumulatedDeficit_lbl">Accumulated Deficit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:title="label: RetainedEarningsAccumulatedDeficit to us-gaap_RetainedEarningsAccumulatedDeficit_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US" id="us-gaap_RetainedEarningsMember_lbl">Retained Earnings (Accumulated Deficit) [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" xlink:title="label: RetainedEarningsMember to us-gaap_RetainedEarningsMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="RevolvingCreditFacilityMember" xlink:title="RevolvingCreditFacilityMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_RevolvingCreditFacilityMember_lbl" xml:lang="en-US" id="us-gaap_RevolvingCreditFacilityMember_lbl">Revolving Credit Facility [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevolvingCreditFacilityMember" xlink:to="us-gaap_RevolvingCreditFacilityMember_lbl" xlink:title="label: RevolvingCreditFacilityMember to us-gaap_RevolvingCreditFacilityMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RevolvingCreditFacilityMember_lbl1" xml:lang="en-US" id="us-gaap_RevolvingCreditFacilityMember_lbl1">Revolving Credit Facility [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevolvingCreditFacilityMember" xlink:to="us-gaap_RevolvingCreditFacilityMember_lbl1" xlink:title="label: RevolvingCreditFacilityMember to us-gaap_RevolvingCreditFacilityMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:label="SaleOfStockConsiderationReceivedOnTransaction" xlink:title="SaleOfStockConsiderationReceivedOnTransaction" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SaleOfStockConsiderationReceivedOnTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SaleOfStockConsiderationReceivedOnTransaction_lbl" xml:lang="en-US" id="us-gaap_SaleOfStockConsiderationReceivedOnTransaction_lbl">Cost of shares acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleOfStockConsiderationReceivedOnTransaction" xlink:to="us-gaap_SaleOfStockConsiderationReceivedOnTransaction_lbl" xlink:title="label: SaleOfStockConsiderationReceivedOnTransaction to us-gaap_SaleOfStockConsiderationReceivedOnTransaction_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:label="SaleOfStockNumberOfSharesIssuedInTransaction" xlink:title="SaleOfStockNumberOfSharesIssuedInTransaction" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" xml:lang="en-US" id="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl">Shares acquired (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleOfStockNumberOfSharesIssuedInTransaction" xlink:to="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" xlink:title="label: SaleOfStockNumberOfSharesIssuedInTransaction to us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="SaleOfStockNameOfTransactionDomain" xlink:title="SaleOfStockNameOfTransactionDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xml:lang="en-US" id="us-gaap_SaleOfStockNameOfTransactionDomain_lbl">Sale of Stock, Name of Transaction [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleOfStockNameOfTransactionDomain" xlink:to="us-gaap_SaleOfStockNameOfTransactionDomain_lbl" xlink:title="label: SaleOfStockNameOfTransactionDomain to us-gaap_SaleOfStockNameOfTransactionDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SalesRevenueServicesNetMember" xlink:label="SalesRevenueServicesNetMember" xlink:title="SalesRevenueServicesNetMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SalesRevenueServicesNetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_SalesRevenueServicesNetMember_lbl" xml:lang="en-US" id="us-gaap_SalesRevenueServicesNetMember_lbl">Revenues [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesRevenueServicesNetMember" xlink:to="us-gaap_SalesRevenueServicesNetMember_lbl" xlink:title="label: SalesRevenueServicesNetMember to us-gaap_SalesRevenueServicesNetMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SalesRevenueServicesNetMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SalesRevenueServicesNetMember_lbl1" xml:lang="en-US" id="us-gaap_SalesRevenueServicesNetMember_lbl1">Sales Revenue, Services, Net [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesRevenueServicesNetMember" xlink:to="us-gaap_SalesRevenueServicesNetMember_lbl1" xlink:title="label: SalesRevenueServicesNetMember to us-gaap_SalesRevenueServicesNetMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:title="ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl">Basic and diluted earnings per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xlink:title="label: ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock to us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:label="ScheduleOfStockholdersEquityTableTextBlock" xlink:title="ScheduleOfStockholdersEquityTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl">Authorized, issued and outstanding common shares roll-forward</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfStockholdersEquityTableTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl" xlink:title="label: ScheduleOfStockholdersEquityTableTextBlock to us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:label="ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:title="ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_lbl">Summary of company's restricted stock awards</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_lbl" xlink:title="label: ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock to us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:label="ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:title="ScheduleOfAccruedLiabilitiesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_lbl">Accrued liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:to="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_lbl" xlink:title="label: ScheduleOfAccruedLiabilitiesTableTextBlock to us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:label="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:title="ScheduleOfBusinessAcquisitionsByAcquisitionTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_lbl">Schedule of Business Acquisitions, by Acquisition [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_lbl" xlink:title="label: ScheduleOfBusinessAcquisitionsByAcquisitionTable to us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock" xlink:label="ScheduleOfOtherAssetsNoncurrentTextBlock" xlink:title="ScheduleOfOtherAssetsNoncurrentTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock_lbl">Other non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfOtherAssetsNoncurrentTextBlock" xlink:to="us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock_lbl" xlink:title="label: ScheduleOfOtherAssetsNoncurrentTextBlock to us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock_lbl1" xml:lang="en-US" id="us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock_lbl1">Schedule of Other Assets, Noncurrent [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfOtherAssetsNoncurrentTextBlock" xlink:to="us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock_lbl1" xlink:title="label: ScheduleOfOtherAssetsNoncurrentTextBlock to us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:title="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:title="label: ScheduleOfRelatedPartyTransactionsByRelatedPartyTable to us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="ScheduleOfPropertyPlantAndEquipmentTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl">Property, Plant and Equipment [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xlink:title="label: ScheduleOfPropertyPlantAndEquipmentTable to us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfSubsequentEventsTextBlock" xlink:label="ScheduleOfSubsequentEventsTextBlock" xlink:title="ScheduleOfSubsequentEventsTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl">SUBSEQUENT EVENTS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfSubsequentEventsTextBlock" xlink:to="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl" xlink:title="label: ScheduleOfSubsequentEventsTextBlock to us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl1" xml:lang="en-US" id="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl1">Schedule of Subsequent Events [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfSubsequentEventsTextBlock" xlink:to="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl1" xlink:title="label: ScheduleOfSubsequentEventsTextBlock to us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:title="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xlink:title="label: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="ScheduleOfStockByClassTable" xlink:title="ScheduleOfStockByClassTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfStockByClassTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfStockByClassTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfStockByClassTable_lbl">Schedule of Stock by Class [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfStockByClassTable" xlink:to="us-gaap_ScheduleOfStockByClassTable_lbl" xlink:title="label: ScheduleOfStockByClassTable to us-gaap_ScheduleOfStockByClassTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="SegmentReportingPolicyPolicyTextBlock" xlink:title="SegmentReportingPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl">Segment Information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentReportingPolicyPolicyTextBlock" xlink:to="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xlink:title="label: SegmentReportingPolicyPolicyTextBlock to us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareRepurchaseProgramDomain" xlink:label="ShareRepurchaseProgramDomain" xlink:title="ShareRepurchaseProgramDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareRepurchaseProgramDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareRepurchaseProgramDomain_lbl" xml:lang="en-US" id="us-gaap_ShareRepurchaseProgramDomain_lbl">Share Repurchase Program [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareRepurchaseProgramDomain" xlink:to="us-gaap_ShareRepurchaseProgramDomain_lbl" xlink:title="label: ShareRepurchaseProgramDomain to us-gaap_ShareRepurchaseProgramDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharePrice" xlink:label="SharePrice" xlink:title="SharePrice" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharePrice_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_SharePrice_lbl" xml:lang="en-US" id="us-gaap_SharePrice_lbl">Shareholders rights, exercise price (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePrice" xlink:to="us-gaap_SharePrice_lbl" xlink:title="label: SharePrice to us-gaap_SharePrice_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharePrice_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SharePrice_lbl1" xml:lang="en-US" id="us-gaap_SharePrice_lbl1">Cash value (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePrice" xlink:to="us-gaap_SharePrice_lbl1" xlink:title="label: SharePrice to us-gaap_SharePrice_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl">Forfeited during the year (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl1">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareRepurchaseProgramAxis" xlink:label="ShareRepurchaseProgramAxis" xlink:title="ShareRepurchaseProgramAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareRepurchaseProgramAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareRepurchaseProgramAxis_lbl" xml:lang="en-US" id="us-gaap_ShareRepurchaseProgramAxis_lbl">Share Repurchase Program [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareRepurchaseProgramAxis" xlink:to="us-gaap_ShareRepurchaseProgramAxis_lbl" xlink:title="label: ShareRepurchaseProgramAxis to us-gaap_ShareRepurchaseProgramAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="ShareBasedCompensation" xlink:title="ShareBasedCompensation" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensation_lbl">Share-based Compensation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" xlink:title="label: ShareBasedCompensation to us-gaap_ShareBasedCompensation_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensation_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensation_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensation_lbl1">Share-based Compensation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl1" xlink:title="label: ShareBasedCompensation to us-gaap_ShareBasedCompensation_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl">Share-based compensation arrangement shares cliff vesting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl">Forfeited during the year (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl1">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl">Vested during the year (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl1">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl">Granted during the year (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl1">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl">Granted during the year (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl1">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl">Non-vested at beginning of period (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl1">Non-vested at end of period (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl2" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl2">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl2" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl">Vested during the year (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl">Non-vested at beginning of period (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl1">Non-vested at end of period (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl2" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl2">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl2" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl">Restricted shares - Employees and Non-Employees [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl">Forfeited shares - 2011 Equity Incentive Plan (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:title="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl">Equity Award [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xlink:title="label: ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain to us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl1">Equity Award [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl1" xlink:title="label: ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain to us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:title="ShareBasedCompensationOptionAndIncentivePlansPolicy" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl">Stock-Based Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:title="label: ShareBasedCompensationOptionAndIncentivePlansPolicy to us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesIssued" xlink:label="SharesIssued" xlink:title="SharesIssued" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_SharesIssued_lbl" xml:lang="en-US" id="us-gaap_SharesIssued_lbl">Balance (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssued" xlink:to="us-gaap_SharesIssued_lbl" xlink:title="label: SharesIssued to us-gaap_SharesIssued_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_SharesIssued_lbl1" xml:lang="en-US" id="us-gaap_SharesIssued_lbl1">Balance (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssued" xlink:to="us-gaap_SharesIssued_lbl1" xlink:title="label: SharesIssued to us-gaap_SharesIssued_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SharesIssued_lbl2" xml:lang="en-US" id="us-gaap_SharesIssued_lbl2">Shares, Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssued" xlink:to="us-gaap_SharesIssued_lbl2" xlink:title="label: SharesIssued to us-gaap_SharesIssued_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="SignificantAccountingPoliciesTextBlock" xlink:title="SignificantAccountingPoliciesTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US" id="us-gaap_SignificantAccountingPoliciesTextBlock_lbl">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:title="label: SignificantAccountingPoliciesTextBlock to us-gaap_SignificantAccountingPoliciesTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SignificantAccountingPoliciesTextBlock_lbl1" xml:lang="en-US" id="us-gaap_SignificantAccountingPoliciesTextBlock_lbl1">Significant Accounting Policies [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl1" xlink:title="label: SignificantAccountingPoliciesTextBlock to us-gaap_SignificantAccountingPoliciesTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementLineItems_lbl" xml:lang="en-US" id="us-gaap_StatementLineItems_lbl">Statement [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:title="label: StatementLineItems to us-gaap_StatementLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="StatementOfStockholdersEquityAbstract" xlink:title="StatementOfStockholdersEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfStockholdersEquityAbstract_lbl">CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:title="label: StatementOfStockholdersEquityAbstract to us-gaap_StatementOfStockholdersEquityAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfCashFlowsAbstract_lbl">CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:title="label: StatementOfCashFlowsAbstract to us-gaap_StatementOfCashFlowsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:title="StatementOfIncomeAndComprehensiveIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl">CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xlink:title="label: StatementOfIncomeAndComprehensiveIncomeAbstract to us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfFinancialPositionAbstract_lbl">CONSOLIDATED BALANCE SHEETS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:title="label: StatementOfFinancialPositionAbstract to us-gaap_StatementOfFinancialPositionAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementTable_lbl" xml:lang="en-US" id="us-gaap_StatementTable_lbl">Statement [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:title="label: StatementTable to us-gaap_StatementTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US" id="us-gaap_StatementEquityComponentsAxis_lbl">Equity Components [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xlink:title="label: StatementEquityComponentsAxis to us-gaap_StatementEquityComponentsAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:label="StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:title="StockIssuedDuringPeriodSharesShareBasedCompensationGross" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl">Share based compensation (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl" xlink:title="label: StockIssuedDuringPeriodSharesShareBasedCompensationGross to us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl1">Stock Issued During Period, Shares, Share-based Compensation, Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl1" xlink:title="label: StockIssuedDuringPeriodSharesShareBasedCompensationGross to us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:label="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:title="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl">Shares issued under dividend reinvestment plan (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:to="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xlink:title="label: StockIssuedDuringPeriodSharesDividendReinvestmentPlan to us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl1">Stock Issued During Period, Shares, Dividend Reinvestment Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:to="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl1" xlink:title="label: StockIssuedDuringPeriodSharesDividendReinvestmentPlan to us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:label="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:title="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan_lbl">Common Shares Distributed - Equity Incentive Plan (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:to="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan_lbl" xlink:title="label: StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan to us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan_lbl1">Equity incentive plan issuance (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:to="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan_lbl1" xlink:title="label: StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan to us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl">Common Shares Issued, net of issuance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:title="label: StockIssuedDuringPeriodValueNewIssues to us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl1">Common Shares Issued in Follow-on Offering, value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl1" xlink:title="label: StockIssuedDuringPeriodValueNewIssues to us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl2" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl2">Private equity placement issued amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl2" xlink:title="label: StockIssuedDuringPeriodValueNewIssues to us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:label="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:title="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan_lbl">Common Shares Distributed - Equity Incentive Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:to="us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan_lbl" xlink:title="label: StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan to us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan_lbl1">Equity incentive plan issuance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:to="us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan_lbl1" xlink:title="label: StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan to us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="StockIssuedDuringPeriodSharesNewIssues" xlink:title="StockIssuedDuringPeriodSharesNewIssues" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl">Common Shares Issued, net of issuance costs (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:title="label: StockIssuedDuringPeriodSharesNewIssues to us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl1">Common Shares Issued in Follow-on Offering (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl1" xlink:title="label: StockIssuedDuringPeriodSharesNewIssues to us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl2" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl2">Stock Issued During Period, Shares, New Issues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl2" xlink:title="label: StockIssuedDuringPeriodSharesNewIssues to us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="StockIssuedDuringPeriodValueShareBasedCompensation" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl">Share based compensation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xlink:title="label: StockIssuedDuringPeriodValueShareBasedCompensation to us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl1">Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl1" xlink:title="label: StockIssuedDuringPeriodValueShareBasedCompensation to us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_StockholdersEquity_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_StockholdersEquity_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl1">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl1" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_StockholdersEquity_lbl2" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl2">Total Shareholders' Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl2" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl2" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquity_lbl3" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl3">Stockholders' Equity Attributable to Parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl3" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl">SHAREHOLDERS' EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl1">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl1" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityPeriodIncreaseDecrease" xlink:label="StockholdersEquityPeriodIncreaseDecrease" xlink:title="StockholdersEquityPeriodIncreaseDecrease" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityPeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityPeriodIncreaseDecrease_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityPeriodIncreaseDecrease_lbl">Contribution to surplus account</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:to="us-gaap_StockholdersEquityPeriodIncreaseDecrease_lbl" xlink:title="label: StockholdersEquityPeriodIncreaseDecrease to us-gaap_StockholdersEquityPeriodIncreaseDecrease_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="StockholdersEquityNoteDisclosureTextBlock" xlink:title="StockholdersEquityNoteDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl">SHAREHOLDERS' EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:title="label: StockholdersEquityNoteDisclosureTextBlock to us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1">Stockholders' Equity Note Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1" xlink:title="label: StockholdersEquityNoteDisclosureTextBlock to us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="StockholdersEquityNoteAbstract" xlink:title="StockholdersEquityNoteAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityNoteAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityNoteAbstract_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityNoteAbstract_lbl">SHAREHOLDERS' EQUITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteAbstract" xlink:to="us-gaap_StockholdersEquityNoteAbstract_lbl" xlink:title="label: StockholdersEquityNoteAbstract to us-gaap_StockholdersEquityNoteAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="SubsequentEventsAbstract" xlink:title="SubsequentEventsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventsAbstract_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventsAbstract_lbl">SUBSEQUENT EVENTS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventsAbstract" xlink:to="us-gaap_SubsequentEventsAbstract_lbl" xlink:title="label: SubsequentEventsAbstract to us-gaap_SubsequentEventsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain" xlink:title="SubsequentEventTypeDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventTypeDomain_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventTypeDomain_lbl">Subsequent Event Type [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain_lbl" xlink:title="label: SubsequentEventTypeDomain to us-gaap_SubsequentEventTypeDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="SubsequentEventTypeAxis" xlink:title="SubsequentEventTypeAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventTypeAxis_lbl">Subsequent Event Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl" xlink:title="label: SubsequentEventTypeAxis to us-gaap_SubsequentEventTypeAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="SubsequentEventLineItems" xlink:title="SubsequentEventLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventLineItems_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventLineItems_lbl">Subsequent Event [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventLineItems" xlink:to="us-gaap_SubsequentEventLineItems_lbl" xlink:title="label: SubsequentEventLineItems to us-gaap_SubsequentEventLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="SubsequentEventTable" xlink:title="SubsequentEventTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventTable_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventTable_lbl">Subsequent Event [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventTable" xlink:to="us-gaap_SubsequentEventTable_lbl" xlink:title="label: SubsequentEventTable to us-gaap_SubsequentEventTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="SubsequentEventMember" xlink:title="SubsequentEventMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventMember_lbl">Subsequent Event [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl" xlink:title="label: SubsequentEventMember to us-gaap_SubsequentEventMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_SubsequentEventMember_lbl1" xml:lang="en-US" id="us-gaap_SubsequentEventMember_lbl1">Subsequent Event [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl1" xlink:title="label: SubsequentEventMember to us-gaap_SubsequentEventMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="SubsidiarySaleOfStockAxis" xlink:title="SubsidiarySaleOfStockAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsidiarySaleOfStockAxis_lbl" xml:lang="en-US" id="us-gaap_SubsidiarySaleOfStockAxis_lbl">Subsidiary, Sale of Stock [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SubsidiarySaleOfStockAxis_lbl" xlink:title="label: SubsidiarySaleOfStockAxis to us-gaap_SubsidiarySaleOfStockAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="TitleOfIndividualWithRelationshipToEntityDomain" xlink:title="TitleOfIndividualWithRelationshipToEntityDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xml:lang="en-US" id="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl">Relationship to Entity [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xlink:title="label: TitleOfIndividualWithRelationshipToEntityDomain to us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="TitleOfIndividualAxis" xlink:title="TitleOfIndividualAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TitleOfIndividualAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TitleOfIndividualAxis_lbl" xml:lang="en-US" id="us-gaap_TitleOfIndividualAxis_lbl">Title of Individual [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TitleOfIndividualAxis" xlink:to="us-gaap_TitleOfIndividualAxis_lbl" xlink:title="label: TitleOfIndividualAxis to us-gaap_TitleOfIndividualAxis_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TitleOfIndividualAxis_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_TitleOfIndividualAxis_lbl1" xml:lang="en-US" id="us-gaap_TitleOfIndividualAxis_lbl1">Title of Individual [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TitleOfIndividualAxis" xlink:to="us-gaap_TitleOfIndividualAxis_lbl1" xlink:title="label: TitleOfIndividualAxis to us-gaap_TitleOfIndividualAxis_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:label="TradeAndOtherAccountsReceivablePolicy" xlink:title="TradeAndOtherAccountsReceivablePolicy" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xml:lang="en-US" id="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl">Accounts Receivable, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherAccountsReceivablePolicy" xlink:to="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xlink:title="label: TradeAndOtherAccountsReceivablePolicy to us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl1" xml:lang="en-US" id="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl1">Trade and Other Accounts Receivable, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherAccountsReceivablePolicy" xlink:to="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl1" xlink:title="label: TradeAndOtherAccountsReceivablePolicy to us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="TreasuryStockMember" xlink:title="TreasuryStockMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TreasuryStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US" id="us-gaap_TreasuryStockMember_lbl">Treasury Shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockMember" xlink:to="us-gaap_TreasuryStockMember_lbl" xlink:title="label: TreasuryStockMember to us-gaap_TreasuryStockMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="TreasuryStockShares" xlink:title="TreasuryStockShares" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TreasuryStockShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US" id="us-gaap_TreasuryStockShares_lbl">Treasury shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockShares" xlink:to="us-gaap_TreasuryStockShares_lbl" xlink:title="label: TreasuryStockShares to us-gaap_TreasuryStockShares_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="TreasuryStockSharesAcquired" xlink:title="TreasuryStockSharesAcquired" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TreasuryStockSharesAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_TreasuryStockSharesAcquired_lbl" xml:lang="en-US" id="us-gaap_TreasuryStockSharesAcquired_lbl">Shares repurchased during the period (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockSharesAcquired" xlink:to="us-gaap_TreasuryStockSharesAcquired_lbl" xlink:title="label: TreasuryStockSharesAcquired to us-gaap_TreasuryStockSharesAcquired_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TreasuryStockSharesAcquired_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TreasuryStockSharesAcquired_lbl1" xml:lang="en-US" id="us-gaap_TreasuryStockSharesAcquired_lbl1">Treasury Stock, Shares, Acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockSharesAcquired" xlink:to="us-gaap_TreasuryStockSharesAcquired_lbl1" xlink:title="label: TreasuryStockSharesAcquired to us-gaap_TreasuryStockSharesAcquired_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="TypeOfAdoptionMember" xlink:title="TypeOfAdoptionMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TypeOfAdoptionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TypeOfAdoptionMember_lbl" xml:lang="en-US" id="us-gaap_TypeOfAdoptionMember_lbl">Type of Adoption [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypeOfAdoptionMember" xlink:to="us-gaap_TypeOfAdoptionMember_lbl" xlink:title="label: TypeOfAdoptionMember to us-gaap_TypeOfAdoptionMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnbilledReceivablesCurrent" xlink:label="UnbilledReceivablesCurrent" xlink:title="UnbilledReceivablesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_UnbilledReceivablesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_UnbilledReceivablesCurrent_lbl" xml:lang="en-US" id="us-gaap_UnbilledReceivablesCurrent_lbl">Voyages in Progress</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnbilledReceivablesCurrent" xlink:to="us-gaap_UnbilledReceivablesCurrent_lbl" xlink:title="label: UnbilledReceivablesCurrent to us-gaap_UnbilledReceivablesCurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="UseOfEstimates" xlink:title="UseOfEstimates" />
    <link:label xlink:type="resource" xlink:label="us-gaap_UseOfEstimates_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_UseOfEstimates_lbl" xml:lang="en-US" id="us-gaap_UseOfEstimates_lbl">Use of Estimates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl" xlink:title="label: UseOfEstimates to us-gaap_UseOfEstimates_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="WeightedAverageNumberOfSharesOutstandingBasic" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl">Basic - Weighted Average Common Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:title="label: WeightedAverageNumberOfSharesOutstandingBasic to us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="WeightedAverageNumberOfDilutedSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl">Dilutive - Weighted Average Common Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:title="label: WeightedAverageNumberOfDilutedSharesOutstanding to us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1">Weighted Average Number of Shares Outstanding, Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xlink:title="label: WeightedAverageNumberOfDilutedSharesOutstanding to us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:title="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl">Basic and Diluted Average Number of Common Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xlink:title="label: WeightedAverageNumberOfShareOutstandingBasicAndDiluted to us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl1" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl1">Weighted Average Number of Shares Outstanding, Basic and Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl1" xlink:title="label: WeightedAverageNumberOfShareOutstandingBasicAndDiluted to us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="WeightedAverageNumberOfSharesOutstandingAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl">Denominator [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xlink:title="label: WeightedAverageNumberOfSharesOutstandingAbstract to us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl1" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl1">Weighted Average Number of Shares Outstanding, Diluted [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl1" xlink:title="label: WeightedAverageNumberOfSharesOutstandingAbstract to us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DocumentAndEntityInformationAbstract" xlink:label="DocumentAndEntityInformationAbstract" xlink:title="DocumentAndEntityInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_DocumentAndEntityInformationAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DocumentAndEntityInformationAbstract_lbl1" xml:lang="en-US" id="nat_DocumentAndEntityInformationAbstract_lbl1">Document and Entity Information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="nat_DocumentAndEntityInformationAbstract_lbl1" xlink:title="label: DocumentAndEntityInformationAbstract to nat_DocumentAndEntityInformationAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredCompensationLiabilityRetirementAge" xlink:label="DeferredCompensationLiabilityRetirementAge" xlink:title="DeferredCompensationLiabilityRetirementAge" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityRetirementAge_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DeferredCompensationLiabilityRetirementAge_lbl" xml:lang="en-US" id="nat_DeferredCompensationLiabilityRetirementAge_lbl">The required retirement age of plan participants.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityRetirementAge" xlink:to="nat_DeferredCompensationLiabilityRetirementAge_lbl" xlink:title="label: DeferredCompensationLiabilityRetirementAge to nat_DeferredCompensationLiabilityRetirementAge_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityRetirementAge_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DeferredCompensationLiabilityRetirementAge_lbl1" xml:lang="en-US" id="nat_DeferredCompensationLiabilityRetirementAge_lbl1">Deferred Compensation Liability, Retirement age</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityRetirementAge" xlink:to="nat_DeferredCompensationLiabilityRetirementAge_lbl1" xlink:title="label: DeferredCompensationLiabilityRetirementAge to nat_DeferredCompensationLiabilityRetirementAge_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityRetirementAge_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DeferredCompensationLiabilityRetirementAge_lbl2" xml:lang="en-US" id="nat_DeferredCompensationLiabilityRetirementAge_lbl2">Retirement age</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityRetirementAge" xlink:to="nat_DeferredCompensationLiabilityRetirementAge_lbl2" xlink:title="label: DeferredCompensationLiabilityRetirementAge to nat_DeferredCompensationLiabilityRetirementAge_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CEOAndCFOMember" xlink:label="CEOAndCFOMember" xlink:title="CEOAndCFOMember" />
    <link:label xlink:type="resource" xlink:label="nat_CEOAndCFOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CEOAndCFOMember_lbl" xml:lang="en-US" id="nat_CEOAndCFOMember_lbl">Refers to the highest ranking executive officer, who has ultimate managerial responsibility for the entity and who reports to the board of directors. In addition, the chief executive officer (CEO) may also be the chairman of the board or president. Also refers to senior executive officer responsible for overseeing the financial activities of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CEOAndCFOMember" xlink:to="nat_CEOAndCFOMember_lbl" xlink:title="label: CEOAndCFOMember to nat_CEOAndCFOMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CEOAndCFOMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CEOAndCFOMember_lbl1" xml:lang="en-US" id="nat_CEOAndCFOMember_lbl1">CEO and CFO [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CEOAndCFOMember" xlink:to="nat_CEOAndCFOMember_lbl1" xlink:title="label: CEOAndCFOMember to nat_CEOAndCFOMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CEOAndCFOMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CEOAndCFOMember_lbl2" xml:lang="en-US" id="nat_CEOAndCFOMember_lbl2">Chief Executive Officer and Chief Financial Officer [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CEOAndCFOMember" xlink:to="nat_CEOAndCFOMember_lbl2" xlink:title="label: CEOAndCFOMember to nat_CEOAndCFOMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:label="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:title="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl" xml:lang="en-US" id="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl">The maximum annual benefit as a percentage of salary at the time of retirement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:to="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl" xlink:title="label: DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary to nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl1" xml:lang="en-US" id="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl1">Deferred Compensation Liability, Maximum benefit as a percentage of salary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:to="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl1" xlink:title="label: DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary to nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl2" xml:lang="en-US" id="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl2">Maximum benefit as a percentage of salary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:to="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl2" xlink:title="label: DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary to nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredCompensationLiabilityImputedInterest" xlink:label="DeferredCompensationLiabilityImputedInterest" xlink:title="DeferredCompensationLiabilityImputedInterest" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityImputedInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DeferredCompensationLiabilityImputedInterest_lbl" xml:lang="en-US" id="nat_DeferredCompensationLiabilityImputedInterest_lbl">The imputed interest on benefit plan assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityImputedInterest" xlink:to="nat_DeferredCompensationLiabilityImputedInterest_lbl" xlink:title="label: DeferredCompensationLiabilityImputedInterest to nat_DeferredCompensationLiabilityImputedInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityImputedInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DeferredCompensationLiabilityImputedInterest_lbl1" xml:lang="en-US" id="nat_DeferredCompensationLiabilityImputedInterest_lbl1">Deferred Compensation Liability, Imputed interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityImputedInterest" xlink:to="nat_DeferredCompensationLiabilityImputedInterest_lbl1" xlink:title="label: DeferredCompensationLiabilityImputedInterest to nat_DeferredCompensationLiabilityImputedInterest_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityImputedInterest_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DeferredCompensationLiabilityImputedInterest_lbl2" xml:lang="en-US" id="nat_DeferredCompensationLiabilityImputedInterest_lbl2">Imputed interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityImputedInterest" xlink:to="nat_DeferredCompensationLiabilityImputedInterest_lbl2" xlink:title="label: DeferredCompensationLiabilityImputedInterest to nat_DeferredCompensationLiabilityImputedInterest_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:label="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:title="PostRetirementBenefitsWithIndividualEmployeesLineItems" />
    <link:label xlink:type="resource" xlink:label="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl" xml:lang="en-US" id="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl">Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl" xlink:title="label: PostRetirementBenefitsWithIndividualEmployeesLineItems to nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl1" xml:lang="en-US" id="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl1">Post Retirement Benefits With Individual Employees [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl1" xlink:title="label: PostRetirementBenefitsWithIndividualEmployeesLineItems to nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:label="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:title="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" />
    <link:label xlink:type="resource" xlink:label="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl" xml:lang="en-US" id="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl">Schedule, table or text reflecting post retirement benefits with individual employees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:to="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl" xlink:title="label: ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable to nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl1" xml:lang="en-US" id="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl1">Schedule of Post Retirement Benefits With Individual Employees [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:to="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl1" xlink:title="label: ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable to nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ReceivedSettlementsAbstract" xlink:label="ReceivedSettlementsAbstract" xlink:title="ReceivedSettlementsAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_ReceivedSettlementsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ReceivedSettlementsAbstract_lbl1" xml:lang="en-US" id="nat_ReceivedSettlementsAbstract_lbl1">Received settlements [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReceivedSettlementsAbstract" xlink:to="nat_ReceivedSettlementsAbstract_lbl1" xlink:title="label: ReceivedSettlementsAbstract to nat_ReceivedSettlementsAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ContributedSurplus" xlink:label="ContributedSurplus" xlink:title="ContributedSurplus" />
    <link:label xlink:type="resource" xlink:label="nat_ContributedSurplus_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ContributedSurplus_lbl" xml:lang="en-US" id="nat_ContributedSurplus_lbl">This element represents a sub-category of additional Paid-in Capital. Additional Paid-in-Capital is normally attributable to capital contributed by shareholders in excess of the par or stated value of the common or preferred stock issued by an entity. The entity presents as contributed surplus, additional paid-in-capital that has been approved by resolution by its General Assembly to be available for use as capital contributions to its shareholders or other uses according to the corporate domicile laws.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributedSurplus" xlink:to="nat_ContributedSurplus_lbl" xlink:title="label: ContributedSurplus to nat_ContributedSurplus_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ContributedSurplus_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ContributedSurplus_lbl1" xml:lang="en-US" id="nat_ContributedSurplus_lbl1">Contributed Surplus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributedSurplus" xlink:to="nat_ContributedSurplus_lbl1" xlink:title="label: ContributedSurplus to nat_ContributedSurplus_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" xlink:label="EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" xlink:title="EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl" xml:lang="en-US" id="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl">Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized revenues, income (loss).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" xlink:to="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl" xlink:title="label: EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock to nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl1" xml:lang="en-US" id="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl1">Equity Method Investment Summarized Statement Of Operations [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" xlink:to="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl1" xlink:title="label: EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock to nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl2" xml:lang="en-US" id="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl2">Summarized statement of operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" xlink:to="nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl2" xlink:title="label: EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock to nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" xlink:label="EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" xlink:title="EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl" xml:lang="en-US" id="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl">Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" xlink:to="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl" xlink:title="label: EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock to nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl1" xml:lang="en-US" id="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl1">Equity Method Investment Summarized Balance Sheet Information [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" xlink:to="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl1" xlink:title="label: EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock to nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl2" xml:lang="en-US" id="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl2">Summarized balance sheet information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" xlink:to="nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl2" xlink:title="label: EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock to nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAmericanOffshoreRepurchaseProgramMember" xlink:label="NordicAmericanOffshoreRepurchaseProgramMember" xlink:title="NordicAmericanOffshoreRepurchaseProgramMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAmericanOffshoreRepurchaseProgramMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicAmericanOffshoreRepurchaseProgramMember_lbl" xml:lang="en-US" id="nat_NordicAmericanOffshoreRepurchaseProgramMember_lbl">Nordic American Offshore repurchase program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAmericanOffshoreRepurchaseProgramMember" xlink:to="nat_NordicAmericanOffshoreRepurchaseProgramMember_lbl" xlink:title="label: NordicAmericanOffshoreRepurchaseProgramMember to nat_NordicAmericanOffshoreRepurchaseProgramMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAmericanOffshoreRepurchaseProgramMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicAmericanOffshoreRepurchaseProgramMember_lbl1" xml:lang="en-US" id="nat_NordicAmericanOffshoreRepurchaseProgramMember_lbl1">Nordic American Offshore Repurchase Program [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAmericanOffshoreRepurchaseProgramMember" xlink:to="nat_NordicAmericanOffshoreRepurchaseProgramMember_lbl1" xlink:title="label: NordicAmericanOffshoreRepurchaseProgramMember to nat_NordicAmericanOffshoreRepurchaseProgramMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityMethodInvestmentsCarryingValue" xlink:label="EquityMethodInvestmentsCarryingValue" xlink:title="EquityMethodInvestmentsCarryingValue" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentsCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EquityMethodInvestmentsCarryingValue_lbl" xml:lang="en-US" id="nat_EquityMethodInvestmentsCarryingValue_lbl">This element represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentsCarryingValue" xlink:to="nat_EquityMethodInvestmentsCarryingValue_lbl" xlink:title="label: EquityMethodInvestmentsCarryingValue to nat_EquityMethodInvestmentsCarryingValue_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentsCarryingValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EquityMethodInvestmentsCarryingValue_lbl1" xml:lang="en-US" id="nat_EquityMethodInvestmentsCarryingValue_lbl1">Equity Method Investments, Carrying Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentsCarryingValue" xlink:to="nat_EquityMethodInvestmentsCarryingValue_lbl1" xlink:title="label: EquityMethodInvestmentsCarryingValue to nat_EquityMethodInvestmentsCarryingValue_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentsCarryingValue_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EquityMethodInvestmentsCarryingValue_lbl2" xml:lang="en-US" id="nat_EquityMethodInvestmentsCarryingValue_lbl2">Carrying value of investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentsCarryingValue" xlink:to="nat_EquityMethodInvestmentsCarryingValue_lbl2" xlink:title="label: EquityMethodInvestmentsCarryingValue to nat_EquityMethodInvestmentsCarryingValue_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:label="EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:title="EquityMethodInvestmentPrivateEquityPlacementParticipation" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl" xml:lang="en-US" id="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl">Refers to the number of shares invested in the company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:to="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl" xlink:title="label: EquityMethodInvestmentPrivateEquityPlacementParticipation to nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl1" xml:lang="en-US" id="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl1">Equity Method Investment Private Equity Placement Participation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:to="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl1" xlink:title="label: EquityMethodInvestmentPrivateEquityPlacementParticipation to nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl2" xml:lang="en-US" id="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl2">Private equity placement participation (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:to="nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl2" xlink:title="label: EquityMethodInvestmentPrivateEquityPlacementParticipation to nat_EquityMethodInvestmentPrivateEquityPlacementParticipation_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AdditionalSharesAcquiredInOpenMarket" xlink:label="AdditionalSharesAcquiredInOpenMarket" xlink:title="AdditionalSharesAcquiredInOpenMarket" />
    <link:label xlink:type="resource" xlink:label="nat_AdditionalSharesAcquiredInOpenMarket_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AdditionalSharesAcquiredInOpenMarket_lbl" xml:lang="en-US" id="nat_AdditionalSharesAcquiredInOpenMarket_lbl">Refers to the number of additional shares acquired in open market.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalSharesAcquiredInOpenMarket" xlink:to="nat_AdditionalSharesAcquiredInOpenMarket_lbl" xlink:title="label: AdditionalSharesAcquiredInOpenMarket to nat_AdditionalSharesAcquiredInOpenMarket_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AdditionalSharesAcquiredInOpenMarket_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AdditionalSharesAcquiredInOpenMarket_lbl1" xml:lang="en-US" id="nat_AdditionalSharesAcquiredInOpenMarket_lbl1">Additional Shares Acquired In Open Market</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalSharesAcquiredInOpenMarket" xlink:to="nat_AdditionalSharesAcquiredInOpenMarket_lbl1" xlink:title="label: AdditionalSharesAcquiredInOpenMarket to nat_AdditionalSharesAcquiredInOpenMarket_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AdditionalSharesAcquiredInOpenMarket_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AdditionalSharesAcquiredInOpenMarket_lbl2" xml:lang="en-US" id="nat_AdditionalSharesAcquiredInOpenMarket_lbl2">Company acquired additional shares in open market (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalSharesAcquiredInOpenMarket" xlink:to="nat_AdditionalSharesAcquiredInOpenMarket_lbl2" xlink:title="label: AdditionalSharesAcquiredInOpenMarket to nat_AdditionalSharesAcquiredInOpenMarket_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfShareHeldOfCommonSharesReceived" xlink:label="NumberOfShareHeldOfCommonSharesReceived" xlink:title="NumberOfShareHeldOfCommonSharesReceived" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfShareHeldOfCommonSharesReceived_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfShareHeldOfCommonSharesReceived_lbl" xml:lang="en-US" id="nat_NumberOfShareHeldOfCommonSharesReceived_lbl">Refers to number of share held to shareholders common shares received.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfShareHeldOfCommonSharesReceived" xlink:to="nat_NumberOfShareHeldOfCommonSharesReceived_lbl" xlink:title="label: NumberOfShareHeldOfCommonSharesReceived to nat_NumberOfShareHeldOfCommonSharesReceived_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfShareHeldOfCommonSharesReceived_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfShareHeldOfCommonSharesReceived_lbl1" xml:lang="en-US" id="nat_NumberOfShareHeldOfCommonSharesReceived_lbl1">Number Of Share Held of Common Shares Received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfShareHeldOfCommonSharesReceived" xlink:to="nat_NumberOfShareHeldOfCommonSharesReceived_lbl1" xlink:title="label: NumberOfShareHeldOfCommonSharesReceived to nat_NumberOfShareHeldOfCommonSharesReceived_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfShareHeldOfCommonSharesReceived_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfShareHeldOfCommonSharesReceived_lbl2" xml:lang="en-US" id="nat_NumberOfShareHeldOfCommonSharesReceived_lbl2">Number of shareholders held common shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfShareHeldOfCommonSharesReceived" xlink:to="nat_NumberOfShareHeldOfCommonSharesReceived_lbl2" xlink:title="label: NumberOfShareHeldOfCommonSharesReceived to nat_NumberOfShareHeldOfCommonSharesReceived_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ClosingPriceOfShare" xlink:label="ClosingPriceOfShare" xlink:title="ClosingPriceOfShare" />
    <link:label xlink:type="resource" xlink:label="nat_ClosingPriceOfShare_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ClosingPriceOfShare_lbl" xml:lang="en-US" id="nat_ClosingPriceOfShare_lbl">Aggregate price of share based on the closing price for each share of common stock outstanding.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPriceOfShare" xlink:to="nat_ClosingPriceOfShare_lbl" xlink:title="label: ClosingPriceOfShare to nat_ClosingPriceOfShare_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ClosingPriceOfShare_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ClosingPriceOfShare_lbl1" xml:lang="en-US" id="nat_ClosingPriceOfShare_lbl1">Closing Price of Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPriceOfShare" xlink:to="nat_ClosingPriceOfShare_lbl1" xlink:title="label: ClosingPriceOfShare to nat_ClosingPriceOfShare_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ClosingPriceOfShare_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_ClosingPriceOfShare_lbl2" xml:lang="en-US" id="nat_ClosingPriceOfShare_lbl2">Closing price (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPriceOfShare" xlink:to="nat_ClosingPriceOfShare_lbl2" xlink:title="label: ClosingPriceOfShare to nat_ClosingPriceOfShare_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AdditionalSharesAcquiredInPrivateTransaction" xlink:label="AdditionalSharesAcquiredInPrivateTransaction" xlink:title="AdditionalSharesAcquiredInPrivateTransaction" />
    <link:label xlink:type="resource" xlink:label="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl" xml:lang="en-US" id="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl">Refers to the number of additional shares acquired in private transaction.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalSharesAcquiredInPrivateTransaction" xlink:to="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl" xlink:title="label: AdditionalSharesAcquiredInPrivateTransaction to nat_AdditionalSharesAcquiredInPrivateTransaction_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl1" xml:lang="en-US" id="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl1">Additional Shares Acquired In Private Transaction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalSharesAcquiredInPrivateTransaction" xlink:to="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl1" xlink:title="label: AdditionalSharesAcquiredInPrivateTransaction to nat_AdditionalSharesAcquiredInPrivateTransaction_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl2" xml:lang="en-US" id="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl2">Company acquired additional shares in private transaction (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalSharesAcquiredInPrivateTransaction" xlink:to="nat_AdditionalSharesAcquiredInPrivateTransaction_lbl2" xlink:title="label: AdditionalSharesAcquiredInPrivateTransaction to nat_AdditionalSharesAcquiredInPrivateTransaction_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:label="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:title="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl" xml:lang="en-US" id="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl">Refers to number of shares received by shareholder for the conversion of common shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:to="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl" xlink:title="label: NumberOfSharesReceivedByShareholdersInConversionOfCommonShares to nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl1" xml:lang="en-US" id="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl1">Number Of Shares Received by Shareholders in Conversion of Common Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:to="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl1" xlink:title="label: NumberOfSharesReceivedByShareholdersInConversionOfCommonShares to nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl2" xml:lang="en-US" id="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl2">Number of shareholders received common shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:to="nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl2" xlink:title="label: NumberOfSharesReceivedByShareholdersInConversionOfCommonShares to nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfCommonSharesUsedForConversion" xlink:label="NumberOfCommonSharesUsedForConversion" xlink:title="NumberOfCommonSharesUsedForConversion" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCommonSharesUsedForConversion_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfCommonSharesUsedForConversion_lbl" xml:lang="en-US" id="nat_NumberOfCommonSharesUsedForConversion_lbl">Refers to number of common shares used for conversion.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCommonSharesUsedForConversion" xlink:to="nat_NumberOfCommonSharesUsedForConversion_lbl" xlink:title="label: NumberOfCommonSharesUsedForConversion to nat_NumberOfCommonSharesUsedForConversion_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCommonSharesUsedForConversion_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfCommonSharesUsedForConversion_lbl1" xml:lang="en-US" id="nat_NumberOfCommonSharesUsedForConversion_lbl1">Number of Common Shares Used for Conversion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCommonSharesUsedForConversion" xlink:to="nat_NumberOfCommonSharesUsedForConversion_lbl1" xlink:title="label: NumberOfCommonSharesUsedForConversion to nat_NumberOfCommonSharesUsedForConversion_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCommonSharesUsedForConversion_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfCommonSharesUsedForConversion_lbl2" xml:lang="en-US" id="nat_NumberOfCommonSharesUsedForConversion_lbl2">Common shares received per common share (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCommonSharesUsedForConversion" xlink:to="nat_NumberOfCommonSharesUsedForConversion_lbl2" xlink:title="label: NumberOfCommonSharesUsedForConversion to nat_NumberOfCommonSharesUsedForConversion_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:label="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:title="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" />
    <link:label xlink:type="resource" xlink:label="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl" xml:lang="en-US" id="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl">Refers to the maximum number of shares held by shareholder to receive cash dividend.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:to="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl" xlink:title="label: MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend to nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl1" xml:lang="en-US" id="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl1">Maximum number of shares held by shareholder to receive cash dividend</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:to="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl1" xlink:title="label: MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend to nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl2" xml:lang="en-US" id="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl2">Maximum number of shares held by shareholder to receive cash dividend (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:to="nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl2" xlink:title="label: MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend to nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CommonStockAdditionalDividendsPerShareCashPaid" xlink:label="CommonStockAdditionalDividendsPerShareCashPaid" xlink:title="CommonStockAdditionalDividendsPerShareCashPaid" />
    <link:label xlink:type="resource" xlink:label="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl" xml:lang="en-US" id="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl">Aggregate additional dividends paid during the period for each share of common stock outstanding.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockAdditionalDividendsPerShareCashPaid" xlink:to="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl" xlink:title="label: CommonStockAdditionalDividendsPerShareCashPaid to nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl1" xml:lang="en-US" id="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl1">Common Stock Additional Dividends Per Share Cash Paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockAdditionalDividendsPerShareCashPaid" xlink:to="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl1" xlink:title="label: CommonStockAdditionalDividendsPerShareCashPaid to nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl2" xml:lang="en-US" id="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl2">Cash dividend received per common share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockAdditionalDividendsPerShareCashPaid" xlink:to="nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl2" xlink:title="label: CommonStockAdditionalDividendsPerShareCashPaid to nat_CommonStockAdditionalDividendsPerShareCashPaid_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_InterestIncome" xlink:label="InterestIncome" xlink:title="InterestIncome" />
    <link:label xlink:type="resource" xlink:label="nat_InterestIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_InterestIncome_lbl" xml:lang="en-US" id="nat_InterestIncome_lbl">Interest income derived from the cash amount on the bank accounts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncome" xlink:to="nat_InterestIncome_lbl" xlink:title="label: InterestIncome to nat_InterestIncome_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_InterestIncome_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_InterestIncome_lbl1" xml:lang="en-US" id="nat_InterestIncome_lbl1">Interest income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncome" xlink:to="nat_InterestIncome_lbl1" xlink:title="label: InterestIncome to nat_InterestIncome_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_InterestIncome_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_InterestIncome_lbl2" xml:lang="en-US" id="nat_InterestIncome_lbl2">Interest Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncome" xlink:to="nat_InterestIncome_lbl2" xlink:title="label: InterestIncome to nat_InterestIncome_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ReductionOfSharePremium" xlink:label="ReductionOfSharePremium" xlink:title="ReductionOfSharePremium" />
    <link:label xlink:type="resource" xlink:label="nat_ReductionOfSharePremium_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ReductionOfSharePremium_lbl" xml:lang="en-US" id="nat_ReductionOfSharePremium_lbl">The reduction in additional paid-in capital for amounts transferred to contributed surplus.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfSharePremium" xlink:to="nat_ReductionOfSharePremium_lbl" xlink:title="label: ReductionOfSharePremium to nat_ReductionOfSharePremium_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ReductionOfSharePremium_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ReductionOfSharePremium_lbl1" xml:lang="en-US" id="nat_ReductionOfSharePremium_lbl1">Reduction of share premium</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfSharePremium" xlink:to="nat_ReductionOfSharePremium_lbl1" xlink:title="label: ReductionOfSharePremium to nat_ReductionOfSharePremium_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ReductionOfSharePremium_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="nat_ReductionOfSharePremium_lbl2" xml:lang="en-US" id="nat_ReductionOfSharePremium_lbl2">Reduction of share premium</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfSharePremium" xlink:to="nat_ReductionOfSharePremium_lbl2" xlink:title="label: ReductionOfSharePremium to nat_ReductionOfSharePremium_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" xlink:label="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" xlink:title="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated_lbl" xml:lang="en-US" id="nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated_lbl">The number of employees to whom restricted common shares were allocated in the incentive plan.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" xlink:to="nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated_lbl" xlink:title="label: NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated to nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated_lbl1" xml:lang="en-US" id="nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated_lbl1">Number of employees to whom restricted common shares were allocated</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" xlink:to="nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated_lbl1" xlink:title="label: NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated to nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_WeightedAverageGrantDateFairValueAbstract" xlink:label="WeightedAverageGrantDateFairValueAbstract" xlink:title="WeightedAverageGrantDateFairValueAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_WeightedAverageGrantDateFairValueAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_WeightedAverageGrantDateFairValueAbstract_lbl1" xml:lang="en-US" id="nat_WeightedAverageGrantDateFairValueAbstract_lbl1">Weighted Average Grant Date Fair Value [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageGrantDateFairValueAbstract" xlink:to="nat_WeightedAverageGrantDateFairValueAbstract_lbl1" xlink:title="label: WeightedAverageGrantDateFairValueAbstract to nat_WeightedAverageGrantDateFairValueAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_WeightedAverageGrantDateFairValueAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_WeightedAverageGrantDateFairValueAbstract_lbl2" xml:lang="en-US" id="nat_WeightedAverageGrantDateFairValueAbstract_lbl2">Weighted-average grant-date fair value - Employees [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageGrantDateFairValueAbstract" xlink:to="nat_WeightedAverageGrantDateFairValueAbstract_lbl2" xlink:title="label: WeightedAverageGrantDateFairValueAbstract to nat_WeightedAverageGrantDateFairValueAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VestingRequirementLiftedForRestrictedShares" xlink:label="VestingRequirementLiftedForRestrictedShares" xlink:title="VestingRequirementLiftedForRestrictedShares" />
    <link:label xlink:type="resource" xlink:label="nat_VestingRequirementLiftedForRestrictedShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VestingRequirementLiftedForRestrictedShares_lbl" xml:lang="en-US" id="nat_VestingRequirementLiftedForRestrictedShares_lbl">Number of restricted shares for which requirements have been lifted.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestingRequirementLiftedForRestrictedShares" xlink:to="nat_VestingRequirementLiftedForRestrictedShares_lbl" xlink:title="label: VestingRequirementLiftedForRestrictedShares to nat_VestingRequirementLiftedForRestrictedShares_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VestingRequirementLiftedForRestrictedShares_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VestingRequirementLiftedForRestrictedShares_lbl1" xml:lang="en-US" id="nat_VestingRequirementLiftedForRestrictedShares_lbl1">Vesting requirement lifted for restricted shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestingRequirementLiftedForRestrictedShares" xlink:to="nat_VestingRequirementLiftedForRestrictedShares_lbl1" xlink:title="label: VestingRequirementLiftedForRestrictedShares to nat_VestingRequirementLiftedForRestrictedShares_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VestingRequirementLiftedForRestrictedShares_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_VestingRequirementLiftedForRestrictedShares_lbl2" xml:lang="en-US" id="nat_VestingRequirementLiftedForRestrictedShares_lbl2">Vesting requirement lifted for restricted shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestingRequirementLiftedForRestrictedShares" xlink:to="nat_VestingRequirementLiftedForRestrictedShares_lbl2" xlink:title="label: VestingRequirementLiftedForRestrictedShares to nat_VestingRequirementLiftedForRestrictedShares_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" />
    <link:label xlink:type="resource" xlink:label="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl" xml:lang="en-US" id="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl">The number of non-vested equity-based payment instruments, excluding stock (or unit) options, at fair value of non vested shares repurchased as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:to="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested to nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl1" xml:lang="en-US" id="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl1">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Fair Value of Nonvested Shares Repurchased</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:to="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested to nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl2" xml:lang="en-US" id="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl2">Common shares repurchased at fair value (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:to="nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl2" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested to nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ShareBasedCompensationFairValueOfSharesIssued" xlink:label="ShareBasedCompensationFairValueOfSharesIssued" xlink:title="ShareBasedCompensationFairValueOfSharesIssued" />
    <link:label xlink:type="resource" xlink:label="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl" xml:lang="en-US" id="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl">The fair value per share of shares issued during the period under a share based compensation arrangement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationFairValueOfSharesIssued" xlink:to="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl" xlink:title="label: ShareBasedCompensationFairValueOfSharesIssued to nat_ShareBasedCompensationFairValueOfSharesIssued_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl1" xml:lang="en-US" id="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl1">Share based compensation Fair value of shares issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationFairValueOfSharesIssued" xlink:to="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl1" xlink:title="label: ShareBasedCompensationFairValueOfSharesIssued to nat_ShareBasedCompensationFairValueOfSharesIssued_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl2" xml:lang="en-US" id="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl2">Fair value of shares issued to manager (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationFairValueOfSharesIssued" xlink:to="nat_ShareBasedCompensationFairValueOfSharesIssued_lbl2" xlink:title="label: ShareBasedCompensationFairValueOfSharesIssued to nat_ShareBasedCompensationFairValueOfSharesIssued_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityIncentivePlan2011Member" xlink:label="EquityIncentivePlan2011Member" xlink:title="EquityIncentivePlan2011Member" />
    <link:label xlink:type="resource" xlink:label="nat_EquityIncentivePlan2011Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EquityIncentivePlan2011Member_lbl" xml:lang="en-US" id="nat_EquityIncentivePlan2011Member_lbl">A reward system designed to improve employees performance by providing rewards that may be tied to the company's share price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityIncentivePlan2011Member" xlink:to="nat_EquityIncentivePlan2011Member_lbl" xlink:title="label: EquityIncentivePlan2011Member to nat_EquityIncentivePlan2011Member_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EquityIncentivePlan2011Member_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EquityIncentivePlan2011Member_lbl1" xml:lang="en-US" id="nat_EquityIncentivePlan2011Member_lbl1">Equity Incentive Plan 2011 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityIncentivePlan2011Member" xlink:to="nat_EquityIncentivePlan2011Member_lbl1" xlink:title="label: EquityIncentivePlan2011Member to nat_EquityIncentivePlan2011Member_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EquityIncentivePlan2011Member_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EquityIncentivePlan2011Member_lbl2" xml:lang="en-US" id="nat_EquityIncentivePlan2011Member_lbl2">2011 Equity Incentive Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityIncentivePlan2011Member" xlink:to="nat_EquityIncentivePlan2011Member_lbl2" xlink:title="label: EquityIncentivePlan2011Member to nat_EquityIncentivePlan2011Member_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EmployeesAndNonEmployeesMember" xlink:label="EmployeesAndNonEmployeesMember" xlink:title="EmployeesAndNonEmployeesMember" />
    <link:label xlink:type="resource" xlink:label="nat_EmployeesAndNonEmployeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EmployeesAndNonEmployeesMember_lbl" xml:lang="en-US" id="nat_EmployeesAndNonEmployeesMember_lbl">Employee is a person employed by the Company and non-employees are persons not qualified as employee of the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeesAndNonEmployeesMember" xlink:to="nat_EmployeesAndNonEmployeesMember_lbl" xlink:title="label: EmployeesAndNonEmployeesMember to nat_EmployeesAndNonEmployeesMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EmployeesAndNonEmployeesMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EmployeesAndNonEmployeesMember_lbl1" xml:lang="en-US" id="nat_EmployeesAndNonEmployeesMember_lbl1">Employees and Non Employees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeesAndNonEmployeesMember" xlink:to="nat_EmployeesAndNonEmployeesMember_lbl1" xlink:title="label: EmployeesAndNonEmployeesMember to nat_EmployeesAndNonEmployeesMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EmployeesMember" xlink:label="EmployeesMember" xlink:title="EmployeesMember" />
    <link:label xlink:type="resource" xlink:label="nat_EmployeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EmployeesMember_lbl" xml:lang="en-US" id="nat_EmployeesMember_lbl">A person employed for wages or salary by the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeesMember" xlink:to="nat_EmployeesMember_lbl" xlink:title="label: EmployeesMember to nat_EmployeesMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EmployeesMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EmployeesMember_lbl1" xml:lang="en-US" id="nat_EmployeesMember_lbl1">Employees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeesMember" xlink:to="nat_EmployeesMember_lbl1" xlink:title="label: EmployeesMember to nat_EmployeesMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ContributedSurplusAccountAbstract" xlink:label="ContributedSurplusAccountAbstract" xlink:title="ContributedSurplusAccountAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_ContributedSurplusAccountAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ContributedSurplusAccountAbstract_lbl1" xml:lang="en-US" id="nat_ContributedSurplusAccountAbstract_lbl1">Contributed Surplus Account [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributedSurplusAccountAbstract" xlink:to="nat_ContributedSurplusAccountAbstract_lbl1" xlink:title="label: ContributedSurplusAccountAbstract to nat_ContributedSurplusAccountAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AuthorizedSharesRollForward" xlink:label="AuthorizedSharesRollForward" xlink:title="AuthorizedSharesRollForward" />
    <link:label xlink:type="resource" xlink:label="nat_AuthorizedSharesRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AuthorizedSharesRollForward_lbl" xml:lang="en-US" id="nat_AuthorizedSharesRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuthorizedSharesRollForward" xlink:to="nat_AuthorizedSharesRollForward_lbl" xlink:title="label: AuthorizedSharesRollForward to nat_AuthorizedSharesRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AuthorizedSharesRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AuthorizedSharesRollForward_lbl1" xml:lang="en-US" id="nat_AuthorizedSharesRollForward_lbl1">Authorized Shares [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuthorizedSharesRollForward" xlink:to="nat_AuthorizedSharesRollForward_lbl1" xlink:title="label: AuthorizedSharesRollForward to nat_AuthorizedSharesRollForward_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AuthorizedSharesRollForward_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_AuthorizedSharesRollForward_lbl2" xml:lang="en-US" id="nat_AuthorizedSharesRollForward_lbl2">Authorized Shares [Roll forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuthorizedSharesRollForward" xlink:to="nat_AuthorizedSharesRollForward_lbl2" xlink:title="label: AuthorizedSharesRollForward to nat_AuthorizedSharesRollForward_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CommonStockRollForward" xlink:label="CommonStockRollForward" xlink:title="CommonStockRollForward" />
    <link:label xlink:type="resource" xlink:label="nat_CommonStockRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CommonStockRollForward_lbl" xml:lang="en-US" id="nat_CommonStockRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockRollForward" xlink:to="nat_CommonStockRollForward_lbl" xlink:title="label: CommonStockRollForward to nat_CommonStockRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CommonStockRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CommonStockRollForward_lbl1" xml:lang="en-US" id="nat_CommonStockRollForward_lbl1">Common Stock [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockRollForward" xlink:to="nat_CommonStockRollForward_lbl1" xlink:title="label: CommonStockRollForward to nat_CommonStockRollForward_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CommonStockRollForward_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_CommonStockRollForward_lbl2" xml:lang="en-US" id="nat_CommonStockRollForward_lbl2">Common Stock [Roll forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockRollForward" xlink:to="nat_CommonStockRollForward_lbl2" xlink:title="label: CommonStockRollForward to nat_CommonStockRollForward_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_IssuedAndOutstandingSharesRollForward" xlink:label="IssuedAndOutstandingSharesRollForward" xlink:title="IssuedAndOutstandingSharesRollForward" />
    <link:label xlink:type="resource" xlink:label="nat_IssuedAndOutstandingSharesRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_IssuedAndOutstandingSharesRollForward_lbl" xml:lang="en-US" id="nat_IssuedAndOutstandingSharesRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="nat_IssuedAndOutstandingSharesRollForward_lbl" xlink:title="label: IssuedAndOutstandingSharesRollForward to nat_IssuedAndOutstandingSharesRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_IssuedAndOutstandingSharesRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_IssuedAndOutstandingSharesRollForward_lbl1" xml:lang="en-US" id="nat_IssuedAndOutstandingSharesRollForward_lbl1">Issued and Outstanding Shares [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="nat_IssuedAndOutstandingSharesRollForward_lbl1" xlink:title="label: IssuedAndOutstandingSharesRollForward to nat_IssuedAndOutstandingSharesRollForward_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_IssuedAndOutstandingSharesRollForward_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_IssuedAndOutstandingSharesRollForward_lbl2" xml:lang="en-US" id="nat_IssuedAndOutstandingSharesRollForward_lbl2">Issued and Outstanding Shares [Roll forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="nat_IssuedAndOutstandingSharesRollForward_lbl2" xlink:title="label: IssuedAndOutstandingSharesRollForward to nat_IssuedAndOutstandingSharesRollForward_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PreferredSharePurchaseRight" xlink:label="PreferredSharePurchaseRight" xlink:title="PreferredSharePurchaseRight" />
    <link:label xlink:type="resource" xlink:label="nat_PreferredSharePurchaseRight_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PreferredSharePurchaseRight_lbl" xml:lang="en-US" id="nat_PreferredSharePurchaseRight_lbl">Description of preferred share purchase right to acquire shares of preferred stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredSharePurchaseRight" xlink:to="nat_PreferredSharePurchaseRight_lbl" xlink:title="label: PreferredSharePurchaseRight to nat_PreferredSharePurchaseRight_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PreferredSharePurchaseRight_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PreferredSharePurchaseRight_lbl1" xml:lang="en-US" id="nat_PreferredSharePurchaseRight_lbl1">Preferred share purchase right</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredSharePurchaseRight" xlink:to="nat_PreferredSharePurchaseRight_lbl1" xlink:title="label: PreferredSharePurchaseRight to nat_PreferredSharePurchaseRight_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_SharePremiumFund" xlink:label="SharePremiumFund" xlink:title="SharePremiumFund" />
    <link:label xlink:type="resource" xlink:label="nat_SharePremiumFund_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_SharePremiumFund_lbl" xml:lang="en-US" id="nat_SharePremiumFund_lbl">Amount included in additional paid in capital, which cannot be distributed without certain legal procedures designed to protect the creditors of the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumFund" xlink:to="nat_SharePremiumFund_lbl" xlink:title="label: SharePremiumFund to nat_SharePremiumFund_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_SharePremiumFund_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_SharePremiumFund_lbl1" xml:lang="en-US" id="nat_SharePremiumFund_lbl1">Share Premium Fund</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumFund" xlink:to="nat_SharePremiumFund_lbl1" xlink:title="label: SharePremiumFund to nat_SharePremiumFund_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_SharePremiumFund_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_SharePremiumFund_lbl2" xml:lang="en-US" id="nat_SharePremiumFund_lbl2">Share premium fund</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumFund" xlink:to="nat_SharePremiumFund_lbl2" xlink:title="label: SharePremiumFund to nat_SharePremiumFund_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PercentageOfCommonShareOwnership" xlink:label="PercentageOfCommonShareOwnership" xlink:title="PercentageOfCommonShareOwnership" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfCommonShareOwnership_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PercentageOfCommonShareOwnership_lbl" xml:lang="en-US" id="nat_PercentageOfCommonShareOwnership_lbl">The percentage of common share ownership by any person that are subject to the entity's redemption of preferred share purchase rights.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCommonShareOwnership" xlink:to="nat_PercentageOfCommonShareOwnership_lbl" xlink:title="label: PercentageOfCommonShareOwnership to nat_PercentageOfCommonShareOwnership_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfCommonShareOwnership_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PercentageOfCommonShareOwnership_lbl1" xml:lang="en-US" id="nat_PercentageOfCommonShareOwnership_lbl1">Percentage of common share ownership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCommonShareOwnership" xlink:to="nat_PercentageOfCommonShareOwnership_lbl1" xlink:title="label: PercentageOfCommonShareOwnership to nat_PercentageOfCommonShareOwnership_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfCommonShareOwnership_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_PercentageOfCommonShareOwnership_lbl2" xml:lang="en-US" id="nat_PercentageOfCommonShareOwnership_lbl2">Percentage of common share ownership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCommonShareOwnership" xlink:to="nat_PercentageOfCommonShareOwnership_lbl2" xlink:title="label: PercentageOfCommonShareOwnership to nat_PercentageOfCommonShareOwnership_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_IncreaseDecreaseOfSharePremiumFund" xlink:label="IncreaseDecreaseOfSharePremiumFund" xlink:title="IncreaseDecreaseOfSharePremiumFund" />
    <link:label xlink:type="resource" xlink:label="nat_IncreaseDecreaseOfSharePremiumFund_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_IncreaseDecreaseOfSharePremiumFund_lbl" xml:lang="en-US" id="nat_IncreaseDecreaseOfSharePremiumFund_lbl">Increase (decrease) of the balance of share premium fund during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseOfSharePremiumFund" xlink:to="nat_IncreaseDecreaseOfSharePremiumFund_lbl" xlink:title="label: IncreaseDecreaseOfSharePremiumFund to nat_IncreaseDecreaseOfSharePremiumFund_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_IncreaseDecreaseOfSharePremiumFund_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_IncreaseDecreaseOfSharePremiumFund_lbl1" xml:lang="en-US" id="nat_IncreaseDecreaseOfSharePremiumFund_lbl1">Increase Decrease of Share Premium Fund</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseOfSharePremiumFund" xlink:to="nat_IncreaseDecreaseOfSharePremiumFund_lbl1" xlink:title="label: IncreaseDecreaseOfSharePremiumFund to nat_IncreaseDecreaseOfSharePremiumFund_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_IncreaseDecreaseOfSharePremiumFund_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_IncreaseDecreaseOfSharePremiumFund_lbl2" xml:lang="en-US" id="nat_IncreaseDecreaseOfSharePremiumFund_lbl2">Reduction of share premium</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseOfSharePremiumFund" xlink:to="nat_IncreaseDecreaseOfSharePremiumFund_lbl2" xlink:title="label: IncreaseDecreaseOfSharePremiumFund to nat_IncreaseDecreaseOfSharePremiumFund_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ShareholdersRightsPlanAbstract" xlink:label="ShareholdersRightsPlanAbstract" xlink:title="ShareholdersRightsPlanAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_ShareholdersRightsPlanAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ShareholdersRightsPlanAbstract_lbl1" xml:lang="en-US" id="nat_ShareholdersRightsPlanAbstract_lbl1">Shareholders' Rights Plan [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersRightsPlanAbstract" xlink:to="nat_ShareholdersRightsPlanAbstract_lbl1" xlink:title="label: ShareholdersRightsPlanAbstract to nat_ShareholdersRightsPlanAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" xlink:label="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" xlink:title="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl" xml:lang="en-US" id="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl">The entire disclosure for received settlements and commitments and contingencies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" xlink:to="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl" xlink:title="label: RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock to nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl1" xml:lang="en-US" id="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl1">RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" xlink:to="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl1" xlink:title="label: RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock to nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl2" xml:lang="en-US" id="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl2">RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" xlink:to="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl2" xlink:title="label: RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock to nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" xlink:label="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" xlink:title="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract_lbl1" xml:lang="en-US" id="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract_lbl1">RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" xlink:to="nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract_lbl1" xlink:title="label: RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract to nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DryDockExpenditures" xlink:label="DryDockExpenditures" xlink:title="DryDockExpenditures" />
    <link:label xlink:type="resource" xlink:label="nat_DryDockExpenditures_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DryDockExpenditures_lbl" xml:lang="en-US" id="nat_DryDockExpenditures_lbl">Refers to expenditure incurred in vessel dry-docking.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DryDockExpenditures" xlink:to="nat_DryDockExpenditures_lbl" xlink:title="label: DryDockExpenditures to nat_DryDockExpenditures_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DryDockExpenditures_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DryDockExpenditures_lbl1" xml:lang="en-US" id="nat_DryDockExpenditures_lbl1">Dry dock Expenditures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DryDockExpenditures" xlink:to="nat_DryDockExpenditures_lbl1" xlink:title="label: DryDockExpenditures to nat_DryDockExpenditures_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DryDockExpenditures_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DryDockExpenditures_lbl2" xml:lang="en-US" id="nat_DryDockExpenditures_lbl2">Drydock Expenditure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DryDockExpenditures" xlink:to="nat_DryDockExpenditures_lbl2" xlink:title="label: DryDockExpenditures to nat_DryDockExpenditures_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FairValueOfSharesDistributedAsDividendInKind" xlink:label="FairValueOfSharesDistributedAsDividendInKind" xlink:title="FairValueOfSharesDistributedAsDividendInKind" />
    <link:label xlink:type="resource" xlink:label="nat_FairValueOfSharesDistributedAsDividendInKind_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_FairValueOfSharesDistributedAsDividendInKind_lbl" xml:lang="en-US" id="nat_FairValueOfSharesDistributedAsDividendInKind_lbl">The fair value of shares distributed as dividend in kind in noncash investing or financing activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfSharesDistributedAsDividendInKind" xlink:to="nat_FairValueOfSharesDistributedAsDividendInKind_lbl" xlink:title="label: FairValueOfSharesDistributedAsDividendInKind to nat_FairValueOfSharesDistributedAsDividendInKind_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_FairValueOfSharesDistributedAsDividendInKind_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_FairValueOfSharesDistributedAsDividendInKind_lbl1" xml:lang="en-US" id="nat_FairValueOfSharesDistributedAsDividendInKind_lbl1">Fair Value of Shares Distributed as Dividend in Kind</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfSharesDistributedAsDividendInKind" xlink:to="nat_FairValueOfSharesDistributedAsDividendInKind_lbl1" xlink:title="label: FairValueOfSharesDistributedAsDividendInKind to nat_FairValueOfSharesDistributedAsDividendInKind_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_FairValueOfSharesDistributedAsDividendInKind_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_FairValueOfSharesDistributedAsDividendInKind_lbl2" xml:lang="en-US" id="nat_FairValueOfSharesDistributedAsDividendInKind_lbl2">Fair value of shares distributed as dividend in kind</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfSharesDistributedAsDividendInKind" xlink:to="nat_FairValueOfSharesDistributedAsDividendInKind_lbl2" xlink:title="label: FairValueOfSharesDistributedAsDividendInKind to nat_FairValueOfSharesDistributedAsDividendInKind_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DividendsReceivedFromAssociate" xlink:label="DividendsReceivedFromAssociate" xlink:title="DividendsReceivedFromAssociate" />
    <link:label xlink:type="resource" xlink:label="nat_DividendsReceivedFromAssociate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DividendsReceivedFromAssociate_lbl" xml:lang="en-US" id="nat_DividendsReceivedFromAssociate_lbl">Dividends received from associates, classified as investing activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedFromAssociate" xlink:to="nat_DividendsReceivedFromAssociate_lbl" xlink:title="label: DividendsReceivedFromAssociate to nat_DividendsReceivedFromAssociate_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DividendsReceivedFromAssociate_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DividendsReceivedFromAssociate_lbl1" xml:lang="en-US" id="nat_DividendsReceivedFromAssociate_lbl1">Dividends received from Associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedFromAssociate" xlink:to="nat_DividendsReceivedFromAssociate_lbl1" xlink:title="label: DividendsReceivedFromAssociate to nat_DividendsReceivedFromAssociate_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MinimumValueAdjustedEquityRatio" xlink:label="MinimumValueAdjustedEquityRatio" xlink:title="MinimumValueAdjustedEquityRatio" />
    <link:label xlink:type="resource" xlink:label="nat_MinimumValueAdjustedEquityRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_MinimumValueAdjustedEquityRatio_lbl" xml:lang="en-US" id="nat_MinimumValueAdjustedEquityRatio_lbl">Refers to the minimum value of adjusted equity ratio under the financing agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumValueAdjustedEquityRatio" xlink:to="nat_MinimumValueAdjustedEquityRatio_lbl" xlink:title="label: MinimumValueAdjustedEquityRatio to nat_MinimumValueAdjustedEquityRatio_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_MinimumValueAdjustedEquityRatio_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_MinimumValueAdjustedEquityRatio_lbl1" xml:lang="en-US" id="nat_MinimumValueAdjustedEquityRatio_lbl1">Minimum value adjusted equity ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumValueAdjustedEquityRatio" xlink:to="nat_MinimumValueAdjustedEquityRatio_lbl1" xlink:title="label: MinimumValueAdjustedEquityRatio to nat_MinimumValueAdjustedEquityRatio_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DebtInstrumentMinimumValueAdjustedEquity" xlink:label="DebtInstrumentMinimumValueAdjustedEquity" xlink:title="DebtInstrumentMinimumValueAdjustedEquity" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl" xml:lang="en-US" id="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl">Refers to the minimum value of adjusted equity under the financing agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumValueAdjustedEquity" xlink:to="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl" xlink:title="label: DebtInstrumentMinimumValueAdjustedEquity to nat_DebtInstrumentMinimumValueAdjustedEquity_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl1" xml:lang="en-US" id="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl1">Debt Instrument Minimum Value Adjusted Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumValueAdjustedEquity" xlink:to="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl1" xlink:title="label: DebtInstrumentMinimumValueAdjustedEquity to nat_DebtInstrumentMinimumValueAdjustedEquity_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl2" xml:lang="en-US" id="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl2">Minimum value adjusted equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumValueAdjustedEquity" xlink:to="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl2" xlink:title="label: DebtInstrumentMinimumValueAdjustedEquity to nat_DebtInstrumentMinimumValueAdjustedEquity_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NewRevolvingCreditFacilityMember" xlink:label="NewRevolvingCreditFacilityMember" xlink:title="NewRevolvingCreditFacilityMember" />
    <link:label xlink:type="resource" xlink:label="nat_NewRevolvingCreditFacilityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NewRevolvingCreditFacilityMember_lbl" xml:lang="en-US" id="nat_NewRevolvingCreditFacilityMember_lbl">Arrangement in which loan proceeds can continuously be obtained following repayments, but the total amount borrowed cannot exceed a specified maximum amount.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewRevolvingCreditFacilityMember" xlink:to="nat_NewRevolvingCreditFacilityMember_lbl" xlink:title="label: NewRevolvingCreditFacilityMember to nat_NewRevolvingCreditFacilityMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NewRevolvingCreditFacilityMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NewRevolvingCreditFacilityMember_lbl1" xml:lang="en-US" id="nat_NewRevolvingCreditFacilityMember_lbl1">New Revolving Credit Facility [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewRevolvingCreditFacilityMember" xlink:to="nat_NewRevolvingCreditFacilityMember_lbl1" xlink:title="label: NewRevolvingCreditFacilityMember to nat_NewRevolvingCreditFacilityMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NewRevolvingCreditFacilityMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NewRevolvingCreditFacilityMember_lbl2" xml:lang="en-US" id="nat_NewRevolvingCreditFacilityMember_lbl2">New Revolving Credit Facility [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewRevolvingCreditFacilityMember" xlink:to="nat_NewRevolvingCreditFacilityMember_lbl2" xlink:title="label: NewRevolvingCreditFacilityMember to nat_NewRevolvingCreditFacilityMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FirstFlexibilityPeriodToPurchaseVessels" xlink:label="FirstFlexibilityPeriodToPurchaseVessels" xlink:title="FirstFlexibilityPeriodToPurchaseVessels" />
    <link:label xlink:type="resource" xlink:label="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl" xml:lang="en-US" id="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl">Refers to the first flexibility period to purchase the vessels as per agreement in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstFlexibilityPeriodToPurchaseVessels" xlink:to="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl" xlink:title="label: FirstFlexibilityPeriodToPurchaseVessels to nat_FirstFlexibilityPeriodToPurchaseVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl1" xml:lang="en-US" id="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl1">First Flexibility Period to Purchase Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstFlexibilityPeriodToPurchaseVessels" xlink:to="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl1" xlink:title="label: FirstFlexibilityPeriodToPurchaseVessels to nat_FirstFlexibilityPeriodToPurchaseVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl2" xml:lang="en-US" id="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl2">First flexibility period to purchase the vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstFlexibilityPeriodToPurchaseVessels" xlink:to="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl2" xlink:title="label: FirstFlexibilityPeriodToPurchaseVessels to nat_FirstFlexibilityPeriodToPurchaseVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MinimumMarketCapToValueAdjustedTotalAssets" xlink:label="MinimumMarketCapToValueAdjustedTotalAssets" xlink:title="MinimumMarketCapToValueAdjustedTotalAssets" />
    <link:label xlink:type="resource" xlink:label="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl" xml:lang="en-US" id="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl">Refers to minimum market cap to value adjusted total assets for remaining duration of wavier.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMarketCapToValueAdjustedTotalAssets" xlink:to="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl" xlink:title="label: MinimumMarketCapToValueAdjustedTotalAssets to nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl1" xml:lang="en-US" id="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl1">Minimum Market Cap to Value Adjusted Total Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMarketCapToValueAdjustedTotalAssets" xlink:to="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl1" xlink:title="label: MinimumMarketCapToValueAdjustedTotalAssets to nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl2" xml:lang="en-US" id="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl2">Minimum market cap to value adjusted total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMarketCapToValueAdjustedTotalAssets" xlink:to="nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl2" xlink:title="label: MinimumMarketCapToValueAdjustedTotalAssets to nat_MinimumMarketCapToValueAdjustedTotalAssets_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FinancingOfOutstandingCommitmentsPerShip" xlink:label="FinancingOfOutstandingCommitmentsPerShip" xlink:title="FinancingOfOutstandingCommitmentsPerShip" />
    <link:label xlink:type="resource" xlink:label="nat_FinancingOfOutstandingCommitmentsPerShip_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_FinancingOfOutstandingCommitmentsPerShip_lbl" xml:lang="en-US" id="nat_FinancingOfOutstandingCommitmentsPerShip_lbl">Refers to amount of financing of outstanding commitments of per ship for new buildings under credit agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancingOfOutstandingCommitmentsPerShip" xlink:to="nat_FinancingOfOutstandingCommitmentsPerShip_lbl" xlink:title="label: FinancingOfOutstandingCommitmentsPerShip to nat_FinancingOfOutstandingCommitmentsPerShip_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_FinancingOfOutstandingCommitmentsPerShip_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_FinancingOfOutstandingCommitmentsPerShip_lbl1" xml:lang="en-US" id="nat_FinancingOfOutstandingCommitmentsPerShip_lbl1">Financing of Outstanding Commitments per ship</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancingOfOutstandingCommitmentsPerShip" xlink:to="nat_FinancingOfOutstandingCommitmentsPerShip_lbl1" xlink:title="label: FinancingOfOutstandingCommitmentsPerShip to nat_FinancingOfOutstandingCommitmentsPerShip_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_FinancingOfOutstandingCommitmentsPerShip_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_FinancingOfOutstandingCommitmentsPerShip_lbl2" xml:lang="en-US" id="nat_FinancingOfOutstandingCommitmentsPerShip_lbl2">Financing of outstanding commitments per ship</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancingOfOutstandingCommitmentsPerShip" xlink:to="nat_FinancingOfOutstandingCommitmentsPerShip_lbl2" xlink:title="label: FinancingOfOutstandingCommitmentsPerShip to nat_FinancingOfOutstandingCommitmentsPerShip_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfAdditionalVesselsExpectedToBeSold" xlink:label="NumberOfAdditionalVesselsExpectedToBeSold" xlink:title="NumberOfAdditionalVesselsExpectedToBeSold" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl" xml:lang="en-US" id="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl">Number of additional vessels expected to be sold as part of the recapitalization program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAdditionalVesselsExpectedToBeSold" xlink:to="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl" xlink:title="label: NumberOfAdditionalVesselsExpectedToBeSold to nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl1" xml:lang="en-US" id="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl1">Number of additional vessels expected to be sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAdditionalVesselsExpectedToBeSold" xlink:to="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl1" xlink:title="label: NumberOfAdditionalVesselsExpectedToBeSold to nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl2" xml:lang="en-US" id="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl2">Number of additional vessels possibly expected to be sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAdditionalVesselsExpectedToBeSold" xlink:to="nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl2" xlink:title="label: NumberOfAdditionalVesselsExpectedToBeSold to nat_NumberOfAdditionalVesselsExpectedToBeSold_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DebtInstrumentMinimumLiquidityValue" xlink:label="DebtInstrumentMinimumLiquidityValue" xlink:title="DebtInstrumentMinimumLiquidityValue" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumLiquidityValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DebtInstrumentMinimumLiquidityValue_lbl" xml:lang="en-US" id="nat_DebtInstrumentMinimumLiquidityValue_lbl">Refers to amount of minimum liquidity value of debt instrument under credit agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumLiquidityValue" xlink:to="nat_DebtInstrumentMinimumLiquidityValue_lbl" xlink:title="label: DebtInstrumentMinimumLiquidityValue to nat_DebtInstrumentMinimumLiquidityValue_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumLiquidityValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DebtInstrumentMinimumLiquidityValue_lbl1" xml:lang="en-US" id="nat_DebtInstrumentMinimumLiquidityValue_lbl1">Debt Instrument, Minimum Liquidity Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumLiquidityValue" xlink:to="nat_DebtInstrumentMinimumLiquidityValue_lbl1" xlink:title="label: DebtInstrumentMinimumLiquidityValue to nat_DebtInstrumentMinimumLiquidityValue_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumLiquidityValue_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_DebtInstrumentMinimumLiquidityValue_lbl2" xml:lang="en-US" id="nat_DebtInstrumentMinimumLiquidityValue_lbl2">Minimum liquidity value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumLiquidityValue" xlink:to="nat_DebtInstrumentMinimumLiquidityValue_lbl2" xlink:title="label: DebtInstrumentMinimumLiquidityValue to nat_DebtInstrumentMinimumLiquidityValue_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_SecurityRatioAfterAdjustment" xlink:label="SecurityRatioAfterAdjustment" xlink:title="SecurityRatioAfterAdjustment" />
    <link:label xlink:type="resource" xlink:label="nat_SecurityRatioAfterAdjustment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_SecurityRatioAfterAdjustment_lbl" xml:lang="en-US" id="nat_SecurityRatioAfterAdjustment_lbl">Refers to security ratio after adjustment coverage on financial covenants.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityRatioAfterAdjustment" xlink:to="nat_SecurityRatioAfterAdjustment_lbl" xlink:title="label: SecurityRatioAfterAdjustment to nat_SecurityRatioAfterAdjustment_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_SecurityRatioAfterAdjustment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_SecurityRatioAfterAdjustment_lbl1" xml:lang="en-US" id="nat_SecurityRatioAfterAdjustment_lbl1">Security Ratio after adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityRatioAfterAdjustment" xlink:to="nat_SecurityRatioAfterAdjustment_lbl1" xlink:title="label: SecurityRatioAfterAdjustment to nat_SecurityRatioAfterAdjustment_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_SecurityRatioAfterAdjustment_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_SecurityRatioAfterAdjustment_lbl2" xml:lang="en-US" id="nat_SecurityRatioAfterAdjustment_lbl2">Security ratio after adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityRatioAfterAdjustment" xlink:to="nat_SecurityRatioAfterAdjustment_lbl2" xlink:title="label: SecurityRatioAfterAdjustment to nat_SecurityRatioAfterAdjustment_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_BondLoanMember" xlink:label="BondLoanMember" xlink:title="BondLoanMember" />
    <link:label xlink:type="resource" xlink:label="nat_BondLoanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_BondLoanMember_lbl" xml:lang="en-US" id="nat_BondLoanMember_lbl">Loan contract in which the underlying asset is a bond.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondLoanMember" xlink:to="nat_BondLoanMember_lbl" xlink:title="label: BondLoanMember to nat_BondLoanMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_BondLoanMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_BondLoanMember_lbl1" xml:lang="en-US" id="nat_BondLoanMember_lbl1">Bond Loan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondLoanMember" xlink:to="nat_BondLoanMember_lbl1" xlink:title="label: BondLoanMember to nat_BondLoanMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_BondLoanMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_BondLoanMember_lbl2" xml:lang="en-US" id="nat_BondLoanMember_lbl2">Bond Loan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondLoanMember" xlink:to="nat_BondLoanMember_lbl2" xlink:title="label: BondLoanMember to nat_BondLoanMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:label="PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:title="PercentageOfPurchasePriceExpectedToPayByLendingProvider" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl" xml:lang="en-US" id="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl">Refers to the percentage of purchase price expected to pay by lending provider under the terms of the financing agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:to="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl" xlink:title="label: PercentageOfPurchasePriceExpectedToPayByLendingProvider to nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl1" xml:lang="en-US" id="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl1">Percentage of purchase price expected to pay by lending provider</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:to="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl1" xlink:title="label: PercentageOfPurchasePriceExpectedToPayByLendingProvider to nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver" xlink:label="PercentageOfIncreaseInMarginForThePeriodOfWaiver" xlink:title="PercentageOfIncreaseInMarginForThePeriodOfWaiver" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver_lbl" xml:lang="en-US" id="nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver_lbl">Refers to the percentage of increase in margin for the period of waiver.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfIncreaseInMarginForThePeriodOfWaiver" xlink:to="nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver_lbl" xlink:title="label: PercentageOfIncreaseInMarginForThePeriodOfWaiver to nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver_lbl1" xml:lang="en-US" id="nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver_lbl1">Percentage of increase in margin for the period of waiver</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfIncreaseInMarginForThePeriodOfWaiver" xlink:to="nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver_lbl1" xlink:title="label: PercentageOfIncreaseInMarginForThePeriodOfWaiver to nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:label="GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:title="GrossAmountUnderNewEquityUnderRecapitalizationProgram" />
    <link:label xlink:type="resource" xlink:label="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl" xml:lang="en-US" id="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl">Gross amount of which it represents equity raised under recapitalization program as of balance date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:to="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl" xlink:title="label: GrossAmountUnderNewEquityUnderRecapitalizationProgram to nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl1" xml:lang="en-US" id="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl1">Gross amount under new equity under recapitalization program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:to="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl1" xlink:title="label: GrossAmountUnderNewEquityUnderRecapitalizationProgram to nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl2" xml:lang="en-US" id="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl2">Gross amount under new equity under recapitalization program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:to="nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl2" xlink:title="label: GrossAmountUnderNewEquityUnderRecapitalizationProgram to nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_SecondFlexibilityPeriodToPurchaseVessels" xlink:label="SecondFlexibilityPeriodToPurchaseVessels" xlink:title="SecondFlexibilityPeriodToPurchaseVessels" />
    <link:label xlink:type="resource" xlink:label="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl" xml:lang="en-US" id="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl">Refers to the second flexibility period to purchase the vessels as per agreement in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondFlexibilityPeriodToPurchaseVessels" xlink:to="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl" xlink:title="label: SecondFlexibilityPeriodToPurchaseVessels to nat_SecondFlexibilityPeriodToPurchaseVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl1" xml:lang="en-US" id="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl1">Second Flexibility Period to Purchase Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondFlexibilityPeriodToPurchaseVessels" xlink:to="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl1" xlink:title="label: SecondFlexibilityPeriodToPurchaseVessels to nat_SecondFlexibilityPeriodToPurchaseVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl2" xml:lang="en-US" id="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl2">Second flexibility period to purchase the vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondFlexibilityPeriodToPurchaseVessels" xlink:to="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl2" xlink:title="label: SecondFlexibilityPeriodToPurchaseVessels to nat_SecondFlexibilityPeriodToPurchaseVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AmountOfDividendsThatCanBeDistributedQuarterly" xlink:label="AmountOfDividendsThatCanBeDistributedQuarterly" xlink:title="AmountOfDividendsThatCanBeDistributedQuarterly" />
    <link:label xlink:type="resource" xlink:label="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl" xml:lang="en-US" id="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl">Refers to the amount of dividends that can be distributed quarterly under the agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfDividendsThatCanBeDistributedQuarterly" xlink:to="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl" xlink:title="label: AmountOfDividendsThatCanBeDistributedQuarterly to nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl1" xml:lang="en-US" id="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl1">Amount of dividends that can be distributed quarterly</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfDividendsThatCanBeDistributedQuarterly" xlink:to="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl1" xlink:title="label: AmountOfDividendsThatCanBeDistributedQuarterly to nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl2" xml:lang="en-US" id="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl2">Amount of dividends that can be distributed quarterly (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfDividendsThatCanBeDistributedQuarterly" xlink:to="nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl2" xlink:title="label: AmountOfDividendsThatCanBeDistributedQuarterly to nat_AmountOfDividendsThatCanBeDistributedQuarterly_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NewEquityUnderRecapitalizationProgram" xlink:label="NewEquityUnderRecapitalizationProgram" xlink:title="NewEquityUnderRecapitalizationProgram" />
    <link:label xlink:type="resource" xlink:label="nat_NewEquityUnderRecapitalizationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NewEquityUnderRecapitalizationProgram_lbl" xml:lang="en-US" id="nat_NewEquityUnderRecapitalizationProgram_lbl">Refers to amount of new equity raised under recapitalization program as of balance date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewEquityUnderRecapitalizationProgram" xlink:to="nat_NewEquityUnderRecapitalizationProgram_lbl" xlink:title="label: NewEquityUnderRecapitalizationProgram to nat_NewEquityUnderRecapitalizationProgram_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NewEquityUnderRecapitalizationProgram_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NewEquityUnderRecapitalizationProgram_lbl1" xml:lang="en-US" id="nat_NewEquityUnderRecapitalizationProgram_lbl1">New Equity under Recapitalization Program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewEquityUnderRecapitalizationProgram" xlink:to="nat_NewEquityUnderRecapitalizationProgram_lbl1" xlink:title="label: NewEquityUnderRecapitalizationProgram to nat_NewEquityUnderRecapitalizationProgram_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NewEquityUnderRecapitalizationProgram_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NewEquityUnderRecapitalizationProgram_lbl2" xml:lang="en-US" id="nat_NewEquityUnderRecapitalizationProgram_lbl2">New equity under recapitalization program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewEquityUnderRecapitalizationProgram" xlink:to="nat_NewEquityUnderRecapitalizationProgram_lbl2" xlink:title="label: NewEquityUnderRecapitalizationProgram to nat_NewEquityUnderRecapitalizationProgram_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LiquidityCovenantAfterAdjustment" xlink:label="LiquidityCovenantAfterAdjustment" xlink:title="LiquidityCovenantAfterAdjustment" />
    <link:label xlink:type="resource" xlink:label="nat_LiquidityCovenantAfterAdjustment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_LiquidityCovenantAfterAdjustment_lbl" xml:lang="en-US" id="nat_LiquidityCovenantAfterAdjustment_lbl">Refers to amount of liquidity covenants measure cash resources of the borrower.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityCovenantAfterAdjustment" xlink:to="nat_LiquidityCovenantAfterAdjustment_lbl" xlink:title="label: LiquidityCovenantAfterAdjustment to nat_LiquidityCovenantAfterAdjustment_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_LiquidityCovenantAfterAdjustment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_LiquidityCovenantAfterAdjustment_lbl1" xml:lang="en-US" id="nat_LiquidityCovenantAfterAdjustment_lbl1">Liquidity Covenant after Adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityCovenantAfterAdjustment" xlink:to="nat_LiquidityCovenantAfterAdjustment_lbl1" xlink:title="label: LiquidityCovenantAfterAdjustment to nat_LiquidityCovenantAfterAdjustment_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_LiquidityCovenantAfterAdjustment_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_LiquidityCovenantAfterAdjustment_lbl2" xml:lang="en-US" id="nat_LiquidityCovenantAfterAdjustment_lbl2">Liquidity covenant after adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityCovenantAfterAdjustment" xlink:to="nat_LiquidityCovenantAfterAdjustment_lbl2" xlink:title="label: LiquidityCovenantAfterAdjustment to nat_LiquidityCovenantAfterAdjustment_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:label="LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:title="LineOfCreditFacilityIncreaseInUndrawnPercentage" />
    <link:label xlink:type="resource" xlink:label="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl" xml:lang="en-US" id="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl">The percentage of undrawn borrowing capacity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:to="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl" xlink:title="label: LineOfCreditFacilityIncreaseInUndrawnPercentage to nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl1" xml:lang="en-US" id="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl1">Line of Credit Facility, Increase in undrawn percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:to="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl1" xlink:title="label: LineOfCreditFacilityIncreaseInUndrawnPercentage to nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl2" xml:lang="en-US" id="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl2">Percentage of increase in undrawn borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:to="nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl2" xlink:title="label: LineOfCreditFacilityIncreaseInUndrawnPercentage to nat_LineOfCreditFacilityIncreaseInUndrawnPercentage_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_TermOfBareboatCharterAgreement" xlink:label="TermOfBareboatCharterAgreement" xlink:title="TermOfBareboatCharterAgreement" />
    <link:label xlink:type="resource" xlink:label="nat_TermOfBareboatCharterAgreement_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_TermOfBareboatCharterAgreement_lbl" xml:lang="en-US" id="nat_TermOfBareboatCharterAgreement_lbl">Term of bareboat charter agreement the Company will enter into with the Lessor.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfBareboatCharterAgreement" xlink:to="nat_TermOfBareboatCharterAgreement_lbl" xlink:title="label: TermOfBareboatCharterAgreement to nat_TermOfBareboatCharterAgreement_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_TermOfBareboatCharterAgreement_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_TermOfBareboatCharterAgreement_lbl1" xml:lang="en-US" id="nat_TermOfBareboatCharterAgreement_lbl1">Term of bareboat charter agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfBareboatCharterAgreement" xlink:to="nat_TermOfBareboatCharterAgreement_lbl1" xlink:title="label: TermOfBareboatCharterAgreement to nat_TermOfBareboatCharterAgreement_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MinimumMarketCapAfterAdjustments" xlink:label="MinimumMarketCapAfterAdjustments" xlink:title="MinimumMarketCapAfterAdjustments" />
    <link:label xlink:type="resource" xlink:label="nat_MinimumMarketCapAfterAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_MinimumMarketCapAfterAdjustments_lbl" xml:lang="en-US" id="nat_MinimumMarketCapAfterAdjustments_lbl">Refers to amount of minimum market cap after adjustments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMarketCapAfterAdjustments" xlink:to="nat_MinimumMarketCapAfterAdjustments_lbl" xlink:title="label: MinimumMarketCapAfterAdjustments to nat_MinimumMarketCapAfterAdjustments_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_MinimumMarketCapAfterAdjustments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_MinimumMarketCapAfterAdjustments_lbl1" xml:lang="en-US" id="nat_MinimumMarketCapAfterAdjustments_lbl1">Minimum Market Cap after Adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMarketCapAfterAdjustments" xlink:to="nat_MinimumMarketCapAfterAdjustments_lbl1" xlink:title="label: MinimumMarketCapAfterAdjustments to nat_MinimumMarketCapAfterAdjustments_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_MinimumMarketCapAfterAdjustments_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_MinimumMarketCapAfterAdjustments_lbl2" xml:lang="en-US" id="nat_MinimumMarketCapAfterAdjustments_lbl2">Minimum market cap ratio after adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMarketCapAfterAdjustments" xlink:to="nat_MinimumMarketCapAfterAdjustments_lbl2" xlink:title="label: MinimumMarketCapAfterAdjustments to nat_MinimumMarketCapAfterAdjustments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LineOfCreditFacilityCovenantAmount" xlink:label="LineOfCreditFacilityCovenantAmount" xlink:title="LineOfCreditFacilityCovenantAmount" />
    <link:label xlink:type="resource" xlink:label="nat_LineOfCreditFacilityCovenantAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_LineOfCreditFacilityCovenantAmount_lbl" xml:lang="en-US" id="nat_LineOfCreditFacilityCovenantAmount_lbl">Credit facility of covenant amount of whether the entity has been in compliance with any credit facility debt covenants during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityCovenantAmount" xlink:to="nat_LineOfCreditFacilityCovenantAmount_lbl" xlink:title="label: LineOfCreditFacilityCovenantAmount to nat_LineOfCreditFacilityCovenantAmount_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_LineOfCreditFacilityCovenantAmount_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_LineOfCreditFacilityCovenantAmount_lbl1" xml:lang="en-US" id="nat_LineOfCreditFacilityCovenantAmount_lbl1">Line of Credit Facility, Covenant amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityCovenantAmount" xlink:to="nat_LineOfCreditFacilityCovenantAmount_lbl1" xlink:title="label: LineOfCreditFacilityCovenantAmount to nat_LineOfCreditFacilityCovenantAmount_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_LineOfCreditFacilityCovenantAmount_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_LineOfCreditFacilityCovenantAmount_lbl2" xml:lang="en-US" id="nat_LineOfCreditFacilityCovenantAmount_lbl2">Covenant amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityCovenantAmount" xlink:to="nat_LineOfCreditFacilityCovenantAmount_lbl2" xlink:title="label: LineOfCreditFacilityCovenantAmount to nat_LineOfCreditFacilityCovenantAmount_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:label="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:title="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" />
    <link:label xlink:type="resource" xlink:label="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl" xml:lang="en-US" id="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl">Amount of management fee received during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:to="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl" xlink:title="label: RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod to nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl1" xml:lang="en-US" id="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl1">Related Party Transaction, Amount of management fee received during the period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:to="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl1" xlink:title="label: RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod to nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl2" xml:lang="en-US" id="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl2">Management fee received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:to="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl2" xlink:title="label: RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod to nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ScandicAmericanShippingLtdMember" xlink:label="ScandicAmericanShippingLtdMember" xlink:title="ScandicAmericanShippingLtdMember" />
    <link:label xlink:type="resource" xlink:label="nat_ScandicAmericanShippingLtdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ScandicAmericanShippingLtdMember_lbl" xml:lang="en-US" id="nat_ScandicAmericanShippingLtdMember_lbl">Entity with Management Agreement with the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScandicAmericanShippingLtdMember" xlink:to="nat_ScandicAmericanShippingLtdMember_lbl" xlink:title="label: ScandicAmericanShippingLtdMember to nat_ScandicAmericanShippingLtdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ScandicAmericanShippingLtdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ScandicAmericanShippingLtdMember_lbl1" xml:lang="en-US" id="nat_ScandicAmericanShippingLtdMember_lbl1">Scandic American Shipping Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScandicAmericanShippingLtdMember" xlink:to="nat_ScandicAmericanShippingLtdMember_lbl1" xlink:title="label: ScandicAmericanShippingLtdMember to nat_ScandicAmericanShippingLtdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAmericanOffshoreLimitedMember" xlink:label="NordicAmericanOffshoreLimitedMember" xlink:title="NordicAmericanOffshoreLimitedMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAmericanOffshoreLimitedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicAmericanOffshoreLimitedMember_lbl" xml:lang="en-US" id="nat_NordicAmericanOffshoreLimitedMember_lbl">Refers to entity Nordic American Offshore Limited, with Management Agreement with the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAmericanOffshoreLimitedMember" xlink:to="nat_NordicAmericanOffshoreLimitedMember_lbl" xlink:title="label: NordicAmericanOffshoreLimitedMember to nat_NordicAmericanOffshoreLimitedMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAmericanOffshoreLimitedMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicAmericanOffshoreLimitedMember_lbl1" xml:lang="en-US" id="nat_NordicAmericanOffshoreLimitedMember_lbl1">Nordic American Offshore Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAmericanOffshoreLimitedMember" xlink:to="nat_NordicAmericanOffshoreLimitedMember_lbl1" xlink:title="label: NordicAmericanOffshoreLimitedMember to nat_NordicAmericanOffshoreLimitedMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAmericanOffshoreLimitedMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NordicAmericanOffshoreLimitedMember_lbl2" xml:lang="en-US" id="nat_NordicAmericanOffshoreLimitedMember_lbl2">Nordic American Offshore Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAmericanOffshoreLimitedMember" xlink:to="nat_NordicAmericanOffshoreLimitedMember_lbl2" xlink:title="label: NordicAmericanOffshoreLimitedMember to nat_NordicAmericanOffshoreLimitedMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_InterestExpensesNetOfCapitalizedInterest" xlink:label="InterestExpensesNetOfCapitalizedInterest" xlink:title="InterestExpensesNetOfCapitalizedInterest" />
    <link:label xlink:type="resource" xlink:label="nat_InterestExpensesNetOfCapitalizedInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_InterestExpensesNetOfCapitalizedInterest_lbl" xml:lang="en-US" id="nat_InterestExpensesNetOfCapitalizedInterest_lbl">The amount of interest expenses for net of capitalized interest during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpensesNetOfCapitalizedInterest" xlink:to="nat_InterestExpensesNetOfCapitalizedInterest_lbl" xlink:title="label: InterestExpensesNetOfCapitalizedInterest to nat_InterestExpensesNetOfCapitalizedInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_InterestExpensesNetOfCapitalizedInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_InterestExpensesNetOfCapitalizedInterest_lbl1" xml:lang="en-US" id="nat_InterestExpensesNetOfCapitalizedInterest_lbl1">Interest Expenses, Net of Capitalized Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpensesNetOfCapitalizedInterest" xlink:to="nat_InterestExpensesNetOfCapitalizedInterest_lbl1" xlink:title="label: InterestExpensesNetOfCapitalizedInterest to nat_InterestExpensesNetOfCapitalizedInterest_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_InterestExpensesNetOfCapitalizedInterest_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_InterestExpensesNetOfCapitalizedInterest_lbl2" xml:lang="en-US" id="nat_InterestExpensesNetOfCapitalizedInterest_lbl2">Interest Expenses, net of capitalized interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpensesNetOfCapitalizedInterest" xlink:to="nat_InterestExpensesNetOfCapitalizedInterest_lbl2" xlink:title="label: InterestExpensesNetOfCapitalizedInterest to nat_InterestExpensesNetOfCapitalizedInterest_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CommitmentFee" xlink:label="CommitmentFee" xlink:title="CommitmentFee" />
    <link:label xlink:type="resource" xlink:label="nat_CommitmentFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CommitmentFee_lbl" xml:lang="en-US" id="nat_CommitmentFee_lbl">Represents the expense against earnings during the period for commitment fees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentFee" xlink:to="nat_CommitmentFee_lbl" xlink:title="label: CommitmentFee to nat_CommitmentFee_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CommitmentFee_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CommitmentFee_lbl1" xml:lang="en-US" id="nat_CommitmentFee_lbl1">Commitment Fee</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentFee" xlink:to="nat_CommitmentFee_lbl1" xlink:title="label: CommitmentFee to nat_CommitmentFee_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CommitmentFee_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CommitmentFee_lbl2" xml:lang="en-US" id="nat_CommitmentFee_lbl2">Commitment Fee</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentFee" xlink:to="nat_CommitmentFee_lbl2" xlink:title="label: CommitmentFee to nat_CommitmentFee_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ScheduleOfInterestExpenseTableTextBlock" xlink:label="ScheduleOfInterestExpenseTableTextBlock" xlink:title="ScheduleOfInterestExpenseTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_ScheduleOfInterestExpenseTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ScheduleOfInterestExpenseTableTextBlock_lbl" xml:lang="en-US" id="nat_ScheduleOfInterestExpenseTableTextBlock_lbl">Tabular disclosure of interest expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfInterestExpenseTableTextBlock" xlink:to="nat_ScheduleOfInterestExpenseTableTextBlock_lbl" xlink:title="label: ScheduleOfInterestExpenseTableTextBlock to nat_ScheduleOfInterestExpenseTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ScheduleOfInterestExpenseTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ScheduleOfInterestExpenseTableTextBlock_lbl1" xml:lang="en-US" id="nat_ScheduleOfInterestExpenseTableTextBlock_lbl1">Schedule Of Interest Expense [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfInterestExpenseTableTextBlock" xlink:to="nat_ScheduleOfInterestExpenseTableTextBlock_lbl1" xlink:title="label: ScheduleOfInterestExpenseTableTextBlock to nat_ScheduleOfInterestExpenseTableTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ScheduleOfInterestExpenseTableTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_ScheduleOfInterestExpenseTableTextBlock_lbl2" xml:lang="en-US" id="nat_ScheduleOfInterestExpenseTableTextBlock_lbl2">Schedule of interest expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfInterestExpenseTableTextBlock" xlink:to="nat_ScheduleOfInterestExpenseTableTextBlock_lbl2" xlink:title="label: ScheduleOfInterestExpenseTableTextBlock to nat_ScheduleOfInterestExpenseTableTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfNewBuildings" xlink:label="NumberOfNewBuildings" xlink:title="NumberOfNewBuildings" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfNewBuildings_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfNewBuildings_lbl" xml:lang="en-US" id="nat_NumberOfNewBuildings_lbl">Refers to be number of new buildings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfNewBuildings" xlink:to="nat_NumberOfNewBuildings_lbl" xlink:title="label: NumberOfNewBuildings to nat_NumberOfNewBuildings_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfNewBuildings_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfNewBuildings_lbl1" xml:lang="en-US" id="nat_NumberOfNewBuildings_lbl1">Number of new buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfNewBuildings" xlink:to="nat_NumberOfNewBuildings_lbl1" xlink:title="label: NumberOfNewBuildings to nat_NumberOfNewBuildings_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfNewBuildings_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfNewBuildings_lbl2" xml:lang="en-US" id="nat_NumberOfNewBuildings_lbl2">Number of new buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfNewBuildings" xlink:to="nat_NumberOfNewBuildings_lbl2" xlink:title="label: NumberOfNewBuildings to nat_NumberOfNewBuildings_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LongTermDepositNoncurrent" xlink:label="LongTermDepositNoncurrent" xlink:title="LongTermDepositNoncurrent" />
    <link:label xlink:type="resource" xlink:label="nat_LongTermDepositNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_LongTermDepositNoncurrent_lbl" xml:lang="en-US" id="nat_LongTermDepositNoncurrent_lbl">Carrying amount of long-term deposit, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDepositNoncurrent" xlink:to="nat_LongTermDepositNoncurrent_lbl" xlink:title="label: LongTermDepositNoncurrent to nat_LongTermDepositNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_LongTermDepositNoncurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_LongTermDepositNoncurrent_lbl1" xml:lang="en-US" id="nat_LongTermDepositNoncurrent_lbl1">Long term deposit Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDepositNoncurrent" xlink:to="nat_LongTermDepositNoncurrent_lbl1" xlink:title="label: LongTermDepositNoncurrent to nat_LongTermDepositNoncurrent_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_LongTermDepositNoncurrent_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_LongTermDepositNoncurrent_lbl2" xml:lang="en-US" id="nat_LongTermDepositNoncurrent_lbl2">Long term Deposit (Restricted Cash)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDepositNoncurrent" xlink:to="nat_LongTermDepositNoncurrent_lbl2" xlink:title="label: LongTermDepositNoncurrent to nat_LongTermDepositNoncurrent_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:label="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:title="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" />
    <link:label xlink:type="resource" xlink:label="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl" xml:lang="en-US" id="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl">Refers to amount of arrangement fees for backstop facility and new buildings expected to be realized or consumed after one year or normal operating cycle, if longer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:to="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl" xlink:title="label: ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent to nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl1" xml:lang="en-US" id="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl1">Arrangement Fees Backstop Facility and New Buildings, Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:to="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl1" xlink:title="label: ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent to nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl2" xml:lang="en-US" id="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl2">Arrangement fees Backstop facility and New buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:to="nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl2" xlink:title="label: ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent to nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_OtherNonCurrentAssetsTextBlock" xlink:label="OtherNonCurrentAssetsTextBlock" xlink:title="OtherNonCurrentAssetsTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_OtherNonCurrentAssetsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_OtherNonCurrentAssetsTextBlock_lbl" xml:lang="en-US" id="nat_OtherNonCurrentAssetsTextBlock_lbl">The entire disclosure for other non-current assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNonCurrentAssetsTextBlock" xlink:to="nat_OtherNonCurrentAssetsTextBlock_lbl" xlink:title="label: OtherNonCurrentAssetsTextBlock to nat_OtherNonCurrentAssetsTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_OtherNonCurrentAssetsTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_OtherNonCurrentAssetsTextBlock_lbl1" xml:lang="en-US" id="nat_OtherNonCurrentAssetsTextBlock_lbl1">Other Non Current Assets [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNonCurrentAssetsTextBlock" xlink:to="nat_OtherNonCurrentAssetsTextBlock_lbl1" xlink:title="label: OtherNonCurrentAssetsTextBlock to nat_OtherNonCurrentAssetsTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_OtherNonCurrentAssetsTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_OtherNonCurrentAssetsTextBlock_lbl2" xml:lang="en-US" id="nat_OtherNonCurrentAssetsTextBlock_lbl2">OTHER NON-CURRENT ASSETS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNonCurrentAssetsTextBlock" xlink:to="nat_OtherNonCurrentAssetsTextBlock_lbl2" xlink:title="label: OtherNonCurrentAssetsTextBlock to nat_OtherNonCurrentAssetsTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsPlacedInTheMarketForSale" xlink:label="NumberOfVesselsPlacedInTheMarketForSale" xlink:title="NumberOfVesselsPlacedInTheMarketForSale" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsPlacedInTheMarketForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfVesselsPlacedInTheMarketForSale_lbl" xml:lang="en-US" id="nat_NumberOfVesselsPlacedInTheMarketForSale_lbl">Number of vessels placed in the market for sale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsPlacedInTheMarketForSale" xlink:to="nat_NumberOfVesselsPlacedInTheMarketForSale_lbl" xlink:title="label: NumberOfVesselsPlacedInTheMarketForSale to nat_NumberOfVesselsPlacedInTheMarketForSale_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsPlacedInTheMarketForSale_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfVesselsPlacedInTheMarketForSale_lbl1" xml:lang="en-US" id="nat_NumberOfVesselsPlacedInTheMarketForSale_lbl1">Number of vessels placed in the market for sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsPlacedInTheMarketForSale" xlink:to="nat_NumberOfVesselsPlacedInTheMarketForSale_lbl1" xlink:title="label: NumberOfVesselsPlacedInTheMarketForSale to nat_NumberOfVesselsPlacedInTheMarketForSale_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FinancialInstrumentsAbstract" xlink:label="FinancialInstrumentsAbstract" xlink:title="FinancialInstrumentsAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_FinancialInstrumentsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_FinancialInstrumentsAbstract_lbl1" xml:lang="en-US" id="nat_FinancialInstrumentsAbstract_lbl1">FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInstrumentsAbstract" xlink:to="nat_FinancialInstrumentsAbstract_lbl1" xlink:title="label: FinancialInstrumentsAbstract to nat_FinancialInstrumentsAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RevenueAndExpenseRecognitionPolicyTextBlock" xlink:label="RevenueAndExpenseRecognitionPolicyTextBlock" xlink:title="RevenueAndExpenseRecognitionPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" xml:lang="en-US" id="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl">Disclosure of accounting policy for revenue and expense recognition directly related to voyage and time charter agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueAndExpenseRecognitionPolicyTextBlock" xlink:to="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" xlink:title="label: RevenueAndExpenseRecognitionPolicyTextBlock to nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl1" xml:lang="en-US" id="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl1">Revenue and Expense Recognition [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueAndExpenseRecognitionPolicyTextBlock" xlink:to="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl1" xlink:title="label: RevenueAndExpenseRecognitionPolicyTextBlock to nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl2" xml:lang="en-US" id="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl2">Revenue and Expense Recognition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueAndExpenseRecognitionPolicyTextBlock" xlink:to="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl2" xlink:title="label: RevenueAndExpenseRecognitionPolicyTextBlock to nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselOperatingExpensesPolicyTextBlock" xlink:label="VesselOperatingExpensesPolicyTextBlock" xlink:title="VesselOperatingExpensesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_VesselOperatingExpensesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselOperatingExpensesPolicyTextBlock_lbl" xml:lang="en-US" id="nat_VesselOperatingExpensesPolicyTextBlock_lbl">Disclosure of accounting policy for vessel operating expense, excluding depreciation expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselOperatingExpensesPolicyTextBlock" xlink:to="nat_VesselOperatingExpensesPolicyTextBlock_lbl" xlink:title="label: VesselOperatingExpensesPolicyTextBlock to nat_VesselOperatingExpensesPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselOperatingExpensesPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselOperatingExpensesPolicyTextBlock_lbl1" xml:lang="en-US" id="nat_VesselOperatingExpensesPolicyTextBlock_lbl1">Vessel Operating Expenses [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselOperatingExpensesPolicyTextBlock" xlink:to="nat_VesselOperatingExpensesPolicyTextBlock_lbl1" xlink:title="label: VesselOperatingExpensesPolicyTextBlock to nat_VesselOperatingExpensesPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselOperatingExpensesPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_VesselOperatingExpensesPolicyTextBlock_lbl2" xml:lang="en-US" id="nat_VesselOperatingExpensesPolicyTextBlock_lbl2">Vessel Operating Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselOperatingExpensesPolicyTextBlock" xlink:to="nat_VesselOperatingExpensesPolicyTextBlock_lbl2" xlink:title="label: VesselOperatingExpensesPolicyTextBlock to nat_VesselOperatingExpensesPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DrydockingPolicyTextBlock" xlink:label="DrydockingPolicyTextBlock" xlink:title="DrydockingPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockingPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DrydockingPolicyTextBlock_lbl" xml:lang="en-US" id="nat_DrydockingPolicyTextBlock_lbl">Disclosure of accounting policy for costs incurred for repairs and maintenance activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockingPolicyTextBlock" xlink:to="nat_DrydockingPolicyTextBlock_lbl" xlink:title="label: DrydockingPolicyTextBlock to nat_DrydockingPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockingPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DrydockingPolicyTextBlock_lbl1" xml:lang="en-US" id="nat_DrydockingPolicyTextBlock_lbl1">Drydocking [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockingPolicyTextBlock" xlink:to="nat_DrydockingPolicyTextBlock_lbl1" xlink:title="label: DrydockingPolicyTextBlock to nat_DrydockingPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockingPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DrydockingPolicyTextBlock_lbl2" xml:lang="en-US" id="nat_DrydockingPolicyTextBlock_lbl2">Drydocking</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockingPolicyTextBlock" xlink:to="nat_DrydockingPolicyTextBlock_lbl2" xlink:title="label: DrydockingPolicyTextBlock to nat_DrydockingPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_OtherComprehensiveIncomeLossPolicyTextBlock" xlink:label="OtherComprehensiveIncomeLossPolicyTextBlock" xlink:title="OtherComprehensiveIncomeLossPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl" xml:lang="en-US" id="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl">Disclosure of accounting policy for other comprehensive income (loss).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossPolicyTextBlock" xlink:to="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl" xlink:title="label: OtherComprehensiveIncomeLossPolicyTextBlock to nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl1" xml:lang="en-US" id="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl1">Other Comprehensive Income (Loss) [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossPolicyTextBlock" xlink:to="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl1" xlink:title="label: OtherComprehensiveIncomeLossPolicyTextBlock to nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl2" xml:lang="en-US" id="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl2">Other Comprehensive (Loss) Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossPolicyTextBlock" xlink:to="nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl2" xlink:title="label: OtherComprehensiveIncomeLossPolicyTextBlock to nat_OtherComprehensiveIncomeLossPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredFinancingCostsPolicyTextBlock" xlink:label="DeferredFinancingCostsPolicyTextBlock" xlink:title="DeferredFinancingCostsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredFinancingCostsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DeferredFinancingCostsPolicyTextBlock_lbl" xml:lang="en-US" id="nat_DeferredFinancingCostsPolicyTextBlock_lbl">Disclosure of accounting policy for deferral and amortization of deferred financing costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredFinancingCostsPolicyTextBlock" xlink:to="nat_DeferredFinancingCostsPolicyTextBlock_lbl" xlink:title="label: DeferredFinancingCostsPolicyTextBlock to nat_DeferredFinancingCostsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredFinancingCostsPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DeferredFinancingCostsPolicyTextBlock_lbl1" xml:lang="en-US" id="nat_DeferredFinancingCostsPolicyTextBlock_lbl1">Deferred Financing Costs [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredFinancingCostsPolicyTextBlock" xlink:to="nat_DeferredFinancingCostsPolicyTextBlock_lbl1" xlink:title="label: DeferredFinancingCostsPolicyTextBlock to nat_DeferredFinancingCostsPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredFinancingCostsPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DeferredFinancingCostsPolicyTextBlock_lbl2" xml:lang="en-US" id="nat_DeferredFinancingCostsPolicyTextBlock_lbl2">Deferred Financing Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredFinancingCostsPolicyTextBlock" xlink:to="nat_DeferredFinancingCostsPolicyTextBlock_lbl2" xlink:title="label: DeferredFinancingCostsPolicyTextBlock to nat_DeferredFinancingCostsPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:label="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:title="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss_lbl" xml:lang="en-US" id="nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss_lbl">Number of vessels included in write down for impairment loss.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:to="nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss_lbl" xlink:title="label: NumberOfVesselsIncludedInWriteDownForImpairmentLoss to nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss_lbl1" xml:lang="en-US" id="nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss_lbl1">Number of vessels included in write down for impairment loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:to="nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss_lbl1" xlink:title="label: NumberOfVesselsIncludedInWriteDownForImpairmentLoss to nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DrydockingMember" xlink:label="DrydockingMember" xlink:title="DrydockingMember" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DrydockingMember_lbl" xml:lang="en-US" id="nat_DrydockingMember_lbl">Tabular disclosure of capitalized drydocking costs related to the periodic planned maintenance of vessels.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockingMember" xlink:to="nat_DrydockingMember_lbl" xlink:title="label: DrydockingMember to nat_DrydockingMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockingMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DrydockingMember_lbl1" xml:lang="en-US" id="nat_DrydockingMember_lbl1">Drydocking [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockingMember" xlink:to="nat_DrydockingMember_lbl1" xlink:title="label: DrydockingMember to nat_DrydockingMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsMember" xlink:label="VesselsMember" xlink:title="VesselsMember" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsMember_lbl" xml:lang="en-US" id="nat_VesselsMember_lbl">Long lived, depreciable assets used for the primary purpose of crude oil transportation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsMember" xlink:to="nat_VesselsMember_lbl" xlink:title="label: VesselsMember to nat_VesselsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsMember_lbl1" xml:lang="en-US" id="nat_VesselsMember_lbl1">Vessels [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsMember" xlink:to="nat_VesselsMember_lbl1" xlink:title="label: VesselsMember to nat_VesselsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsNet" xlink:label="VesselsNet" xlink:title="VesselsNet" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsNet_lbl" xml:lang="en-US" id="nat_VesselsNet_lbl">Carrying amount at the balance sheet date of vessels used in the normal conduct of business and not intended for resale, net of accumulated depreciation on vessels.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNet" xlink:to="nat_VesselsNet_lbl" xlink:title="label: VesselsNet to nat_VesselsNet_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNet_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsNet_lbl1" xml:lang="en-US" id="nat_VesselsNet_lbl1">Vessels, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNet" xlink:to="nat_VesselsNet_lbl1" xlink:title="label: VesselsNet to nat_VesselsNet_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNet_lbl2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="nat_VesselsNet_lbl2" xml:lang="en-US" id="nat_VesselsNet_lbl2">Vessels, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNet" xlink:to="nat_VesselsNet_lbl2" xlink:title="label: VesselsNet to nat_VesselsNet_lbl2" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNet_lbl3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_VesselsNet_lbl3" xml:lang="en-US" id="nat_VesselsNet_lbl3">Vessels, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNet" xlink:to="nat_VesselsNet_lbl3" xlink:title="label: VesselsNet to nat_VesselsNet_lbl3" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsGross" xlink:label="VesselsGross" xlink:title="VesselsGross" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsGross_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsGross_lbl" xml:lang="en-US" id="nat_VesselsGross_lbl">Amount before accumulated depreciation of vessels used in the normal conduct of business and not intended for resale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsGross" xlink:to="nat_VesselsGross_lbl" xlink:title="label: VesselsGross to nat_VesselsGross_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsGross_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsGross_lbl1" xml:lang="en-US" id="nat_VesselsGross_lbl1">Vessels Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsGross" xlink:to="nat_VesselsGross_lbl1" xlink:title="label: VesselsGross to nat_VesselsGross_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsGross_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_VesselsGross_lbl2" xml:lang="en-US" id="nat_VesselsGross_lbl2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsGross" xlink:to="nat_VesselsGross_lbl2" xlink:title="label: VesselsGross to nat_VesselsGross_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsUnderOperations" xlink:label="VesselsUnderOperations" xlink:title="VesselsUnderOperations" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsUnderOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsUnderOperations_lbl" xml:lang="en-US" id="nat_VesselsUnderOperations_lbl">The number of vessels under the operational management at of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsUnderOperations" xlink:to="nat_VesselsUnderOperations_lbl" xlink:title="label: VesselsUnderOperations to nat_VesselsUnderOperations_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsUnderOperations_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsUnderOperations_lbl1" xml:lang="en-US" id="nat_VesselsUnderOperations_lbl1">Vessels under operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsUnderOperations" xlink:to="nat_VesselsUnderOperations_lbl1" xlink:title="label: VesselsUnderOperations to nat_VesselsUnderOperations_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsUnderOperations_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_VesselsUnderOperations_lbl2" xml:lang="en-US" id="nat_VesselsUnderOperations_lbl2">Number of vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsUnderOperations" xlink:to="nat_VesselsUnderOperations_lbl2" xlink:title="label: VesselsUnderOperations to nat_VesselsUnderOperations_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AccumulatedImpairmentLossOnVessels" xlink:label="AccumulatedImpairmentLossOnVessels" xlink:title="AccumulatedImpairmentLossOnVessels" />
    <link:label xlink:type="resource" xlink:label="nat_AccumulatedImpairmentLossOnVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AccumulatedImpairmentLossOnVessels_lbl" xml:lang="en-US" id="nat_AccumulatedImpairmentLossOnVessels_lbl">The accumulated amount for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedImpairmentLossOnVessels" xlink:to="nat_AccumulatedImpairmentLossOnVessels_lbl" xlink:title="label: AccumulatedImpairmentLossOnVessels to nat_AccumulatedImpairmentLossOnVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AccumulatedImpairmentLossOnVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AccumulatedImpairmentLossOnVessels_lbl1" xml:lang="en-US" id="nat_AccumulatedImpairmentLossOnVessels_lbl1">Accumulated Impairment Loss on Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedImpairmentLossOnVessels" xlink:to="nat_AccumulatedImpairmentLossOnVessels_lbl1" xlink:title="label: AccumulatedImpairmentLossOnVessels to nat_AccumulatedImpairmentLossOnVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AccumulatedImpairmentLossOnVessels_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="nat_AccumulatedImpairmentLossOnVessels_lbl2" xml:lang="en-US" id="nat_AccumulatedImpairmentLossOnVessels_lbl2">Less Impairment Loss on Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedImpairmentLossOnVessels" xlink:to="nat_AccumulatedImpairmentLossOnVessels_lbl2" xlink:title="label: AccumulatedImpairmentLossOnVessels to nat_AccumulatedImpairmentLossOnVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RemainingCapitalCommitments" xlink:label="RemainingCapitalCommitments" xlink:title="RemainingCapitalCommitments" />
    <link:label xlink:type="resource" xlink:label="nat_RemainingCapitalCommitments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_RemainingCapitalCommitments_lbl" xml:lang="en-US" id="nat_RemainingCapitalCommitments_lbl">Refers to the amount of remaining capital commitments includes various regular operating expenses such as property-related costs, necessary equipment and production materials.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingCapitalCommitments" xlink:to="nat_RemainingCapitalCommitments_lbl" xlink:title="label: RemainingCapitalCommitments to nat_RemainingCapitalCommitments_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_RemainingCapitalCommitments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RemainingCapitalCommitments_lbl1" xml:lang="en-US" id="nat_RemainingCapitalCommitments_lbl1">Remaining Capital Commitments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingCapitalCommitments" xlink:to="nat_RemainingCapitalCommitments_lbl1" xlink:title="label: RemainingCapitalCommitments to nat_RemainingCapitalCommitments_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_RemainingCapitalCommitments_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_RemainingCapitalCommitments_lbl2" xml:lang="en-US" id="nat_RemainingCapitalCommitments_lbl2">Total remaining capital commitments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingCapitalCommitments" xlink:to="nat_RemainingCapitalCommitments_lbl2" xlink:title="label: RemainingCapitalCommitments to nat_RemainingCapitalCommitments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsUnderOperationsDeliveredIn2018" xlink:label="VesselsUnderOperationsDeliveredIn2018" xlink:title="VesselsUnderOperationsDeliveredIn2018" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsUnderOperationsDeliveredIn2018_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsUnderOperationsDeliveredIn2018_lbl" xml:lang="en-US" id="nat_VesselsUnderOperationsDeliveredIn2018_lbl">The number of vessels under the operational management which will be delivered in 2018.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsUnderOperationsDeliveredIn2018" xlink:to="nat_VesselsUnderOperationsDeliveredIn2018_lbl" xlink:title="label: VesselsUnderOperationsDeliveredIn2018 to nat_VesselsUnderOperationsDeliveredIn2018_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsUnderOperationsDeliveredIn2018_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsUnderOperationsDeliveredIn2018_lbl1" xml:lang="en-US" id="nat_VesselsUnderOperationsDeliveredIn2018_lbl1">Vessels Under Operations Delivered In 2018</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsUnderOperationsDeliveredIn2018" xlink:to="nat_VesselsUnderOperationsDeliveredIn2018_lbl1" xlink:title="label: VesselsUnderOperationsDeliveredIn2018 to nat_VesselsUnderOperationsDeliveredIn2018_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsUnderOperationsDeliveredIn2018_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_VesselsUnderOperationsDeliveredIn2018_lbl2" xml:lang="en-US" id="nat_VesselsUnderOperationsDeliveredIn2018_lbl2">Number of vessels under construction delivered in 2018</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsUnderOperationsDeliveredIn2018" xlink:to="nat_VesselsUnderOperationsDeliveredIn2018_lbl2" xlink:title="label: VesselsUnderOperationsDeliveredIn2018 to nat_VesselsUnderOperationsDeliveredIn2018_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:label="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:title="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl" xml:lang="en-US" id="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl">The number of vessels the company has taken through periodical maintenance survey as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:to="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl" xlink:title="label: NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey to nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl1" xml:lang="en-US" id="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl1">Number Of Vessels The Company Has Taken Through Periodical Maintenance Survey</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:to="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl1" xlink:title="label: NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey to nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl2" xml:lang="en-US" id="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl2">Number of vessels the company has taken through periodical maintenance survey</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:to="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl2" xlink:title="label: NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey to nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DepositsForVesselsUnderConstruction" xlink:label="DepositsForVesselsUnderConstruction" xlink:title="DepositsForVesselsUnderConstruction" />
    <link:label xlink:type="resource" xlink:label="nat_DepositsForVesselsUnderConstruction_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DepositsForVesselsUnderConstruction_lbl" xml:lang="en-US" id="nat_DepositsForVesselsUnderConstruction_lbl">The cash outflow associated with deposits for vessels under construction.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepositsForVesselsUnderConstruction" xlink:to="nat_DepositsForVesselsUnderConstruction_lbl" xlink:title="label: DepositsForVesselsUnderConstruction to nat_DepositsForVesselsUnderConstruction_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DepositsForVesselsUnderConstruction_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DepositsForVesselsUnderConstruction_lbl1" xml:lang="en-US" id="nat_DepositsForVesselsUnderConstruction_lbl1">Deposits for Vessels under Construction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepositsForVesselsUnderConstruction" xlink:to="nat_DepositsForVesselsUnderConstruction_lbl1" xlink:title="label: DepositsForVesselsUnderConstruction to nat_DepositsForVesselsUnderConstruction_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DepositsForVesselsUnderConstruction_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="nat_DepositsForVesselsUnderConstruction_lbl2" xml:lang="en-US" id="nat_DepositsForVesselsUnderConstruction_lbl2">Deposits for vessels under construction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepositsForVesselsUnderConstruction" xlink:to="nat_DepositsForVesselsUnderConstruction_lbl2" xlink:title="label: DepositsForVesselsUnderConstruction to nat_DepositsForVesselsUnderConstruction_lbl2" />
    <link:label xlink:type="resource" xlink:label="nat_DepositsForVesselsUnderConstruction_lbl3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="nat_DepositsForVesselsUnderConstruction_lbl3" xml:lang="en-US" id="nat_DepositsForVesselsUnderConstruction_lbl3">Deposits for Vessels under Construction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepositsForVesselsUnderConstruction" xlink:to="nat_DepositsForVesselsUnderConstruction_lbl3" xlink:title="label: DepositsForVesselsUnderConstruction to nat_DepositsForVesselsUnderConstruction_lbl3" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsDeliveredToTheCompany" xlink:label="NumberOfVesselsDeliveredToTheCompany" xlink:title="NumberOfVesselsDeliveredToTheCompany" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsDeliveredToTheCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfVesselsDeliveredToTheCompany_lbl" xml:lang="en-US" id="nat_NumberOfVesselsDeliveredToTheCompany_lbl">The number of vessels delivered to the Company as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsDeliveredToTheCompany" xlink:to="nat_NumberOfVesselsDeliveredToTheCompany_lbl" xlink:title="label: NumberOfVesselsDeliveredToTheCompany to nat_NumberOfVesselsDeliveredToTheCompany_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsDeliveredToTheCompany_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfVesselsDeliveredToTheCompany_lbl1" xml:lang="en-US" id="nat_NumberOfVesselsDeliveredToTheCompany_lbl1">Number Of Vessels Delivered To The Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsDeliveredToTheCompany" xlink:to="nat_NumberOfVesselsDeliveredToTheCompany_lbl1" xlink:title="label: NumberOfVesselsDeliveredToTheCompany to nat_NumberOfVesselsDeliveredToTheCompany_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsDeliveredToTheCompany_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfVesselsDeliveredToTheCompany_lbl2" xml:lang="en-US" id="nat_NumberOfVesselsDeliveredToTheCompany_lbl2">Number of vessels delivered to the Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsDeliveredToTheCompany" xlink:to="nat_NumberOfVesselsDeliveredToTheCompany_lbl2" xlink:title="label: NumberOfVesselsDeliveredToTheCompany to nat_NumberOfVesselsDeliveredToTheCompany_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsNetTableTextBlock" xlink:label="VesselsNetTableTextBlock" xlink:title="VesselsNetTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNetTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsNetTableTextBlock_lbl" xml:lang="en-US" id="nat_VesselsNetTableTextBlock_lbl">Tabular disclosure of net book value, accumulated depreciation, and depreciation expense of vessels that are used in the normal conduct of business and not intended for resale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNetTableTextBlock" xlink:to="nat_VesselsNetTableTextBlock_lbl" xlink:title="label: VesselsNetTableTextBlock to nat_VesselsNetTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNetTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsNetTableTextBlock_lbl1" xml:lang="en-US" id="nat_VesselsNetTableTextBlock_lbl1">Vessels, Net [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNetTableTextBlock" xlink:to="nat_VesselsNetTableTextBlock_lbl1" xlink:title="label: VesselsNetTableTextBlock to nat_VesselsNetTableTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNetTableTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_VesselsNetTableTextBlock_lbl2" xml:lang="en-US" id="nat_VesselsNetTableTextBlock_lbl2">Vessels, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNetTableTextBlock" xlink:to="nat_VesselsNetTableTextBlock_lbl2" xlink:title="label: VesselsNetTableTextBlock to nat_VesselsNetTableTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_StatusOfEachVesselTableTextBlock" xlink:label="StatusOfEachVesselTableTextBlock" xlink:title="StatusOfEachVesselTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_StatusOfEachVesselTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_StatusOfEachVesselTableTextBlock_lbl" xml:lang="en-US" id="nat_StatusOfEachVesselTableTextBlock_lbl">Tabular disclosure of information regarding status of each vessel during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatusOfEachVesselTableTextBlock" xlink:to="nat_StatusOfEachVesselTableTextBlock_lbl" xlink:title="label: StatusOfEachVesselTableTextBlock to nat_StatusOfEachVesselTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_StatusOfEachVesselTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_StatusOfEachVesselTableTextBlock_lbl1" xml:lang="en-US" id="nat_StatusOfEachVesselTableTextBlock_lbl1">Status of each vessel [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatusOfEachVesselTableTextBlock" xlink:to="nat_StatusOfEachVesselTableTextBlock_lbl1" xlink:title="label: StatusOfEachVesselTableTextBlock to nat_StatusOfEachVesselTableTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_StatusOfEachVesselTableTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_StatusOfEachVesselTableTextBlock_lbl2" xml:lang="en-US" id="nat_StatusOfEachVesselTableTextBlock_lbl2">Current fleet</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatusOfEachVesselTableTextBlock" xlink:to="nat_StatusOfEachVesselTableTextBlock_lbl2" xlink:title="label: StatusOfEachVesselTableTextBlock to nat_StatusOfEachVesselTableTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:label="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:title="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl">The maximum period when the vessels are expected to be drydocked for overhaul repairs and maintenance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMaximum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl1" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl1">Period when vessels are required to be drydocked, maximum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl1" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMaximum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl2" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl2">Period when vessels are required to be drydocked, maximum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl2" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMaximum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_HistoricalAndAverageSpotMarketRate" xlink:label="HistoricalAndAverageSpotMarketRate" xlink:title="HistoricalAndAverageSpotMarketRate" />
    <link:label xlink:type="resource" xlink:label="nat_HistoricalAndAverageSpotMarketRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_HistoricalAndAverageSpotMarketRate_lbl" xml:lang="en-US" id="nat_HistoricalAndAverageSpotMarketRate_lbl">The historical and average spot market rate used when estimating daily time charter equivalent for the remaining operating days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HistoricalAndAverageSpotMarketRate" xlink:to="nat_HistoricalAndAverageSpotMarketRate_lbl" xlink:title="label: HistoricalAndAverageSpotMarketRate to nat_HistoricalAndAverageSpotMarketRate_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_HistoricalAndAverageSpotMarketRate_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_HistoricalAndAverageSpotMarketRate_lbl1" xml:lang="en-US" id="nat_HistoricalAndAverageSpotMarketRate_lbl1">Historical and Average Spot Market Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HistoricalAndAverageSpotMarketRate" xlink:to="nat_HistoricalAndAverageSpotMarketRate_lbl1" xlink:title="label: HistoricalAndAverageSpotMarketRate to nat_HistoricalAndAverageSpotMarketRate_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_HistoricalAndAverageSpotMarketRate_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_HistoricalAndAverageSpotMarketRate_lbl2" xml:lang="en-US" id="nat_HistoricalAndAverageSpotMarketRate_lbl2">Historical and average spot market rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HistoricalAndAverageSpotMarketRate" xlink:to="nat_HistoricalAndAverageSpotMarketRate_lbl2" xlink:title="label: HistoricalAndAverageSpotMarketRate to nat_HistoricalAndAverageSpotMarketRate_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:label="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:title="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl">The minimum period when the vessels are expected to be drydocked for overhaul repairs and maintenance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMinimum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl1" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl1">Period when vessels are required to be drydocked, minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl1" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMinimum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl2" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl2">Period when vessels are required to be drydocked, minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl2" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMinimum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AmortizationPeriod" xlink:label="AmortizationPeriod" xlink:title="AmortizationPeriod" />
    <link:label xlink:type="resource" xlink:label="nat_AmortizationPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AmortizationPeriod_lbl" xml:lang="en-US" id="nat_AmortizationPeriod_lbl">Period over which improvements are amortized.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationPeriod" xlink:to="nat_AmortizationPeriod_lbl" xlink:title="label: AmortizationPeriod to nat_AmortizationPeriod_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AmortizationPeriod_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AmortizationPeriod_lbl1" xml:lang="en-US" id="nat_AmortizationPeriod_lbl1">Amortization period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationPeriod" xlink:to="nat_AmortizationPeriod_lbl1" xlink:title="label: AmortizationPeriod to nat_AmortizationPeriod_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AmortizationPeriod_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AmortizationPeriod_lbl2" xml:lang="en-US" id="nat_AmortizationPeriod_lbl2">Improvements amortized over a period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationPeriod" xlink:to="nat_AmortizationPeriod_lbl2" xlink:title="label: AmortizationPeriod to nat_AmortizationPeriod_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DrydockAbstract" xlink:label="DrydockAbstract" xlink:title="DrydockAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DrydockAbstract_lbl1" xml:lang="en-US" id="nat_DrydockAbstract_lbl1">Drydock [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockAbstract" xlink:to="nat_DrydockAbstract_lbl1" xlink:title="label: DrydockAbstract to nat_DrydockAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AccruedVoyageExpensesCurrent" xlink:label="AccruedVoyageExpensesCurrent" xlink:title="AccruedVoyageExpensesCurrent" />
    <link:label xlink:type="resource" xlink:label="nat_AccruedVoyageExpensesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AccruedVoyageExpensesCurrent_lbl" xml:lang="en-US" id="nat_AccruedVoyageExpensesCurrent_lbl">Carrying value as of the balance sheet date of obligations incurred through that date and payable related to the entity's voyage expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedVoyageExpensesCurrent" xlink:to="nat_AccruedVoyageExpensesCurrent_lbl" xlink:title="label: AccruedVoyageExpensesCurrent to nat_AccruedVoyageExpensesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AccruedVoyageExpensesCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AccruedVoyageExpensesCurrent_lbl1" xml:lang="en-US" id="nat_AccruedVoyageExpensesCurrent_lbl1">Accrued voyage expenses, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedVoyageExpensesCurrent" xlink:to="nat_AccruedVoyageExpensesCurrent_lbl1" xlink:title="label: AccruedVoyageExpensesCurrent to nat_AccruedVoyageExpensesCurrent_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AccruedVoyageExpensesCurrent_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_AccruedVoyageExpensesCurrent_lbl2" xml:lang="en-US" id="nat_AccruedVoyageExpensesCurrent_lbl2">Accrued voyage expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedVoyageExpensesCurrent" xlink:to="nat_AccruedVoyageExpensesCurrent_lbl2" xlink:title="label: AccruedVoyageExpensesCurrent to nat_AccruedVoyageExpensesCurrent_lbl2" />
    <link:label xlink:type="resource" xlink:label="nat_AccruedVoyageExpensesCurrent_lbl3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AccruedVoyageExpensesCurrent_lbl3" xml:lang="en-US" id="nat_AccruedVoyageExpensesCurrent_lbl3">Accrued Voyage Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedVoyageExpensesCurrent" xlink:to="nat_AccruedVoyageExpensesCurrent_lbl3" xlink:title="label: AccruedVoyageExpensesCurrent to nat_AccruedVoyageExpensesCurrent_lbl3" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MarketRatesForTheInitialPeriod" xlink:label="MarketRatesForTheInitialPeriod" xlink:title="MarketRatesForTheInitialPeriod" />
    <link:label xlink:type="resource" xlink:label="nat_MarketRatesForTheInitialPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_MarketRatesForTheInitialPeriod_lbl" xml:lang="en-US" id="nat_MarketRatesForTheInitialPeriod_lbl">Market rates for the initial period used when estimating daily time charter equivalent for the remaining operating days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketRatesForTheInitialPeriod" xlink:to="nat_MarketRatesForTheInitialPeriod_lbl" xlink:title="label: MarketRatesForTheInitialPeriod to nat_MarketRatesForTheInitialPeriod_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_MarketRatesForTheInitialPeriod_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_MarketRatesForTheInitialPeriod_lbl1" xml:lang="en-US" id="nat_MarketRatesForTheInitialPeriod_lbl1">Market Rates For The Initial Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketRatesForTheInitialPeriod" xlink:to="nat_MarketRatesForTheInitialPeriod_lbl1" xlink:title="label: MarketRatesForTheInitialPeriod to nat_MarketRatesForTheInitialPeriod_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_MarketRatesForTheInitialPeriod_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_MarketRatesForTheInitialPeriod_lbl2" xml:lang="en-US" id="nat_MarketRatesForTheInitialPeriod_lbl2">Market rates for the initial period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketRatesForTheInitialPeriod" xlink:to="nat_MarketRatesForTheInitialPeriod_lbl2" xlink:title="label: MarketRatesForTheInitialPeriod to nat_MarketRatesForTheInitialPeriod_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_BallastTankMember" xlink:label="BallastTankMember" xlink:title="BallastTankMember" />
    <link:label xlink:type="resource" xlink:label="nat_BallastTankMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_BallastTankMember_lbl" xml:lang="en-US" id="nat_BallastTankMember_lbl">A compartment within a boat, ship or other floating structure that holds water.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BallastTankMember" xlink:to="nat_BallastTankMember_lbl" xlink:title="label: BallastTankMember to nat_BallastTankMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_BallastTankMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_BallastTankMember_lbl1" xml:lang="en-US" id="nat_BallastTankMember_lbl1">Ballast Tank [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BallastTankMember" xlink:to="nat_BallastTankMember_lbl1" xlink:title="label: BallastTankMember to nat_BallastTankMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfCustomersAccountedForTotalRevenues" xlink:label="NumberOfCustomersAccountedForTotalRevenues" xlink:title="NumberOfCustomersAccountedForTotalRevenues" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCustomersAccountedForTotalRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfCustomersAccountedForTotalRevenues_lbl" xml:lang="en-US" id="nat_NumberOfCustomersAccountedForTotalRevenues_lbl">Refers to the number of customers accounted for total revenues during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomersAccountedForTotalRevenues" xlink:to="nat_NumberOfCustomersAccountedForTotalRevenues_lbl" xlink:title="label: NumberOfCustomersAccountedForTotalRevenues to nat_NumberOfCustomersAccountedForTotalRevenues_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCustomersAccountedForTotalRevenues_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfCustomersAccountedForTotalRevenues_lbl1" xml:lang="en-US" id="nat_NumberOfCustomersAccountedForTotalRevenues_lbl1">Number Of Customers Accounted For Total Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomersAccountedForTotalRevenues" xlink:to="nat_NumberOfCustomersAccountedForTotalRevenues_lbl1" xlink:title="label: NumberOfCustomersAccountedForTotalRevenues to nat_NumberOfCustomersAccountedForTotalRevenues_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCustomersAccountedForTotalRevenues_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfCustomersAccountedForTotalRevenues_lbl2" xml:lang="en-US" id="nat_NumberOfCustomersAccountedForTotalRevenues_lbl2">Number of customers accounted for total revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomersAccountedForTotalRevenues" xlink:to="nat_NumberOfCustomersAccountedForTotalRevenues_lbl2" xlink:title="label: NumberOfCustomersAccountedForTotalRevenues to nat_NumberOfCustomersAccountedForTotalRevenues_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfCharterersAccountedForOutstandingAmount" xlink:label="NumberOfCharterersAccountedForOutstandingAmount" xlink:title="NumberOfCharterersAccountedForOutstandingAmount" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl" xml:lang="en-US" id="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl">Refers to the total number of charterers accounted for outstanding amount during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCharterersAccountedForOutstandingAmount" xlink:to="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl" xlink:title="label: NumberOfCharterersAccountedForOutstandingAmount to nat_NumberOfCharterersAccountedForOutstandingAmount_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl1" xml:lang="en-US" id="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl1">Number Of Charterers Accounted For Outstanding Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCharterersAccountedForOutstandingAmount" xlink:to="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl1" xlink:title="label: NumberOfCharterersAccountedForOutstandingAmount to nat_NumberOfCharterersAccountedForOutstandingAmount_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl2" xml:lang="en-US" id="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl2">Number of charterers accounted for outstanding amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCharterersAccountedForOutstandingAmount" xlink:to="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl2" xlink:title="label: NumberOfCharterersAccountedForOutstandingAmount to nat_NumberOfCharterersAccountedForOutstandingAmount_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CustomerTwoMember" xlink:label="CustomerTwoMember" xlink:title="CustomerTwoMember" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CustomerTwoMember_lbl" xml:lang="en-US" id="nat_CustomerTwoMember_lbl">Concentration related to customer two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerTwoMember" xlink:to="nat_CustomerTwoMember_lbl" xlink:title="label: CustomerTwoMember to nat_CustomerTwoMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerTwoMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CustomerTwoMember_lbl1" xml:lang="en-US" id="nat_CustomerTwoMember_lbl1">Customer two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerTwoMember" xlink:to="nat_CustomerTwoMember_lbl1" xlink:title="label: CustomerTwoMember to nat_CustomerTwoMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerTwoMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CustomerTwoMember_lbl2" xml:lang="en-US" id="nat_CustomerTwoMember_lbl2">Customer Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerTwoMember" xlink:to="nat_CustomerTwoMember_lbl2" xlink:title="label: CustomerTwoMember to nat_CustomerTwoMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfIndividualDeferredCompensationAgreements" xlink:label="NumberOfIndividualDeferredCompensationAgreements" xlink:title="NumberOfIndividualDeferredCompensationAgreements" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfIndividualDeferredCompensationAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfIndividualDeferredCompensationAgreements_lbl" xml:lang="en-US" id="nat_NumberOfIndividualDeferredCompensationAgreements_lbl">The number of individual deferred compensation agreements during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfIndividualDeferredCompensationAgreements" xlink:to="nat_NumberOfIndividualDeferredCompensationAgreements_lbl" xlink:title="label: NumberOfIndividualDeferredCompensationAgreements to nat_NumberOfIndividualDeferredCompensationAgreements_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfIndividualDeferredCompensationAgreements_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfIndividualDeferredCompensationAgreements_lbl1" xml:lang="en-US" id="nat_NumberOfIndividualDeferredCompensationAgreements_lbl1">Number of individual deferred compensation agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfIndividualDeferredCompensationAgreements" xlink:to="nat_NumberOfIndividualDeferredCompensationAgreements_lbl1" xlink:title="label: NumberOfIndividualDeferredCompensationAgreements to nat_NumberOfIndividualDeferredCompensationAgreements_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AmountReclassifiedFromInvestingActivities" xlink:label="AmountReclassifiedFromInvestingActivities" xlink:title="AmountReclassifiedFromInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="nat_AmountReclassifiedFromInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AmountReclassifiedFromInvestingActivities_lbl" xml:lang="en-US" id="nat_AmountReclassifiedFromInvestingActivities_lbl">Refers to the amount reclassified from investing activities due to adoption of accounting standard changes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountReclassifiedFromInvestingActivities" xlink:to="nat_AmountReclassifiedFromInvestingActivities_lbl" xlink:title="label: AmountReclassifiedFromInvestingActivities to nat_AmountReclassifiedFromInvestingActivities_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AmountReclassifiedFromInvestingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AmountReclassifiedFromInvestingActivities_lbl1" xml:lang="en-US" id="nat_AmountReclassifiedFromInvestingActivities_lbl1">Amount Reclassified From Investing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountReclassifiedFromInvestingActivities" xlink:to="nat_AmountReclassifiedFromInvestingActivities_lbl1" xlink:title="label: AmountReclassifiedFromInvestingActivities to nat_AmountReclassifiedFromInvestingActivities_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AmountReclassifiedFromInvestingActivities_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AmountReclassifiedFromInvestingActivities_lbl2" xml:lang="en-US" id="nat_AmountReclassifiedFromInvestingActivities_lbl2">Amount reclassified from investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountReclassifiedFromInvestingActivities" xlink:to="nat_AmountReclassifiedFromInvestingActivities_lbl2" xlink:title="label: AmountReclassifiedFromInvestingActivities to nat_AmountReclassifiedFromInvestingActivities_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RecognitionOfCapitalizedFulfillmentCost" xlink:label="RecognitionOfCapitalizedFulfillmentCost" xlink:title="RecognitionOfCapitalizedFulfillmentCost" />
    <link:label xlink:type="resource" xlink:label="nat_RecognitionOfCapitalizedFulfillmentCost_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_RecognitionOfCapitalizedFulfillmentCost_lbl" xml:lang="en-US" id="nat_RecognitionOfCapitalizedFulfillmentCost_lbl">Refers to amount capitalized fulfillment cost recognized during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecognitionOfCapitalizedFulfillmentCost" xlink:to="nat_RecognitionOfCapitalizedFulfillmentCost_lbl" xlink:title="label: RecognitionOfCapitalizedFulfillmentCost to nat_RecognitionOfCapitalizedFulfillmentCost_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_RecognitionOfCapitalizedFulfillmentCost_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RecognitionOfCapitalizedFulfillmentCost_lbl1" xml:lang="en-US" id="nat_RecognitionOfCapitalizedFulfillmentCost_lbl1">Recognition Of Capitalized Fulfillment Cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecognitionOfCapitalizedFulfillmentCost" xlink:to="nat_RecognitionOfCapitalizedFulfillmentCost_lbl1" xlink:title="label: RecognitionOfCapitalizedFulfillmentCost to nat_RecognitionOfCapitalizedFulfillmentCost_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_RecognitionOfCapitalizedFulfillmentCost_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_RecognitionOfCapitalizedFulfillmentCost_lbl2" xml:lang="en-US" id="nat_RecognitionOfCapitalizedFulfillmentCost_lbl2">Recognition of capitalized fulfillment cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecognitionOfCapitalizedFulfillmentCost" xlink:to="nat_RecognitionOfCapitalizedFulfillmentCost_lbl2" xlink:title="label: RecognitionOfCapitalizedFulfillmentCost to nat_RecognitionOfCapitalizedFulfillmentCost_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CustomerThreeMember" xlink:label="CustomerThreeMember" xlink:title="CustomerThreeMember" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CustomerThreeMember_lbl" xml:lang="en-US" id="nat_CustomerThreeMember_lbl">Concentration related to customer three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerThreeMember" xlink:to="nat_CustomerThreeMember_lbl" xlink:title="label: CustomerThreeMember to nat_CustomerThreeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerThreeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CustomerThreeMember_lbl1" xml:lang="en-US" id="nat_CustomerThreeMember_lbl1">Customer three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerThreeMember" xlink:to="nat_CustomerThreeMember_lbl1" xlink:title="label: CustomerThreeMember to nat_CustomerThreeMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerThreeMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CustomerThreeMember_lbl2" xml:lang="en-US" id="nat_CustomerThreeMember_lbl2">Customer Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerThreeMember" xlink:to="nat_CustomerThreeMember_lbl2" xlink:title="label: CustomerThreeMember to nat_CustomerThreeMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CustomerOneMember" xlink:label="CustomerOneMember" xlink:title="CustomerOneMember" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CustomerOneMember_lbl" xml:lang="en-US" id="nat_CustomerOneMember_lbl">Concentration related to customer one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerOneMember" xlink:to="nat_CustomerOneMember_lbl" xlink:title="label: CustomerOneMember to nat_CustomerOneMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerOneMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CustomerOneMember_lbl1" xml:lang="en-US" id="nat_CustomerOneMember_lbl1">Customer one [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerOneMember" xlink:to="nat_CustomerOneMember_lbl1" xlink:title="label: CustomerOneMember to nat_CustomerOneMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerOneMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CustomerOneMember_lbl2" xml:lang="en-US" id="nat_CustomerOneMember_lbl2">Customer One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerOneMember" xlink:to="nat_CustomerOneMember_lbl2" xlink:title="label: CustomerOneMember to nat_CustomerOneMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CreditRiskAbstract" xlink:label="CreditRiskAbstract" xlink:title="CreditRiskAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_CreditRiskAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CreditRiskAbstract_lbl1" xml:lang="en-US" id="nat_CreditRiskAbstract_lbl1">Credit Risk [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskAbstract" xlink:to="nat_CreditRiskAbstract_lbl1" xlink:title="label: CreditRiskAbstract to nat_CreditRiskAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CreditRiskAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CreditRiskAbstract_lbl2" xml:lang="en-US" id="nat_CreditRiskAbstract_lbl2">Concentration of Credit Risk [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskAbstract" xlink:to="nat_CreditRiskAbstract_lbl2" xlink:title="label: CreditRiskAbstract to nat_CreditRiskAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:label="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:title="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl" xml:lang="en-US" id="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl">The original maturity, in months, of deposits classified as cash and cash equivalents.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:to="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl" xlink:title="label: OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents to nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl1" xml:lang="en-US" id="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl1">Original maturities of deposits classified as cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:to="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl1" xlink:title="label: OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents to nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl2" xml:lang="en-US" id="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl2">Original maturities of deposits classified as cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:to="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl2" xlink:title="label: OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents to nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfWhollyOwnedSubsidiaries" xlink:label="NumberOfWhollyOwnedSubsidiaries" xlink:title="NumberOfWhollyOwnedSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfWhollyOwnedSubsidiaries_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfWhollyOwnedSubsidiaries_lbl" xml:lang="en-US" id="nat_NumberOfWhollyOwnedSubsidiaries_lbl">Represents number of wholly-owned subsidiaries of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfWhollyOwnedSubsidiaries" xlink:to="nat_NumberOfWhollyOwnedSubsidiaries_lbl" xlink:title="label: NumberOfWhollyOwnedSubsidiaries to nat_NumberOfWhollyOwnedSubsidiaries_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfWhollyOwnedSubsidiaries_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfWhollyOwnedSubsidiaries_lbl1" xml:lang="en-US" id="nat_NumberOfWhollyOwnedSubsidiaries_lbl1">Number of Wholly Owned Subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfWhollyOwnedSubsidiaries" xlink:to="nat_NumberOfWhollyOwnedSubsidiaries_lbl1" xlink:title="label: NumberOfWhollyOwnedSubsidiaries to nat_NumberOfWhollyOwnedSubsidiaries_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfWhollyOwnedSubsidiaries_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfWhollyOwnedSubsidiaries_lbl2" xml:lang="en-US" id="nat_NumberOfWhollyOwnedSubsidiaries_lbl2">Number of wholly owned subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfWhollyOwnedSubsidiaries" xlink:to="nat_NumberOfWhollyOwnedSubsidiaries_lbl2" xlink:title="label: NumberOfWhollyOwnedSubsidiaries to nat_NumberOfWhollyOwnedSubsidiaries_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfTypesOfVessels" xlink:label="NumberOfTypesOfVessels" xlink:title="NumberOfTypesOfVessels" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfTypesOfVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfTypesOfVessels_lbl" xml:lang="en-US" id="nat_NumberOfTypesOfVessels_lbl">The number of different types of vessels owned and operated by the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTypesOfVessels" xlink:to="nat_NumberOfTypesOfVessels_lbl" xlink:title="label: NumberOfTypesOfVessels to nat_NumberOfTypesOfVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfTypesOfVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfTypesOfVessels_lbl1" xml:lang="en-US" id="nat_NumberOfTypesOfVessels_lbl1">Number of types of vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTypesOfVessels" xlink:to="nat_NumberOfTypesOfVessels_lbl1" xlink:title="label: NumberOfTypesOfVessels to nat_NumberOfTypesOfVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfTypesOfVessels_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_NumberOfTypesOfVessels_lbl2" xml:lang="en-US" id="nat_NumberOfTypesOfVessels_lbl2">Number of types of vessel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTypesOfVessels" xlink:to="nat_NumberOfTypesOfVessels_lbl2" xlink:title="label: NumberOfTypesOfVessels to nat_NumberOfTypesOfVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_SegmentsAbstract" xlink:label="SegmentsAbstract" xlink:title="SegmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_SegmentsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_SegmentsAbstract_lbl1" xml:lang="en-US" id="nat_SegmentsAbstract_lbl1">Segments [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsAbstract" xlink:to="nat_SegmentsAbstract_lbl1" xlink:title="label: SegmentsAbstract to nat_SegmentsAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_SegmentsAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_SegmentsAbstract_lbl2" xml:lang="en-US" id="nat_SegmentsAbstract_lbl2">Segment Information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsAbstract" xlink:to="nat_SegmentsAbstract_lbl2" xlink:title="label: SegmentsAbstract to nat_SegmentsAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicHarrierMember" xlink:label="NordicHarrierMember" xlink:title="NordicHarrierMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicHarrierMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicHarrierMember_lbl" xml:lang="en-US" id="nat_NordicHarrierMember_lbl">Refers to tanker vessel nordic harrier used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicHarrierMember" xlink:to="nat_NordicHarrierMember_lbl" xlink:title="label: NordicHarrierMember to nat_NordicHarrierMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicHarrierMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicHarrierMember_lbl1" xml:lang="en-US" id="nat_NordicHarrierMember_lbl1">Nordic Harrier [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicHarrierMember" xlink:to="nat_NordicHarrierMember_lbl1" xlink:title="label: NordicHarrierMember to nat_NordicHarrierMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicVoyagerMember" xlink:label="NordicVoyagerMember" xlink:title="NordicVoyagerMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicVoyagerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicVoyagerMember_lbl" xml:lang="en-US" id="nat_NordicVoyagerMember_lbl">Refers to tanker vessel nordic voyager used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicVoyagerMember" xlink:to="nat_NordicVoyagerMember_lbl" xlink:title="label: NordicVoyagerMember to nat_NordicVoyagerMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicVoyagerMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicVoyagerMember_lbl1" xml:lang="en-US" id="nat_NordicVoyagerMember_lbl1">Nordic Voyager [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicVoyagerMember" xlink:to="nat_NordicVoyagerMember_lbl1" xlink:title="label: NordicVoyagerMember to nat_NordicVoyagerMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicZenithMember" xlink:label="NordicZenithMember" xlink:title="NordicZenithMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicZenithMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicZenithMember_lbl" xml:lang="en-US" id="nat_NordicZenithMember_lbl">Refers to tanker vessel nordic zenith used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicZenithMember" xlink:to="nat_NordicZenithMember_lbl" xlink:title="label: NordicZenithMember to nat_NordicZenithMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicZenithMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicZenithMember_lbl1" xml:lang="en-US" id="nat_NordicZenithMember_lbl1">Nordic Zenith [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicZenithMember" xlink:to="nat_NordicZenithMember_lbl1" xlink:title="label: NordicZenithMember to nat_NordicZenithMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicPassatMember" xlink:label="NordicPassatMember" xlink:title="NordicPassatMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicPassatMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicPassatMember_lbl" xml:lang="en-US" id="nat_NordicPassatMember_lbl">Refers to tanker vessel nordic passat used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicPassatMember" xlink:to="nat_NordicPassatMember_lbl" xlink:title="label: NordicPassatMember to nat_NordicPassatMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicPassatMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicPassatMember_lbl1" xml:lang="en-US" id="nat_NordicPassatMember_lbl1">Nordic Passat [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicPassatMember" xlink:to="nat_NordicPassatMember_lbl1" xlink:title="label: NordicPassatMember to nat_NordicPassatMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicHunterMember" xlink:label="NordicHunterMember" xlink:title="NordicHunterMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicHunterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicHunterMember_lbl" xml:lang="en-US" id="nat_NordicHunterMember_lbl">Refers to tanker vessel nordic hunter used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicHunterMember" xlink:to="nat_NordicHunterMember_lbl" xlink:title="label: NordicHunterMember to nat_NordicHunterMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicHunterMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicHunterMember_lbl1" xml:lang="en-US" id="nat_NordicHunterMember_lbl1">Nordic Hunter [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicHunterMember" xlink:to="nat_NordicHunterMember_lbl1" xlink:title="label: NordicHunterMember to nat_NordicHunterMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicFighterMember" xlink:label="NordicFighterMember" xlink:title="NordicFighterMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicFighterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicFighterMember_lbl" xml:lang="en-US" id="nat_NordicFighterMember_lbl">Refers to tanker vessel nordic fighter used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicFighterMember" xlink:to="nat_NordicFighterMember_lbl" xlink:title="label: NordicFighterMember to nat_NordicFighterMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicFighterMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicFighterMember_lbl1" xml:lang="en-US" id="nat_NordicFighterMember_lbl1">Nordic Fighter [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicFighterMember" xlink:to="nat_NordicFighterMember_lbl1" xlink:title="label: NordicFighterMember to nat_NordicFighterMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicJupiterMember" xlink:label="NordicJupiterMember" xlink:title="NordicJupiterMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicJupiterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicJupiterMember_lbl" xml:lang="en-US" id="nat_NordicJupiterMember_lbl">Refers to tanker vessel nordic jupiter used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicJupiterMember" xlink:to="nat_NordicJupiterMember_lbl" xlink:title="label: NordicJupiterMember to nat_NordicJupiterMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicJupiterMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicJupiterMember_lbl1" xml:lang="en-US" id="nat_NordicJupiterMember_lbl1">Nordic Jupiter [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicJupiterMember" xlink:to="nat_NordicJupiterMember_lbl1" xlink:title="label: NordicJupiterMember to nat_NordicJupiterMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicStarMember" xlink:label="NordicStarMember" xlink:title="NordicStarMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicStarMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicStarMember_lbl" xml:lang="en-US" id="nat_NordicStarMember_lbl">Refers to tanker vessel nordic star used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicStarMember" xlink:to="nat_NordicStarMember_lbl" xlink:title="label: NordicStarMember to nat_NordicStarMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicStarMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicStarMember_lbl1" xml:lang="en-US" id="nat_NordicStarMember_lbl1">Nordic Star [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicStarMember" xlink:to="nat_NordicStarMember_lbl1" xlink:title="label: NordicStarMember to nat_NordicStarMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicVegaMember" xlink:label="NordicVegaMember" xlink:title="NordicVegaMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicVegaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicVegaMember_lbl" xml:lang="en-US" id="nat_NordicVegaMember_lbl">Refers to tanker vessel nordic vega used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicVegaMember" xlink:to="nat_NordicVegaMember_lbl" xlink:title="label: NordicVegaMember to nat_NordicVegaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicVegaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicVegaMember_lbl1" xml:lang="en-US" id="nat_NordicVegaMember_lbl1">Nordic Vega [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicVegaMember" xlink:to="nat_NordicVegaMember_lbl1" xlink:title="label: NordicVegaMember to nat_NordicVegaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfOperatingVessels" xlink:label="NumberOfOperatingVessels" xlink:title="NumberOfOperatingVessels" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfOperatingVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfOperatingVessels_lbl" xml:lang="en-US" id="nat_NumberOfOperatingVessels_lbl">Represents number of vessels in operation in entities current fleet.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOperatingVessels" xlink:to="nat_NumberOfOperatingVessels_lbl" xlink:title="label: NumberOfOperatingVessels to nat_NumberOfOperatingVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfOperatingVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfOperatingVessels_lbl1" xml:lang="en-US" id="nat_NumberOfOperatingVessels_lbl1">Number of operating vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOperatingVessels" xlink:to="nat_NumberOfOperatingVessels_lbl1" xlink:title="label: NumberOfOperatingVessels to nat_NumberOfOperatingVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfOperatingVessels_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_NumberOfOperatingVessels_lbl2" xml:lang="en-US" id="nat_NumberOfOperatingVessels_lbl2">Number of operating vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOperatingVessels" xlink:to="nat_NumberOfOperatingVessels_lbl2" xlink:title="label: NumberOfOperatingVessels to nat_NumberOfOperatingVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeadweightTonnage" xlink:label="DeadweightTonnage" xlink:title="DeadweightTonnage" />
    <link:label xlink:type="resource" xlink:label="nat_DeadweightTonnage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DeadweightTonnage_lbl" xml:lang="en-US" id="nat_DeadweightTonnage_lbl">The total sum of weights in metric tonnes that the vessel can carry on a defined loadline.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeadweightTonnage" xlink:to="nat_DeadweightTonnage_lbl" xlink:title="label: DeadweightTonnage to nat_DeadweightTonnage_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DeadweightTonnage_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DeadweightTonnage_lbl1" xml:lang="en-US" id="nat_DeadweightTonnage_lbl1">Deadweight tonnage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeadweightTonnage" xlink:to="nat_DeadweightTonnage_lbl1" xlink:title="label: DeadweightTonnage to nat_DeadweightTonnage_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DeadweightTonnage_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DeadweightTonnage_lbl2" xml:lang="en-US" id="nat_DeadweightTonnage_lbl2">Deadweight tons</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeadweightTonnage" xlink:to="nat_DeadweightTonnage_lbl2" xlink:title="label: DeadweightTonnage to nat_DeadweightTonnage_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsBuildInKorea" xlink:label="NumberOfVesselsBuildInKorea" xlink:title="NumberOfVesselsBuildInKorea" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsBuildInKorea_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfVesselsBuildInKorea_lbl" xml:lang="en-US" id="nat_NumberOfVesselsBuildInKorea_lbl">Number of vessels build in Korea</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsBuildInKorea" xlink:to="nat_NumberOfVesselsBuildInKorea_lbl" xlink:title="label: NumberOfVesselsBuildInKorea to nat_NumberOfVesselsBuildInKorea_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsBuildInKorea_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfVesselsBuildInKorea_lbl1" xml:lang="en-US" id="nat_NumberOfVesselsBuildInKorea_lbl1">Number of vessels build in Korea</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsBuildInKorea" xlink:to="nat_NumberOfVesselsBuildInKorea_lbl1" xlink:title="label: NumberOfVesselsBuildInKorea to nat_NumberOfVesselsBuildInKorea_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicMoonMember" xlink:label="NordicMoonMember" xlink:title="NordicMoonMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicMoonMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicMoonMember_lbl" xml:lang="en-US" id="nat_NordicMoonMember_lbl">Refers to tanker vessel nordic moon used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicMoonMember" xlink:to="nat_NordicMoonMember_lbl" xlink:title="label: NordicMoonMember to nat_NordicMoonMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicMoonMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicMoonMember_lbl1" xml:lang="en-US" id="nat_NordicMoonMember_lbl1">Nordic Moon [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicMoonMember" xlink:to="nat_NordicMoonMember_lbl1" xlink:title="label: NordicMoonMember to nat_NordicMoonMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicDiscoveryMember" xlink:label="NordicDiscoveryMember" xlink:title="NordicDiscoveryMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicDiscoveryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicDiscoveryMember_lbl" xml:lang="en-US" id="nat_NordicDiscoveryMember_lbl">Refers to tanker vessel nordic discovery used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicDiscoveryMember" xlink:to="nat_NordicDiscoveryMember_lbl" xlink:title="label: NordicDiscoveryMember to nat_NordicDiscoveryMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicDiscoveryMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicDiscoveryMember_lbl1" xml:lang="en-US" id="nat_NordicDiscoveryMember_lbl1">Nordic Discovery [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicDiscoveryMember" xlink:to="nat_NordicDiscoveryMember_lbl1" xlink:title="label: NordicDiscoveryMember to nat_NordicDiscoveryMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicLightMember" xlink:label="NordicLightMember" xlink:title="NordicLightMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicLightMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicLightMember_lbl" xml:lang="en-US" id="nat_NordicLightMember_lbl">Refers to tanker vessel nordic light used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicLightMember" xlink:to="nat_NordicLightMember_lbl" xlink:title="label: NordicLightMember to nat_NordicLightMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicLightMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicLightMember_lbl1" xml:lang="en-US" id="nat_NordicLightMember_lbl1">Nordic Light [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicLightMember" xlink:to="nat_NordicLightMember_lbl1" xlink:title="label: NordicLightMember to nat_NordicLightMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NewbuildingoneMember" xlink:label="NewbuildingoneMember" xlink:title="NewbuildingoneMember" />
    <link:label xlink:type="resource" xlink:label="nat_NewbuildingoneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NewbuildingoneMember_lbl" xml:lang="en-US" id="nat_NewbuildingoneMember_lbl">Refers to new build tanker one vessel used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewbuildingoneMember" xlink:to="nat_NewbuildingoneMember_lbl" xlink:title="label: NewbuildingoneMember to nat_NewbuildingoneMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NewbuildingoneMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NewbuildingoneMember_lbl1" xml:lang="en-US" id="nat_NewbuildingoneMember_lbl1">Newbuildingone [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewbuildingoneMember" xlink:to="nat_NewbuildingoneMember_lbl1" xlink:title="label: NewbuildingoneMember to nat_NewbuildingoneMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NewbuildingoneMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NewbuildingoneMember_lbl2" xml:lang="en-US" id="nat_NewbuildingoneMember_lbl2">Newbuilding [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewbuildingoneMember" xlink:to="nat_NewbuildingoneMember_lbl2" xlink:title="label: NewbuildingoneMember to nat_NewbuildingoneMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicCosmosMember" xlink:label="NordicCosmosMember" xlink:title="NordicCosmosMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCosmosMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicCosmosMember_lbl" xml:lang="en-US" id="nat_NordicCosmosMember_lbl">Refers to tanker vessel nordic cosmos used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCosmosMember" xlink:to="nat_NordicCosmosMember_lbl" xlink:title="label: NordicCosmosMember to nat_NordicCosmosMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCosmosMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicCosmosMember_lbl1" xml:lang="en-US" id="nat_NordicCosmosMember_lbl1">Nordic Cosmos [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCosmosMember" xlink:to="nat_NordicCosmosMember_lbl1" xlink:title="label: NordicCosmosMember to nat_NordicCosmosMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicFreedomMember" xlink:label="NordicFreedomMember" xlink:title="NordicFreedomMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicFreedomMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicFreedomMember_lbl" xml:lang="en-US" id="nat_NordicFreedomMember_lbl">Refers to tanker vessel nordic freedom used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicFreedomMember" xlink:to="nat_NordicFreedomMember_lbl" xlink:title="label: NordicFreedomMember to nat_NordicFreedomMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicFreedomMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicFreedomMember_lbl1" xml:lang="en-US" id="nat_NordicFreedomMember_lbl1">Nordic Freedom [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicFreedomMember" xlink:to="nat_NordicFreedomMember_lbl1" xlink:title="label: NordicFreedomMember to nat_NordicFreedomMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSiriusMember" xlink:label="NordicSiriusMember" xlink:title="NordicSiriusMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSiriusMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicSiriusMember_lbl" xml:lang="en-US" id="nat_NordicSiriusMember_lbl">Refers to tanker vessel nordic sirius used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSiriusMember" xlink:to="nat_NordicSiriusMember_lbl" xlink:title="label: NordicSiriusMember to nat_NordicSiriusMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSiriusMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicSiriusMember_lbl1" xml:lang="en-US" id="nat_NordicSiriusMember_lbl1">Nordic Sirius [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSiriusMember" xlink:to="nat_NordicSiriusMember_lbl1" xlink:title="label: NordicSiriusMember to nat_NordicSiriusMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSpaceMember" xlink:label="NordicSpaceMember" xlink:title="NordicSpaceMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSpaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicSpaceMember_lbl" xml:lang="en-US" id="nat_NordicSpaceMember_lbl">Refers to tanker vessel nordic space used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSpaceMember" xlink:to="nat_NordicSpaceMember_lbl" xlink:title="label: NordicSpaceMember to nat_NordicSpaceMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSpaceMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicSpaceMember_lbl1" xml:lang="en-US" id="nat_NordicSpaceMember_lbl1">Nordic Space [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSpaceMember" xlink:to="nat_NordicSpaceMember_lbl1" xlink:title="label: NordicSpaceMember to nat_NordicSpaceMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_Newbuild3Member" xlink:label="Newbuild3Member" xlink:title="Newbuild3Member" />
    <link:label xlink:type="resource" xlink:label="nat_Newbuild3Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_Newbuild3Member_lbl" xml:lang="en-US" id="nat_Newbuild3Member_lbl">Refers to tanker vessel newbuild #3 used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Newbuild3Member" xlink:to="nat_Newbuild3Member_lbl" xlink:title="label: Newbuild3Member to nat_Newbuild3Member_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_Newbuild3Member_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_Newbuild3Member_lbl1" xml:lang="en-US" id="nat_Newbuild3Member_lbl1">Newbuild 3 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Newbuild3Member" xlink:to="nat_Newbuild3Member_lbl1" xlink:title="label: Newbuild3Member to nat_Newbuild3Member_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_Newbuild3Member_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_Newbuild3Member_lbl2" xml:lang="en-US" id="nat_Newbuild3Member_lbl2">Newbuilding [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Newbuild3Member" xlink:to="nat_Newbuild3Member_lbl2" xlink:title="label: Newbuild3Member to nat_Newbuild3Member_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicMistralMember" xlink:label="NordicMistralMember" xlink:title="NordicMistralMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicMistralMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicMistralMember_lbl" xml:lang="en-US" id="nat_NordicMistralMember_lbl">Refers to tanker vessel nordic mistral used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicMistralMember" xlink:to="nat_NordicMistralMember_lbl" xlink:title="label: NordicMistralMember to nat_NordicMistralMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicMistralMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicMistralMember_lbl1" xml:lang="en-US" id="nat_NordicMistralMember_lbl1">Nordic Mistral [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicMistralMember" xlink:to="nat_NordicMistralMember_lbl1" xlink:title="label: NordicMistralMember to nat_NordicMistralMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicCrossMember" xlink:label="NordicCrossMember" xlink:title="NordicCrossMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCrossMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicCrossMember_lbl" xml:lang="en-US" id="nat_NordicCrossMember_lbl">Refers to tanker vessel nordic cross used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCrossMember" xlink:to="nat_NordicCrossMember_lbl" xlink:title="label: NordicCrossMember to nat_NordicCrossMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCrossMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicCrossMember_lbl1" xml:lang="en-US" id="nat_NordicCrossMember_lbl1">Nordic Cross [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCrossMember" xlink:to="nat_NordicCrossMember_lbl1" xlink:title="label: NordicCrossMember to nat_NordicCrossMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSpriteMember" xlink:label="NordicSpriteMember" xlink:title="NordicSpriteMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSpriteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicSpriteMember_lbl" xml:lang="en-US" id="nat_NordicSpriteMember_lbl">Refers to tanker vessel nordic sprite used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSpriteMember" xlink:to="nat_NordicSpriteMember_lbl" xlink:title="label: NordicSpriteMember to nat_NordicSpriteMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSpriteMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicSpriteMember_lbl1" xml:lang="en-US" id="nat_NordicSpriteMember_lbl1">Nordic Sprite [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSpriteMember" xlink:to="nat_NordicSpriteMember_lbl1" xlink:title="label: NordicSpriteMember to nat_NordicSpriteMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicGraceMember" xlink:label="NordicGraceMember" xlink:title="NordicGraceMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicGraceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicGraceMember_lbl" xml:lang="en-US" id="nat_NordicGraceMember_lbl">Refers to tanker vessel nordic grace used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicGraceMember" xlink:to="nat_NordicGraceMember_lbl" xlink:title="label: NordicGraceMember to nat_NordicGraceMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicGraceMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicGraceMember_lbl1" xml:lang="en-US" id="nat_NordicGraceMember_lbl1">Nordic Grace [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicGraceMember" xlink:to="nat_NordicGraceMember_lbl1" xlink:title="label: NordicGraceMember to nat_NordicGraceMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAuroraMember" xlink:label="NordicAuroraMember" xlink:title="NordicAuroraMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAuroraMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicAuroraMember_lbl" xml:lang="en-US" id="nat_NordicAuroraMember_lbl">Refers to tanker vessel nordic aurora used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAuroraMember" xlink:to="nat_NordicAuroraMember_lbl" xlink:title="label: NordicAuroraMember to nat_NordicAuroraMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAuroraMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicAuroraMember_lbl1" xml:lang="en-US" id="nat_NordicAuroraMember_lbl1">Nordic Aurora [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAuroraMember" xlink:to="nat_NordicAuroraMember_lbl1" xlink:title="label: NordicAuroraMember to nat_NordicAuroraMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicCastorMember" xlink:label="NordicCastorMember" xlink:title="NordicCastorMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCastorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicCastorMember_lbl" xml:lang="en-US" id="nat_NordicCastorMember_lbl">Refers to tanker vessel nordic castor used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCastorMember" xlink:to="nat_NordicCastorMember_lbl" xlink:title="label: NordicCastorMember to nat_NordicCastorMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCastorMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicCastorMember_lbl1" xml:lang="en-US" id="nat_NordicCastorMember_lbl1">Nordic Castor [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCastorMember" xlink:to="nat_NordicCastorMember_lbl1" xlink:title="label: NordicCastorMember to nat_NordicCastorMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicHawkMember" xlink:label="NordicHawkMember" xlink:title="NordicHawkMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicHawkMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicHawkMember_lbl" xml:lang="en-US" id="nat_NordicHawkMember_lbl">Refers to tanker vessel nordic hawk used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicHawkMember" xlink:to="nat_NordicHawkMember_lbl" xlink:title="label: NordicHawkMember to nat_NordicHawkMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicHawkMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicHawkMember_lbl1" xml:lang="en-US" id="nat_NordicHawkMember_lbl1">Nordic Hawk [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicHawkMember" xlink:to="nat_NordicHawkMember_lbl1" xlink:title="label: NordicHawkMember to nat_NordicHawkMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSprinterMember" xlink:label="NordicSprinterMember" xlink:title="NordicSprinterMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSprinterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicSprinterMember_lbl" xml:lang="en-US" id="nat_NordicSprinterMember_lbl">Refers to tanker vessel nordic sprinter used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSprinterMember" xlink:to="nat_NordicSprinterMember_lbl" xlink:title="label: NordicSprinterMember to nat_NordicSprinterMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSprinterMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicSprinterMember_lbl1" xml:lang="en-US" id="nat_NordicSprinterMember_lbl1">Nordic Sprinter [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSprinterMember" xlink:to="nat_NordicSprinterMember_lbl1" xlink:title="label: NordicSprinterMember to nat_NordicSprinterMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicLunaMember" xlink:label="NordicLunaMember" xlink:title="NordicLunaMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicLunaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicLunaMember_lbl" xml:lang="en-US" id="nat_NordicLunaMember_lbl">Refers to tanker vessel nordic luna used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicLunaMember" xlink:to="nat_NordicLunaMember_lbl" xlink:title="label: NordicLunaMember to nat_NordicLunaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicLunaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicLunaMember_lbl1" xml:lang="en-US" id="nat_NordicLunaMember_lbl1">Nordic Luna [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicLunaMember" xlink:to="nat_NordicLunaMember_lbl1" xlink:title="label: NordicLunaMember to nat_NordicLunaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSaturnMember" xlink:label="NordicSaturnMember" xlink:title="NordicSaturnMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSaturnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicSaturnMember_lbl" xml:lang="en-US" id="nat_NordicSaturnMember_lbl">Refers to tanker vessel nordic saturn used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSaturnMember" xlink:to="nat_NordicSaturnMember_lbl" xlink:title="label: NordicSaturnMember to nat_NordicSaturnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSaturnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicSaturnMember_lbl1" xml:lang="en-US" id="nat_NordicSaturnMember_lbl1">Nordic Saturn [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSaturnMember" xlink:to="nat_NordicSaturnMember_lbl1" xlink:title="label: NordicSaturnMember to nat_NordicSaturnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSkierMember" xlink:label="NordicSkierMember" xlink:title="NordicSkierMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSkierMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicSkierMember_lbl" xml:lang="en-US" id="nat_NordicSkierMember_lbl">Refers to tanker vessel nordic skier used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSkierMember" xlink:to="nat_NordicSkierMember_lbl" xlink:title="label: NordicSkierMember to nat_NordicSkierMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSkierMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicSkierMember_lbl1" xml:lang="en-US" id="nat_NordicSkierMember_lbl1">Nordic Skier [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSkierMember" xlink:to="nat_NordicSkierMember_lbl1" xlink:title="label: NordicSkierMember to nat_NordicSkierMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicApolloMember" xlink:label="NordicApolloMember" xlink:title="NordicApolloMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicApolloMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicApolloMember_lbl" xml:lang="en-US" id="nat_NordicApolloMember_lbl">Refers to tanker vessel nordic apollo used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicApolloMember" xlink:to="nat_NordicApolloMember_lbl" xlink:title="label: NordicApolloMember to nat_NordicApolloMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicApolloMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicApolloMember_lbl1" xml:lang="en-US" id="nat_NordicApolloMember_lbl1">Nordic Apollo [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicApolloMember" xlink:to="nat_NordicApolloMember_lbl1" xlink:title="label: NordicApolloMember to nat_NordicApolloMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicPolluxMember" xlink:label="NordicPolluxMember" xlink:title="NordicPolluxMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicPolluxMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicPolluxMember_lbl" xml:lang="en-US" id="nat_NordicPolluxMember_lbl">Refers to tanker vessel nordic pollux used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicPolluxMember" xlink:to="nat_NordicPolluxMember_lbl" xlink:title="label: NordicPolluxMember to nat_NordicPolluxMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicPolluxMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicPolluxMember_lbl1" xml:lang="en-US" id="nat_NordicPolluxMember_lbl1">Nordic Pollux [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicPolluxMember" xlink:to="nat_NordicPolluxMember_lbl1" xlink:title="label: NordicPolluxMember to nat_NordicPolluxMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_Newbuild2Member" xlink:label="Newbuild2Member" xlink:title="Newbuild2Member" />
    <link:label xlink:type="resource" xlink:label="nat_Newbuild2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_Newbuild2Member_lbl" xml:lang="en-US" id="nat_Newbuild2Member_lbl">Refers to tanker vessel newbuild #2 used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Newbuild2Member" xlink:to="nat_Newbuild2Member_lbl" xlink:title="label: Newbuild2Member to nat_Newbuild2Member_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_Newbuild2Member_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_Newbuild2Member_lbl1" xml:lang="en-US" id="nat_Newbuild2Member_lbl1">Newbuild 2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Newbuild2Member" xlink:to="nat_Newbuild2Member_lbl1" xlink:title="label: Newbuild2Member to nat_Newbuild2Member_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_Newbuild2Member_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_Newbuild2Member_lbl2" xml:lang="en-US" id="nat_Newbuild2Member_lbl2">Newbuilding [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Newbuild2Member" xlink:to="nat_Newbuild2Member_lbl2" xlink:title="label: Newbuild2Member to nat_Newbuild2Member_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicBreezeMember" xlink:label="NordicBreezeMember" xlink:title="NordicBreezeMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicBreezeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicBreezeMember_lbl" xml:lang="en-US" id="nat_NordicBreezeMember_lbl">Refers to tanker vessel nordic breeze used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicBreezeMember" xlink:to="nat_NordicBreezeMember_lbl" xlink:title="label: NordicBreezeMember to nat_NordicBreezeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicBreezeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicBreezeMember_lbl1" xml:lang="en-US" id="nat_NordicBreezeMember_lbl1">Nordic Breeze [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicBreezeMember" xlink:to="nat_NordicBreezeMember_lbl1" xlink:title="label: NordicBreezeMember to nat_NordicBreezeMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018" xlink:label="NumberOfNewBuildingExpectedToBeDeliveredIn2018" xlink:title="NumberOfNewBuildingExpectedToBeDeliveredIn2018" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl" xml:lang="en-US" id="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl">Represents the number of new building in entities current fleet expected to be delivered in 2018.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfNewBuildingExpectedToBeDeliveredIn2018" xlink:to="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl" xlink:title="label: NumberOfNewBuildingExpectedToBeDeliveredIn2018 to nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl1" xml:lang="en-US" id="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl1">Number of New Building expected to be delivered in 2018</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfNewBuildingExpectedToBeDeliveredIn2018" xlink:to="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl1" xlink:title="label: NumberOfNewBuildingExpectedToBeDeliveredIn2018 to nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl2" xml:lang="en-US" id="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl2">Number of new buildings expected to be delivered in 2018</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfNewBuildingExpectedToBeDeliveredIn2018" xlink:to="nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl2" xlink:title="label: NumberOfNewBuildingExpectedToBeDeliveredIn2018 to nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:label="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:title="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" />
    <link:label xlink:type="resource" xlink:label="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl" xml:lang="en-US" id="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl">Refers to the average approximate deadweight tons per vessel.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:to="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl" xlink:title="label: AverageApproximateDeadweightTonsPerVesselInDeadweightTons to nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl1" xml:lang="en-US" id="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl1">Average approximate deadweight tons per vessel (in deadweight tons)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:to="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl1" xlink:title="label: AverageApproximateDeadweightTonsPerVesselInDeadweightTons to nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl2" xml:lang="en-US" id="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl2">Average approximate deadweight tons per vessel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:to="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl2" xlink:title="label: AverageApproximateDeadweightTonsPerVesselInDeadweightTons to nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_TotalNumberOfVessels" xlink:label="TotalNumberOfVessels" xlink:title="TotalNumberOfVessels" />
    <link:label xlink:type="resource" xlink:label="nat_TotalNumberOfVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_TotalNumberOfVessels_lbl" xml:lang="en-US" id="nat_TotalNumberOfVessels_lbl">The total number of vessels during the period, which may include crude oil tankers and new vessels under construction to be used in the normal conduct of business and not intended for resale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalNumberOfVessels" xlink:to="nat_TotalNumberOfVessels_lbl" xlink:title="label: TotalNumberOfVessels to nat_TotalNumberOfVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_TotalNumberOfVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_TotalNumberOfVessels_lbl1" xml:lang="en-US" id="nat_TotalNumberOfVessels_lbl1">Total number of vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalNumberOfVessels" xlink:to="nat_TotalNumberOfVessels_lbl1" xlink:title="label: TotalNumberOfVessels to nat_TotalNumberOfVessels_lbl1" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>16
<FILENAME>nat-20171231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 4.3.3.1 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" />
  <link:roleRef roleURI="http://nat.bm/role/SubsequentEventsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#SubsequentEventsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#FinancialInstrumentsAndOtherFairValueDisclosuresDetails" />
  <link:roleRef roleURI="http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingenciesDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#ReceivedSettlementsAndCommitmentsAndContingenciesDetails" />
  <link:roleRef roleURI="http://nat.bm/role/ShareholdersEquityDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#ShareholdersEquityDetails" />
  <link:roleRef roleURI="http://nat.bm/role/EarningsLossPerShareDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#EarningsLossPerShareDetails" />
  <link:roleRef roleURI="http://nat.bm/role/AccruedLiabilitiesDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#AccruedLiabilitiesDetails" />
  <link:roleRef roleURI="http://nat.bm/role/InterestExpenseDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#InterestExpenseDetails" />
  <link:roleRef roleURI="http://nat.bm/role/LongtermDebtDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#LongtermDebtDetails" />
  <link:roleRef roleURI="http://nat.bm/role/SharebasedCompensationPlanDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#SharebasedCompensationPlanDetails" />
  <link:roleRef roleURI="http://nat.bm/role/OtherNoncurrentAssetsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#OtherNoncurrentAssetsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/DeferredCompensationLiabilityDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#DeferredCompensationLiabilityDetails" />
  <link:roleRef roleURI="http://nat.bm/role/RelatedPartyTransactionsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#RelatedPartyTransactionsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/AcquisitionsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#AcquisitionsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/InvestmentsDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#InvestmentsDetails" />
  <link:roleRef roleURI="http://nat.bm/role/VesselsNetDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#VesselsNetDetails" />
  <link:roleRef roleURI="http://nat.bm/role/SummaryOfSignificantAccountingPoliciesDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#SummaryOfSignificantAccountingPoliciesDetails" />
  <link:roleRef roleURI="http://nat.bm/role/NatureOfBusinessDetails" xlink:type="simple" xlink:href="nat-20171231.xsd#NatureOfBusinessDetails" />
  <link:roleRef roleURI="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresTables" xlink:type="simple" xlink:href="nat-20171231.xsd#FinancialInstrumentsAndOtherFairValueDisclosuresTables" />
  <link:roleRef roleURI="http://nat.bm/role/ShareholdersEquityTables" xlink:type="simple" xlink:href="nat-20171231.xsd#ShareholdersEquityTables" />
  <link:roleRef roleURI="http://nat.bm/role/EarningsLossPerShareTables" xlink:type="simple" xlink:href="nat-20171231.xsd#EarningsLossPerShareTables" />
  <link:roleRef roleURI="http://nat.bm/role/AccruedLiabilitiesTables" xlink:type="simple" xlink:href="nat-20171231.xsd#AccruedLiabilitiesTables" />
  <link:roleRef roleURI="http://nat.bm/role/InterestExpenseTables" xlink:type="simple" xlink:href="nat-20171231.xsd#InterestExpenseTables" />
  <link:roleRef roleURI="http://nat.bm/role/SharebasedCompensationPlanTables" xlink:type="simple" xlink:href="nat-20171231.xsd#SharebasedCompensationPlanTables" />
  <link:roleRef roleURI="http://nat.bm/role/OtherNoncurrentAssetsTables" xlink:type="simple" xlink:href="nat-20171231.xsd#OtherNoncurrentAssetsTables" />
  <link:roleRef roleURI="http://nat.bm/role/InvestmentsTables" xlink:type="simple" xlink:href="nat-20171231.xsd#InvestmentsTables" />
  <link:roleRef roleURI="http://nat.bm/role/VesselsNetTables" xlink:type="simple" xlink:href="nat-20171231.xsd#VesselsNetTables" />
  <link:roleRef roleURI="http://nat.bm/role/NatureOfBusinessTables" xlink:type="simple" xlink:href="nat-20171231.xsd#NatureOfBusinessTables" />
  <link:roleRef roleURI="http://nat.bm/role/SummaryOfSignificantAccountingPoliciesPolicies" xlink:type="simple" xlink:href="nat-20171231.xsd#SummaryOfSignificantAccountingPoliciesPolicies" />
  <link:roleRef roleURI="http://nat.bm/role/SubsequentEvents" xlink:type="simple" xlink:href="nat-20171231.xsd#SubsequentEvents" />
  <link:roleRef roleURI="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosures" xlink:type="simple" xlink:href="nat-20171231.xsd#FinancialInstrumentsAndOtherFairValueDisclosures" />
  <link:roleRef roleURI="http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingencies" xlink:type="simple" xlink:href="nat-20171231.xsd#ReceivedSettlementsAndCommitmentsAndContingencies" />
  <link:roleRef roleURI="http://nat.bm/role/ShareholdersEquity" xlink:type="simple" xlink:href="nat-20171231.xsd#ShareholdersEquity" />
  <link:roleRef roleURI="http://nat.bm/role/EarningsLossPerShare" xlink:type="simple" xlink:href="nat-20171231.xsd#EarningsLossPerShare" />
  <link:roleRef roleURI="http://nat.bm/role/AccruedLiabilities" xlink:type="simple" xlink:href="nat-20171231.xsd#AccruedLiabilities" />
  <link:roleRef roleURI="http://nat.bm/role/InterestExpense" xlink:type="simple" xlink:href="nat-20171231.xsd#InterestExpense" />
  <link:roleRef roleURI="http://nat.bm/role/LongtermDebt" xlink:type="simple" xlink:href="nat-20171231.xsd#LongtermDebt" />
  <link:roleRef roleURI="http://nat.bm/role/SharebasedCompensationPlan" xlink:type="simple" xlink:href="nat-20171231.xsd#SharebasedCompensationPlan" />
  <link:roleRef roleURI="http://nat.bm/role/OtherNoncurrentAssets" xlink:type="simple" xlink:href="nat-20171231.xsd#OtherNoncurrentAssets" />
  <link:roleRef roleURI="http://nat.bm/role/DeferredCompensationLiability" xlink:type="simple" xlink:href="nat-20171231.xsd#DeferredCompensationLiability" />
  <link:roleRef roleURI="http://nat.bm/role/RelatedPartyTransactions" xlink:type="simple" xlink:href="nat-20171231.xsd#RelatedPartyTransactions" />
  <link:roleRef roleURI="http://nat.bm/role/Acquisitions" xlink:type="simple" xlink:href="nat-20171231.xsd#Acquisitions" />
  <link:roleRef roleURI="http://nat.bm/role/Investments" xlink:type="simple" xlink:href="nat-20171231.xsd#Investments" />
  <link:roleRef roleURI="http://nat.bm/role/VesselsNet" xlink:type="simple" xlink:href="nat-20171231.xsd#VesselsNet" />
  <link:roleRef roleURI="http://nat.bm/role/SummaryOfSignificantAccountingPolicies" xlink:type="simple" xlink:href="nat-20171231.xsd#SummaryOfSignificantAccountingPolicies" />
  <link:roleRef roleURI="http://nat.bm/role/NatureOfBusiness" xlink:type="simple" xlink:href="nat-20171231.xsd#NatureOfBusiness" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfCashFlows" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfCashFlows" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquityParenthetical" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfShareholdersEquityParenthetical" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquity" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfShareholdersEquity" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedBalanceSheetsParenthetical" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedBalanceSheetsParenthetical" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedBalanceSheets" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedBalanceSheets" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfComprehensiveLossIncome" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfComprehensiveLossIncome" />
  <link:roleRef roleURI="http://nat.bm/role/ConsolidatedStatementsOfOperations" xlink:type="simple" xlink:href="nat-20171231.xsd#ConsolidatedStatementsOfOperations" />
  <link:roleRef roleURI="http://nat.bm/role/DocumentAndEntityInformation" xlink:type="simple" xlink:href="nat-20171231.xsd#DocumentAndEntityInformation" />
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/DocumentAndEntityInformation">
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DocumentAndEntityInformationAbstract" xlink:label="DocumentAndEntityInformationAbstract" xlink:title="DocumentAndEntityInformationAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="EntityRegistrantName" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityRegistrantName" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="EntityCentralIndexKey" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityCentralIndexKey" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="CurrentFiscalYearEndDate" xlink:title="presentation: DocumentAndEntityInformationAbstract to CurrentFiscalYearEndDate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="EntityWellKnownSeasonedIssuer" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityWellKnownSeasonedIssuer" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="EntityVoluntaryFilers" xlink:title="EntityVoluntaryFilers" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="EntityVoluntaryFilers" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityVoluntaryFilers" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="EntityCurrentReportingStatus" xlink:title="EntityCurrentReportingStatus" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="EntityCurrentReportingStatus" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityCurrentReportingStatus" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="EntityFilerCategory" xlink:title="EntityFilerCategory" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="EntityFilerCategory" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityFilerCategory" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="EntityCommonStockSharesOutstanding" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityCommonStockSharesOutstanding" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="DocumentFiscalYearFocus" xlink:title="presentation: DocumentAndEntityInformationAbstract to DocumentFiscalYearFocus" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="DocumentFiscalPeriodFocus" xlink:title="presentation: DocumentAndEntityInformationAbstract to DocumentFiscalPeriodFocus" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="DocumentType" xlink:title="presentation: DocumentAndEntityInformationAbstract to DocumentType" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="AmendmentFlag" xlink:title="presentation: DocumentAndEntityInformationAbstract to AmendmentFlag" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="DocumentPeriodEndDate" xlink:title="presentation: DocumentAndEntityInformationAbstract to DocumentPeriodEndDate" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfOperations">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="IncomeStatementAbstract" xlink:title="IncomeStatementAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CargoAndFreightRevenue" xlink:label="CargoAndFreightRevenue" xlink:title="CargoAndFreightRevenue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="CargoAndFreightRevenue" xlink:title="presentation: IncomeStatementAbstract to CargoAndFreightRevenue" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CostOfServices" xlink:label="CostOfServices" xlink:title="CostOfServices" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="CostOfServices" xlink:title="presentation: IncomeStatementAbstract to CostOfServices" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="OperatingCostsAndExpenses" xlink:title="OperatingCostsAndExpenses" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="OperatingCostsAndExpenses" xlink:title="presentation: IncomeStatementAbstract to OperatingCostsAndExpenses" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:label="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="ImpairmentOfLongLivedAssetsToBeDisposedOf" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="presentation: IncomeStatementAbstract to ImpairmentOfLongLivedAssetsToBeDisposedOf" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GoodwillImpairmentLoss" xlink:label="GoodwillImpairmentLoss" xlink:title="GoodwillImpairmentLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="GoodwillImpairmentLoss" xlink:title="presentation: IncomeStatementAbstract to GoodwillImpairmentLoss" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="GeneralAndAdministrativeExpense" xlink:title="presentation: IncomeStatementAbstract to GeneralAndAdministrativeExpense" order="5.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="Depreciation" xlink:title="Depreciation" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="Depreciation" xlink:title="presentation: IncomeStatementAbstract to Depreciation" order="6.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossRelatedToLitigationSettlement" xlink:label="GainLossRelatedToLitigationSettlement" xlink:title="GainLossRelatedToLitigationSettlement" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="GainLossRelatedToLitigationSettlement" xlink:title="presentation: IncomeStatementAbstract to GainLossRelatedToLitigationSettlement" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="OperatingIncomeLoss" xlink:title="presentation: IncomeStatementAbstract to OperatingIncomeLoss" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_InterestIncome" xlink:label="InterestIncome" xlink:title="InterestIncome" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="InterestIncome" xlink:title="presentation: IncomeStatementAbstract to InterestIncome" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="InterestExpense" xlink:title="presentation: IncomeStatementAbstract to InterestExpense" order="10.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="OtherNonoperatingIncomeExpense" xlink:title="OtherNonoperatingIncomeExpense" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="OtherNonoperatingIncomeExpense" xlink:title="presentation: IncomeStatementAbstract to OtherNonoperatingIncomeExpense" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="NonoperatingIncomeExpense" xlink:title="NonoperatingIncomeExpense" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="NonoperatingIncomeExpense" xlink:title="presentation: IncomeStatementAbstract to NonoperatingIncomeExpense" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:title="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:title="presentation: IncomeStatementAbstract to IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="IncomeTaxExpenseBenefit" xlink:title="IncomeTaxExpenseBenefit" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="IncomeTaxExpenseBenefit" xlink:title="presentation: IncomeStatementAbstract to IncomeTaxExpenseBenefit" order="14.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnInvestments" xlink:label="GainLossOnInvestments" xlink:title="GainLossOnInvestments" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="GainLossOnInvestments" xlink:title="presentation: IncomeStatementAbstract to GainLossOnInvestments" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="NetIncomeLoss" xlink:title="presentation: IncomeStatementAbstract to NetIncomeLoss" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="EarningsPerShareBasicAndDiluted" xlink:title="EarningsPerShareBasicAndDiluted" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="EarningsPerShareBasicAndDiluted" xlink:title="presentation: IncomeStatementAbstract to EarningsPerShareBasicAndDiluted" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:title="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:title="presentation: IncomeStatementAbstract to WeightedAverageNumberOfShareOutstandingBasicAndDiluted" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsPerShareCashPaid" xlink:label="CommonStockDividendsPerShareCashPaid" xlink:title="CommonStockDividendsPerShareCashPaid" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:to="CommonStockDividendsPerShareCashPaid" xlink:title="presentation: IncomeStatementAbstract to CommonStockDividendsPerShareCashPaid" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfComprehensiveLossIncome">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:title="StatementOfIncomeAndComprehensiveIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="NetIncomeLoss" xlink:title="presentation: StatementOfIncomeAndComprehensiveIncomeAbstract to NetIncomeLoss" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:label="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:title="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:title="OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:to="OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:title="presentation: OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract to OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" xlink:label="OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" xlink:title="OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:to="OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" xlink:title="presentation: OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract to OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="OtherComprehensiveIncomeLossNetOfTax" xlink:title="OtherComprehensiveIncomeLossNetOfTax" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:to="OtherComprehensiveIncomeLossNetOfTax" xlink:title="presentation: OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract to OtherComprehensiveIncomeLossNetOfTax" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="ComprehensiveIncomeNetOfTax" xlink:title="ComprehensiveIncomeNetOfTax" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:to="ComprehensiveIncomeNetOfTax" xlink:title="presentation: OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract to ComprehensiveIncomeNetOfTax" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:title="presentation: StatementOfIncomeAndComprehensiveIncomeAbstract to OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedBalanceSheets">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="AssetsCurrentAbstract" xlink:title="AssetsCurrentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="CashAndCashEquivalentsAtCarryingValue" xlink:title="presentation: AssetsCurrentAbstract to CashAndCashEquivalentsAtCarryingValue" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="AccountsAndNotesReceivableNet" xlink:title="AccountsAndNotesReceivableNet" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="AccountsAndNotesReceivableNet" xlink:title="presentation: AssetsCurrentAbstract to AccountsAndNotesReceivableNet" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableRelatedPartiesCurrent" xlink:label="AccountsReceivableRelatedPartiesCurrent" xlink:title="AccountsReceivableRelatedPartiesCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="AccountsReceivableRelatedPartiesCurrent" xlink:title="presentation: AssetsCurrentAbstract to AccountsReceivableRelatedPartiesCurrent" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="PrepaidExpenseCurrent" xlink:title="PrepaidExpenseCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="PrepaidExpenseCurrent" xlink:title="presentation: AssetsCurrentAbstract to PrepaidExpenseCurrent" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InventoryNet" xlink:label="InventoryNet" xlink:title="InventoryNet" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="InventoryNet" xlink:title="presentation: AssetsCurrentAbstract to InventoryNet" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnbilledReceivablesCurrent" xlink:label="UnbilledReceivablesCurrent" xlink:title="UnbilledReceivablesCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="UnbilledReceivablesCurrent" xlink:title="presentation: AssetsCurrentAbstract to UnbilledReceivablesCurrent" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="OtherAssetsCurrent" xlink:title="OtherAssetsCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="OtherAssetsCurrent" xlink:title="presentation: AssetsCurrentAbstract to OtherAssetsCurrent" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="AssetsCurrent" xlink:title="AssetsCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsCurrentAbstract" xlink:to="AssetsCurrent" xlink:title="presentation: AssetsCurrentAbstract to AssetsCurrent" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:to="AssetsCurrentAbstract" xlink:title="presentation: AssetsAbstract to AssetsCurrentAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsNoncurrentAbstract" xlink:label="AssetsNoncurrentAbstract" xlink:title="AssetsNoncurrentAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsNet" xlink:label="VesselsNet" xlink:title="VesselsNet" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsNoncurrentAbstract" xlink:to="VesselsNet" xlink:title="presentation: AssetsNoncurrentAbstract to VesselsNet" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DepositsAssets" xlink:label="DepositsAssets" xlink:title="DepositsAssets" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsNoncurrentAbstract" xlink:to="DepositsAssets" xlink:title="presentation: AssetsNoncurrentAbstract to DepositsAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Goodwill" xlink:label="Goodwill" xlink:title="Goodwill" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsNoncurrentAbstract" xlink:to="Goodwill" xlink:title="presentation: AssetsNoncurrentAbstract to Goodwill" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:title="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsNoncurrentAbstract" xlink:to="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:title="presentation: AssetsNoncurrentAbstract to InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="OtherAssetsNoncurrent" xlink:title="OtherAssetsNoncurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsNoncurrentAbstract" xlink:to="OtherAssetsNoncurrent" xlink:title="presentation: AssetsNoncurrentAbstract to OtherAssetsNoncurrent" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsNoncurrent" xlink:label="AssetsNoncurrent" xlink:title="AssetsNoncurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsNoncurrentAbstract" xlink:to="AssetsNoncurrent" xlink:title="presentation: AssetsNoncurrentAbstract to AssetsNoncurrent" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:to="AssetsNoncurrentAbstract" xlink:title="presentation: AssetsAbstract to AssetsNoncurrentAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:to="Assets" xlink:title="presentation: AssetsAbstract to Assets" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="AssetsAbstract" xlink:title="presentation: StatementOfFinancialPositionAbstract to AssetsAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="LiabilitiesAndStockholdersEquityAbstract" xlink:title="LiabilitiesAndStockholdersEquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="LiabilitiesCurrentAbstract" xlink:title="LiabilitiesCurrentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="AccountsPayableCurrent" xlink:title="AccountsPayableCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesCurrentAbstract" xlink:to="AccountsPayableCurrent" xlink:title="presentation: LiabilitiesCurrentAbstract to AccountsPayableCurrent" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AccruedVoyageExpensesCurrent" xlink:label="AccruedVoyageExpensesCurrent" xlink:title="AccruedVoyageExpensesCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesCurrentAbstract" xlink:to="AccruedVoyageExpensesCurrent" xlink:title="presentation: LiabilitiesCurrentAbstract to AccruedVoyageExpensesCurrent" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="AccruedLiabilitiesCurrent" xlink:title="AccruedLiabilitiesCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesCurrentAbstract" xlink:to="AccruedLiabilitiesCurrent" xlink:title="presentation: LiabilitiesCurrentAbstract to AccruedLiabilitiesCurrent" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="LiabilitiesCurrent" xlink:title="LiabilitiesCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesCurrentAbstract" xlink:to="LiabilitiesCurrent" xlink:title="presentation: LiabilitiesCurrentAbstract to LiabilitiesCurrent" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="LiabilitiesCurrentAbstract" xlink:title="presentation: LiabilitiesAndStockholdersEquityAbstract to LiabilitiesCurrentAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="LongTermDebtNoncurrent" xlink:title="LongTermDebtNoncurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="LongTermDebtNoncurrent" xlink:title="presentation: LiabilitiesAndStockholdersEquityAbstract to LongTermDebtNoncurrent" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent" xlink:label="DeferredCompensationLiabilityClassifiedNoncurrent" xlink:title="DeferredCompensationLiabilityClassifiedNoncurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="DeferredCompensationLiabilityClassifiedNoncurrent" xlink:title="presentation: LiabilitiesAndStockholdersEquityAbstract to DeferredCompensationLiabilityClassifiedNoncurrent" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="LiabilitiesNoncurrent" xlink:title="LiabilitiesNoncurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="LiabilitiesNoncurrent" xlink:title="presentation: LiabilitiesAndStockholdersEquityAbstract to LiabilitiesNoncurrent" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="CommitmentsAndContingencies" xlink:title="CommitmentsAndContingencies" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="CommitmentsAndContingencies" xlink:title="presentation: LiabilitiesAndStockholdersEquityAbstract to CommitmentsAndContingencies" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="CommonStockValue" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to CommonStockValue" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="AdditionalPaidInCapitalCommonStock" xlink:title="AdditionalPaidInCapitalCommonStock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="AdditionalPaidInCapitalCommonStock" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to AdditionalPaidInCapitalCommonStock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ContributedSurplus" xlink:label="ContributedSurplus" xlink:title="ContributedSurplus" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="ContributedSurplus" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to ContributedSurplus" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to AccumulatedOtherComprehensiveIncomeLossNetOfTax" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="RetainedEarningsAccumulatedDeficit" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to RetainedEarningsAccumulatedDeficit" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="StockholdersEquity" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to StockholdersEquity" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="presentation: LiabilitiesAndStockholdersEquityAbstract to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="LiabilitiesAndStockholdersEquity" xlink:title="presentation: LiabilitiesAndStockholdersEquityAbstract to LiabilitiesAndStockholdersEquity" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="LiabilitiesAndStockholdersEquityAbstract" xlink:title="presentation: StatementOfFinancialPositionAbstract to LiabilitiesAndStockholdersEquityAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedBalanceSheetsParenthetical">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="LiabilitiesAndStockholdersEquityAbstract" xlink:title="LiabilitiesAndStockholdersEquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="CommonStockParOrStatedValuePerShare" xlink:title="CommonStockParOrStatedValuePerShare" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="CommonStockParOrStatedValuePerShare" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to CommonStockParOrStatedValuePerShare" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="CommonStockSharesAuthorized" xlink:title="CommonStockSharesAuthorized" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="CommonStockSharesAuthorized" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to CommonStockSharesAuthorized" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="CommonStockSharesIssued" xlink:title="CommonStockSharesIssued" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="CommonStockSharesIssued" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to CommonStockSharesIssued" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding" xlink:title="CommonStockSharesOutstanding" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="CommonStockSharesOutstanding" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to CommonStockSharesOutstanding" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="presentation: LiabilitiesAndStockholdersEquityAbstract to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="LiabilitiesAndStockholdersEquityAbstract" xlink:title="presentation: StatementOfFinancialPositionAbstract to LiabilitiesAndStockholdersEquityAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquity">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="StatementOfStockholdersEquityAbstract" xlink:title="StatementOfStockholdersEquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementEquityComponentsAxis" xlink:to="CommonStockMember" xlink:title="presentation: StatementEquityComponentsAxis to CommonStockMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="TreasuryStockMember" xlink:title="TreasuryStockMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementEquityComponentsAxis" xlink:to="TreasuryStockMember" xlink:title="presentation: StatementEquityComponentsAxis to TreasuryStockMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="AdditionalPaidInCapitalMember" xlink:title="AdditionalPaidInCapitalMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementEquityComponentsAxis" xlink:to="AdditionalPaidInCapitalMember" xlink:title="presentation: StatementEquityComponentsAxis to AdditionalPaidInCapitalMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAdditionalCapitalMember" xlink:label="OtherAdditionalCapitalMember" xlink:title="OtherAdditionalCapitalMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementEquityComponentsAxis" xlink:to="OtherAdditionalCapitalMember" xlink:title="presentation: StatementEquityComponentsAxis to OtherAdditionalCapitalMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="AccumulatedOtherComprehensiveIncomeMember" xlink:title="AccumulatedOtherComprehensiveIncomeMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementEquityComponentsAxis" xlink:to="AccumulatedOtherComprehensiveIncomeMember" xlink:title="presentation: StatementEquityComponentsAxis to AccumulatedOtherComprehensiveIncomeMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementEquityComponentsAxis" xlink:to="RetainedEarningsMember" xlink:title="presentation: StatementEquityComponentsAxis to RetainedEarningsMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementEquityComponentsAxis" xlink:to="EquityComponentDomain" xlink:title="presentation: StatementEquityComponentsAxis to EquityComponentDomain" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:to="StatementEquityComponentsAxis" xlink:title="presentation: StatementTable to StatementEquityComponentsAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="IncreaseDecreaseInStockholdersEquityRollForward" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesIssued" xlink:label="SharesIssued" xlink:title="SharesIssued" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="SharesIssued" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to SharesIssued" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockholdersEquity" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockholdersEquity" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" xlink:label="AdjustmentsToAdditionalPaidInCapitalOther" xlink:title="AdjustmentsToAdditionalPaidInCapitalOther" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="AdjustmentsToAdditionalPaidInCapitalOther" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to AdjustmentsToAdditionalPaidInCapitalOther" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="NetIncomeLoss" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to NetIncomeLoss" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ReductionOfSharePremium" xlink:label="ReductionOfSharePremium" xlink:title="ReductionOfSharePremium" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="ReductionOfSharePremium" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to ReductionOfSharePremium" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:label="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:title="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:label="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:title="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="StockIssuedDuringPeriodSharesNewIssues" xlink:title="StockIssuedDuringPeriodSharesNewIssues" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockIssuedDuringPeriodSharesNewIssues" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodSharesNewIssues" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueNewIssues" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="OtherComprehensiveIncomeLossNetOfTax" xlink:title="OtherComprehensiveIncomeLossNetOfTax" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="OtherComprehensiveIncomeLossNetOfTax" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to OtherComprehensiveIncomeLossNetOfTax" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:label="StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:title="StockIssuedDuringPeriodSharesShareBasedCompensationGross" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodSharesShareBasedCompensationGross" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="StockIssuedDuringPeriodValueShareBasedCompensation" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueShareBasedCompensation" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsCommonStock" xlink:label="DividendsCommonStock" xlink:title="DividendsCommonStock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="DividendsCommonStock" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to DividendsCommonStock" order="13.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharesIssued" xlink:label="SharesIssued_2" xlink:title="SharesIssued" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="SharesIssued_2" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to SharesIssued" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity_2" xlink:title="StockholdersEquity" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="StockholdersEquity_2" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockholdersEquity" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:to="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: StatementLineItems to IncreaseDecreaseInStockholdersEquityRollForward" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:to="StatementLineItems" xlink:title="presentation: StatementTable to StatementLineItems" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfStockholdersEquityAbstract" xlink:to="StatementTable" xlink:title="presentation: StatementOfStockholdersEquityAbstract to StatementTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquityParenthetical">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="StatementOfStockholdersEquityAbstract" xlink:title="StatementOfStockholdersEquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="PaymentsOfStockIssuanceCosts" xlink:title="PaymentsOfStockIssuanceCosts" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfStockholdersEquityAbstract" xlink:to="PaymentsOfStockIssuanceCosts" xlink:title="presentation: StatementOfStockholdersEquityAbstract to PaymentsOfStockIssuanceCosts" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ConsolidatedStatementsOfCashFlows">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInOperatingActivitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="NetIncomeLoss" xlink:title="presentation: NetCashProvidedByUsedInOperatingActivitiesAbstract to NetIncomeLoss" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Depreciation" xlink:label="Depreciation" xlink:title="Depreciation" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="Depreciation" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to Depreciation" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:label="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="ImpairmentOfLongLivedAssetsToBeDisposedOf" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to ImpairmentOfLongLivedAssetsToBeDisposedOf" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GoodwillImpairmentLoss" xlink:label="GoodwillImpairmentLoss" xlink:title="GoodwillImpairmentLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="GoodwillImpairmentLoss" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to GoodwillImpairmentLoss" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnSaleOfEquityInvestments" xlink:label="GainLossOnSaleOfEquityInvestments" xlink:title="GainLossOnSaleOfEquityInvestments" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="GainLossOnSaleOfEquityInvestments" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to GainLossOnSaleOfEquityInvestments" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DryDockExpenditures" xlink:label="DryDockExpenditures" xlink:title="DryDockExpenditures" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="DryDockExpenditures" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to DryDockExpenditures" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="AmortizationOfFinancingCosts" xlink:title="AmortizationOfFinancingCosts" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="AmortizationOfFinancingCosts" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to AmortizationOfFinancingCosts" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:label="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:title="DeferredCompensationArrangementWithIndividualCompensationExpense" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to DeferredCompensationArrangementWithIndividualCompensationExpense" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="ShareBasedCompensation" xlink:title="ShareBasedCompensation" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="ShareBasedCompensation" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to ShareBasedCompensation" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="OtherNoncashIncomeExpense" xlink:title="OtherNoncashIncomeExpense" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="OtherNoncashIncomeExpense" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to OtherNoncashIncomeExpense" order="8.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInOperatingActivitiesAbstract to AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="IncreaseDecreaseInOperatingCapitalAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="IncreaseDecreaseInAccountsReceivable" xlink:title="IncreaseDecreaseInAccountsReceivable" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInAccountsReceivable" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInAccountsReceivable" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:label="IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:title="IncreaseDecreaseInAccountsReceivableRelatedParties" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInAccountsReceivableRelatedParties" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="IncreaseDecreaseInInventories" xlink:title="IncreaseDecreaseInInventories" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInInventories" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInInventories" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:title="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInUnbilledReceivables" xlink:label="IncreaseDecreaseInUnbilledReceivables" xlink:title="IncreaseDecreaseInUnbilledReceivables" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInUnbilledReceivables" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInUnbilledReceivables" order="5.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="presentation: NetCashProvidedByUsedInOperatingActivitiesAbstract to IncreaseDecreaseInOperatingCapitalAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="NetCashProvidedByUsedInOperatingActivities" xlink:title="presentation: NetCashProvidedByUsedInOperatingActivitiesAbstract to NetCashProvidedByUsedInOperatingActivities" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: StatementOfCashFlowsAbstract to NetCashProvidedByUsedInOperatingActivitiesAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:label="PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:title="PaymentsToAcquireOilAndGasPropertyAndEquipment" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to PaymentsToAcquireOilAndGasPropertyAndEquipment" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:label="PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:title="PaymentsToAcquireOtherPropertyPlantAndEquipment" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to PaymentsToAcquireOtherPropertyPlantAndEquipment" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:label="ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:title="ProceedsFromSaleOfOtherPropertyPlantAndEquipment" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to ProceedsFromSaleOfOtherPropertyPlantAndEquipment" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DepositsForVesselsUnderConstruction" xlink:label="DepositsForVesselsUnderConstruction" xlink:title="DepositsForVesselsUnderConstruction" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="DepositsForVesselsUnderConstruction" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to DepositsForVesselsUnderConstruction" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to PaymentsToAcquireInterestInSubsidiariesAndAffiliates" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DividendsReceivedFromAssociate" xlink:label="DividendsReceivedFromAssociate" xlink:title="DividendsReceivedFromAssociate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="DividendsReceivedFromAssociate" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to DividendsReceivedFromAssociate" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="NetCashProvidedByUsedInInvestingActivities" xlink:title="NetCashProvidedByUsedInInvestingActivities" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="NetCashProvidedByUsedInInvestingActivities" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to NetCashProvidedByUsedInInvestingActivities" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: StatementOfCashFlowsAbstract to NetCashProvidedByUsedInInvestingActivitiesAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="ProceedsFromIssuanceOfCommonStock" xlink:title="ProceedsFromIssuanceOfCommonStock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="ProceedsFromIssuanceOfCommonStock" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to ProceedsFromIssuanceOfCommonStock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="ProceedsFromLinesOfCredit" xlink:title="ProceedsFromLinesOfCredit" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="ProceedsFromLinesOfCredit" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to ProceedsFromLinesOfCredit" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="RepaymentsOfLinesOfCredit" xlink:title="RepaymentsOfLinesOfCredit" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="RepaymentsOfLinesOfCredit" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to RepaymentsOfLinesOfCredit" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="PaymentsOfFinancingCosts" xlink:title="PaymentsOfFinancingCosts" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="PaymentsOfFinancingCosts" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to PaymentsOfFinancingCosts" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="PaymentsOfDividendsCommonStock" xlink:title="PaymentsOfDividendsCommonStock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="PaymentsOfDividendsCommonStock" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to PaymentsOfDividendsCommonStock" order="4.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="NetCashProvidedByUsedInFinancingActivities" xlink:title="NetCashProvidedByUsedInFinancingActivities" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="NetCashProvidedByUsedInFinancingActivities" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to NetCashProvidedByUsedInFinancingActivities" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: StatementOfCashFlowsAbstract to NetCashProvidedByUsedInFinancingActivitiesAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="presentation: StatementOfCashFlowsAbstract to CashAndCashEquivalentsPeriodIncreaseDecrease" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="CashAndCashEquivalentsAtCarryingValue" xlink:title="presentation: StatementOfCashFlowsAbstract to CashAndCashEquivalentsAtCarryingValue" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" xlink:label="EffectOfExchangeRateOnCashAndCashEquivalents" xlink:title="EffectOfExchangeRateOnCashAndCashEquivalents" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="EffectOfExchangeRateOnCashAndCashEquivalents" xlink:title="presentation: StatementOfCashFlowsAbstract to EffectOfExchangeRateOnCashAndCashEquivalents" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities" xlink:label="ProceedsFromRepaymentsOfRestrictedCashFinancingActivities" xlink:title="ProceedsFromRepaymentsOfRestrictedCashFinancingActivities" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="ProceedsFromRepaymentsOfRestrictedCashFinancingActivities" xlink:title="presentation: StatementOfCashFlowsAbstract to ProceedsFromRepaymentsOfRestrictedCashFinancingActivities" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue_2" xlink:title="CashAndCashEquivalentsAtCarryingValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="CashAndCashEquivalentsAtCarryingValue_2" xlink:title="presentation: StatementOfCashFlowsAbstract to CashAndCashEquivalentsAtCarryingValue" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="InterestPaidNet" xlink:title="InterestPaidNet" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="InterestPaidNet" xlink:title="presentation: StatementOfCashFlowsAbstract to InterestPaidNet" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DecreaseInRestrictedCash" xlink:label="DecreaseInRestrictedCash" xlink:title="DecreaseInRestrictedCash" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="DecreaseInRestrictedCash" xlink:title="presentation: StatementOfCashFlowsAbstract to DecreaseInRestrictedCash" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxesPaidNet" xlink:label="IncomeTaxesPaidNet" xlink:title="IncomeTaxesPaidNet" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="IncomeTaxesPaidNet" xlink:title="presentation: StatementOfCashFlowsAbstract to IncomeTaxesPaidNet" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FairValueOfSharesDistributedAsDividendInKind" xlink:label="FairValueOfSharesDistributedAsDividendInKind" xlink:title="FairValueOfSharesDistributedAsDividendInKind" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:to="FairValueOfSharesDistributedAsDividendInKind" xlink:title="presentation: StatementOfCashFlowsAbstract to FairValueOfSharesDistributedAsDividendInKind" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/NatureOfBusiness">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:title="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="NatureOfOperations" xlink:title="NatureOfOperations" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="NatureOfOperations" xlink:title="presentation: OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract to NatureOfOperations" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/SummaryOfSignificantAccountingPolicies">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="AccountingPoliciesAbstract" xlink:title="AccountingPoliciesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="SignificantAccountingPoliciesTextBlock" xlink:title="SignificantAccountingPoliciesTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="SignificantAccountingPoliciesTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to SignificantAccountingPoliciesTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/VesselsNet">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="PropertyPlantAndEquipmentAbstract" xlink:title="PropertyPlantAndEquipmentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="PropertyPlantAndEquipmentDisclosureTextBlock" xlink:title="PropertyPlantAndEquipmentDisclosureTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="PropertyPlantAndEquipmentDisclosureTextBlock" xlink:title="presentation: PropertyPlantAndEquipmentAbstract to PropertyPlantAndEquipmentDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/Investments">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestmentsAbstract" xlink:label="InvestmentsAbstract" xlink:title="InvestmentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentTextBlock" xlink:label="InvestmentTextBlock" xlink:title="InvestmentTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsAbstract" xlink:to="InvestmentTextBlock" xlink:title="presentation: InvestmentsAbstract to InvestmentTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/Acquisitions">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="BusinessCombinationsAbstract" xlink:title="BusinessCombinationsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock" xlink:label="BusinessCombinationDisclosureTextBlock" xlink:title="BusinessCombinationDisclosureTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationsAbstract" xlink:to="BusinessCombinationDisclosureTextBlock" xlink:title="presentation: BusinessCombinationsAbstract to BusinessCombinationDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/RelatedPartyTransactions">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="RelatedPartyTransactionsAbstract" xlink:title="RelatedPartyTransactionsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="RelatedPartyTransactionsDisclosureTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyTransactionsAbstract" xlink:to="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="presentation: RelatedPartyTransactionsAbstract to RelatedPartyTransactionsDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/DeferredCompensationLiability">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationLiabilityAbstract" xlink:label="DeferredCompensationLiabilityAbstract" xlink:title="DeferredCompensationLiabilityAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CompensationRelatedCostsGeneralTextBlock" xlink:label="CompensationRelatedCostsGeneralTextBlock" xlink:title="CompensationRelatedCostsGeneralTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DeferredCompensationLiabilityAbstract" xlink:to="CompensationRelatedCostsGeneralTextBlock" xlink:title="presentation: DeferredCompensationLiabilityAbstract to CompensationRelatedCostsGeneralTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/OtherNoncurrentAssets">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsNoncurrentDisclosureAbstract" xlink:label="OtherAssetsNoncurrentDisclosureAbstract" xlink:title="OtherAssetsNoncurrentDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_OtherNonCurrentAssetsTextBlock" xlink:label="OtherNonCurrentAssetsTextBlock" xlink:title="OtherNonCurrentAssetsTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherAssetsNoncurrentDisclosureAbstract" xlink:to="OtherNonCurrentAssetsTextBlock" xlink:title="presentation: OtherAssetsNoncurrentDisclosureAbstract to OtherNonCurrentAssetsTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/SharebasedCompensationPlan">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:title="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:title="DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:title="presentation: DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract to DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/LongtermDebt">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="DebtDisclosureAbstract" xlink:title="DebtDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="LongTermDebtTextBlock" xlink:title="LongTermDebtTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtDisclosureAbstract" xlink:to="LongTermDebtTextBlock" xlink:title="presentation: DebtDisclosureAbstract to LongTermDebtTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/InterestExpense">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpenseAbstract" xlink:label="InterestExpenseAbstract" xlink:title="InterestExpenseAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:label="InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:title="InterestIncomeAndInterestExpenseDisclosureTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InterestExpenseAbstract" xlink:to="InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:title="presentation: InterestExpenseAbstract to InterestIncomeAndInterestExpenseDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/AccruedLiabilities">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:label="AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:title="AccruedLiabilitiesCurrentAndNoncurrentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:label="AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:title="AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:to="AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:title="presentation: AccruedLiabilitiesCurrentAndNoncurrentAbstract to AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/EarningsLossPerShare">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="EarningsPerShareTextBlock" xlink:title="EarningsPerShareTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareAbstract" xlink:to="EarningsPerShareTextBlock" xlink:title="presentation: EarningsPerShareAbstract to EarningsPerShareTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ShareholdersEquity">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="StockholdersEquityNoteAbstract" xlink:title="StockholdersEquityNoteAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="StockholdersEquityNoteDisclosureTextBlock" xlink:title="StockholdersEquityNoteDisclosureTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityNoteAbstract" xlink:to="StockholdersEquityNoteDisclosureTextBlock" xlink:title="presentation: StockholdersEquityNoteAbstract to StockholdersEquityNoteDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingencies">
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" xlink:label="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" xlink:title="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" xlink:label="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" xlink:title="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" xlink:to="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" xlink:title="presentation: RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract to RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosures">
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FinancialInstrumentsAbstract" xlink:label="FinancialInstrumentsAbstract" xlink:title="FinancialInstrumentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="FairValueDisclosuresTextBlock" xlink:title="FairValueDisclosuresTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialInstrumentsAbstract" xlink:to="FairValueDisclosuresTextBlock" xlink:title="presentation: FinancialInstrumentsAbstract to FairValueDisclosuresTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/SubsequentEvents">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="SubsequentEventsAbstract" xlink:title="SubsequentEventsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfSubsequentEventsTextBlock" xlink:label="ScheduleOfSubsequentEventsTextBlock" xlink:title="ScheduleOfSubsequentEventsTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventsAbstract" xlink:to="ScheduleOfSubsequentEventsTextBlock" xlink:title="presentation: SubsequentEventsAbstract to ScheduleOfSubsequentEventsTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/SummaryOfSignificantAccountingPoliciesPolicies">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="AccountingPoliciesAbstract" xlink:title="AccountingPoliciesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BasisOfAccounting" xlink:label="BasisOfAccounting" xlink:title="BasisOfAccounting" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="BasisOfAccounting" xlink:title="presentation: AccountingPoliciesAbstract to BasisOfAccounting" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="ConsolidationPolicyTextBlock" xlink:title="ConsolidationPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="ConsolidationPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to ConsolidationPolicyTextBlock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="UseOfEstimates" xlink:title="UseOfEstimates" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="UseOfEstimates" xlink:title="presentation: AccountingPoliciesAbstract to UseOfEstimates" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:title="ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RevenueAndExpenseRecognitionPolicyTextBlock" xlink:label="RevenueAndExpenseRecognitionPolicyTextBlock" xlink:title="RevenueAndExpenseRecognitionPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="RevenueAndExpenseRecognitionPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to RevenueAndExpenseRecognitionPolicyTextBlock" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselOperatingExpensesPolicyTextBlock" xlink:label="VesselOperatingExpensesPolicyTextBlock" xlink:title="VesselOperatingExpensesPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="VesselOperatingExpensesPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to VesselOperatingExpensesPolicyTextBlock" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="CashAndCashEquivalentsPolicyTextBlock" xlink:title="CashAndCashEquivalentsPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="CashAndCashEquivalentsPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to CashAndCashEquivalentsPolicyTextBlock" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:label="TradeAndOtherAccountsReceivablePolicy" xlink:title="TradeAndOtherAccountsReceivablePolicy" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="TradeAndOtherAccountsReceivablePolicy" xlink:title="presentation: AccountingPoliciesAbstract to TradeAndOtherAccountsReceivablePolicy" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="InventoryPolicyTextBlock" xlink:title="InventoryPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="InventoryPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to InventoryPolicyTextBlock" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="PropertyPlantAndEquipmentPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to PropertyPlantAndEquipmentPolicyTextBlock" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentImpairment" xlink:label="PropertyPlantAndEquipmentImpairment" xlink:title="PropertyPlantAndEquipmentImpairment" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="PropertyPlantAndEquipmentImpairment" xlink:title="presentation: AccountingPoliciesAbstract to PropertyPlantAndEquipmentImpairment" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DrydockingPolicyTextBlock" xlink:label="DrydockingPolicyTextBlock" xlink:title="DrydockingPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="DrydockingPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to DrydockingPolicyTextBlock" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentsPolicy" xlink:label="EquityMethodInvestmentsPolicy" xlink:title="EquityMethodInvestmentsPolicy" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="EquityMethodInvestmentsPolicy" xlink:title="presentation: AccountingPoliciesAbstract to EquityMethodInvestmentsPolicy" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:label="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:title="GoodwillAndIntangibleAssetsPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to GoodwillAndIntangibleAssetsPolicyTextBlock" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:label="CompensationRelatedCostsPolicyTextBlock" xlink:title="CompensationRelatedCostsPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="CompensationRelatedCostsPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to CompensationRelatedCostsPolicyTextBlock" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_OtherComprehensiveIncomeLossPolicyTextBlock" xlink:label="OtherComprehensiveIncomeLossPolicyTextBlock" xlink:title="OtherComprehensiveIncomeLossPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="OtherComprehensiveIncomeLossPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to OtherComprehensiveIncomeLossPolicyTextBlock" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="SegmentReportingPolicyPolicyTextBlock" xlink:title="SegmentReportingPolicyPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="SegmentReportingPolicyPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to SegmentReportingPolicyPolicyTextBlock" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="FairValueOfFinancialInstrumentsPolicy" xlink:title="FairValueOfFinancialInstrumentsPolicy" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="FairValueOfFinancialInstrumentsPolicy" xlink:title="presentation: AccountingPoliciesAbstract to FairValueOfFinancialInstrumentsPolicy" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredFinancingCostsPolicyTextBlock" xlink:label="DeferredFinancingCostsPolicyTextBlock" xlink:title="DeferredFinancingCostsPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="DeferredFinancingCostsPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to DeferredFinancingCostsPolicyTextBlock" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:title="ShareBasedCompensationOptionAndIncentivePlansPolicy" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:title="presentation: AccountingPoliciesAbstract to ShareBasedCompensationOptionAndIncentivePlansPolicy" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="IncomeTaxPolicyTextBlock" xlink:title="IncomeTaxPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="IncomeTaxPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to IncomeTaxPolicyTextBlock" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="ConcentrationRiskCreditRisk" xlink:title="ConcentrationRiskCreditRisk" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="ConcentrationRiskCreditRisk" xlink:title="presentation: AccountingPoliciesAbstract to ConcentrationRiskCreditRisk" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:title="NewAccountingPronouncementsPolicyPolicyTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:title="presentation: AccountingPoliciesAbstract to NewAccountingPronouncementsPolicyPolicyTextBlock" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/NatureOfBusinessTables">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:title="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_StatusOfEachVesselTableTextBlock" xlink:label="StatusOfEachVesselTableTextBlock" xlink:title="StatusOfEachVesselTableTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="StatusOfEachVesselTableTextBlock" xlink:title="presentation: OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract to StatusOfEachVesselTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/VesselsNetTables">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="PropertyPlantAndEquipmentAbstract" xlink:title="PropertyPlantAndEquipmentAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsNetTableTextBlock" xlink:label="VesselsNetTableTextBlock" xlink:title="VesselsNetTableTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="VesselsNetTableTextBlock" xlink:title="presentation: PropertyPlantAndEquipmentAbstract to VesselsNetTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/InvestmentsTables">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestmentsAbstract" xlink:label="InvestmentsAbstract" xlink:title="InvestmentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" xlink:label="EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" xlink:title="EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsAbstract" xlink:to="EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" xlink:title="presentation: InvestmentsAbstract to EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" xlink:label="EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" xlink:title="EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsAbstract" xlink:to="EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" xlink:title="presentation: InvestmentsAbstract to EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/OtherNoncurrentAssetsTables">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsNoncurrentDisclosureAbstract" xlink:label="OtherAssetsNoncurrentDisclosureAbstract" xlink:title="OtherAssetsNoncurrentDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock" xlink:label="ScheduleOfOtherAssetsNoncurrentTextBlock" xlink:title="ScheduleOfOtherAssetsNoncurrentTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherAssetsNoncurrentDisclosureAbstract" xlink:to="ScheduleOfOtherAssetsNoncurrentTextBlock" xlink:title="presentation: OtherAssetsNoncurrentDisclosureAbstract to ScheduleOfOtherAssetsNoncurrentTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/SharebasedCompensationPlanTables">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:title="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:label="ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:title="ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:title="presentation: DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract to ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/InterestExpenseTables">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpenseAbstract" xlink:label="InterestExpenseAbstract" xlink:title="InterestExpenseAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ScheduleOfInterestExpenseTableTextBlock" xlink:label="ScheduleOfInterestExpenseTableTextBlock" xlink:title="ScheduleOfInterestExpenseTableTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InterestExpenseAbstract" xlink:to="ScheduleOfInterestExpenseTableTextBlock" xlink:title="presentation: InterestExpenseAbstract to ScheduleOfInterestExpenseTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/AccruedLiabilitiesTables">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:label="AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:title="AccruedLiabilitiesCurrentAndNoncurrentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:label="ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:title="ScheduleOfAccruedLiabilitiesTableTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:to="ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:title="presentation: AccruedLiabilitiesCurrentAndNoncurrentAbstract to ScheduleOfAccruedLiabilitiesTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/EarningsLossPerShareTables">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:title="ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareAbstract" xlink:to="ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:title="presentation: EarningsPerShareAbstract to ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ShareholdersEquityTables">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="StockholdersEquityNoteAbstract" xlink:title="StockholdersEquityNoteAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:label="ScheduleOfStockholdersEquityTableTextBlock" xlink:title="ScheduleOfStockholdersEquityTableTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityNoteAbstract" xlink:to="ScheduleOfStockholdersEquityTableTextBlock" xlink:title="presentation: StockholdersEquityNoteAbstract to ScheduleOfStockholdersEquityTableTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresTables">
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FinancialInstrumentsAbstract" xlink:label="FinancialInstrumentsAbstract" xlink:title="FinancialInstrumentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="FairValueByBalanceSheetGroupingTextBlock" xlink:title="FairValueByBalanceSheetGroupingTextBlock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialInstrumentsAbstract" xlink:to="FairValueByBalanceSheetGroupingTextBlock" xlink:title="presentation: FinancialInstrumentsAbstract to FairValueByBalanceSheetGroupingTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/NatureOfBusinessDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:title="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_TotalNumberOfVessels" xlink:label="TotalNumberOfVessels" xlink:title="TotalNumberOfVessels" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="TotalNumberOfVessels" xlink:title="presentation: OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract to TotalNumberOfVessels" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018" xlink:label="NumberOfNewBuildingExpectedToBeDeliveredIn2018" xlink:title="NumberOfNewBuildingExpectedToBeDeliveredIn2018" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="NumberOfNewBuildingExpectedToBeDeliveredIn2018" xlink:title="presentation: OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract to NumberOfNewBuildingExpectedToBeDeliveredIn2018" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfOperatingVessels" xlink:label="NumberOfOperatingVessels" xlink:title="NumberOfOperatingVessels" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="NumberOfOperatingVessels" xlink:title="presentation: OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract to NumberOfOperatingVessels" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:label="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:title="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:title="presentation: OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract to AverageApproximateDeadweightTonsPerVesselInDeadweightTons" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsBuildInKorea" xlink:label="NumberOfVesselsBuildInKorea" xlink:title="NumberOfVesselsBuildInKorea" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="NumberOfVesselsBuildInKorea" xlink:title="presentation: OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract to NumberOfVesselsBuildInKorea" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="ScheduleOfPropertyPlantAndEquipmentTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="PropertyPlantAndEquipmentByTypeAxis" xlink:title="PropertyPlantAndEquipmentByTypeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicHarrierMember" xlink:label="NordicHarrierMember" xlink:title="NordicHarrierMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicHarrierMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicHarrierMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicHawkMember" xlink:label="NordicHawkMember" xlink:title="NordicHawkMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicHawkMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicHawkMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicHunterMember" xlink:label="NordicHunterMember" xlink:title="NordicHunterMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicHunterMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicHunterMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicVoyagerMember" xlink:label="NordicVoyagerMember" xlink:title="NordicVoyagerMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicVoyagerMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicVoyagerMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicFighterMember" xlink:label="NordicFighterMember" xlink:title="NordicFighterMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicFighterMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicFighterMember" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicFreedomMember" xlink:label="NordicFreedomMember" xlink:title="NordicFreedomMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicFreedomMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicFreedomMember" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicDiscoveryMember" xlink:label="NordicDiscoveryMember" xlink:title="NordicDiscoveryMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicDiscoveryMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicDiscoveryMember" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSaturnMember" xlink:label="NordicSaturnMember" xlink:title="NordicSaturnMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSaturnMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicSaturnMember" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicJupiterMember" xlink:label="NordicJupiterMember" xlink:title="NordicJupiterMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicJupiterMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicJupiterMember" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicMoonMember" xlink:label="NordicMoonMember" xlink:title="NordicMoonMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicMoonMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicMoonMember" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicApolloMember" xlink:label="NordicApolloMember" xlink:title="NordicApolloMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicApolloMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicApolloMember" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicCosmosMember" xlink:label="NordicCosmosMember" xlink:title="NordicCosmosMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicCosmosMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicCosmosMember" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSpriteMember" xlink:label="NordicSpriteMember" xlink:title="NordicSpriteMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSpriteMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicSpriteMember" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicGraceMember" xlink:label="NordicGraceMember" xlink:title="NordicGraceMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicGraceMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicGraceMember" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicMistralMember" xlink:label="NordicMistralMember" xlink:title="NordicMistralMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicMistralMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicMistralMember" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicPassatMember" xlink:label="NordicPassatMember" xlink:title="NordicPassatMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicPassatMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicPassatMember" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicVegaMember" xlink:label="NordicVegaMember" xlink:title="NordicVegaMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicVegaMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicVegaMember" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicBreezeMember" xlink:label="NordicBreezeMember" xlink:title="NordicBreezeMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicBreezeMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicBreezeMember" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAuroraMember" xlink:label="NordicAuroraMember" xlink:title="NordicAuroraMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicAuroraMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicAuroraMember" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicZenithMember" xlink:label="NordicZenithMember" xlink:title="NordicZenithMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicZenithMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicZenithMember" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSprinterMember" xlink:label="NordicSprinterMember" xlink:title="NordicSprinterMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSprinterMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicSprinterMember" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSkierMember" xlink:label="NordicSkierMember" xlink:title="NordicSkierMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSkierMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicSkierMember" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicLightMember" xlink:label="NordicLightMember" xlink:title="NordicLightMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicLightMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicLightMember" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicCrossMember" xlink:label="NordicCrossMember" xlink:title="NordicCrossMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicCrossMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicCrossMember" order="23.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicLunaMember" xlink:label="NordicLunaMember" xlink:title="NordicLunaMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicLunaMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicLunaMember" order="24.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicCastorMember" xlink:label="NordicCastorMember" xlink:title="NordicCastorMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicCastorMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicCastorMember" order="25.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSiriusMember" xlink:label="NordicSiriusMember" xlink:title="NordicSiriusMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSiriusMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicSiriusMember" order="26.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicPolluxMember" xlink:label="NordicPolluxMember" xlink:title="NordicPolluxMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicPolluxMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicPolluxMember" order="27.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicStarMember" xlink:label="NordicStarMember" xlink:title="NordicStarMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicStarMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicStarMember" order="28.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicSpaceMember" xlink:label="NordicSpaceMember" xlink:title="NordicSpaceMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NordicSpaceMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NordicSpaceMember" order="29.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NewbuildingoneMember" xlink:label="NewbuildingoneMember" xlink:title="NewbuildingoneMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="NewbuildingoneMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to NewbuildingoneMember" order="30.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_Newbuild2Member" xlink:label="Newbuild2Member" xlink:title="Newbuild2Member" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="Newbuild2Member" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to Newbuild2Member" order="31.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_Newbuild3Member" xlink:label="Newbuild3Member" xlink:title="Newbuild3Member" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="Newbuild3Member" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to Newbuild3Member" order="32.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="PropertyPlantAndEquipmentTypeDomain" xlink:title="presentation: PropertyPlantAndEquipmentByTypeAxis to PropertyPlantAndEquipmentTypeDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="PropertyPlantAndEquipmentByTypeAxis" xlink:title="presentation: ScheduleOfPropertyPlantAndEquipmentTable to PropertyPlantAndEquipmentByTypeAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="PropertyPlantAndEquipmentLineItems" xlink:title="PropertyPlantAndEquipmentLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeadweightTonnage" xlink:label="DeadweightTonnage" xlink:title="DeadweightTonnage" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="DeadweightTonnage" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to DeadweightTonnage" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="PropertyPlantAndEquipmentLineItems" xlink:title="presentation: ScheduleOfPropertyPlantAndEquipmentTable to PropertyPlantAndEquipmentLineItems" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="presentation: OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract to ScheduleOfPropertyPlantAndEquipmentTable" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/SummaryOfSignificantAccountingPoliciesDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="AccountingPoliciesAbstract" xlink:title="AccountingPoliciesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsAbstract" xlink:label="CashAndCashEquivalentsAbstract" xlink:title="CashAndCashEquivalentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:label="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:title="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CashAndCashEquivalentsAbstract" xlink:to="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:title="presentation: CashAndCashEquivalentsAbstract to OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="CashAndCashEquivalentsAbstract" xlink:title="presentation: AccountingPoliciesAbstract to CashAndCashEquivalentsAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableNetAbstract" xlink:label="AccountsReceivableNetAbstract" xlink:title="AccountsReceivableNetAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="AllowanceForDoubtfulAccountsReceivable" xlink:title="AllowanceForDoubtfulAccountsReceivable" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountsReceivableNetAbstract" xlink:to="AllowanceForDoubtfulAccountsReceivable" xlink:title="presentation: AccountsReceivableNetAbstract to AllowanceForDoubtfulAccountsReceivable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="AccountsReceivableNetAbstract" xlink:title="presentation: AccountingPoliciesAbstract to AccountsReceivableNetAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="ScheduleOfPropertyPlantAndEquipmentTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="PropertyPlantAndEquipmentByTypeAxis" xlink:title="PropertyPlantAndEquipmentByTypeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_BallastTankMember" xlink:label="BallastTankMember" xlink:title="BallastTankMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="BallastTankMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to BallastTankMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="PropertyPlantAndEquipmentTypeDomain" xlink:title="presentation: PropertyPlantAndEquipmentByTypeAxis to PropertyPlantAndEquipmentTypeDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="PropertyPlantAndEquipmentByTypeAxis" xlink:title="presentation: ScheduleOfPropertyPlantAndEquipmentTable to PropertyPlantAndEquipmentByTypeAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="PropertyPlantAndEquipmentLineItems" xlink:title="PropertyPlantAndEquipmentLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="PropertyPlantAndEquipmentAbstract" xlink:title="PropertyPlantAndEquipmentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="PropertyPlantAndEquipmentUsefulLife" xlink:title="PropertyPlantAndEquipmentUsefulLife" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="PropertyPlantAndEquipmentUsefulLife" xlink:title="presentation: PropertyPlantAndEquipmentAbstract to PropertyPlantAndEquipmentUsefulLife" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MarketRatesForTheInitialPeriod" xlink:label="MarketRatesForTheInitialPeriod" xlink:title="MarketRatesForTheInitialPeriod" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="MarketRatesForTheInitialPeriod" xlink:title="presentation: PropertyPlantAndEquipmentAbstract to MarketRatesForTheInitialPeriod" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_HistoricalAndAverageSpotMarketRate" xlink:label="HistoricalAndAverageSpotMarketRate" xlink:title="HistoricalAndAverageSpotMarketRate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="HistoricalAndAverageSpotMarketRate" xlink:title="presentation: PropertyPlantAndEquipmentAbstract to HistoricalAndAverageSpotMarketRate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentSalvageValue" xlink:label="PropertyPlantAndEquipmentSalvageValue" xlink:title="PropertyPlantAndEquipmentSalvageValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="PropertyPlantAndEquipmentSalvageValue" xlink:title="presentation: PropertyPlantAndEquipmentAbstract to PropertyPlantAndEquipmentSalvageValue" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="PropertyPlantAndEquipmentAbstract" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to PropertyPlantAndEquipmentAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DrydockAbstract" xlink:label="DrydockAbstract" xlink:title="DrydockAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:label="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:title="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DrydockAbstract" xlink:to="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:title="presentation: DrydockAbstract to PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:label="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:title="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DrydockAbstract" xlink:to="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:title="presentation: DrydockAbstract to PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AmortizationPeriod" xlink:label="AmortizationPeriod" xlink:title="AmortizationPeriod" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DrydockAbstract" xlink:to="AmortizationPeriod" xlink:title="presentation: DrydockAbstract to AmortizationPeriod" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="DrydockAbstract" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to DrydockAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="PropertyPlantAndEquipmentLineItems" xlink:title="presentation: ScheduleOfPropertyPlantAndEquipmentTable to PropertyPlantAndEquipmentLineItems" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="presentation: AccountingPoliciesAbstract to ScheduleOfPropertyPlantAndEquipmentTable" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationLiabilityAbstract" xlink:label="DeferredCompensationLiabilityAbstract" xlink:title="DeferredCompensationLiabilityAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfIndividualDeferredCompensationAgreements" xlink:label="NumberOfIndividualDeferredCompensationAgreements" xlink:title="NumberOfIndividualDeferredCompensationAgreements" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DeferredCompensationLiabilityAbstract" xlink:to="NumberOfIndividualDeferredCompensationAgreements" xlink:title="presentation: DeferredCompensationLiabilityAbstract to NumberOfIndividualDeferredCompensationAgreements" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="DeferredCompensationLiabilityAbstract" xlink:title="presentation: AccountingPoliciesAbstract to DeferredCompensationLiabilityAbstract" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_SegmentsAbstract" xlink:label="SegmentsAbstract" xlink:title="SegmentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="NumberOfOperatingSegments" xlink:title="NumberOfOperatingSegments" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SegmentsAbstract" xlink:to="NumberOfOperatingSegments" xlink:title="presentation: SegmentsAbstract to NumberOfOperatingSegments" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfTypesOfVessels" xlink:label="NumberOfTypesOfVessels" xlink:title="NumberOfTypesOfVessels" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SegmentsAbstract" xlink:to="NumberOfTypesOfVessels" xlink:title="presentation: SegmentsAbstract to NumberOfTypesOfVessels" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="SegmentsAbstract" xlink:title="presentation: AccountingPoliciesAbstract to SegmentsAbstract" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="IncomeTaxDisclosureAbstract" xlink:title="IncomeTaxDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="EffectiveIncomeTaxRateContinuingOperations" xlink:title="EffectiveIncomeTaxRateContinuingOperations" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDisclosureAbstract" xlink:to="EffectiveIncomeTaxRateContinuingOperations" xlink:title="presentation: IncomeTaxDisclosureAbstract to EffectiveIncomeTaxRateContinuingOperations" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfWhollyOwnedSubsidiaries" xlink:label="NumberOfWhollyOwnedSubsidiaries" xlink:title="NumberOfWhollyOwnedSubsidiaries" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDisclosureAbstract" xlink:to="NumberOfWhollyOwnedSubsidiaries" xlink:title="presentation: IncomeTaxDisclosureAbstract to NumberOfWhollyOwnedSubsidiaries" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:title="EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDisclosureAbstract" xlink:to="EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:title="presentation: IncomeTaxDisclosureAbstract to EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="IncomeTaxExpenseBenefit" xlink:title="IncomeTaxExpenseBenefit" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeTaxDisclosureAbstract" xlink:to="IncomeTaxExpenseBenefit" xlink:title="presentation: IncomeTaxDisclosureAbstract to IncomeTaxExpenseBenefit" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="IncomeTaxDisclosureAbstract" xlink:title="presentation: AccountingPoliciesAbstract to IncomeTaxDisclosureAbstract" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CreditRiskAbstract" xlink:label="CreditRiskAbstract" xlink:title="CreditRiskAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="ConcentrationRiskTable" xlink:title="ConcentrationRiskTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="ConcentrationRiskByBenchmarkAxis" xlink:title="ConcentrationRiskByBenchmarkAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="ConcentrationRiskBenchmarkDomain" xlink:title="ConcentrationRiskBenchmarkDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableMember" xlink:label="AccountsReceivableMember" xlink:title="AccountsReceivableMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConcentrationRiskBenchmarkDomain" xlink:to="AccountsReceivableMember" xlink:title="presentation: ConcentrationRiskBenchmarkDomain to AccountsReceivableMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SalesRevenueServicesNetMember" xlink:label="SalesRevenueServicesNetMember" xlink:title="SalesRevenueServicesNetMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConcentrationRiskBenchmarkDomain" xlink:to="SalesRevenueServicesNetMember" xlink:title="presentation: ConcentrationRiskBenchmarkDomain to SalesRevenueServicesNetMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConcentrationRiskByBenchmarkAxis" xlink:to="ConcentrationRiskBenchmarkDomain" xlink:title="presentation: ConcentrationRiskByBenchmarkAxis to ConcentrationRiskBenchmarkDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConcentrationRiskTable" xlink:to="ConcentrationRiskByBenchmarkAxis" xlink:title="presentation: ConcentrationRiskTable to ConcentrationRiskByBenchmarkAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MajorCustomersAxis" xlink:label="MajorCustomersAxis" xlink:title="MajorCustomersAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NameOfMajorCustomerDomain" xlink:label="NameOfMajorCustomerDomain" xlink:title="NameOfMajorCustomerDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CustomerOneMember" xlink:label="CustomerOneMember" xlink:title="CustomerOneMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NameOfMajorCustomerDomain" xlink:to="CustomerOneMember" xlink:title="presentation: NameOfMajorCustomerDomain to CustomerOneMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CustomerTwoMember" xlink:label="CustomerTwoMember" xlink:title="CustomerTwoMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NameOfMajorCustomerDomain" xlink:to="CustomerTwoMember" xlink:title="presentation: NameOfMajorCustomerDomain to CustomerTwoMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CustomerThreeMember" xlink:label="CustomerThreeMember" xlink:title="CustomerThreeMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NameOfMajorCustomerDomain" xlink:to="CustomerThreeMember" xlink:title="presentation: NameOfMajorCustomerDomain to CustomerThreeMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="MajorCustomersAxis" xlink:to="NameOfMajorCustomerDomain" xlink:title="presentation: MajorCustomersAxis to NameOfMajorCustomerDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConcentrationRiskTable" xlink:to="MajorCustomersAxis" xlink:title="presentation: ConcentrationRiskTable to MajorCustomersAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="ConcentrationRiskLineItems" xlink:title="ConcentrationRiskLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfCustomersAccountedForTotalRevenues" xlink:label="NumberOfCustomersAccountedForTotalRevenues" xlink:title="NumberOfCustomersAccountedForTotalRevenues" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConcentrationRiskLineItems" xlink:to="NumberOfCustomersAccountedForTotalRevenues" xlink:title="presentation: ConcentrationRiskLineItems to NumberOfCustomersAccountedForTotalRevenues" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="ConcentrationRiskPercentage1" xlink:title="ConcentrationRiskPercentage1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConcentrationRiskLineItems" xlink:to="ConcentrationRiskPercentage1" xlink:title="presentation: ConcentrationRiskLineItems to ConcentrationRiskPercentage1" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="AccountsReceivableNet" xlink:title="AccountsReceivableNet" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConcentrationRiskLineItems" xlink:to="AccountsReceivableNet" xlink:title="presentation: ConcentrationRiskLineItems to AccountsReceivableNet" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfCharterersAccountedForOutstandingAmount" xlink:label="NumberOfCharterersAccountedForOutstandingAmount" xlink:title="NumberOfCharterersAccountedForOutstandingAmount" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConcentrationRiskLineItems" xlink:to="NumberOfCharterersAccountedForOutstandingAmount" xlink:title="presentation: ConcentrationRiskLineItems to NumberOfCharterersAccountedForOutstandingAmount" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConcentrationRiskTable" xlink:to="ConcentrationRiskLineItems" xlink:title="presentation: ConcentrationRiskTable to ConcentrationRiskLineItems" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditRiskAbstract" xlink:to="ConcentrationRiskTable" xlink:title="presentation: CreditRiskAbstract to ConcentrationRiskTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="CreditRiskAbstract" xlink:title="presentation: AccountingPoliciesAbstract to CreditRiskAbstract" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:label="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:title="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="AdjustmentsForNewAccountingPronouncementsAxis" xlink:title="AdjustmentsForNewAccountingPronouncementsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="TypeOfAdoptionMember" xlink:title="TypeOfAdoptionMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementMember" xlink:label="NewAccountingPronouncementMember" xlink:title="NewAccountingPronouncementMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingStandardsUpdate201409Member" xlink:label="AccountingStandardsUpdate201409Member" xlink:title="AccountingStandardsUpdate201409Member" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NewAccountingPronouncementMember" xlink:to="AccountingStandardsUpdate201409Member" xlink:title="presentation: NewAccountingPronouncementMember to AccountingStandardsUpdate201409Member" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccountingStandardsUpdate201618Member" xlink:label="AccountingStandardsUpdate201618Member" xlink:title="AccountingStandardsUpdate201618Member" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NewAccountingPronouncementMember" xlink:to="AccountingStandardsUpdate201618Member" xlink:title="presentation: NewAccountingPronouncementMember to AccountingStandardsUpdate201618Member" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TypeOfAdoptionMember" xlink:to="NewAccountingPronouncementMember" xlink:title="presentation: TypeOfAdoptionMember to NewAccountingPronouncementMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsForNewAccountingPronouncementsAxis" xlink:to="TypeOfAdoptionMember" xlink:title="presentation: AdjustmentsForNewAccountingPronouncementsAxis to TypeOfAdoptionMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:to="AdjustmentsForNewAccountingPronouncementsAxis" xlink:title="presentation: NewAccountingPronouncementsOrChangeInAccountingPrincipleTable to AdjustmentsForNewAccountingPronouncementsAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:label="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:title="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:label="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:title="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ContractWithCustomerLiabilityCurrent" xlink:label="ContractWithCustomerLiabilityCurrent" xlink:title="ContractWithCustomerLiabilityCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:to="ContractWithCustomerLiabilityCurrent" xlink:title="presentation: NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract to ContractWithCustomerLiabilityCurrent" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AccruedVoyageExpensesCurrent" xlink:label="AccruedVoyageExpensesCurrent" xlink:title="AccruedVoyageExpensesCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:to="AccruedVoyageExpensesCurrent" xlink:title="presentation: NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract to AccruedVoyageExpensesCurrent" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RecognitionOfCapitalizedFulfillmentCost" xlink:label="RecognitionOfCapitalizedFulfillmentCost" xlink:title="RecognitionOfCapitalizedFulfillmentCost" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:to="RecognitionOfCapitalizedFulfillmentCost" xlink:title="presentation: NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract to RecognitionOfCapitalizedFulfillmentCost" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AmountReclassifiedFromInvestingActivities" xlink:label="AmountReclassifiedFromInvestingActivities" xlink:title="AmountReclassifiedFromInvestingActivities" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:to="AmountReclassifiedFromInvestingActivities" xlink:title="presentation: NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract to AmountReclassifiedFromInvestingActivities" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:title="presentation: NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems to NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:to="NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:title="presentation: NewAccountingPronouncementsOrChangeInAccountingPrincipleTable to NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccountingPoliciesAbstract" xlink:to="NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:title="presentation: AccountingPoliciesAbstract to NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/VesselsNetDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="PropertyPlantAndEquipmentAbstract" xlink:title="PropertyPlantAndEquipmentAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsUnderOperations" xlink:label="VesselsUnderOperations" xlink:title="VesselsUnderOperations" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="VesselsUnderOperations" xlink:title="presentation: PropertyPlantAndEquipmentAbstract to VesselsUnderOperations" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="ScheduleOfPropertyPlantAndEquipmentTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="PropertyPlantAndEquipmentByTypeAxis" xlink:title="PropertyPlantAndEquipmentByTypeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsMember" xlink:label="VesselsMember" xlink:title="VesselsMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="VesselsMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to VesselsMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DrydockingMember" xlink:label="DrydockingMember" xlink:title="DrydockingMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="DrydockingMember" xlink:title="presentation: PropertyPlantAndEquipmentTypeDomain to DrydockingMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="PropertyPlantAndEquipmentTypeDomain" xlink:title="presentation: PropertyPlantAndEquipmentByTypeAxis to PropertyPlantAndEquipmentTypeDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="PropertyPlantAndEquipmentByTypeAxis" xlink:title="presentation: ScheduleOfPropertyPlantAndEquipmentTable to PropertyPlantAndEquipmentByTypeAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="PropertyPlantAndEquipmentLineItems" xlink:title="PropertyPlantAndEquipmentLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsGross" xlink:label="VesselsGross" xlink:title="VesselsGross" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="VesselsGross" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to VesselsGross" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:title="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AccumulatedImpairmentLossOnVessels" xlink:label="AccumulatedImpairmentLossOnVessels" xlink:title="AccumulatedImpairmentLossOnVessels" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="AccumulatedImpairmentLossOnVessels" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to AccumulatedImpairmentLossOnVessels" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsNet" xlink:label="VesselsNet" xlink:title="VesselsNet" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="VesselsNet" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to VesselsNet" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsDeliveredToTheCompany" xlink:label="NumberOfVesselsDeliveredToTheCompany" xlink:title="NumberOfVesselsDeliveredToTheCompany" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="NumberOfVesselsDeliveredToTheCompany" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to NumberOfVesselsDeliveredToTheCompany" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:label="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:title="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DepositsForVesselsUnderConstruction" xlink:label="DepositsForVesselsUnderConstruction" xlink:title="DepositsForVesselsUnderConstruction" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="DepositsForVesselsUnderConstruction" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to DepositsForVesselsUnderConstruction" order="6.0" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VesselsUnderOperationsDeliveredIn2018" xlink:label="VesselsUnderOperationsDeliveredIn2018" xlink:title="VesselsUnderOperationsDeliveredIn2018" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="VesselsUnderOperationsDeliveredIn2018" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to VesselsUnderOperationsDeliveredIn2018" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RemainingCapitalCommitments" xlink:label="RemainingCapitalCommitments" xlink:title="RemainingCapitalCommitments" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="RemainingCapitalCommitments" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to RemainingCapitalCommitments" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:label="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="ImpairmentOfLongLivedAssetsToBeDisposedOf" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="ImpairmentOfLongLivedAssetsToBeDisposedOf" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to ImpairmentOfLongLivedAssetsToBeDisposedOf" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:label="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:title="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:title="presentation: PropertyPlantAndEquipmentLineItems to NumberOfVesselsIncludedInWriteDownForImpairmentLoss" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="PropertyPlantAndEquipmentLineItems" xlink:title="presentation: ScheduleOfPropertyPlantAndEquipmentTable to PropertyPlantAndEquipmentLineItems" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="presentation: PropertyPlantAndEquipmentAbstract to ScheduleOfPropertyPlantAndEquipmentTable" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/InvestmentsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InvestmentsAbstract" xlink:label="InvestmentsAbstract" xlink:title="InvestmentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:label="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:title="ScheduleOfBusinessAcquisitionsByAcquisitionTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="BusinessAcquisitionAxis" xlink:title="BusinessAcquisitionAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="BusinessAcquisitionAcquireeDomain" xlink:title="BusinessAcquisitionAcquireeDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAmericanOffshoreLimitedMember" xlink:label="NordicAmericanOffshoreLimitedMember" xlink:title="NordicAmericanOffshoreLimitedMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionAcquireeDomain" xlink:to="NordicAmericanOffshoreLimitedMember" xlink:title="presentation: BusinessAcquisitionAcquireeDomain to NordicAmericanOffshoreLimitedMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionAxis" xlink:to="BusinessAcquisitionAcquireeDomain" xlink:title="presentation: BusinessAcquisitionAxis to BusinessAcquisitionAcquireeDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="BusinessAcquisitionAxis" xlink:title="presentation: ScheduleOfBusinessAcquisitionsByAcquisitionTable to BusinessAcquisitionAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="SubsidiarySaleOfStockAxis" xlink:title="SubsidiarySaleOfStockAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="SaleOfStockNameOfTransactionDomain" xlink:title="SaleOfStockNameOfTransactionDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="PrivatePlacementMember" xlink:title="PrivatePlacementMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SaleOfStockNameOfTransactionDomain" xlink:to="PrivatePlacementMember" xlink:title="presentation: SaleOfStockNameOfTransactionDomain to PrivatePlacementMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IPOMember" xlink:label="IPOMember" xlink:title="IPOMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SaleOfStockNameOfTransactionDomain" xlink:to="IPOMember" xlink:title="presentation: SaleOfStockNameOfTransactionDomain to IPOMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsidiarySaleOfStockAxis" xlink:to="SaleOfStockNameOfTransactionDomain" xlink:title="presentation: SubsidiarySaleOfStockAxis to SaleOfStockNameOfTransactionDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="SubsidiarySaleOfStockAxis" xlink:title="presentation: ScheduleOfBusinessAcquisitionsByAcquisitionTable to SubsidiarySaleOfStockAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareRepurchaseProgramAxis" xlink:label="ShareRepurchaseProgramAxis" xlink:title="ShareRepurchaseProgramAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareRepurchaseProgramDomain" xlink:label="ShareRepurchaseProgramDomain" xlink:title="ShareRepurchaseProgramDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAmericanOffshoreRepurchaseProgramMember" xlink:label="NordicAmericanOffshoreRepurchaseProgramMember" xlink:title="NordicAmericanOffshoreRepurchaseProgramMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareRepurchaseProgramDomain" xlink:to="NordicAmericanOffshoreRepurchaseProgramMember" xlink:title="presentation: ShareRepurchaseProgramDomain to NordicAmericanOffshoreRepurchaseProgramMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareRepurchaseProgramAxis" xlink:to="ShareRepurchaseProgramDomain" xlink:title="presentation: ShareRepurchaseProgramAxis to ShareRepurchaseProgramDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="ShareRepurchaseProgramAxis" xlink:title="presentation: ScheduleOfBusinessAcquisitionsByAcquisitionTable to ShareRepurchaseProgramAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="SubsequentEventTypeAxis" xlink:title="SubsequentEventTypeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain" xlink:title="SubsequentEventTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="SubsequentEventMember" xlink:title="SubsequentEventMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventTypeDomain" xlink:to="SubsequentEventMember" xlink:title="presentation: SubsequentEventTypeDomain to SubsequentEventMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventTypeAxis" xlink:to="SubsequentEventTypeDomain" xlink:title="presentation: SubsequentEventTypeAxis to SubsequentEventTypeDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="SubsequentEventTypeAxis" xlink:title="presentation: ScheduleOfBusinessAcquisitionsByAcquisitionTable to SubsequentEventTypeAxis" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionLineItems" xlink:label="BusinessAcquisitionLineItems" xlink:title="BusinessAcquisitionLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:title="presentation: BusinessAcquisitionLineItems to StockIssuedDuringPeriodValueNewIssues" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentAggregateCost" xlink:label="EquityMethodInvestmentAggregateCost" xlink:title="EquityMethodInvestmentAggregateCost" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentAggregateCost" xlink:title="presentation: BusinessAcquisitionLineItems to EquityMethodInvestmentAggregateCost" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:label="EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:title="EquityMethodInvestmentPrivateEquityPlacementParticipation" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentPrivateEquityPlacementParticipation" xlink:title="presentation: BusinessAcquisitionLineItems to EquityMethodInvestmentPrivateEquityPlacementParticipation" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:label="SaleOfStockNumberOfSharesIssuedInTransaction" xlink:title="SaleOfStockNumberOfSharesIssuedInTransaction" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="SaleOfStockNumberOfSharesIssuedInTransaction" xlink:title="presentation: BusinessAcquisitionLineItems to SaleOfStockNumberOfSharesIssuedInTransaction" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:label="SaleOfStockConsiderationReceivedOnTransaction" xlink:title="SaleOfStockConsiderationReceivedOnTransaction" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="SaleOfStockConsiderationReceivedOnTransaction" xlink:title="presentation: BusinessAcquisitionLineItems to SaleOfStockConsiderationReceivedOnTransaction" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsShares" xlink:label="CommonStockDividendsShares" xlink:title="CommonStockDividendsShares" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="CommonStockDividendsShares" xlink:title="presentation: BusinessAcquisitionLineItems to CommonStockDividendsShares" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AdditionalSharesAcquiredInOpenMarket" xlink:label="AdditionalSharesAcquiredInOpenMarket" xlink:title="AdditionalSharesAcquiredInOpenMarket" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="AdditionalSharesAcquiredInOpenMarket" xlink:title="presentation: BusinessAcquisitionLineItems to AdditionalSharesAcquiredInOpenMarket" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AdditionalSharesAcquiredInPrivateTransaction" xlink:label="AdditionalSharesAcquiredInPrivateTransaction" xlink:title="AdditionalSharesAcquiredInPrivateTransaction" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="AdditionalSharesAcquiredInPrivateTransaction" xlink:title="presentation: BusinessAcquisitionLineItems to AdditionalSharesAcquiredInPrivateTransaction" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="EquityMethodInvestmentOwnershipPercentage" xlink:title="EquityMethodInvestmentOwnershipPercentage" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentOwnershipPercentage" xlink:title="presentation: BusinessAcquisitionLineItems to EquityMethodInvestmentOwnershipPercentage" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RealizedInvestmentGainsLosses" xlink:label="RealizedInvestmentGainsLosses" xlink:title="RealizedInvestmentGainsLosses" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="RealizedInvestmentGainsLosses" xlink:title="presentation: BusinessAcquisitionLineItems to RealizedInvestmentGainsLosses" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsPerShareCashPaid" xlink:label="CommonStockDividendsPerShareCashPaid" xlink:title="CommonStockDividendsPerShareCashPaid" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="CommonStockDividendsPerShareCashPaid" xlink:title="presentation: BusinessAcquisitionLineItems to CommonStockDividendsPerShareCashPaid" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfShareHeldOfCommonSharesReceived" xlink:label="NumberOfShareHeldOfCommonSharesReceived" xlink:title="NumberOfShareHeldOfCommonSharesReceived" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="NumberOfShareHeldOfCommonSharesReceived" xlink:title="presentation: BusinessAcquisitionLineItems to NumberOfShareHeldOfCommonSharesReceived" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:label="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:title="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" xlink:title="presentation: BusinessAcquisitionLineItems to NumberOfSharesReceivedByShareholdersInConversionOfCommonShares" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfCommonSharesUsedForConversion" xlink:label="NumberOfCommonSharesUsedForConversion" xlink:title="NumberOfCommonSharesUsedForConversion" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="NumberOfCommonSharesUsedForConversion" xlink:title="presentation: BusinessAcquisitionLineItems to NumberOfCommonSharesUsedForConversion" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharePrice" xlink:label="SharePrice" xlink:title="SharePrice" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="SharePrice" xlink:title="presentation: BusinessAcquisitionLineItems to SharePrice" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ClosingPriceOfShare" xlink:label="ClosingPriceOfShare" xlink:title="ClosingPriceOfShare" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="ClosingPriceOfShare" xlink:title="presentation: BusinessAcquisitionLineItems to ClosingPriceOfShare" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:label="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:title="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" xlink:title="presentation: BusinessAcquisitionLineItems to MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CommonStockAdditionalDividendsPerShareCashPaid" xlink:label="CommonStockAdditionalDividendsPerShareCashPaid" xlink:title="CommonStockAdditionalDividendsPerShareCashPaid" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="CommonStockAdditionalDividendsPerShareCashPaid" xlink:title="presentation: BusinessAcquisitionLineItems to CommonStockAdditionalDividendsPerShareCashPaid" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnInvestments" xlink:label="GainLossOnInvestments" xlink:title="GainLossOnInvestments" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="GainLossOnInvestments" xlink:title="presentation: BusinessAcquisitionLineItems to GainLossOnInvestments" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:label="EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:title="EquityMethodInvestmentOtherThanTemporaryImpairment" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:title="presentation: BusinessAcquisitionLineItems to EquityMethodInvestmentOtherThanTemporaryImpairment" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentsFairValueDisclosure" xlink:label="EquityMethodInvestmentsFairValueDisclosure" xlink:title="EquityMethodInvestmentsFairValueDisclosure" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentsFairValueDisclosure" xlink:title="presentation: BusinessAcquisitionLineItems to EquityMethodInvestmentsFairValueDisclosure" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityMethodInvestmentsCarryingValue" xlink:label="EquityMethodInvestmentsCarryingValue" xlink:title="EquityMethodInvestmentsCarryingValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentsCarryingValue" xlink:title="presentation: BusinessAcquisitionLineItems to EquityMethodInvestmentsCarryingValue" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" xlink:title="presentation: EquityMethodInvestmentSummarizedFinancialInformationAbstract to EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" xlink:title="presentation: EquityMethodInvestmentSummarizedFinancialInformationAbstract to EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationAssets" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:title="presentation: EquityMethodInvestmentSummarizedFinancialInformationAbstract to EquityMethodInvestmentSummarizedFinancialInformationAssets" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" xlink:title="presentation: EquityMethodInvestmentSummarizedFinancialInformationAbstract to EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" xlink:title="presentation: EquityMethodInvestmentSummarizedFinancialInformationAbstract to EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationEquity" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:title="presentation: EquityMethodInvestmentSummarizedFinancialInformationAbstract to EquityMethodInvestmentSummarizedFinancialInformationEquity" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" xlink:title="presentation: EquityMethodInvestmentSummarizedFinancialInformationAbstract to EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationAbstract" xlink:title="presentation: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationAbstract" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="EquityMethodInvestments" xlink:title="EquityMethodInvestments" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestments" xlink:title="presentation: BusinessAcquisitionLineItems to EquityMethodInvestments" order="23.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationRevenue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:title="presentation: EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract to EquityMethodInvestmentSummarizedFinancialInformationRevenue" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" xlink:title="presentation: EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract to EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:label="EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:title="EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:title="presentation: EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract to EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" xlink:title="presentation: BusinessAcquisitionLineItems to EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract" order="24.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="IncomeLossFromEquityMethodInvestments" xlink:title="IncomeLossFromEquityMethodInvestments" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="IncomeLossFromEquityMethodInvestments" xlink:title="presentation: BusinessAcquisitionLineItems to IncomeLossFromEquityMethodInvestments" order="25.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromDividendsReceived" xlink:label="ProceedsFromDividendsReceived" xlink:title="ProceedsFromDividendsReceived" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="ProceedsFromDividendsReceived" xlink:title="presentation: BusinessAcquisitionLineItems to ProceedsFromDividendsReceived" order="26.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="BusinessAcquisitionLineItems" xlink:title="presentation: ScheduleOfBusinessAcquisitionsByAcquisitionTable to BusinessAcquisitionLineItems" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestmentsAbstract" xlink:to="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:title="presentation: InvestmentsAbstract to ScheduleOfBusinessAcquisitionsByAcquisitionTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/AcquisitionsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="BusinessCombinationsAbstract" xlink:title="BusinessCombinationsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:label="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:title="ScheduleOfBusinessAcquisitionsByAcquisitionTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="BusinessAcquisitionAxis" xlink:title="BusinessAcquisitionAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="BusinessAcquisitionAcquireeDomain" xlink:title="BusinessAcquisitionAcquireeDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ScandicAmericanShippingLtdMember" xlink:label="ScandicAmericanShippingLtdMember" xlink:title="ScandicAmericanShippingLtdMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionAcquireeDomain" xlink:to="ScandicAmericanShippingLtdMember" xlink:title="presentation: BusinessAcquisitionAcquireeDomain to ScandicAmericanShippingLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionAxis" xlink:to="BusinessAcquisitionAcquireeDomain" xlink:title="presentation: BusinessAcquisitionAxis to BusinessAcquisitionAcquireeDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="BusinessAcquisitionAxis" xlink:title="presentation: ScheduleOfBusinessAcquisitionsByAcquisitionTable to BusinessAcquisitionAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessAcquisitionLineItems" xlink:label="BusinessAcquisitionLineItems" xlink:title="BusinessAcquisitionLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferred1" xlink:label="BusinessCombinationConsiderationTransferred1" xlink:title="BusinessCombinationConsiderationTransferred1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="BusinessCombinationConsiderationTransferred1" xlink:title="presentation: BusinessAcquisitionLineItems to BusinessCombinationConsiderationTransferred1" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:label="BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:title="BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:title="presentation: BusinessAcquisitionLineItems to BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesGross" xlink:label="PaymentsToAcquireBusinessesGross" xlink:title="PaymentsToAcquireBusinessesGross" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="PaymentsToAcquireBusinessesGross" xlink:title="presentation: BusinessAcquisitionLineItems to PaymentsToAcquireBusinessesGross" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:label="BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:title="BusinessCombinationConsiderationTransferredLiabilitiesIncurred" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:title="presentation: BusinessAcquisitionLineItems to BusinessCombinationConsiderationTransferredLiabilitiesIncurred" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Goodwill" xlink:label="Goodwill" xlink:title="Goodwill" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="Goodwill" xlink:title="presentation: BusinessAcquisitionLineItems to Goodwill" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GoodwillImpairmentLoss" xlink:label="GoodwillImpairmentLoss" xlink:title="GoodwillImpairmentLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="GoodwillImpairmentLoss" xlink:title="presentation: BusinessAcquisitionLineItems to GoodwillImpairmentLoss" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NumberOfReportingUnits" xlink:label="NumberOfReportingUnits" xlink:title="NumberOfReportingUnits" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="NumberOfReportingUnits" xlink:title="presentation: BusinessAcquisitionLineItems to NumberOfReportingUnits" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:label="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:title="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessAcquisitionLineItems" xlink:to="NumberOfVesselsIncludedInWriteDownForImpairmentLoss" xlink:title="presentation: BusinessAcquisitionLineItems to NumberOfVesselsIncludedInWriteDownForImpairmentLoss" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="BusinessAcquisitionLineItems" xlink:title="presentation: ScheduleOfBusinessAcquisitionsByAcquisitionTable to BusinessAcquisitionLineItems" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="BusinessCombinationsAbstract" xlink:to="ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:title="presentation: BusinessCombinationsAbstract to ScheduleOfBusinessAcquisitionsByAcquisitionTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/RelatedPartyTransactionsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="RelatedPartyTransactionsAbstract" xlink:title="RelatedPartyTransactionsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:title="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="RelatedPartyTransactionsByRelatedPartyAxis" xlink:title="RelatedPartyTransactionsByRelatedPartyAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="RelatedPartyDomain" xlink:title="RelatedPartyDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ScandicAmericanShippingLtdMember" xlink:label="ScandicAmericanShippingLtdMember" xlink:title="ScandicAmericanShippingLtdMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyDomain" xlink:to="ScandicAmericanShippingLtdMember" xlink:title="presentation: RelatedPartyDomain to ScandicAmericanShippingLtdMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DirectorMember" xlink:label="DirectorMember" xlink:title="DirectorMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyDomain" xlink:to="DirectorMember" xlink:title="presentation: RelatedPartyDomain to DirectorMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" xlink:label="ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" xlink:title="ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyDomain" xlink:to="ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" xlink:title="presentation: RelatedPartyDomain to ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NordicAmericanOffshoreLimitedMember" xlink:label="NordicAmericanOffshoreLimitedMember" xlink:title="NordicAmericanOffshoreLimitedMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyDomain" xlink:to="NordicAmericanOffshoreLimitedMember" xlink:title="presentation: RelatedPartyDomain to NordicAmericanOffshoreLimitedMember" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="RelatedPartyDomain" xlink:title="presentation: RelatedPartyTransactionsByRelatedPartyAxis to RelatedPartyDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="RelatedPartyTransactionsByRelatedPartyAxis" xlink:title="presentation: ScheduleOfRelatedPartyTransactionsByRelatedPartyTable to RelatedPartyTransactionsByRelatedPartyAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="RangeMember" xlink:title="RangeMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="MinimumMember" xlink:title="MinimumMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangeMember" xlink:to="MinimumMember" xlink:title="presentation: RangeMember to MinimumMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="MaximumMember" xlink:title="MaximumMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangeMember" xlink:to="MaximumMember" xlink:title="presentation: RangeMember to MaximumMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangeAxis" xlink:to="RangeMember" xlink:title="presentation: RangeAxis to RangeMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="RangeAxis" xlink:title="presentation: ScheduleOfRelatedPartyTransactionsByRelatedPartyTable to RangeAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="RelatedPartyTransactionLineItems" xlink:title="RelatedPartyTransactionLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:label="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:title="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyTransactionLineItems" xlink:to="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:title="presentation: RelatedPartyTransactionLineItems to RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="DueToRelatedPartiesCurrent" xlink:title="DueToRelatedPartiesCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyTransactionLineItems" xlink:to="DueToRelatedPartiesCurrent" xlink:title="presentation: RelatedPartyTransactionLineItems to DueToRelatedPartiesCurrent" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CostsAndExpensesRelatedParty" xlink:label="CostsAndExpensesRelatedParty" xlink:title="CostsAndExpensesRelatedParty" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyTransactionLineItems" xlink:to="CostsAndExpensesRelatedParty" xlink:title="presentation: RelatedPartyTransactionLineItems to CostsAndExpensesRelatedParty" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="RelatedPartyTransactionLineItems" xlink:title="presentation: ScheduleOfRelatedPartyTransactionsByRelatedPartyTable to RelatedPartyTransactionLineItems" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyTransactionsAbstract" xlink:to="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:title="presentation: RelatedPartyTransactionsAbstract to ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/DeferredCompensationLiabilityDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationLiabilityAbstract" xlink:label="DeferredCompensationLiabilityAbstract" xlink:title="DeferredCompensationLiabilityAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:label="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:title="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="TitleOfIndividualAxis" xlink:title="TitleOfIndividualAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="TitleOfIndividualWithRelationshipToEntityDomain" xlink:title="TitleOfIndividualWithRelationshipToEntityDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ChiefFinancialOfficerMember" xlink:label="ChiefFinancialOfficerMember" xlink:title="ChiefFinancialOfficerMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="ChiefFinancialOfficerMember" xlink:title="presentation: TitleOfIndividualWithRelationshipToEntityDomain to ChiefFinancialOfficerMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ChiefExecutiveOfficerMember" xlink:label="ChiefExecutiveOfficerMember" xlink:title="ChiefExecutiveOfficerMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="ChiefExecutiveOfficerMember" xlink:title="presentation: TitleOfIndividualWithRelationshipToEntityDomain to ChiefExecutiveOfficerMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CEOAndCFOMember" xlink:label="CEOAndCFOMember" xlink:title="CEOAndCFOMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="CEOAndCFOMember" xlink:title="presentation: TitleOfIndividualWithRelationshipToEntityDomain to CEOAndCFOMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TitleOfIndividualAxis" xlink:to="TitleOfIndividualWithRelationshipToEntityDomain" xlink:title="presentation: TitleOfIndividualAxis to TitleOfIndividualWithRelationshipToEntityDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:to="TitleOfIndividualAxis" xlink:title="presentation: ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable to TitleOfIndividualAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:label="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:title="PostRetirementBenefitsWithIndividualEmployeesLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredCompensationLiabilityRetirementAge" xlink:label="DeferredCompensationLiabilityRetirementAge" xlink:title="DeferredCompensationLiabilityRetirementAge" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationLiabilityRetirementAge" xlink:title="presentation: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationLiabilityRetirementAge" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredCompensationLiabilityImputedInterest" xlink:label="DeferredCompensationLiabilityImputedInterest" xlink:title="DeferredCompensationLiabilityImputedInterest" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationLiabilityImputedInterest" xlink:title="presentation: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationLiabilityImputedInterest" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" xlink:label="DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" xlink:title="DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" xlink:title="presentation: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:label="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:title="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:title="presentation: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:label="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:title="DeferredCompensationArrangementWithIndividualCompensationExpense" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationArrangementWithIndividualCompensationExpense" xlink:title="presentation: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationArrangementWithIndividualCompensationExpense" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredCompensationLiabilityCurrent" xlink:label="DeferredCompensationLiabilityCurrent" xlink:title="DeferredCompensationLiabilityCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="DeferredCompensationLiabilityCurrent" xlink:title="presentation: PostRetirementBenefitsWithIndividualEmployeesLineItems to DeferredCompensationLiabilityCurrent" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:to="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:title="presentation: ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable to PostRetirementBenefitsWithIndividualEmployeesLineItems" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DeferredCompensationLiabilityAbstract" xlink:to="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:title="presentation: DeferredCompensationLiabilityAbstract to ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/OtherNoncurrentAssetsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsNoncurrentDisclosureAbstract" xlink:label="OtherAssetsNoncurrentDisclosureAbstract" xlink:title="OtherAssetsNoncurrentDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="PropertyPlantAndEquipmentNet" xlink:title="PropertyPlantAndEquipmentNet" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherAssetsNoncurrentDisclosureAbstract" xlink:to="PropertyPlantAndEquipmentNet" xlink:title="presentation: OtherAssetsNoncurrentDisclosureAbstract to PropertyPlantAndEquipmentNet" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:label="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:title="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherAssetsNoncurrentDisclosureAbstract" xlink:to="ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" xlink:title="presentation: OtherAssetsNoncurrentDisclosureAbstract to ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LongTermDepositNoncurrent" xlink:label="LongTermDepositNoncurrent" xlink:title="LongTermDepositNoncurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherAssetsNoncurrentDisclosureAbstract" xlink:to="LongTermDepositNoncurrent" xlink:title="presentation: OtherAssetsNoncurrentDisclosureAbstract to LongTermDepositNoncurrent" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:label="OtherAssetsMiscellaneousNoncurrent" xlink:title="OtherAssetsMiscellaneousNoncurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherAssetsNoncurrentDisclosureAbstract" xlink:to="OtherAssetsMiscellaneousNoncurrent" xlink:title="presentation: OtherAssetsNoncurrentDisclosureAbstract to OtherAssetsMiscellaneousNoncurrent" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="OtherAssetsNoncurrent" xlink:title="OtherAssetsNoncurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherAssetsNoncurrentDisclosureAbstract" xlink:to="OtherAssetsNoncurrent" xlink:title="presentation: OtherAssetsNoncurrentDisclosureAbstract to OtherAssetsNoncurrent" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfNewBuildings" xlink:label="NumberOfNewBuildings" xlink:title="NumberOfNewBuildings" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OtherAssetsNoncurrentDisclosureAbstract" xlink:to="NumberOfNewBuildings" xlink:title="presentation: OtherAssetsNoncurrentDisclosureAbstract to NumberOfNewBuildings" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/SharebasedCompensationPlanDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:title="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:title="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="PlanNameAxis" xlink:title="PlanNameAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="PlanNameDomain" xlink:title="PlanNameDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EquityIncentivePlan2011Member" xlink:label="EquityIncentivePlan2011Member" xlink:title="EquityIncentivePlan2011Member" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanNameDomain" xlink:to="EquityIncentivePlan2011Member" xlink:title="presentation: PlanNameDomain to EquityIncentivePlan2011Member" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="PlanNameAxis" xlink:to="PlanNameDomain" xlink:title="presentation: PlanNameAxis to PlanNameDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="PlanNameAxis" xlink:title="presentation: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to PlanNameAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="AwardTypeAxis" xlink:title="AwardTypeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:title="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="RestrictedStockMember" xlink:title="RestrictedStockMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="RestrictedStockMember" xlink:title="presentation: ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain to RestrictedStockMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AwardTypeAxis" xlink:to="ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:title="presentation: AwardTypeAxis to ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="AwardTypeAxis" xlink:title="presentation: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to AwardTypeAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="TitleOfIndividualAxis" xlink:title="TitleOfIndividualAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="TitleOfIndividualWithRelationshipToEntityDomain" xlink:title="TitleOfIndividualWithRelationshipToEntityDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EmployeesMember" xlink:label="EmployeesMember" xlink:title="EmployeesMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="EmployeesMember" xlink:title="presentation: TitleOfIndividualWithRelationshipToEntityDomain to EmployeesMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_EmployeesAndNonEmployeesMember" xlink:label="EmployeesAndNonEmployeesMember" xlink:title="EmployeesAndNonEmployeesMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="EmployeesAndNonEmployeesMember" xlink:title="presentation: TitleOfIndividualWithRelationshipToEntityDomain to EmployeesAndNonEmployeesMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="TitleOfIndividualAxis" xlink:to="TitleOfIndividualWithRelationshipToEntityDomain" xlink:title="presentation: TitleOfIndividualAxis to TitleOfIndividualWithRelationshipToEntityDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="TitleOfIndividualAxis" xlink:title="presentation: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to TitleOfIndividualAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="RangeMember" xlink:title="RangeMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="MinimumMember" xlink:title="MinimumMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangeMember" xlink:to="MinimumMember" xlink:title="presentation: RangeMember to MinimumMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="MaximumMember" xlink:title="MaximumMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangeMember" xlink:to="MaximumMember" xlink:title="presentation: RangeMember to MaximumMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangeAxis" xlink:to="RangeMember" xlink:title="presentation: RangeAxis to RangeMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="RangeAxis" xlink:title="presentation: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to RangeAxis" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ShareBasedCompensationFairValueOfSharesIssued" xlink:label="ShareBasedCompensationFairValueOfSharesIssued" xlink:title="ShareBasedCompensationFairValueOfSharesIssued" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationFairValueOfSharesIssued" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationFairValueOfSharesIssued" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="TreasuryStockSharesAcquired" xlink:title="TreasuryStockSharesAcquired" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="TreasuryStockSharesAcquired" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to TreasuryStockSharesAcquired" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_VestingRequirementLiftedForRestrictedShares" xlink:label="VestingRequirementLiftedForRestrictedShares" xlink:title="VestingRequirementLiftedForRestrictedShares" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="VestingRequirementLiftedForRestrictedShares" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to VestingRequirementLiftedForRestrictedShares" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:label="CommonStockCapitalSharesReservedForFutureIssuance" xlink:title="CommonStockCapitalSharesReservedForFutureIssuance" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="CommonStockCapitalSharesReservedForFutureIssuance" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to CommonStockCapitalSharesReservedForFutureIssuance" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:title="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:label="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:title="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="AllocatedShareBasedCompensationExpense" xlink:title="AllocatedShareBasedCompensationExpense" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="AllocatedShareBasedCompensationExpense" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to AllocatedShareBasedCompensationExpense" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" xlink:label="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" xlink:title="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="TreasuryStockShares" xlink:title="TreasuryStockShares" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="TreasuryStockShares" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to TreasuryStockShares" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" order="2.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" order="3.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_2" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_2" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_WeightedAverageGrantDateFairValueAbstract" xlink:label="WeightedAverageGrantDateFairValueAbstract" xlink:title="WeightedAverageGrantDateFairValueAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WeightedAverageGrantDateFairValueAbstract" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:title="presentation: WeightedAverageGrantDateFairValueAbstract to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WeightedAverageGrantDateFairValueAbstract" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:title="presentation: WeightedAverageGrantDateFairValueAbstract to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WeightedAverageGrantDateFairValueAbstract" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:title="presentation: WeightedAverageGrantDateFairValueAbstract to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WeightedAverageGrantDateFairValueAbstract" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:title="presentation: WeightedAverageGrantDateFairValueAbstract to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_2" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WeightedAverageGrantDateFairValueAbstract" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_2" xlink:title="presentation: WeightedAverageGrantDateFairValueAbstract to ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="WeightedAverageGrantDateFairValueAbstract" xlink:title="presentation: ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems to WeightedAverageGrantDateFairValueAbstract" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:title="presentation: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:title="presentation: DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract to ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/LongtermDebtDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="DebtDisclosureAbstract" xlink:title="DebtDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="DebtInstrumentTable" xlink:title="DebtInstrumentTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="CreditFacilityAxis" xlink:title="CreditFacilityAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="CreditFacilityDomain" xlink:title="CreditFacilityDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="RevolvingCreditFacilityMember" xlink:title="RevolvingCreditFacilityMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditFacilityDomain" xlink:to="RevolvingCreditFacilityMember" xlink:title="presentation: CreditFacilityDomain to RevolvingCreditFacilityMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NewRevolvingCreditFacilityMember" xlink:label="NewRevolvingCreditFacilityMember" xlink:title="NewRevolvingCreditFacilityMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditFacilityDomain" xlink:to="NewRevolvingCreditFacilityMember" xlink:title="presentation: CreditFacilityDomain to NewRevolvingCreditFacilityMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CreditFacilityAxis" xlink:to="CreditFacilityDomain" xlink:title="presentation: CreditFacilityAxis to CreditFacilityDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentTable" xlink:to="CreditFacilityAxis" xlink:title="presentation: DebtInstrumentTable to CreditFacilityAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="DebtInstrumentAxis" xlink:title="DebtInstrumentAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="DebtInstrumentNameDomain" xlink:title="DebtInstrumentNameDomain" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_BondLoanMember" xlink:label="BondLoanMember" xlink:title="BondLoanMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentNameDomain" xlink:to="BondLoanMember" xlink:title="presentation: DebtInstrumentNameDomain to BondLoanMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentAxis" xlink:to="DebtInstrumentNameDomain" xlink:title="presentation: DebtInstrumentAxis to DebtInstrumentNameDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentTable" xlink:to="DebtInstrumentAxis" xlink:title="presentation: DebtInstrumentTable to DebtInstrumentAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RangeMember" xlink:label="RangeMember" xlink:title="RangeMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinimumMember" xlink:label="MinimumMember" xlink:title="MinimumMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangeMember" xlink:to="MinimumMember" xlink:title="presentation: RangeMember to MinimumMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MaximumMember" xlink:label="MaximumMember" xlink:title="MaximumMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangeMember" xlink:to="MaximumMember" xlink:title="presentation: RangeMember to MaximumMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RangeAxis" xlink:to="RangeMember" xlink:title="presentation: RangeAxis to RangeMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentTable" xlink:to="RangeAxis" xlink:title="presentation: DebtInstrumentTable to RangeAxis" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="SubsequentEventTypeAxis" xlink:title="SubsequentEventTypeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain" xlink:title="SubsequentEventTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="SubsequentEventMember" xlink:title="SubsequentEventMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventTypeDomain" xlink:to="SubsequentEventMember" xlink:title="presentation: SubsequentEventTypeDomain to SubsequentEventMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventTypeAxis" xlink:to="SubsequentEventTypeDomain" xlink:title="presentation: SubsequentEventTypeAxis to SubsequentEventTypeDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentTable" xlink:to="SubsequentEventTypeAxis" xlink:title="presentation: DebtInstrumentTable to SubsequentEventTypeAxis" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="DebtInstrumentLineItems" xlink:title="DebtInstrumentLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:title="LineOfCreditFacilityMaximumBorrowingCapacity" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:title="presentation: DebtInstrumentLineItems to LineOfCreditFacilityMaximumBorrowingCapacity" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCreditFacilityExpirationDate1" xlink:label="LineOfCreditFacilityExpirationDate1" xlink:title="LineOfCreditFacilityExpirationDate1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="LineOfCreditFacilityExpirationDate1" xlink:title="presentation: DebtInstrumentLineItems to LineOfCreditFacilityExpirationDate1" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="DeferredFinanceCostsNet" xlink:title="DeferredFinanceCostsNet" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="DeferredFinanceCostsNet" xlink:title="presentation: DebtInstrumentLineItems to DeferredFinanceCostsNet" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LineOfCredit" xlink:label="LineOfCredit" xlink:title="LineOfCredit" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="LineOfCredit" xlink:title="presentation: DebtInstrumentLineItems to LineOfCredit" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver" xlink:label="PercentageOfIncreaseInMarginForThePeriodOfWaiver" xlink:title="PercentageOfIncreaseInMarginForThePeriodOfWaiver" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="PercentageOfIncreaseInMarginForThePeriodOfWaiver" xlink:title="presentation: DebtInstrumentLineItems to PercentageOfIncreaseInMarginForThePeriodOfWaiver" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_SecurityRatioAfterAdjustment" xlink:label="SecurityRatioAfterAdjustment" xlink:title="SecurityRatioAfterAdjustment" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="SecurityRatioAfterAdjustment" xlink:title="presentation: DebtInstrumentLineItems to SecurityRatioAfterAdjustment" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LiquidityCovenantAfterAdjustment" xlink:label="LiquidityCovenantAfterAdjustment" xlink:title="LiquidityCovenantAfterAdjustment" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="LiquidityCovenantAfterAdjustment" xlink:title="presentation: DebtInstrumentLineItems to LiquidityCovenantAfterAdjustment" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MinimumMarketCapAfterAdjustments" xlink:label="MinimumMarketCapAfterAdjustments" xlink:title="MinimumMarketCapAfterAdjustments" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="MinimumMarketCapAfterAdjustments" xlink:title="presentation: DebtInstrumentLineItems to MinimumMarketCapAfterAdjustments" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MinimumMarketCapToValueAdjustedTotalAssets" xlink:label="MinimumMarketCapToValueAdjustedTotalAssets" xlink:title="MinimumMarketCapToValueAdjustedTotalAssets" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="MinimumMarketCapToValueAdjustedTotalAssets" xlink:title="presentation: DebtInstrumentLineItems to MinimumMarketCapToValueAdjustedTotalAssets" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:label="LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:title="LineOfCreditFacilityIncreaseInUndrawnPercentage" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="LineOfCreditFacilityIncreaseInUndrawnPercentage" xlink:title="presentation: DebtInstrumentLineItems to LineOfCreditFacilityIncreaseInUndrawnPercentage" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DistributedEarnings" xlink:label="DistributedEarnings" xlink:title="DistributedEarnings" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="DistributedEarnings" xlink:title="presentation: DebtInstrumentLineItems to DistributedEarnings" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="ProceedsFromIssuanceOrSaleOfEquity" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="presentation: DebtInstrumentLineItems to ProceedsFromIssuanceOrSaleOfEquity" order="11.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="RepaymentsOfLongTermDebt" xlink:title="RepaymentsOfLongTermDebt" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="RepaymentsOfLongTermDebt" xlink:title="presentation: DebtInstrumentLineItems to RepaymentsOfLongTermDebt" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFrequencyOfPeriodicPayment" xlink:label="DebtInstrumentFrequencyOfPeriodicPayment" xlink:title="DebtInstrumentFrequencyOfPeriodicPayment" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentFrequencyOfPeriodicPayment" xlink:title="presentation: DebtInstrumentLineItems to DebtInstrumentFrequencyOfPeriodicPayment" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentPeriodicPayment" xlink:label="DebtInstrumentPeriodicPayment" xlink:title="DebtInstrumentPeriodicPayment" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentPeriodicPayment" xlink:title="presentation: DebtInstrumentLineItems to DebtInstrumentPeriodicPayment" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentInterestRateDuringPeriod" xlink:label="DebtInstrumentInterestRateDuringPeriod" xlink:title="DebtInstrumentInterestRateDuringPeriod" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentInterestRateDuringPeriod" xlink:title="presentation: DebtInstrumentLineItems to DebtInstrumentInterestRateDuringPeriod" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AmountOfDividendsThatCanBeDistributedQuarterly" xlink:label="AmountOfDividendsThatCanBeDistributedQuarterly" xlink:title="AmountOfDividendsThatCanBeDistributedQuarterly" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="AmountOfDividendsThatCanBeDistributedQuarterly" xlink:title="presentation: DebtInstrumentLineItems to AmountOfDividendsThatCanBeDistributedQuarterly" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_LineOfCreditFacilityCovenantAmount" xlink:label="LineOfCreditFacilityCovenantAmount" xlink:title="LineOfCreditFacilityCovenantAmount" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="LineOfCreditFacilityCovenantAmount" xlink:title="presentation: DebtInstrumentLineItems to LineOfCreditFacilityCovenantAmount" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NewEquityUnderRecapitalizationProgram" xlink:label="NewEquityUnderRecapitalizationProgram" xlink:title="NewEquityUnderRecapitalizationProgram" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="NewEquityUnderRecapitalizationProgram" xlink:title="presentation: DebtInstrumentLineItems to NewEquityUnderRecapitalizationProgram" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:label="GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:title="GrossAmountUnderNewEquityUnderRecapitalizationProgram" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="GrossAmountUnderNewEquityUnderRecapitalizationProgram" xlink:title="presentation: DebtInstrumentLineItems to GrossAmountUnderNewEquityUnderRecapitalizationProgram" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFeeAmount" xlink:label="DebtInstrumentFeeAmount" xlink:title="DebtInstrumentFeeAmount" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentFeeAmount" xlink:title="presentation: DebtInstrumentLineItems to DebtInstrumentFeeAmount" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsPlacedInTheMarketForSale" xlink:label="NumberOfVesselsPlacedInTheMarketForSale" xlink:title="NumberOfVesselsPlacedInTheMarketForSale" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="NumberOfVesselsPlacedInTheMarketForSale" xlink:title="presentation: DebtInstrumentLineItems to NumberOfVesselsPlacedInTheMarketForSale" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfAdditionalVesselsExpectedToBeSold" xlink:label="NumberOfAdditionalVesselsExpectedToBeSold" xlink:title="NumberOfAdditionalVesselsExpectedToBeSold" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="NumberOfAdditionalVesselsExpectedToBeSold" xlink:title="presentation: DebtInstrumentLineItems to NumberOfAdditionalVesselsExpectedToBeSold" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FinancingOfOutstandingCommitmentsPerShip" xlink:label="FinancingOfOutstandingCommitmentsPerShip" xlink:title="FinancingOfOutstandingCommitmentsPerShip" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="FinancingOfOutstandingCommitmentsPerShip" xlink:title="presentation: DebtInstrumentLineItems to FinancingOfOutstandingCommitmentsPerShip" order="23.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfNewBuildings" xlink:label="NumberOfNewBuildings" xlink:title="NumberOfNewBuildings" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="NumberOfNewBuildings" xlink:title="presentation: DebtInstrumentLineItems to NumberOfNewBuildings" order="24.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:label="PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:title="PercentageOfPurchasePriceExpectedToPayByLendingProvider" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:title="presentation: DebtInstrumentLineItems to PercentageOfPurchasePriceExpectedToPayByLendingProvider" order="25.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_TermOfBareboatCharterAgreement" xlink:label="TermOfBareboatCharterAgreement" xlink:title="TermOfBareboatCharterAgreement" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="TermOfBareboatCharterAgreement" xlink:title="presentation: DebtInstrumentLineItems to TermOfBareboatCharterAgreement" order="26.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FirstFlexibilityPeriodToPurchaseVessels" xlink:label="FirstFlexibilityPeriodToPurchaseVessels" xlink:title="FirstFlexibilityPeriodToPurchaseVessels" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="FirstFlexibilityPeriodToPurchaseVessels" xlink:title="presentation: DebtInstrumentLineItems to FirstFlexibilityPeriodToPurchaseVessels" order="27.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_SecondFlexibilityPeriodToPurchaseVessels" xlink:label="SecondFlexibilityPeriodToPurchaseVessels" xlink:title="SecondFlexibilityPeriodToPurchaseVessels" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="SecondFlexibilityPeriodToPurchaseVessels" xlink:title="presentation: DebtInstrumentLineItems to SecondFlexibilityPeriodToPurchaseVessels" order="28.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DebtInstrumentMinimumValueAdjustedEquity" xlink:label="DebtInstrumentMinimumValueAdjustedEquity" xlink:title="DebtInstrumentMinimumValueAdjustedEquity" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentMinimumValueAdjustedEquity" xlink:title="presentation: DebtInstrumentLineItems to DebtInstrumentMinimumValueAdjustedEquity" order="29.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_MinimumValueAdjustedEquityRatio" xlink:label="MinimumValueAdjustedEquityRatio" xlink:title="MinimumValueAdjustedEquityRatio" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="MinimumValueAdjustedEquityRatio" xlink:title="presentation: DebtInstrumentLineItems to MinimumValueAdjustedEquityRatio" order="30.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_DebtInstrumentMinimumLiquidityValue" xlink:label="DebtInstrumentMinimumLiquidityValue" xlink:title="DebtInstrumentMinimumLiquidityValue" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentLineItems" xlink:to="DebtInstrumentMinimumLiquidityValue" xlink:title="presentation: DebtInstrumentLineItems to DebtInstrumentMinimumLiquidityValue" order="31.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtInstrumentTable" xlink:to="DebtInstrumentLineItems" xlink:title="presentation: DebtInstrumentTable to DebtInstrumentLineItems" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtDisclosureAbstract" xlink:to="DebtInstrumentTable" xlink:title="presentation: DebtDisclosureAbstract to DebtInstrumentTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/InterestExpenseDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpenseAbstract" xlink:label="InterestExpenseAbstract" xlink:title="InterestExpenseAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_InterestExpensesNetOfCapitalizedInterest" xlink:label="InterestExpensesNetOfCapitalizedInterest" xlink:title="InterestExpensesNetOfCapitalizedInterest" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InterestExpenseAbstract" xlink:to="InterestExpensesNetOfCapitalizedInterest" xlink:title="presentation: InterestExpenseAbstract to InterestExpensesNetOfCapitalizedInterest" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CommitmentFee" xlink:label="CommitmentFee" xlink:title="CommitmentFee" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InterestExpenseAbstract" xlink:to="CommitmentFee" xlink:title="presentation: InterestExpenseAbstract to CommitmentFee" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="AmortizationOfFinancingCosts" xlink:title="AmortizationOfFinancingCosts" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InterestExpenseAbstract" xlink:to="AmortizationOfFinancingCosts" xlink:title="presentation: InterestExpenseAbstract to AmortizationOfFinancingCosts" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpenseOther" xlink:label="InterestExpenseOther" xlink:title="InterestExpenseOther" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InterestExpenseAbstract" xlink:to="InterestExpenseOther" xlink:title="presentation: InterestExpenseAbstract to InterestExpenseOther" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InterestExpenseAbstract" xlink:to="InterestExpense" xlink:title="presentation: InterestExpenseAbstract to InterestExpense" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestCostsCapitalized" xlink:label="InterestCostsCapitalized" xlink:title="InterestCostsCapitalized" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InterestExpenseAbstract" xlink:to="InterestCostsCapitalized" xlink:title="presentation: InterestExpenseAbstract to InterestCostsCapitalized" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/AccruedLiabilitiesDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:label="AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:title="AccruedLiabilitiesCurrentAndNoncurrentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPayableCurrent" xlink:label="InterestPayableCurrent" xlink:title="InterestPayableCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:to="InterestPayableCurrent" xlink:title="presentation: AccruedLiabilitiesCurrentAndNoncurrentAbstract to InterestPayableCurrent" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="OtherAccruedLiabilitiesCurrent" xlink:title="OtherAccruedLiabilitiesCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:to="OtherAccruedLiabilitiesCurrent" xlink:title="presentation: AccruedLiabilitiesCurrentAndNoncurrentAbstract to OtherAccruedLiabilitiesCurrent" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="AccruedLiabilitiesCurrent" xlink:title="AccruedLiabilitiesCurrent" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AccruedLiabilitiesCurrentAndNoncurrentAbstract" xlink:to="AccruedLiabilitiesCurrent" xlink:title="presentation: AccruedLiabilitiesCurrentAndNoncurrentAbstract to AccruedLiabilitiesCurrent" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/EarningsLossPerShareDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLossAbstract" xlink:label="NetIncomeLossAbstract" xlink:title="NetIncomeLossAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetIncomeLossAbstract" xlink:to="NetIncomeLoss" xlink:title="presentation: NetIncomeLossAbstract to NetIncomeLoss" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareAbstract" xlink:to="NetIncomeLossAbstract" xlink:title="presentation: EarningsPerShareAbstract to NetIncomeLossAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="WeightedAverageNumberOfSharesOutstandingAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="WeightedAverageNumberOfSharesOutstandingBasic" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="presentation: WeightedAverageNumberOfSharesOutstandingAbstract to WeightedAverageNumberOfSharesOutstandingBasic" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="WeightedAverageNumberOfDilutedSharesOutstanding" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="presentation: WeightedAverageNumberOfSharesOutstandingAbstract to WeightedAverageNumberOfDilutedSharesOutstanding" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareAbstract" xlink:to="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="presentation: EarningsPerShareAbstract to WeightedAverageNumberOfSharesOutstandingAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="EarningsPerShareBasicAndDilutedAbstract" xlink:title="EarningsPerShareBasicAndDilutedAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="EarningsPerShareBasic" xlink:title="EarningsPerShareBasic" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareBasicAndDilutedAbstract" xlink:to="EarningsPerShareBasic" xlink:title="presentation: EarningsPerShareBasicAndDilutedAbstract to EarningsPerShareBasic" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="EarningsPerShareDiluted" xlink:title="EarningsPerShareDiluted" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareBasicAndDilutedAbstract" xlink:to="EarningsPerShareDiluted" xlink:title="presentation: EarningsPerShareBasicAndDilutedAbstract to EarningsPerShareDiluted" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareAbstract" xlink:to="EarningsPerShareBasicAndDilutedAbstract" xlink:title="presentation: EarningsPerShareAbstract to EarningsPerShareBasicAndDilutedAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ShareholdersEquityDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="StockholdersEquityNoteAbstract" xlink:title="StockholdersEquityNoteAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="ScheduleOfStockByClassTable" xlink:title="ScheduleOfStockByClassTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityComponentDomain" xlink:to="CommonStockMember" xlink:title="presentation: EquityComponentDomain to CommonStockMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementEquityComponentsAxis" xlink:to="EquityComponentDomain" xlink:title="presentation: StatementEquityComponentsAxis to EquityComponentDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfStockByClassTable" xlink:to="StatementEquityComponentsAxis" xlink:title="presentation: ScheduleOfStockByClassTable to StatementEquityComponentsAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="ClassOfStockLineItems" xlink:title="ClassOfStockLineItems" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_AuthorizedSharesRollForward" xlink:label="AuthorizedSharesRollForward" xlink:title="AuthorizedSharesRollForward" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="CommonStockSharesAuthorized" xlink:title="CommonStockSharesAuthorized" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AuthorizedSharesRollForward" xlink:to="CommonStockSharesAuthorized" xlink:title="presentation: AuthorizedSharesRollForward to CommonStockSharesAuthorized" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="CommonStockSharesAuthorized_2" xlink:title="CommonStockSharesAuthorized" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AuthorizedSharesRollForward" xlink:to="CommonStockSharesAuthorized_2" xlink:title="presentation: AuthorizedSharesRollForward to CommonStockSharesAuthorized" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ClassOfStockLineItems" xlink:to="AuthorizedSharesRollForward" xlink:title="presentation: ClassOfStockLineItems to AuthorizedSharesRollForward" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_IssuedAndOutstandingSharesRollForward" xlink:label="IssuedAndOutstandingSharesRollForward" xlink:title="IssuedAndOutstandingSharesRollForward" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="CommonStockSharesIssued" xlink:title="CommonStockSharesIssued" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="CommonStockSharesIssued" xlink:title="presentation: IssuedAndOutstandingSharesRollForward to CommonStockSharesIssued" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding" xlink:title="CommonStockSharesOutstanding" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="CommonStockSharesOutstanding" xlink:title="presentation: IssuedAndOutstandingSharesRollForward to CommonStockSharesOutstanding" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:label="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:title="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" xlink:title="presentation: IssuedAndOutstandingSharesRollForward to StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="StockIssuedDuringPeriodSharesNewIssues" xlink:title="StockIssuedDuringPeriodSharesNewIssues" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="StockIssuedDuringPeriodSharesNewIssues" xlink:title="presentation: IssuedAndOutstandingSharesRollForward to StockIssuedDuringPeriodSharesNewIssues" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="CommonStockSharesIssued_2" xlink:title="CommonStockSharesIssued" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="CommonStockSharesIssued_2" xlink:title="presentation: IssuedAndOutstandingSharesRollForward to CommonStockSharesIssued" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding_2" xlink:title="CommonStockSharesOutstanding" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="CommonStockSharesOutstanding_2" xlink:title="presentation: IssuedAndOutstandingSharesRollForward to CommonStockSharesOutstanding" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ClassOfStockLineItems" xlink:to="IssuedAndOutstandingSharesRollForward" xlink:title="presentation: ClassOfStockLineItems to IssuedAndOutstandingSharesRollForward" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_CommonStockRollForward" xlink:label="CommonStockRollForward" xlink:title="CommonStockRollForward" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValueOutstanding" xlink:label="CommonStockValueOutstanding" xlink:title="CommonStockValueOutstanding" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommonStockRollForward" xlink:to="CommonStockValueOutstanding" xlink:title="presentation: CommonStockRollForward to CommonStockValueOutstanding" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:label="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:title="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommonStockRollForward" xlink:to="StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" xlink:title="presentation: CommonStockRollForward to StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommonStockRollForward" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:title="presentation: CommonStockRollForward to StockIssuedDuringPeriodValueNewIssues" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValueOutstanding" xlink:label="CommonStockValueOutstanding_2" xlink:title="CommonStockValueOutstanding" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommonStockRollForward" xlink:to="CommonStockValueOutstanding_2" xlink:title="presentation: CommonStockRollForward to CommonStockValueOutstanding" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ClassOfStockLineItems" xlink:to="CommonStockRollForward" xlink:title="presentation: ClassOfStockLineItems to CommonStockRollForward" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfStockByClassTable" xlink:to="ClassOfStockLineItems" xlink:title="presentation: ScheduleOfStockByClassTable to ClassOfStockLineItems" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityNoteAbstract" xlink:to="ScheduleOfStockByClassTable" xlink:title="presentation: StockholdersEquityNoteAbstract to ScheduleOfStockByClassTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:label="CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:title="CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="ProceedsFromIssuanceOfCommonStock" xlink:title="ProceedsFromIssuanceOfCommonStock" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:to="ProceedsFromIssuanceOfCommonStock" xlink:title="presentation: CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract to ProceedsFromIssuanceOfCommonStock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityNoteAbstract" xlink:to="CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:title="presentation: StockholdersEquityNoteAbstract to CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapitalAbstract" xlink:label="AdditionalPaidInCapitalAbstract" xlink:title="AdditionalPaidInCapitalAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_SharePremiumFund" xlink:label="SharePremiumFund" xlink:title="SharePremiumFund" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdditionalPaidInCapitalAbstract" xlink:to="SharePremiumFund" xlink:title="presentation: AdditionalPaidInCapitalAbstract to SharePremiumFund" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_IncreaseDecreaseOfSharePremiumFund" xlink:label="IncreaseDecreaseOfSharePremiumFund" xlink:title="IncreaseDecreaseOfSharePremiumFund" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdditionalPaidInCapitalAbstract" xlink:to="IncreaseDecreaseOfSharePremiumFund" xlink:title="presentation: AdditionalPaidInCapitalAbstract to IncreaseDecreaseOfSharePremiumFund" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityNoteAbstract" xlink:to="AdditionalPaidInCapitalAbstract" xlink:title="presentation: StockholdersEquityNoteAbstract to AdditionalPaidInCapitalAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ContributedSurplusAccountAbstract" xlink:label="ContributedSurplusAccountAbstract" xlink:title="ContributedSurplusAccountAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="PaymentsOfDividends" xlink:title="PaymentsOfDividends" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ContributedSurplusAccountAbstract" xlink:to="PaymentsOfDividends" xlink:title="presentation: ContributedSurplusAccountAbstract to PaymentsOfDividends" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityPeriodIncreaseDecrease" xlink:label="StockholdersEquityPeriodIncreaseDecrease" xlink:title="StockholdersEquityPeriodIncreaseDecrease" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ContributedSurplusAccountAbstract" xlink:to="StockholdersEquityPeriodIncreaseDecrease" xlink:title="presentation: ContributedSurplusAccountAbstract to StockholdersEquityPeriodIncreaseDecrease" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityNoteAbstract" xlink:to="ContributedSurplusAccountAbstract" xlink:title="presentation: StockholdersEquityNoteAbstract to ContributedSurplusAccountAbstract" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ShareholdersRightsPlanAbstract" xlink:label="ShareholdersRightsPlanAbstract" xlink:title="ShareholdersRightsPlanAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PreferredSharePurchaseRight" xlink:label="PreferredSharePurchaseRight" xlink:title="PreferredSharePurchaseRight" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareholdersRightsPlanAbstract" xlink:to="PreferredSharePurchaseRight" xlink:title="presentation: ShareholdersRightsPlanAbstract to PreferredSharePurchaseRight" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="CommonStockParOrStatedValuePerShare" xlink:title="CommonStockParOrStatedValuePerShare" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareholdersRightsPlanAbstract" xlink:to="CommonStockParOrStatedValuePerShare" xlink:title="presentation: ShareholdersRightsPlanAbstract to CommonStockParOrStatedValuePerShare" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SharePrice" xlink:label="SharePrice" xlink:title="SharePrice" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareholdersRightsPlanAbstract" xlink:to="SharePrice" xlink:title="presentation: ShareholdersRightsPlanAbstract to SharePrice" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_PercentageOfCommonShareOwnership" xlink:label="PercentageOfCommonShareOwnership" xlink:title="PercentageOfCommonShareOwnership" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareholdersRightsPlanAbstract" xlink:to="PercentageOfCommonShareOwnership" xlink:title="presentation: ShareholdersRightsPlanAbstract to PercentageOfCommonShareOwnership" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:label="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:title="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ShareholdersRightsPlanAbstract" xlink:to="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:title="presentation: ShareholdersRightsPlanAbstract to StockIssuedDuringPeriodSharesDividendReinvestmentPlan" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityNoteAbstract" xlink:to="ShareholdersRightsPlanAbstract" xlink:title="presentation: StockholdersEquityNoteAbstract to ShareholdersRightsPlanAbstract" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingenciesDetails">
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" xlink:label="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" xlink:title="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_ReceivedSettlementsAbstract" xlink:label="ReceivedSettlementsAbstract" xlink:title="ReceivedSettlementsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossRelatedToLitigationSettlement" xlink:label="GainLossRelatedToLitigationSettlement" xlink:title="GainLossRelatedToLitigationSettlement" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ReceivedSettlementsAbstract" xlink:to="GainLossRelatedToLitigationSettlement" xlink:title="presentation: ReceivedSettlementsAbstract to GainLossRelatedToLitigationSettlement" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" xlink:to="ReceivedSettlementsAbstract" xlink:title="presentation: RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract to ReceivedSettlementsAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="CommitmentsAndContingenciesDisclosureAbstract" xlink:title="CommitmentsAndContingenciesDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossContingencyPendingClaimsNumber" xlink:label="LossContingencyPendingClaimsNumber" xlink:title="LossContingencyPendingClaimsNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsAndContingenciesDisclosureAbstract" xlink:to="LossContingencyPendingClaimsNumber" xlink:title="presentation: CommitmentsAndContingenciesDisclosureAbstract to LossContingencyPendingClaimsNumber" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract" xlink:to="CommitmentsAndContingenciesDisclosureAbstract" xlink:title="presentation: RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract to CommitmentsAndContingenciesDisclosureAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresDetails">
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_FinancialInstrumentsAbstract" xlink:label="FinancialInstrumentsAbstract" xlink:title="FinancialInstrumentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable" xlink:label="FairValueByBalanceSheetGroupingTable" xlink:title="FairValueByBalanceSheetGroupingTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="FairValueByMeasurementBasisAxis" xlink:title="FairValueByMeasurementBasisAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="FairValueDisclosureItemAmountsDomain" xlink:title="FairValueDisclosureItemAmountsDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:label="PortionAtFairValueFairValueDisclosureMember" xlink:title="PortionAtFairValueFairValueDisclosureMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueDisclosureItemAmountsDomain" xlink:to="PortionAtFairValueFairValueDisclosureMember" xlink:title="presentation: FairValueDisclosureItemAmountsDomain to PortionAtFairValueFairValueDisclosureMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:label="EstimateOfFairValueFairValueDisclosureMember" xlink:title="EstimateOfFairValueFairValueDisclosureMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueDisclosureItemAmountsDomain" xlink:to="EstimateOfFairValueFairValueDisclosureMember" xlink:title="presentation: FairValueDisclosureItemAmountsDomain to EstimateOfFairValueFairValueDisclosureMember" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="CarryingReportedAmountFairValueDisclosureMember" xlink:title="CarryingReportedAmountFairValueDisclosureMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueDisclosureItemAmountsDomain" xlink:to="CarryingReportedAmountFairValueDisclosureMember" xlink:title="presentation: FairValueDisclosureItemAmountsDomain to CarryingReportedAmountFairValueDisclosureMember" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueByMeasurementBasisAxis" xlink:to="FairValueDisclosureItemAmountsDomain" xlink:title="presentation: FairValueByMeasurementBasisAxis to FairValueDisclosureItemAmountsDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueByBalanceSheetGroupingTable" xlink:to="FairValueByMeasurementBasisAxis" xlink:title="presentation: FairValueByBalanceSheetGroupingTable to FairValueByMeasurementBasisAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="FairValueByFairValueHierarchyLevelAxis" xlink:title="FairValueByFairValueHierarchyLevelAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="FairValueMeasurementsFairValueHierarchyDomain" xlink:title="FairValueMeasurementsFairValueHierarchyDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="FairValueInputsLevel1Member" xlink:title="FairValueInputsLevel1Member" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueMeasurementsFairValueHierarchyDomain" xlink:to="FairValueInputsLevel1Member" xlink:title="presentation: FairValueMeasurementsFairValueHierarchyDomain to FairValueInputsLevel1Member" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="FairValueInputsLevel2Member" xlink:title="FairValueInputsLevel2Member" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueMeasurementsFairValueHierarchyDomain" xlink:to="FairValueInputsLevel2Member" xlink:title="presentation: FairValueMeasurementsFairValueHierarchyDomain to FairValueInputsLevel2Member" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueByFairValueHierarchyLevelAxis" xlink:to="FairValueMeasurementsFairValueHierarchyDomain" xlink:title="presentation: FairValueByFairValueHierarchyLevelAxis to FairValueMeasurementsFairValueHierarchyDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueByBalanceSheetGroupingTable" xlink:to="FairValueByFairValueHierarchyLevelAxis" xlink:title="presentation: FairValueByBalanceSheetGroupingTable to FairValueByFairValueHierarchyLevelAxis" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:label="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:title="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:label="CashAndCashEquivalentsFairValueDisclosure" xlink:title="CashAndCashEquivalentsFairValueDisclosure" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="CashAndCashEquivalentsFairValueDisclosure" xlink:title="presentation: FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems to CashAndCashEquivalentsFairValueDisclosure" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LinesOfCreditFairValueDisclosure" xlink:label="LinesOfCreditFairValueDisclosure" xlink:title="LinesOfCreditFairValueDisclosure" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="LinesOfCreditFairValueDisclosure" xlink:title="presentation: FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems to LinesOfCreditFairValueDisclosure" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RestrictedCash" xlink:label="RestrictedCash" xlink:title="RestrictedCash" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="RestrictedCash" xlink:title="presentation: FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems to RestrictedCash" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueByBalanceSheetGroupingTable" xlink:to="FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:title="presentation: FairValueByBalanceSheetGroupingTable to FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancialInstrumentsAbstract" xlink:to="FairValueByBalanceSheetGroupingTable" xlink:title="presentation: FinancialInstrumentsAbstract to FairValueByBalanceSheetGroupingTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
  <link:presentationLink xlink:type="extended" xlink:role="http://nat.bm/role/SubsequentEventsDetails">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="SubsequentEventsAbstract" xlink:title="SubsequentEventsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="SubsequentEventTable" xlink:title="SubsequentEventTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="SubsequentEventTypeAxis" xlink:title="SubsequentEventTypeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain" xlink:title="SubsequentEventTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="SubsequentEventMember" xlink:title="SubsequentEventMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventTypeDomain" xlink:to="SubsequentEventMember" xlink:title="presentation: SubsequentEventTypeDomain to SubsequentEventMember" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventTypeAxis" xlink:to="SubsequentEventTypeDomain" xlink:title="presentation: SubsequentEventTypeAxis to SubsequentEventTypeDomain" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventTable" xlink:to="SubsequentEventTypeAxis" xlink:title="presentation: SubsequentEventTable to SubsequentEventTypeAxis" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="SubsequentEventLineItems" xlink:title="SubsequentEventLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="CommonStockDividendsPerShareDeclared" xlink:title="CommonStockDividendsPerShareDeclared" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventLineItems" xlink:to="CommonStockDividendsPerShareDeclared" xlink:title="presentation: SubsequentEventLineItems to CommonStockDividendsPerShareDeclared" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="DividendsPayableDateDeclaredDayMonthAndYear" xlink:title="DividendsPayableDateDeclaredDayMonthAndYear" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventLineItems" xlink:to="DividendsPayableDateDeclaredDayMonthAndYear" xlink:title="presentation: SubsequentEventLineItems to DividendsPayableDateDeclaredDayMonthAndYear" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="DividendPayableDateToBePaidDayMonthAndYear" xlink:title="DividendPayableDateToBePaidDayMonthAndYear" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventLineItems" xlink:to="DividendPayableDateToBePaidDayMonthAndYear" xlink:title="presentation: SubsequentEventLineItems to DividendPayableDateToBePaidDayMonthAndYear" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="nat-20171231.xsd#nat_NumberOfVesselsPlacedInTheMarketForSale" xlink:label="NumberOfVesselsPlacedInTheMarketForSale" xlink:title="NumberOfVesselsPlacedInTheMarketForSale" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventLineItems" xlink:to="NumberOfVesselsPlacedInTheMarketForSale" xlink:title="presentation: SubsequentEventLineItems to NumberOfVesselsPlacedInTheMarketForSale" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventTable" xlink:to="SubsequentEventLineItems" xlink:title="presentation: SubsequentEventTable to SubsequentEventLineItems" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventsAbstract" xlink:to="SubsequentEventTable" xlink:title="presentation: SubsequentEventsAbstract to SubsequentEventTable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>image00001.jpg
<TEXT>
begin 644 image00001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1" !1 -T# 2(  A$! Q$!_\0
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M%T2M>E!;+XBW2M)]P(+DEL]L8ZU]T2?=-?!][8+K/Q5N=,ED9([[7'MF=>2
M\Y4D?3-&!^TWV%6W7]=CZ]U+Q?X2T?1[W6([RQFALE5I/L6V20;FVJ %[DX
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' **** /_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>image00003.jpg
<TEXT>
begin 644 image00003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  I ( # 2(  A$! Q$!_\0
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@X HHHH **** "BBB@ HHHH **** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>image00007.jpg
<TEXT>
begin 644 image00007.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1" !Z 'P# 2(  A$! Q$!_\0
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MB^[JNGD 8'*__&JTO#7@+Q]9^(=-NM1U&RDLX9UDE5 I)4'_ '!756.N3Q>
M/%U_;^(O[9OM.@N'2>33OLQMY$@WA"AQGDAL^A KT6U(94)(+8YXQU%*6*NM
M8Q^X%25]R4,548%8FKWTD>M:-8JL;+=M*TFX'(5$)&,$=R*V\[3CM7GOC/4_
MLFL76HH^3IFFNJ 'DS3L%51[X P/<>M8T*?M).*[/_@?FA5ZOLXIWZK_ (/X
M)G;:+=O>:38W<H4/<0)(0HP!E<\?G6@IR*R_#\)MM#TZW.[,%M'$<CGY5 _I
M6JO2E.RFTMM?S-*4G**;\OR$-<YXWTV?4]#FCLF$=[$RSP/GHZ'(_/D?C724
MUDSW(]Q2C)PDI+H.K!5(.#ZG >$K^"#Q!F$,++7(OM<?]V.X08EC_P![@G_@
M+>E=)XO\/V_BGP_<Z3=R2PPW 7=)"P5T*L'!&0?XE%<?KFEMI^J/8VMR;..\
ME-Y83MPMO<@8=/HX9CZ\M[5U_A76UU?3]TN$NXCY5Q%@@I(.#QZ>E=.(C=*M
M';^K?Y'#@ZCC)T9;_P!?\.CFU^&5O,Z+J_B#Q!JUDK*[6=Y>EH9&5@PW* ,C
MCITKHKCPO:S^,[/Q([R"\M;-[-$#?)M9@Q)'KUK=W#=BGURMM[GH(Y*/P#HT
M/C6'Q3;1-#JJQR),4;"3EP!N9>F[ Z@<]Z7Q3X$TCQ+KNCZKJ,1,^FOO4*<"
M4 Y57'\05OF />NLHH&,:,'KR>G-<%J_P\N)=5O;WP_XGU30%O9?/N+>TVM&
M\I #/AAP3@9QZ5Z!10!PNC_#_P"P>&?$>D76K75^VN&5I[F8 .&DB$9;CCH!
M4.D^!]?L-2M[B;QWJ]W;Q.I-K)#$$D4?PGC->@'@&F,Y52>* *6H7D.F6<MQ
M=RI%;PKO:1SA0O\ GBO/=*LY-1U.VM-25I)]1G;5KE7_ .64*Y$,1]P=I_X"
M:TO&&IV^HRR07:JVA63![QNHN)/X(5]?FP3]*U/!.G7,)N=1U)LWNH,)2A'^
MI3'RQCV'\S7933HTW.6C?]+_ #^X\RI/ZQ55-:I?T_\ (Z@+M' Q4@I,>YI:
MXD>E8****8S)US2+;5M/EM;R/=$Y#<##*P.0P/8BN!:/4;+6(XYKGR-;B $,
MQRL6J1KT5_\ ;'([GYLC@UZI6;KFEV^KZ>]G>H7A?DE3AE(Z$'L1V-=&'K^R
M]U[?U?\ K]3CQ.&51<\?B_JW_#E/P_KMOJ\3@![>ZC.R6VF^62,_0\D>];H9
M3T(/XUYKKNCW=@%FOH9[^&!<17UG\MW OH0.'^M7?$FJZC!J36]E?1V\7]FQ
MN'G(C_>-.BD[B" Q3(&>,D5-:G&/O0V?]?TBL-5G).-1:K^OZ9WGF)C.]<?6
MG9'K7ENG^)+F^U#^S'UFYL!!)<K+>S) '9H_**H&QY;#;)O) R0I'&#5R_\
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K4SM&BX4R%MQ;'KFM&B@"/R5R.O'ZTX( ,<TZBE9  &.E%%%, HHHH __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>image00008.jpg
<TEXT>
begin 644 image00008.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1" !E LT# 2(  A$! Q$!_\0
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MHHH **** "BBB@#CM4-]K?C2;2+?5KK3;+3[&*YE%H%$D\DS2JOS,IPJ"(G
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M/5K>]77[=-%M-=COUNUL;8NMF5$+P,I?9NW,KEMX3J ,'[U7"-%Q=WK=_P#
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M-)(+B)"BQG^%@^"QP1DX'0U+_P (5-?>(O$=U?:A>0Z?J%]!,;.-D,4\<4$
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M+;06LPGMTN#*(LA7!;[KG)R1P?3/-=%H>BQ:1<:O-#+)(=2O3>R!L?(QCC3
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MWC))4$ '!)QG&3C-97A/Q5J&OW&N@6$"1VZ13:>AD96FCD1F0R$CY2VT'@'
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MVO'(,[2&! !]MXT:3^T2Y2['?_\ "76A\7WVAAK9!86T=S=3RW*H4#[R,+W
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M=^ J8SD^G%8L7C'29O#<^N6[W$UC%*8/E@<2/)O"!50@,26( XYR*OZ',_\
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M0XI6/Q%\-7EC?W8O)X(;.W^V2?:;26)VMSTF1&4,Z'U4']15&W\':G#H>O\
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M ,48HHH **** #%&*** "BBB@ HHHH **** "BBB@ HHHH ,48HHH ,4444
M%%%% !1110 8HHHH **** #%&***5@#%&***8!6'X@\(^'O$4T<VN:-8W\T:
M[$DGA5F5>N,]<9)X]ZW**J,G%WB[":3W(K6WAM+6*VM8HX+>%!''%&H544#
M4 <  < "I<445(PHHHH *I:OI=KJ]H+6_C,MN)8YBF<!F1PZY]1N49'0]#Q5
MVBFFT[H Q1112 **** *=QJNGVRW+7-]:PK;%1.9)E41%L;=V3\N<C&>N:D^
MW6AN_LHN8/M7_/'S!OZ _=Z]"#^->>?$+P%=>)?$#K"X71]7M!;:J"^"IAWO
M;LHZD[WY[#8.N:SU\)>*(O"\6K11PGQM)>O=3!KCY5#PFWVA^A"Q[&^JUTJC
M3<4^?5_U^=_P[F;E*^QZB=1LA"DIN[<12+O1_-7#+D#(.>1EE&?<>M/>\MD,
MH>XA4Q%1("X&PM]T'TSD8KS#1?A]?I9:YH]Z%CTRWLI]-T202[W6*61I"S>A
M4B%1GKY8-9^D^$?%EUKMK>ZU:QPPZU=1WNMQBX5A!]F=S;QC'WMP$ )7CY#D
M<T_84]??V_K\OQT#GEV/0?&WBN#PS%8)MMY[^_N%MK>":Y6 $D,Q9F(.% 4\
MX/) [UM1ZE8R7\EE'>6SWL8W/;K*ID4<<E<Y'4?F*P];TZ[UK4=":YT^,6UA
MJTDTBR.KAX?LLZ+)CW>1/EZCK7&^&_"VMZ;JR-?Q:O<W5E=WUY:S[K(6,DDH
MEVLV,7)RL@!!R-P'.T#$J$)0WLU_7]>H^9W/2[76-,NXI9+74;.:.$@2/'.K
M!">F2#Q3&US24MUG?4[%8&.%D-P@4\D<'..JL/P/I7D,7@OQ#>6/B#[7I<R/
M?Z-:68AE-I&/,21BZ((2%$8#87<2V!C/ %=;XC\$6]W?:D;;1K-[==!>QL5V
M1A4E9I"553]W.5YX'OUJW1I1=N;^M/\ /\!*4GT.MCURV;6=3L'#1#3[>&>6
M>3"QXD,G&3Z"/)_WA5RVU"SNEA-M=6\PF5GB,<@;S%4@,5P>0"0#CID5Y1X@
M\&:_<V3NIN!M32C=I;M%(]VENLGF(BR90L&=6^<8;:!S5?5/#UQX?\+VVL>'
MXM2BUE-2D-NFI"!'8WBK 0$@ 15WF.0K@'*-G%'L*<K6EJ_\O\PYWU1ZZNIV
M+745LM[;&XF4O'$)5WNHSD@9R1P>1Z&EO=1LK *;Z[M[8-T\Z54S^9KS[3?"
MQ\/^,-#AT+3;DVMK;QV]Q/<0PM#Y21N!)')GS$DW/@C^(,>,?-4OBGPR?$FM
MS7FIZ()$_L">WC2<)(8YG?A002-V!U'3UJ/90YE[VEA\SML=]/?6EO<0V\]U
M!%/,<11O(%:3_=!Y/X58KQ&\\+:I-;ZO9ZAX=GO]3U.RLX=/U LC+8LENJDL
MY;*&.4/)\N=V>,DXKVZIJTXP2L[_ -?U]PXR;W"BBBL2@HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "FR1))M\Q%?:P9=PS@CH?K3J* "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
3 "BBB@ HHHH **** "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6829657088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">NORDIC AMERICAN TANKERS Ltd<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001000177<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">141,969,666<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2017<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2017<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DocumentAndEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6830084288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CargoAndFreightRevenue', window );">Voyage Revenues</a></td>
<td class="nump">$ 297,141<span></span>
</td>
<td class="nump">$ 357,451<span></span>
</td>
<td class="nump">$ 445,738<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServices', window );">Voyage Expenses</a></td>
<td class="num">(142,465)<span></span>
</td>
<td class="num">(125,987)<span></span>
</td>
<td class="num">(158,656)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel Operating Expenses</a></td>
<td class="num">(87,663)<span></span>
</td>
<td class="num">(80,266)<span></span>
</td>
<td class="num">(66,589)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf', window );">Impairment Loss on Vessels</a></td>
<td class="num">(110,480)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment Loss on Goodwill</a></td>
<td class="num">(18,979)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and Administrative Expenses</a></td>
<td class="num">(12,575)<span></span>
</td>
<td class="num">(12,296)<span></span>
</td>
<td class="num">(9,790)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation Expense</a></td>
<td class="num">(100,669)<span></span>
</td>
<td class="num">(90,889)<span></span>
</td>
<td class="num">(82,610)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossRelatedToLitigationSettlement', window );">Received Settlement</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">5,328<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net Operating (Loss) Income</a></td>
<td class="num">(175,690)<span></span>
</td>
<td class="nump">53,341<span></span>
</td>
<td class="nump">128,093<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_InterestIncome', window );">Interest Income</a></td>
<td class="nump">347<span></span>
</td>
<td class="nump">215<span></span>
</td>
<td class="nump">114<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest Expense</a></td>
<td class="num">(20,464)<span></span>
</td>
<td class="num">(11,170)<span></span>
</td>
<td class="num">(10,855)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other Financial Expense</a></td>
<td class="num">(644)<span></span>
</td>
<td class="num">(98)<span></span>
</td>
<td class="num">(167)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total Other Expenses</a></td>
<td class="num">(20,761)<span></span>
</td>
<td class="num">(11,053)<span></span>
</td>
<td class="num">(10,908)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Net (Loss) Income Before Income Taxes and Equity (Loss)</a></td>
<td class="num">(196,451)<span></span>
</td>
<td class="nump">42,288<span></span>
</td>
<td class="nump">117,185<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income Tax Expense</a></td>
<td class="num">(83)<span></span>
</td>
<td class="num">(102)<span></span>
</td>
<td class="num">(96)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnInvestments', window );">Equity (Loss) from Associate</a></td>
<td class="num">(8,435)<span></span>
</td>
<td class="num">(46,642)<span></span>
</td>
<td class="num">(2,462)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Income (Loss)</a></td>
<td class="num">$ (204,969)<span></span>
</td>
<td class="num">$ (4,456)<span></span>
</td>
<td class="nump">$ 114,627<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and Diluted (Loss) Earnings per Share (in dollars per share)</a></td>
<td class="num">$ (1.97)<span></span>
</td>
<td class="num">$ (0.05)<span></span>
</td>
<td class="nump">$ 1.29<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Basic and Diluted Average Number of Common Shares Outstanding (in shares)</a></td>
<td class="nump">103,832,680<span></span>
</td>
<td class="nump">92,531,001<span></span>
</td>
<td class="nump">89,182,001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareCashPaid', window );">Cash Dividends per Share (in dollars per share)</a></td>
<td class="nump">$ 0.53<span></span>
</td>
<td class="nump">$ 1.37<span></span>
</td>
<td class="nump">$ 1.38<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_InterestIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest income derived from the cash amount on the bank accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_InterestIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CargoAndFreightRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue from transporting cargo and freight between locations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CargoAndFreightRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareCashPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends paid during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareCashPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total costs related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (c)-(e)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(c),9(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27405-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossRelatedToLitigationSettlement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) recognized in settlement of litigation and insurance claims. Excludes claims within an insurance entity's normal claims settlement process.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82911808&amp;loc=d3e14326-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossRelatedToLitigationSettlement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2611-110228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68072869&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (expense) related to nonoperating activities, classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6830140400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net (Loss) Income</a></td>
<td class="num">$ (204,969)<span></span>
</td>
<td class="num">$ (4,456)<span></span>
</td>
<td class="nump">$ 114,627<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other Comprehensive Loss Current Period</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Translation Differences</a></td>
<td class="nump">110<span></span>
</td>
<td class="nump">29<span></span>
</td>
<td class="num">(326)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax', window );">Unrealized (Loss) Gain on Defined benefit plan</a></td>
<td class="num">(260)<span></span>
</td>
<td class="num">(94)<span></span>
</td>
<td class="nump">192<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Total Other Comprehensive Income</a></td>
<td class="num">(150)<span></span>
</td>
<td class="num">(65)<span></span>
</td>
<td class="num">(134)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Total Comprehensive (Loss) Income</a></td>
<td class="num">$ (205,119)<span></span>
</td>
<td class="num">$ (4,521)<span></span>
</td>
<td class="nump">$ 114,493<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=d3e557-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after tax, of gain (loss) for (increase) decrease in value of benefit obligation for change in actuarial assumptions and increase (decrease) in value of plan assets from experience different from that assumed of defined benefit plan, that has not been recognized in net periodic benefit (cost) credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=SL7669646-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=d3e637-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=82843861&amp;loc=d3e1928-114920<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 45<br> -Paragraph 20<br> -Subparagraph (b,c)<br> -URI http://asc.fasb.org/extlink&amp;oid=64808268&amp;loc=d3e32211-110900<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=SL7669619-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=SL7669625-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 55<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=84158357&amp;loc=d3e1436-108581<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6829771600">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and Cash Equivalents</a></td>
<td class="nump">$ 58,359<span></span>
</td>
<td class="nump">$ 82,170<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsAndNotesReceivableNet', window );">Accounts Receivable, Net</a></td>
<td class="nump">21,699<span></span>
</td>
<td class="nump">17,487<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableRelatedPartiesCurrent', window );">Accounts Receivable, Related Party</a></td>
<td class="nump">775<span></span>
</td>
<td class="nump">583<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid Expenses</a></td>
<td class="nump">3,376<span></span>
</td>
<td class="nump">4,480<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="nump">23,086<span></span>
</td>
<td class="nump">20,886<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnbilledReceivablesCurrent', window );">Voyages in Progress</a></td>
<td class="nump">15,308<span></span>
</td>
<td class="nump">35,610<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other Current Assets</a></td>
<td class="nump">4,384<span></span>
</td>
<td class="nump">2,493<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total Current Assets</a></td>
<td class="nump">126,987<span></span>
</td>
<td class="nump">163,709<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>NON-CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsNet', window );">Vessels, net</a></td>
<td class="nump">935,813<span></span>
</td>
<td class="nump">1,058,049<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepositsAssets', window );">Deposits for Vessels under Construction</a></td>
<td class="nump">50,130<span></span>
</td>
<td class="nump">82,130<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">18,979<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures', window );">Investment in Nordic American Offshore Ltd</a></td>
<td class="nump">12,164<span></span>
</td>
<td class="nump">16,550<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other Non-current Assets</a></td>
<td class="nump">15,969<span></span>
</td>
<td class="nump">10,487<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total Non-current Assets</a></td>
<td class="nump">1,014,076<span></span>
</td>
<td class="nump">1,186,195<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets</a></td>
<td class="nump">1,141,063<span></span>
</td>
<td class="nump">1,349,904<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts Payable</a></td>
<td class="nump">3,218<span></span>
</td>
<td class="nump">4,294<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AccruedVoyageExpensesCurrent', window );">Accrued Voyage Expenses</a></td>
<td class="nump">10,873<span></span>
</td>
<td class="nump">9,583<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued Liabilities</a></td>
<td class="nump">11,239<span></span>
</td>
<td class="nump">7,648<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total Current Liabilities</a></td>
<td class="nump">25,330<span></span>
</td>
<td class="nump">21,525<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-Term Debt</a></td>
<td class="nump">388,855<span></span>
</td>
<td class="nump">442,820<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent', window );">Deferred Compensation Liability</a></td>
<td class="nump">15,814<span></span>
</td>
<td class="nump">14,510<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total Non-Current Liabilities</a></td>
<td class="nump">404,669<span></span>
</td>
<td class="nump">457,330<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and Contingencies</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>SHAREHOLDERS' EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common Stock, Par Value $0.01 per Share 180,000,000 authorized 141,969,666 issued and outstanding at December 31, 2017 and 101,969,666 issued and outstanding at December 31, 2016</a></td>
<td class="nump">1,420<span></span>
</td>
<td class="nump">1,020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional Paid-in Capital</a></td>
<td class="nump">123,439<span></span>
</td>
<td class="nump">235,050<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ContributedSurplus', window );">Contributed Surplus</a></td>
<td class="nump">796,817<span></span>
</td>
<td class="nump">640,472<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated Other Comprehensive Loss</a></td>
<td class="num">(1,187)<span></span>
</td>
<td class="num">(1,037)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated Deficit</a></td>
<td class="num">(209,425)<span></span>
</td>
<td class="num">(4,456)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Shareholders' Equity</a></td>
<td class="nump">711,064<span></span>
</td>
<td class="nump">871,049<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Shareholders' Equity</a></td>
<td class="nump">$ 1,141,063<span></span>
</td>
<td class="nump">$ 1,349,904<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AccruedVoyageExpensesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred through that date and payable related to the entity's voyage expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_AccruedVoyageExpensesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ContributedSurplus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents a sub-category of additional Paid-in Capital. Additional Paid-in-Capital is normally attributable to capital contributed by shareholders in excess of the par or stated value of the common or preferred stock issued by an entity. The entity presents as contributed surplus, additional paid-in-capital that has been approved by resolution by its General Assembly to be available for use as capital contributions to its shareholders or other uses according to the corporate domicile laws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_ContributedSurplus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount at the balance sheet date of vessels used in the normal conduct of business and not intended for resale, net of accumulated depreciation on vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_VesselsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsAndNotesReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date, net of allowance for doubtful accounts, of account and note receivables due from other than related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3-4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsAndNotesReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of receivables arising from transactions with related parties due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=d3e637-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=d3e681-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=SL7669686-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3044-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82911808&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable beyond one year (or the operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepositsAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepositsAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=77989000&amp;loc=SL49117168-202975<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=d3e3927-108312<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(26))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(24))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6787-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5879-108316<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnbilledReceivablesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount received for services rendered and products shipped, but not yet billed, for non-contractual agreements due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnbilledReceivablesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6829468352">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Jun. 16, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2007</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>SHAREHOLDERS' EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common Share, par value (in dollars per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common Stock, shares authorized (in shares)</a></td>
<td class="nump">180,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common Stock, shares issued (in shares)</a></td>
<td class="nump">141,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">101,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common Stock, shares outstanding (in shares)</a></td>
<td class="nump">141,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">101,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6831291376">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Common Stock [Member]</div></th>
<th class="th"><div>Treasury Shares [Member]</div></th>
<th class="th"><div>Additional Paid-in Capital [Member]</div></th>
<th class="th"><div>Contributed Surplus [Member]</div></th>
<th class="th"><div>Accumulated Other Comprehensive Loss [Member]</div></th>
<th class="th"><div>Retained Earnings (Accumulated Deficit) [Member]</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance (in shares) at Dec. 31, 2014</a></td>
<td class="nump">89,182,001<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2014</a></td>
<td class="nump">$ 892<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 114,291<span></span>
</td>
<td class="nump">$ 787,732<span></span>
</td>
<td class="num">$ (838)<span></span>
</td>
<td class="num">$ (13,166)<span></span>
</td>
<td class="nump">$ 888,911<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (decrease) in Shareholders' Equity [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalOther', window );">Accumulated coverage of loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(13,166)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">13,166<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Income</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">114,627<span></span>
</td>
<td class="nump">114,627<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other Comprehensive Loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(134)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(134)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross', window );">Share based compensation (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Share based compensation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">388<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">388<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends Distributed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,444)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(114,627)<span></span>
</td>
<td class="num">(123,071)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance (in shares) at Dec. 31, 2015</a></td>
<td class="nump">89,182,001<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2015</a></td>
<td class="nump">$ 892<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">114,679<span></span>
</td>
<td class="nump">766,122<span></span>
</td>
<td class="num">(972)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">880,721<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (decrease) in Shareholders' Equity [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Income</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(4,456)<span></span>
</td>
<td class="num">(4,456)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan', window );">Common Shares Distributed - Equity Incentive Plan (in shares)</a></td>
<td class="nump">137,665<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan', window );">Common Shares Distributed - Equity Incentive Plan</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common Shares Issued, net of issuance costs (in shares)</a></td>
<td class="nump">12,650,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Common Shares Issued, net of issuance costs</a></td>
<td class="nump">$ 127<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">119,942<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">120,069<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other Comprehensive Loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(65)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(65)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross', window );">Share based compensation (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Share based compensation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">429<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">429<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Forfeited shares - 2011 Equity Incentive Plan (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends Distributed</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(125,650)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(125,650)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance (in shares) at Dec. 31, 2016</a></td>
<td class="nump">101,969,666<span></span>
</td>
<td class="nump">13,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2016</a></td>
<td class="nump">$ 1,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">235,050<span></span>
</td>
<td class="nump">640,472<span></span>
</td>
<td class="num">(1,037)<span></span>
</td>
<td class="num">(4,456)<span></span>
</td>
<td class="nump">871,049<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (decrease) in Shareholders' Equity [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Income</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(204,969)<span></span>
</td>
<td class="num">(204,969)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ReductionOfSharePremium', window );">Reduction of share premium</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(215,481)<span></span>
</td>
<td class="nump">215,481<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common Shares Issued, net of issuance costs (in shares)</a></td>
<td class="nump">40,000,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Common Shares Issued, net of issuance costs</a></td>
<td class="nump">$ 400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">103,348<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 103,748<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other Comprehensive Loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(150)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(150)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross', window );">Share based compensation (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(4,500)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Share based compensation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">522<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">522<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Forfeited shares - 2011 Equity Incentive Plan (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends Distributed</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(59,136)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(59,136)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance (in shares) at Dec. 31, 2017</a></td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">22,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2017</a></td>
<td class="nump">$ 1,420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 123,439<span></span>
</td>
<td class="nump">$ 796,817<span></span>
</td>
<td class="num">$ (1,187)<span></span>
</td>
<td class="num">$ (209,425)<span></span>
</td>
<td class="nump">$ 711,064<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ReductionOfSharePremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reduction in additional paid-in capital for amounts transferred to contributed surplus.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_ReductionOfSharePremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other increase (decrease) in additional paid in capital (APIC).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInStockholdersEquityRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=SL7669619-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=84228862&amp;loc=SL7669625-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 55<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=84158357&amp;loc=d3e1436-108581<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of capital stock issued (purchased by employees) in connection with an employee stock ownership plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 40<br> -Section 25<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65888597&amp;loc=d3e16649-113920<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP). Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate value of stock issued during the period as a result of employee stock ownership plan (ESOP).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 40<br> -Section 25<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65888597&amp;loc=d3e16649-113920<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6815952736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfStockholdersEquityAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Common Shares Issued, issuance costs</a></td>
<td class="nump">$ 0.8<span></span>
</td>
<td class="nump">$ 0.4<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfStockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfStockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6831451024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash Flows from Operating Activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net (Loss) Income</a></td>
<td class="num">$ (204,969)<span></span>
</td>
<td class="num">$ (4,456)<span></span>
</td>
<td class="nump">$ 114,627<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Reconciliation of Net Loss to Net Cash Provided by Operating Activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation Expense</a></td>
<td class="nump">100,669<span></span>
</td>
<td class="nump">90,889<span></span>
</td>
<td class="nump">82,610<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf', window );">Impairment Loss on Vessels</a></td>
<td class="nump">110,480<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment Loss on Goodwill</a></td>
<td class="nump">18,979<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfEquityInvestments', window );">Equity Loss from Associate</a></td>
<td class="nump">8,435<span></span>
</td>
<td class="nump">46,642<span></span>
</td>
<td class="nump">2,462<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DryDockExpenditures', window );">Drydock Expenditure</a></td>
<td class="num">(18,776)<span></span>
</td>
<td class="num">(15,382)<span></span>
</td>
<td class="num">(11,450)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of Deferred Finance Costs</a></td>
<td class="nump">1,393<span></span>
</td>
<td class="nump">1,382<span></span>
</td>
<td class="nump">1,240<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense', window );">Deferred Compensation Liability</a></td>
<td class="nump">1,303<span></span>
</td>
<td class="nump">1,369<span></span>
</td>
<td class="nump">324<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based Compensation</a></td>
<td class="nump">522<span></span>
</td>
<td class="nump">430<span></span>
</td>
<td class="nump">388<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncomeExpense', window );">Other, net</a></td>
<td class="num">(163)<span></span>
</td>
<td class="nump">33<span></span>
</td>
<td class="num">(61)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in Operating Assets and Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts Receivables</a></td>
<td class="num">(4,258)<span></span>
</td>
<td class="nump">10,084<span></span>
</td>
<td class="num">(11,832)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties', window );">Accounts Receivables, Related Party</a></td>
<td class="num">(145)<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="nump">77<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventory</a></td>
<td class="num">(2,200)<span></span>
</td>
<td class="num">(6,043)<span></span>
</td>
<td class="nump">7,380<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid Expenses and Other Current Assets</a></td>
<td class="num">(904)<span></span>
</td>
<td class="nump">415<span></span>
</td>
<td class="nump">262<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts Payable and Accrued Liabilities</a></td>
<td class="nump">1,072<span></span>
</td>
<td class="nump">668<span></span>
</td>
<td class="num">(3,869)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInUnbilledReceivables', window );">Voyages in Progress</a></td>
<td class="nump">20,303<span></span>
</td>
<td class="nump">1,743<span></span>
</td>
<td class="num">(7,767)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net Cash Provided by Operating Activities</a></td>
<td class="nump">31,741<span></span>
</td>
<td class="nump">127,786<span></span>
</td>
<td class="nump">174,391<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash Flows from Investing Activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment', window );">Investment in Vessels</a></td>
<td class="num">(37,567)<span></span>
</td>
<td class="num">(138,277)<span></span>
</td>
<td class="num">(123,373)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment', window );">Investment in Other Fixed Assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(87)<span></span>
</td>
<td class="num">(103)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment', window );">Sale of Other Fixed Assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">334<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DepositsForVesselsUnderConstruction', window );">Deposits for Vessels under Construction</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(50,130)<span></span>
</td>
<td class="num">(64,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates', window );">Investment in Nordic American Offshore</a></td>
<td class="num">(10,000)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(9,508)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DividendsReceivedFromAssociate', window );">Dividends received from Associate</a></td>
<td class="nump">1,041<span></span>
</td>
<td class="nump">1,685<span></span>
</td>
<td class="nump">4,227<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net Cash Used in Investing Activities</a></td>
<td class="num">(46,526)<span></span>
</td>
<td class="num">(186,809)<span></span>
</td>
<td class="num">(192,423)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash Flows from Financing Activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from Issuance of Common Stock</a></td>
<td class="nump">103,748<span></span>
</td>
<td class="nump">120,068<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLinesOfCredit', window );">Proceeds from Use of Credit Facility</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">117,000<span></span>
</td>
<td class="nump">80,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLinesOfCredit', window );">Repayments on Credit Facility</a></td>
<td class="num">(55,359)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Transaction Costs Borrowing Facilities</a></td>
<td class="num">(13,125)<span></span>
</td>
<td class="num">(130)<span></span>
</td>
<td class="num">(4,640)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Dividends Distributed</a></td>
<td class="num">(54,226)<span></span>
</td>
<td class="num">(125,650)<span></span>
</td>
<td class="num">(123,071)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net Cash (Used In)/Provided by Financing Activities</a></td>
<td class="num">(18,962)<span></span>
</td>
<td class="nump">111,288<span></span>
</td>
<td class="num">(47,711)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net (Decrease) Increase in Cash and Cash Equivalents</a></td>
<td class="num">(33,747)<span></span>
</td>
<td class="nump">52,266<span></span>
</td>
<td class="num">(65,743)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and Cash Equivalents at Beginning of Year</a></td>
<td class="nump">82,170<span></span>
</td>
<td class="nump">29,889<span></span>
</td>
<td class="nump">100,736<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents', window );">Effect of Exchange Rate Changes on Cash and Cash Equivalents</a></td>
<td class="num">(64)<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="num">(104)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities', window );">Release / (deposit) of restricted cash</a></td>
<td class="nump">10,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(5,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and Cash Equivalents at the End of Period</a></td>
<td class="nump">58,359<span></span>
</td>
<td class="nump">82,170<span></span>
</td>
<td class="nump">29,889<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Cash Paid for Interest, Net of Amounts Capitalized</a></td>
<td class="nump">19,476<span></span>
</td>
<td class="nump">9,840<span></span>
</td>
<td class="nump">9,374<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DecreaseInRestrictedCash', window );">Restricted cash</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">10,149<span></span>
</td>
<td class="nump">10,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaidNet', window );">Cash Paid for Taxes</a></td>
<td class="nump">102<span></span>
</td>
<td class="nump">96<span></span>
</td>
<td class="nump">47<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_FairValueOfSharesDistributedAsDividendInKind', window );">Fair value of shares distributed as dividend in kind</a></td>
<td class="nump">$ 4,910<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DepositsForVesselsUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with deposits for vessels under construction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DepositsForVesselsUnderConstruction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DividendsReceivedFromAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends received from associates, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DividendsReceivedFromAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DryDockExpenditures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to expenditure incurred in vessel dry-docking.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DryDockExpenditures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_FairValueOfSharesDistributedAsDividendInKind">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of shares distributed as dividend in kind in noncash investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_FairValueOfSharesDistributedAsDividendInKind</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3044-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513438&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DecreaseInRestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DecreaseInRestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The compensation expense recognized during the period pertaining to the deferred compensation arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5047-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 30<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6409875&amp;loc=d3e20015-108363<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513438&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfEquityInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the carrying value and the sale price of equity securities, not separately or otherwise categorized as trading or available-for-sale. This element includes investments in which the entity holds a small ownership stake (generally, less than 20% of the shares outstanding) and cannot exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.13(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfEquityInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2611-110228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4297-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxesPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount due to the reporting entity for good and services provided to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management, an entity and its principal owners, management, member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInUnbilledReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period of the amount of revenue for work performed for which billing has not occurred, net of uncollectible accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInUnbilledReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash paid, after deduction of cash paid for capitalized interest, for interest. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4297-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3574-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3574-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (expense) included in net income that results in no cash inflow (outflow), classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNoncashIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loan and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of or advances to an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, and joint venture or equity method investment) or the acquisition of an additional interest in a subsidiary (controlled entity).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to purchase long lived physical asset for use in the normal oil and gas operations and to purchase mineral interests in oil and gas properties not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow from the acquisition of or improvements to long-lived, physical assets used to produce goods and services and not intended for resale, classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLinesOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromLinesOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash inflow or outflow from cash and cash items that are not available for withdrawal or usage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow for the sale of long-lived, physical assets used to produce goods and services and not intended for resale, classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLinesOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLinesOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6820852128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NATURE OF BUSINESS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>NATURE OF BUSINESS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">NATURE OF BUSINESS</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;">1.</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NATURE OF BUSINESS</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Nordic American Tankers Limited ("NAT") was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company's shares trade under the symbol "NAT" on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company is an international tanker company that currently has a fleet of 33 Suezmax tankers, including three newbuildings expected to be delivered in 2018, an increase from the three vessels owned in the autumn of 2004. The Company expects to expand the fleet over time despite the short-term plan of disposing of certain vessels. The 30 vessels the Company operated per December 31, 2017, average approximately 156,000 dwt each. In 2017, 2016 and 2015, the Company chartered its operating vessels primarily in the spot market.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">NAT has the subsidiaries Scandic American Shipping Ltd. ("Scandic"), providing administrative and operational services, and NAT Chartering Ltd ("NATC"), providing services as commercial manager. Accordingly, these financial statements are presented on a consolidated basis for NAT and its subsidiaries ("the Company").</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">Tanker markets are typically stronger in the fall and winter months (the fourth and first quarters of the calendar year) in anticipation of increased oil consumption in the northern hemisphere during the winter months.&#160; Seasonal variations in tanker demand normally result in seasonal fluctuations in spot market charter rates.</font></div><div style="margin-bottom: 6pt;"><br /></div><div style="font-size: 10pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">The Company's Fleet</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Including three newbuildings, the Company's current fleet consists of 33 Suezmax crude oil tankers of which 31 were built, or are under construction, in Korea.</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 60%;"><tr><td valign="bottom" style="width: 17%; vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Vessel</div></td><td style="width: 17%; vertical-align: bottom; padding-bottom: 2px; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Built</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Deadweight Tons</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Delivered to NAT</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Harrier</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">151,459</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Hawk</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">151,475</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Hunter</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">151,401</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Voyager</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">149,591</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2004</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Fighter</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1998</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">153,328</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Freedom</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,331</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Discovery</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1998</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">153,328</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Saturn</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1998</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,331</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Jupiter</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1998</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,411</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2006</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Moon</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2002</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">160,305</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2006</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr style="height: 18px;"><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Apollo</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2003</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,998</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2006</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Cosmos</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2003</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,999</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2006</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Sprite</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1999</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">147,188</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2009</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Grace</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2002</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">149,921</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2009</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Mistral</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2002</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">164,236</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2009</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Passat</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2002</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">164,274</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2010</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Vega</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2010</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">163,940</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2010</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Breeze</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">158,597</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Aurora</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1999</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">147,262</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Zenith</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">158,645</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Sprinter</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,089</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2014</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Skier</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,089</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2014</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Light</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2010</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">158,475</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Cross</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2010</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">158,475</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Luna</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2004</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">150,037</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Castor</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2004</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">150,249</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Sirius</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2000</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">150,183</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Pollux</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2003</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">150,103</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Star</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Space</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2017</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Newbuilding(1)</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018(2</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Newbuilding(1)</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018(2</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Newbuilding(1)</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018(2</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr style="vertical-align: top;"><td style="width: 18pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">(1)</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Vessel under construction per December 31, 2017.</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr style="vertical-align: top;"><td style="width: 18pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">(2)</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Expected delivery during the July, August and October 2018, respectively</div></td></tr></table></div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -URI http://asc.fasb.org/topic&amp;trid=2134479<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R10.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6663852816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;">2.</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Basis of Accounting: </font>These consolidated financial statements ("financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Principles of Consolidation: </font>Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries' accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in the consolidation.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The equity method of accounting is used for investments in companies which NAT does not control, but over which NAT has the ability to exercise significant influence.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Use of Estimates:</font> Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Foreign Currency Translation: </font>The functional currency of NAT is the United States ("U.S.") dollar as all revenues are received in U.S. dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">.</font> The subsidiaries of NATC, NAT Chartering AS, and the European branch of Scandic, have Norwegian Kroner as their functional currency. All assets and liabilities of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders' equity as part of accumulated other comprehensive loss.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Revenue and Expense Recognition: </font>Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot and time charters.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Spot Charters:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>Voyage revenues and expenses are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Based on the terms of the customer agreement, a voyage is deemed to commence upon the completion of discharge of the vessel's previous cargo and is deemed to end upon the completion of discharge of the current cargo. However, the Company does not recognize revenue if a charter has not been contractually committed to by a customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Revenue is generated from freight billing. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the loading or discharging ports. When the Company's tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Time Charters: </font>Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the shipowner pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel's intermediate and special surveys.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel Operating Expenses</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">:</font> Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash and Cash Equivalents:</font> Cash and cash equivalents consist of highly liquid investments such as time deposits with original maturities of three months or less.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Accounts Receivable, Net:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">&#160;</font>Account receivable and other receivables are presented net of allowance for doubtful balances. If balances are determined uncollectable, after all means of collections have been exhausted and the potential for recovery is considered to be remote, they are charged against the allowance for doubtful balances. As of December 31, 2017 and December 31, 2016, we made an allowance of approximately $0 and $150,000 for doubtful receivables, respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Inventories: </font>Inventories, which are comprised of bunker fuel and lubrication oil, are stated at the lower of cost or market. Cost is determined on a first-in, first-out ("FIFO") basis.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessels, Net:</font> Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are also capitalized and included in vessels' cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is provided over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Impairment of Vessels: </font>The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (calculated based on estimated discounted operating cashflows). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&#8217; future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel. The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical average for similar vessels for the remaining estimated life of the vessel. Useful economic life is assumed to be 25 years from the delivery of the vessel from the shipyard, net of brokerage commissions, expected outflows for vessels&#8217; maintenance and vessel operating expenses (including planned drydocking expenditures). The salvage value used in the impairment test is estimated to be $8.0 million per vessel. If the Company&#8217;s estimate of undiscounted future cash flows for any vessel is lower than the vessel&#8217;s carrying value, the carrying value is written down, by recording an impairment charge. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. The Company has further applied a probability-weighted approach taking into consideration different scenarios for the vessels being assessed.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Drydocking:</font> The Company's vessels are required to be drydocked approximately every 30 to 60&#160;months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Consistent with prior periods, drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Investments in Equity Method Investees: </font>Investments in other entities where the Company has "significant influence" in accordance with U.S. GAAP are accounted for using the equity method of accounting.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company's proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Goodwill: </font>Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has acquired.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deferred Compensation Liability: </font>The Company has one individual deferred compensation agreement with the Company's CEO. The former CFO &amp; EVP had an individual deferred compensation agreement, denominated in Norwegian currency, where further benefits do not accrue upon leaving the Company as of Dec 31, 2017. The liabilities are accounted for on an accrual basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses are recognized in general and administrative expenses as incurred.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Comprehensive (Loss) Income:</font> The Company follows the guidance in ASC Topic 220, "Comprehensive Income" which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Segment Information: </font>The Company has identified only one operating segment. The Company has only one type of vessel &#8211; Suezmax crude oil tankers. The Company does not provide a geographical analysis because the Company's business is global in nature and the location of its vessels continually changes.</div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fair Value of Financial Instruments:</font> The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments. For further information on fair value of financial instruments please see Note 16.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deferred Financing Costs:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">&#160;</font>Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. The deferred financing costs are accounted as a direct deduction from the associated debt liability in Long-Term Debt.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Stock-Based Payments:</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The fair value of restricted shares to employees is estimated based on the market price of the Company's shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Income Taxes:&#160; </font>The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Two of the Company's wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 24%, 25%, and 27% for the years ended December 31, 2017, 2016 and 2015, respectively, of their taxable profit.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The income tax expensed for year ended December 31, 2017, 2016 and 2015 was $83,000, $102,000 and $96,000, respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.</font></div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Concentration of Credit Risk:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">&#160;</font>Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables. The Company's cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">For the year ended December 31, 2017, one customer accounted for 12% of the total revenues. For the year ended December 31, 2016, one customer accounted for 32% of the total revenues.&#160; For the year ended December 31, 2015, two customers accounted for 42% of the total revenues, with 30% and 12%.</div><div style="text-align: justify;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Accounts receivable, net, as of December 31, 2017, and 2016 were $21.7 and $17.5 million, respectively. As of December 31, 2017, two charterers accounted for 25% of the outstanding accounts receivable, with 11% and 14%. As of December 31, 2016, three charterers accounted for 44% of the outstanding accounts receivable, with 16%, 16%, and 12%.</div><div>&#160;</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Recent Accounting Pronouncements:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In May 2014, the FASB issued ASU No. 2014-09,&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Revenue from Contracts with Customers</font>, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. Effective date is for reporting periods commencing on or after December 15, 2017.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company has concluded that it will continue to recognize revenue from voyage charters over time. Under ASC 606 the period for revenue recognition will change from the current method of discharge-to-discharge to load-to-discharge. Revenues from voyage charters will not change, however the timing of revenue recognition will change materially and will affect the voyage results recognized in each period. Recognizing revenues from load-to-discharge results in delayed revenue recognition compared to the current practice and we also expect more volatility in the results as the revenue is recognized over a shorter time period.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under this new guidance the Company will also capitalize the voyage costs incurred between contract signing and the next load port if the voyage costs qualify as fulfilment cost and will be expensed over the same period as the related revenue is recognized.</font></font></div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The implementation of this standard is as of December 31, 2017, estimated to result in a reduction of accrued revenue of $5.3 million, a reduction of accrued voyage expenses of $0.6 million and recognition of capitalized spot charter contract fulfilment cost of $0.6 million, with the net effect being recorded as a reduction of equity per January 1, 2018. The Company has elected to apply the option to implement the standard under the modified retrospective method.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company also generates revenues from time charter contracts, which is recognized on an accrual basis over the term of the charter contract.&#160; Time charter revenues are not expected to be affected materially from this new guidance.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Under&#160;the modified retrospective approach prior year figures will not be adjusted. The cumulative effect of adopting this guidance will be recorded as an adjustment to its opening balance of retained earnings (accumulated loss) as of January 1, 2018.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In February 2016, the FASB issued ASU 2016-02,&#160;Leases&#160;(Topic 842). The update requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Implemented in 2017</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In November 2016, the FASB issued ASU 2016-18, Statement of cash flows (230): Restricted cash, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company has early adopted this ASU in 2017 and retrospectively applied this to all periods presented. As such, $5.0 million has been transferred from Investing Activities to be presented separately below the Statements of Cash Flows for the 2015 financial year.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In August 2016, the FASB issued ASU No. 2016-15,&#160;Statement of cash flows (Topic 230). </font>The Company has early adopted this ASU and the adoption did not have any effect on the consolidated financial statements.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In January 2017, the FASB issued ASU 2017-04 Intangibles &#8211; Goodwill and other (Topic 350), which simplifies the test for goodwill impairment. This update eliminates Step 2 from the goodwill impairment test. The Company has early adopted this ASU and the adoption resulted in that the Company did not perform step 2 in the goodwill impairment testing in 2017.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Effective January 1, 2017, the Company adopted ASU 2016-07,&#160;Investments-Equity Method and Joint Ventures (Topic 323). The adoption did not have any effect on the consolidated financial statements.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Effective January 1, 2017, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The adoption did not have any effect on the consolidated financial statements.</div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&amp;trid=2122369<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SignificantAccountingPoliciesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R11.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6820868064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VESSELS, NET<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>VESSELS, NET [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock', window );">VESSELS, NET</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 17.85pt; vertical-align: top; font-weight: bold; align: right;">3.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VESSELS, NET</div></td></tr></table></div><div style="text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Vessels, net, consist of the carrying value of 30 vessels and 29 vessels for the year ended December 31, 2017 and December 31, 2016, respectively. Vessels, net include drydocking costs.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify;">All Figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Vessels</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,769,967</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,700,040</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Drydocking</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">119,303</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99,153</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,889,270</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,799,193</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Less Accumulated Depreciation</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(842,977</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(741,144</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;">Less Impairment Loss on Vessels&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;">&#160;(110,480</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">)&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;">&#160;-</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Vessels, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">935,813</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,058,049</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr></table><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company has taken delivery of one vessel, Nordic Space, in 2017. Further, the Company has taken ten vessels through periodical maintenance surveys in 2017.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company has paid $50.1 million in deposits for three vessels under construction to be delivered in 2018 and has total remaining capital commitments of $117.0 million, which is payable upon delivery in July, August and October 2018, respectively. The financing of these vessels is secured through a&#160;finance agreement&#160;with Ocean Yield ASA (see further information in note 9).</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Impairment Loss on Vessels</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company reviewed its assets for impairment on an asset by asset basis. The Company recorded an impairment loss of $110.5 million for the year ended December 31, 2017. The Company has not recorded impairment loss on vessels for the years ended December 31, 2016 and 2015, respectively.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Company performed a probability-weighted approach as part of the vessel impairment assessment, where different scenarios for the vessels were assessed. Further, the Company performed cash flow forecasts for the following twelve months as required under ASC 205-40 Going Concern and performed these analyses for different market scenarios. These forecasts are prepared under the assumption of utilizing the Backstop facility that is the financing arrangement the Company currently has available under the recapitalization program. Under this assumption, with possible prolonged weak tanker market rates, the Company applied the probability-weighted approach and identified that it had to sell up to ten vessels to comply with the covenant requirements under the Backstop Facility. As a result, the Company has as of December 31, 2017 decided to record an impairment loss of $110.5 million related to the ten pre-2000 built vessels and written these vessels down to their estimated fair values. Fair value is in line with broker estimates. Assumed recapitalization transactions outside of the Backstop facility were not taken into consideration when assessing the probability of selling vessels in the probability-weighted approach.</font></div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -URI http://asc.fasb.org/topic&amp;trid=2155823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811559984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsAbstract', window );"><strong>INVESTMENTS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentTextBlock', window );">INVESTMENTS</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr style="vertical-align: top;"><td style="width: 18pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">4.</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"><p style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">INVESTMENTS</p></div></td></tr></table></div><div>&#160;</div><div style="font-weight: bold; text-align: left;">Nordic American Offshore Ltd.</div><div style="text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Nordic American Offshore Ltd. ("NAO") was incorporated on October 17, 2013, and operates Platform Supply Vessels ("PSV"). On November 18, 2013, NAO concluded a private placement of $250 million, wherein the Company participated with an investment of $65 million, or 4,333,566 shares. In June 2014 NAO completed an initial public offering on the New York Stock Exchange wherein the Company acquired 375,000 shares for $5.6 million.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In 2014 NAT distributed 699,802 NAO shares as dividend-in-kind to its shareholders. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In December 2014 the Company acquired an additional 488,216 shares in the open market. In November 2015 the Company purchased 1,521,300 shares in a private transaction.</font></div><div><br /></div><div style="background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In March 2017, Nordic American Offshore Ltd (or "NAO") completed a follow-on offering of its common shares in which NAT participated with a $10.0 million investment. Following the investment, NAT owned 22.6% of NAO. As a consequence of the reduction of NAT's holdings from 29.1% to 22.6% of the common shares of NAO, NAT recorded a dilution loss (non-cash) of $2.6 million in the first quarter of 2017.</div><div><br /></div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">On August 31, 2017, the Company paid a dividend, which included a cash dividend of $0.10 per share and a distribution of an aggregate of 4,024,745 common shares of NAO, which were owned by the Company.&#160; Each of our shareholders that held 250 or more of our common shares received one NAO common share per 24.4 NAT common shares, which we recognized at a cash value of $0.05 per share. Fractional shares were compensated by a cash dividend based on the closing price of NAO shares on the NYSE on July 20, 2017, which was $1.22. Each of our shareholders that held 249 or fewer shares received an additional cash dividend of $0.05 per common share. In connection to the above distribution of NAO shares, we recorded a loss of $0.7 million. Following this distribution, we owned 16.1% of the outstanding common shares of NAO.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">NAT's ownership in NAO as of December 31, 2017 and 2016 was 16.1 % and 29.1% respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">As at December 31, 2016 the Company evaluated its investment in NAO for impairment, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">after considering factors including, but not limited to, the fair value of NAO based on the quoted share price as compared to its carrying value, the length of time the investment's fair value had been below carrying value and the limited near-term prospects for a recovery in the share price of NAO. We concluded that as of December 31, 2016, the investment in NAO was other-than-temporarily impaired and recorded an impairment charge of $37.3 million to reflect the fair value of the shares. The Company has evaluated the investment on the same basis per December 31, 2017 and has not identified a need for any impairment charges in 2017.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The fair value of NAT's investment in NAO, based on the share price was $12.0 and $16.6 million as of December 31, 2017 and 2016, respectively. The carrying value of the investment per December 31, 2017 was $12.2 million.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Summarized balance sheet information for NAO is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">All figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">December 31, </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">December 31, </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Current assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37,076</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,909</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr style="height: 12px;"><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Noncurrent assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">350,635</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">366,945</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Total Assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">387,711</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">374,854</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Current liabilities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,809</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,089</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Noncurrent liabilities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">136,629</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">136,568</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Total Shareholders' Equity</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">248,273</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">234,196</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Total liabilities and equity</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">387,711</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">374,854</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">NAT's share of NAO's equity was $40.0 million and $68.1 million as of December 31, 2017 and 2016, respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Summarized Statement of Operations information for NAO is as follows:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="10" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Years ended December 31,</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">All figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Operating Revenues</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,895</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,697</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36,372</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Net Operating (Loss) Income</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(26,068</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(28,543</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8,372</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Net (Loss) Income</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(29,326</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(32,151</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10,844</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr></table><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">NAT's portion of NAO's Net (Loss) Income in the Statements of Operations per December 31, 2017, 2016 and 2015 was ($5.1) million, ($9.3) million and ($2.5) million, respectively. The Company has received dividends from NAO per Dec 31, 2017 and 2016 of $ 1.0 million and $1.7 million, respectively.</div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for investments, including all tables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 6<br> -Section 10<br> -Paragraph (c)<br> -Subparagraph (1)<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6820806768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACQUISITIONS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationsAbstract', window );"><strong>ACQUISITIONS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationDisclosureTextBlock', window );">ACQUISITIONS</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr style="vertical-align: top;"><td style="width: 18pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">5.</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">ACQUISITIONS</div></td></tr></table></div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In 2013 the Company acquired Scandic. The purchase price was $33.3 million, of which $18.1 million was paid in shares, $8.0 million was paid in cash and $7.2 million was payable to the seller for additional assets. The Company performed an analysis of the fair value of the tangible assets acquired and liabilities assumed, resulting in recognition of $19.0 million of goodwill.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">As of December 31, 2017 the Company has recorded an impairment loss of $19.0 million for the goodwill associated with the Company&#8217;s one reporting unit, which encompasses the entire company. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As a result of the impairment loss related to the ten pre-2000 built vessels, the Company has assessed and concluded that this probable reduction in the fleet does not support the assumption that the fleet size is maintained throughout the lifetime of the analysis through replacement of retired vessels. The assumed reduction in the fleet has resulted in the fair value of the reporting unit to fall below the carrying value, implying a negative value of the goodwill. As a result we have written down the value of the goodwill by $19.0 million. As of December 31, 2017, the carrying value of goodwill is zero after the impairment loss is recognized.</font></div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -URI http://asc.fasb.org/topic&amp;trid=2303972<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811567008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>RELATED PARTY TRANSACTIONS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">RELATED PARTY TRANSACTIONS</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 17.85pt; vertical-align: top; font-weight: bold; align: right;">6.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RELATED PARTY TRANSACTIONS</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Nordic American Offshore Ltd.:</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In December 2013, NAT entered into a management agreement with NAO for the provision of administrative services.&#160; For services under the management agreement, NAT received a management fee of $100,000 for 2017, $100,000 for 2016 and $200,000 for 2015, and is reimbursed for cost incurred in connection with its services.&#160; NAT also receives reimbursement for a portion of the operational costs such as salary and office rent, among others, incurred by NAT, which is attributable to NAO.&#160; For the year ended December 31, 2017, 2016 and 2015, the Company recognized an aggregate of $2.3 million, $2.2 million and $2.1 million, respectively, for such costs incurred which was included in General and Administrative Expenses.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Board Member and Employees:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Mr.&#160;Jan Erik Langangen, Board Member and advisor of the Company, is a partner of Langangen&#160;&amp; Helset Advokatfirma AS, a firm which provides legal services to the Company. The Company recognized $0.1 million, $0.3 million and $0.1 million in costs in each of the years ended December 31, 2017, 2016 and 2015, respectively, for the services provided by Langangen &amp; Helset Advokatfirma AS. These costs are included in General and Administrative Expenses within the Statements of Operations. No amounts were due to the related party as of December 31, 2017 and 2016.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In 2014, the Company entered into an agreement with an immediate family member of the Chairman for the use of an asset for corporate and marketing activities.&#160;The Company paid a fixed annual fee and fees associated with actual use. This agreement was terminated in 1Q, 2017. The cost of this arrangement for the year ended December 31, 2016 and 2015, respectively, was $0.1 million per year, which are included in General and Administrative costs. In 2017, use of the asset is paid for upon utilization. No amounts were due to the related party as of December 31, 2017, 2016 or 2015.</div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -URI http://asc.fasb.org/topic&amp;trid=2122745<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6820806768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DEFERRED COMPENSATION LIABILITY<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityAbstract', window );"><strong>DEFERRED COMPENSATION LIABILITY [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationRelatedCostsGeneralTextBlock', window );">DEFERRED COMPENSATION LIABILITY</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 17.85pt; vertical-align: top; font-weight: bold; align: right;">7.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DEFERRED COMPENSATION LIABILITY</div></td></tr></table></div><div style="text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In 2010, the Board of Directors approved an unfunded deferred compensation agreement for the Company's former Chief Financial Officer and Executive Vice President. The agreements provide for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents. The deferred compensation liability for the former Chief Financial Officer and Executive Vice President is denominated in Norwegian currency. The vesting period has ended upon leaving the Company per December 31, 2017 and is payable from the age of 67. Interest is imputed at 2.30% and 2.60% as of December 31, 2017 and 2016, respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In 2007, the Board of Directors approved an unfunded deferred compensation agreement for Herbj&#248;rn Hansson, the Chairman, President and CEO, with vesting of benefits accruing from 2004. The agreement provides for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents. The agreement has been amended in 2017 for the benefits to vest over a period of employment of 15 years up to a maximum of 66% of the salary level at the time of retirement, age of 72. Interest is imputed at 2.30% and 2.60% as of December 31, 2017 and 2016, respectively. The Company had a restricted deposit account for securing the financing of this deferred compensation liability per December 31, 2016 as described in Note 8, where the restriction was lifted in 2017.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The total expense related to the deferred compensation agreements for the Chairman, President and CEO and the Company's former Chief Financial Officer and Executive Vice President, recognized in 2017, 2016 and 2015 were $1.3 million, $1.8 million and $0.4 million, respectively. As of December 31, 2017 and 2016 total deferred compensation liability was $15.8 and $14.5 million, respectively.</div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensationRelatedCostsGeneralTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items.  Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -URI http://asc.fasb.org/topic&amp;trid=2127225<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CompensationRelatedCostsGeneralTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationLiabilityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCompensationLiabilityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6803662544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER NON-CURRENT ASSETS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrentDisclosureAbstract', window );"><strong>OTHER NON-CURRENT ASSETS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_OtherNonCurrentAssetsTextBlock', window );">OTHER NON-CURRENT ASSETS</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 17.85pt; vertical-align: top; font-weight: bold; align: right;">8.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OTHER NON-CURRENT ASSETS</div></td></tr></table></div><div style="text-align: justify;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">All figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Fixture, Furniture and Equipment</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">169</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">338</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Arrangement fees Backstop facility and Newbuildings</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15,484</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Long term Deposit (Restricted Cash)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,149</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Other</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">316</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Total as of December 31,</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15,969</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10,487</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Long-Term Deposit relates to the Company having transferred cash to a restricted bank account in accordance with the deferred compensation agreement for the Chairman, President and CEO, described in Note 7.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company has in 2017 incurred customary arrangement fees in relation to entering into the Backstop Facility agreement and mandate letter as part of the recapitalization program and securing financing of its three newbuildings (see further information in note 3 and 10).</div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_OtherNonCurrentAssetsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for other non-current assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_OtherNonCurrentAssetsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrentDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrentDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6816021872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE-BASED COMPENSATION PLAN<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>SHARE-BASED COMPENSATION PLAN [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">SHARE-BASED COMPENSATION PLAN</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="margin-bottom: 12pt; text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; font-weight: bold; align: right;">9.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SHARE-BASED COMPENSATION PLAN</div></td></tr></table></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Equity Incentive Plan 2011</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In 2011, the Board of Directors decided to establish an incentive plan involving a maximum of 400,000 shares pursuant to a vesting schedule of which all shares were allocated among the management of the Company and the members of the Board of Directors. The shares are forfeited if the grantee leaves the Company before the restricted shares are vested. The holders of the restricted shares are entitled to receive dividends paid in the period as well as voting rights.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In 2011 326,000 and 74,000 restricted shares were granted with a four-year and five-year cliff-vesting period, respectively. 174,000 shares vested in 2013 in relation to the acquisition of Scandic American Shipping Ltd. The remaining shares vested in 2015 and 2016, except for 33,000 common shares that were reallocated to certain employees in 2014 at grant date fair value of $9.84 and four-year cliff vesting period.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In 2015, we amended and restated the 2011 Equity Incentive Plan to reserve an additional 137,665 restricted shares for issuance to persons employed in the management of the Company and members of the Board of Directors under the same terms as the original plan.&#160; The holders of the restricted shares are entitled to voting rights as well as to receive dividends paid during the trade restriction period.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company granted 4,500 common shares to employees in 2017 at a grant date fair value of $9.13. In 2017 and 2016, the Company received 13,000 and 13,500 shares from employees who have resigned, respectively. The shares are held as treasury shares at December 31, 2017.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The compensation expense is recognized on a straight-line basis over the vesting period and is recorded as part of General and Administrative expenses. The total compensation expense related to restricted shares under the plan was $0.5 million, $0.4 million, and $0.4 million for the years ended December 31, 2017, December 31, 2016 and December 31, 2015, respectively.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">As of December 31, 2017, unrecognized cost related to unvested shares aggregated to $0.8 million, which will be recognized over a weighted period of 1.7 years.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">As of December 31, 2017, a total number of 138,665 common shares have been allocated among 26 employees. The Company has 22,000 treasury shares related to the Equity Incentive plan.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The tables below summarize the Company's restricted stock awards as of December 31, 2017:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restricted </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">shares -</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Employees</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Weighted-</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">average grant-</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">date fair value</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">- Employees</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Non-vested at January 1, 2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,165</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.75</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Granted during the year</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,500</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.13</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Vested during the year</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.65</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Forfeited during the year</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(13,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.54</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Non-vested at December 31, 2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">138,665</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.55</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -URI http://asc.fasb.org/topic&amp;trid=2228938<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 50<br> -URI http://asc.fasb.org/subtopic&amp;trid=2208855<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6820891968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM DEBT<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>LONG-TERM DEBT [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtTextBlock', window );">LONG-TERM DEBT</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="margin-bottom: 12pt; text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; font-weight: bold; align: right;">10.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">LONG-TERM DEBT</div></td></tr></table></div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Credit Facility and financing:</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In 2012, the Company entered into a $430 million revolving credit facility, which in 2015 was increased to $500 million, with a syndicate of lenders in order to refinance its existing credit facility, fund future vessel acquisitions and for general corporate purposes (the "Credit Facility"). Amounts borrowed under the Credit Facility bear interest at an annual rate equal to LIBOR plus a margin and the Company pays a commitment fee, which is a percentage of the applicable margin, on any undrawn amounts. The maturity of the credit facility is December 2020. There are no repayment requirements before maturity on the Credit Facility.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In connection with the expansion of the Credit Facility, the Company incurred $4.6 million in deferred financing costs in 2015, which is amortized over the term of the loan and presented net of the outstanding loan balance.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Borrowings under the Credit Facility are secured by first priority mortgages over the Company's vessels and assignments of earnings and insurance. Under the Credit Facility, the Company is subject to certain covenants requiring among other things, the maintenance of (i) a minimum amount of value adjusted equity; (ii) a minimum value adjusted equity ratio; (iii) a minimum level of liquidity, (iv) positive working capital; and (v) a required security ratio of vessel values to draw on the facility. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The security ratio and the market cap to value adjusted total assets ratio are based on the fair market value of vessels, compared to drawn amount on the Credit Facility.</font> The Credit Facility also includes customary events of default including non-payment, breach of covenants, insolvency, cross default and material adverse change. A breach of any of these covenants would, unless waived, result in that the credit facility is callable by the lenders.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">At the end of 2017 and 2016 the Company had $391.6 and $447.0 million drawn under its Credit Facility, respectively. The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it bears spread and a variable interest rate.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">As of December 31, 2016, the Company was in default with one of its debt covenants; (v) required security ratio of vessel value clause. A waiver was obtained lowering the required ratio to a level where the Company was in compliance. This waiver was effective until May 31, 2018. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under the terms of the waiver obtained, we were unable to draw further on the Credit Facility, our margin was increased by 2.0 % for the period of the waiver and limitations on dividend distribution until compliance with the terms of the original Credit Facility. The waiver has subsequently been modified and amended.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">As <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of December 31, 2017 </font>and as of the date of the issuance of this report<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, the Company is in compliance with the modified terms under the Credit Facility and the loan is not considered currently callable.&#160;On May 4, 2018, the&#160;Company has entered into an amendment to the credit agreement for the Credit Facility modifying certain of the financial covenants until December&#160;31, 2018, lowering the required security ratio to 135%, lowering the liquidity covenant to $15.0 million (</font>original requirements to be reinstated upon delivery of the first Newbuilding)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, the minimum market cap ratio to $200.0 million and the minimum market cap to value adjusted total assets from 45% to 25% for the remaining duration of the waiver. Under the revised terms of the credit agreement, the Company is unable to draw further on the Credit Facility and the margin is increased to 6.0% from January 1, 2018. The Company can distribute a maximum dividend of $0.03 per share or $4.3&#160;million in the aggregate, subject to a corresponding amount being repaid under the Credit Facility. Further, until December 31, 2018, half of any proceeds received by the Company from the sale of equity, up to $75.0 million, must be used to repay the Credit Facility. The Company has repaid $3.1 million on the Credit Facility in relation to the dividend paid out on December&#160;5, 2017 and $52.3 million in relation to the offering in December 2017. We have further repaid $ 4.3 million on March 10, 2018 in relation to the dividend paid out on March 9, 2018. Additionally, the Company undertakes to not make new investments, excluding the Newbuildings, except for investments made in connection with normal maintenance of the Vessels.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company is in process of retiring the Credit Facility and signed on December 20, 2017 an agreement for a financing facility, or the Backstop Facility, for $375.0 million. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The financing facility is providing for a senior secured loan facility of up to $375.0 million to support the recapitalization of the Company. The Backstop Facility is available for drawing from July 1, 2018. Further, the facility, if utilized and not repaid, will be rolled into a term loan on January 1, 2019 with maturity on November 30, 2020. The Backstop Facility will have no amortization until December 31, 2018, upon and following which date the principal of the loan must be repaid in quarterly instalments of $10.0 million. The Backstop Facility carries an interest rate that will step-up over time and carries a maximum interest margin of 10.5% per annum. The Company can distribute quarterly dividends up to $0.03 per quarter under the Backstop Facility. The Backstop Facility contains financial covenants in relation to minimum liquidity of $30.0 million, minimum value and book equity that will come into effect upon utilizing the Backstop Facility.</font></div><div style="text-align: justify;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backstop Facility is part of the recapitalization program that was initiated in December 2017. The </font>first steps in the recapitalization program encompassed the financing of the three Newbuildings to be delivered in 2018 and raising new equity of $103.7 million ($110.0 million gross). The Company is evaluating different options for the final steps of the recapitalization program.&#160; The Company is in discussion with the lenders to either raise a large secured bond or enter into a new Revolving Credit Facility of $250.0 million together with the issuance of a bond for $150.0 million. Associated fees of $13.1 million incurred in December 2017 have been capitalized as Other Non-Current Assets and will be amortized over the term of the associated financing arrangement. The Company expects these measures to be completed by the end of the second quarter of 2018. Upon securing this financing the Company is not expected to enter into the terms of the Backstop Facility as described above. In May 2018, the Board authorized management to sell two vessels. A sale will also&#160; improve the cash balance of the Company. In addition, the Board has authorized that the Company may further adjust the size of the fleet.</font></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company has the option to utilize the Backstop Facility with the associated terms. The Company has flexibility, also under the scenario that the tanker market remains low for a longer period, to strengthen the liquidity through selling additional vessels or raise equity to ensure that the Company has sufficient working capital. In a prolonged marked downturn the Company will have to further adjust the size of its fleet selling up to ten vessels in accordance with the authorization mentioned above in order to comply with the liquidity and other covenants under the existing Credit Facility or the Backstop Facility, if utilized. Sale of a vessel requires a proportionate repayment of the Credit Facility and an equally proportionate reduction of the Backstop Facility.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In December 2017, the Company entered into final agreements for the financing of the outstanding commitments of $39.0 million per ship for the Newbuildings with a subsidiary of Ocean Yield ASA. The lender will finance 77.5% of the purchase price for each of the three Newbuildings. Net proceeds received from Ocean Yield ASA shall be used towards prepayment of the Credit Facility, unless the Credit Facility is retired before the deliveries of the vessels. After delivery of each of the vessels, the Company will enter into ten-year bareboat charter agreements. The Company has obligations to purchase the vessels upon the completion of the ten-year bareboat charter agreement, but also have the flexibility to purchase the vessels after year five and seven. The financing agreement contains certain financial covenants requiring us to maintain a minimum value adjusted equity of $175.0 million and ratio of 25% ; minimum liquidity of $20.0 million; and minimum value clause.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">&#160;</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company performs on a regular basis cash flow projections to evaluate whether it will be in a position to cover the liquidity needs for the next 12-month period and the compliance with financial and security ratios under the existing and future financing agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels' future performance, market rates, operating expenses, capital expenditure, fleet utilization, general and administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company believes that the current cash and cash equivalents and cash expected to be generated from operations, together with the above measures taken, are sufficient to meet the working capital needs and other liquidity requirements for the next 12 months from the date of this report.</div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-term debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -URI http://asc.fasb.org/topic&amp;trid=2208564<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R19.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811307664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTEREST EXPENSE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseAbstract', window );"><strong>INTEREST EXPENSE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock', window );">INTEREST EXPENSE</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="margin-bottom: 12pt; text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; font-weight: bold; align: right;">11.</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INTEREST EXPENSE</div></td></tr></table></div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Interest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 10.</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">All amounts in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Interest Expenses, net of capitalized interest</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,286</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,811</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,590</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Commitment Fee</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">760</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">937</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,025</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Amortization of Deferred Financing Costs</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,393</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,382</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,240</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Other financial costs</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Total Interest Expenses</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20,464</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11,170</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10,855</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br /></font> For the years ended December 31, 2017, 2016 and 2015, $2.5, $1.6 million and $1.0 million of interest expenses were capitalized, respectively.</div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.1-12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>R20.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6820788016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCRUED LIABILITIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract', window );"><strong>ACCRUED LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock', window );">ACCRUED LIABILITIES</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;">12.</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ACCRUED LIABILITIES</div></td></tr></table></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify; margin-left: 18pt; text-indent: -18pt;">All figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr style="height: 14px;"><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Accrued Interest</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,031</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,437</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Accrued Expenses</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,208</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,211</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Total as of December 31,</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11,239</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7,648</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a),20,24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<FILENAME>R21.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6803608176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS (LOSS) PER SHARE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>EARNINGS (LOSS) PER SHARE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">EARNINGS (LOSS) PER SHARE</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;">13.</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EARNINGS (LOSS) PER SHARE</div></td></tr></table></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Basic earnings per share ("EPS") are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.</div><div>&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">All figures in USD except number of shares and earnings (loss) per common share</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Numerator</font>:</div></td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr style="height: 17px;"><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;">Net (Loss) Income</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(204,969</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4,456</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">114,627</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Denominator:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr style="height: 10px;"><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;">Basic - Weighted Average Common Shares Outstanding</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103,832,680</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">92,531,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89,182,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Dilutive &#8211; Weighted Average Common Shares Outstanding</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103,832,680</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">92,531,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89,182,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Earnings (Loss) per Common Share:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;">Basic</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.97</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.29</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;">Diluted</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.97</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.29</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -URI http://asc.fasb.org/topic&amp;trid=2144383<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R22.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6660255744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>SHAREHOLDERS' EQUITY [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">SHAREHOLDERS' EQUITY</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="margin-bottom: 6pt; text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;">14.</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SHAREHOLDERS' EQUITY</div></td></tr></table></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Authorized, issued and outstanding common shares roll-forward is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; margin-left: 9pt; text-indent: -9pt;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Authorized Shares</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Issued and Out-<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br /></font> standing Shares</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Common Stock</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;">Balance as of January 1, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">180,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">89,182,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">892</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;">Balance as of December 31, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">180,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">89,182,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">892</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;">Equity incentive plan issuance</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">137,665</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;">Common Shares Issued in Follow-on Offering</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,650,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;">Balance as of December 31, 2016</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">180,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">101,969,666</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,020</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;">Common Shares Issued in Follow-on Offering</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">400</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;">Balance as of December 31, 2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">180,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">141,969,666</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,420</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In September 2016, the Company completed an underwritten public offering of 12,650,000 common shares which increased its equity by $120.1 million.</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In December 2017, the Company completed an underwritten public offering of 40,000,000 common shares which increased its equity by $103.7 million.</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Additional Paid-in Capital</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Included in Additional Paid-in Capital is the Company's Share Premium Fund as defined by Bermuda law. The Share Premium Fund cannot be distributed without complying with certain legal procedures designed to protect the creditors of the Company, including public notice to its creditors and a subsequent period for creditor notice of concern, regarding the Company's intention, following shareholder approval, to transfer such funds to the Company's Contributed Surplus Account and thereby make such funds available for distribution. The Share Premium Fund was $103.4 million and $215.5 million as of December 31, 2017 and 2016 respectively. Credits and Charges to Additional Paid in Capital were a result of the accounting for the Company's share based compensation programs and issuance of shares.</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">On December 12, 2017, at the Company's Annual General Meeting, shareholders voted to reduce the Share Premium Fund by the amount of $215.5 million. The legal procedures related to this reduction were finalized in December 2017 upon which the amount became eligible for distribution.</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Contributed Surplus Account</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company's Contributed Surplus Account as defined by Bermuda law, consists of amounts previously recorded as share premium, transferred to Contributed Surplus Account when resolutions are adopted by the Company's shareholders to make Share Premium Fund distributable or available for other purposes. As indicated by the laws governing the Company, the Contributed Surplus Account can be used for dividend distribution and to cover accumulated losses from its operations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">For the year ended December 31, 2017 the Company paid a dividend of $59.1 million, which was charged to the Contributed Surplus Account, and on December 12, 2017 the Company's Annual General Meeting voted to reduce the Share Premium Fund by $215.5 million, which was transferred to the Contributed Surplus Account. For the year ended December 31, 2016 the Company paid a dividend of $125.7 million, which was charged to the Contributed Surplus Account. The Company's Contributed Surplus account was $796.8 million and $640.5 million per December 31, 2017 and 2016, respectively.</div><div>&#160;</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Shareholders' Rights Plan</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In 2007, the Board of Directors adopted a shareholders' rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a Series A Participating Preferred Share for each outstanding common share, par value $0.01 per share. The dividend was payable on February 27, 2007, to shareholders of record on that date. Each right entitles the registered holder to purchase from the Company one one-thousandth of a Series A Participating Preferred Share at an exercise price of $115, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person has acquired ownership of 15% or more of the Company's common shares.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In 2013 a registration statement on Form F-3&#160;was declared effective by the SEC relating to the Dividend Reinvestment and Direct Stock Purchase Plan for 1,664,450 common shares to allow existing shareholders to purchase additional common shares by reinvesting all or a portion of the dividends paid on their common shares and by making optional cash investments and new investors to enter into the plan by making an initial investment.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; text-indent: 36pt;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">On June&#160;16, 2017, the Board of Directors, after its expiration, adopted a new shareholders' rights agreement and declared a dividend of one preferred share purchase right to purchase one&#160;one-thousandth&#160;of a Series A Participating Preferred Share of the Company for each outstanding common share, par value $0.01 per share. The dividend was payable on June&#160;26, 2017 to shareholders of record on that date. Each right entitles the registered holder to purchase from us one&#160;one-thousandth&#160;of a Series A Participating Preferred Share of the Company at an exercise price of $30.00, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person or group has acquired ownership of 15% or more of the Company's common shares. As at December 31, 2017, no shares were issued pursuant to the plan.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">This shareholders' rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. Our shareholders' rights plan is not intended to deter offers that the Board determines are in the best interests of our shareholders.</div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -URI http://asc.fasb.org/topic&amp;trid=2208762<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R23.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6820850752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract', window );"><strong>RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock', window );">RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="margin-bottom: 12pt; text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;">15.</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES</div></td></tr></table></div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Received settlements</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In 2016 the arbitration hearings involving the Suezmax vessel Gulf Scandic (now named Nordic Harrier) was settled between the Company and Gulf Navigation Holding PJSC (GulfNav). The Company recognized in 2016 in aggregate $5.3 million as Received Settlement in the Consolidated Statements of Operations. No transactions related to this matter is recorded in 2017.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Commitments and Contingencies</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">&#160;</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company may become a party to various legal proceedings generally incidental to its business and is subject to a variety of environmental and pollution control laws and regulations. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings. Although the ultimate disposition of legal proceedings cannot be predicted with certainty, it is the opinion of the Company's management that the outcome of any claim which might be pending or threatened, either individually or on a combined basis, will not have a materially adverse effect on the financial position of the Company, but could materially affect the Company's results of operations in a given year.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">No claims have been filed against the Company, nor has it been part to any legal proceedings, other than the matter discussed above, for the fiscal years ended December 31, 2017 and 2016.</div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for received settlements and commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_RECEIVEDSETTLEMENTSANDCOMMITMENTSANDCONTINGENCIESTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R24.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6641477280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_FinancialInstrumentsAbstract', window );"><strong>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="margin-bottom: 12pt; text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;">16.</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</div></td></tr></table></div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The majority of NAT and its subsidiaries' transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company's cash flows.</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:</div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 72pt; vertical-align: top; align: right;">Level 1.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.</div></td></tr></table></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 72pt; vertical-align: top; align: right;">Level 2.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr style="vertical-align: top;"><td style="width: 72pt; vertical-align: top; align: right;"><div style="text-align: justify;"><font style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Level </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</div></td></tr></table></div><div>&#160;</div><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.</div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; align: right;">-</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value.</div></td></tr></table></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; align: right;">-</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates.</div></td></tr></table></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; align: right;">-</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The carrying amount of the Company's restricted cash at December 31, 2016 approximate fair value and is considered to be a Level 1 item.</div></td></tr></table></div><div>&#160;</div><div>The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2017 and 2016, are as follows:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify; margin-left: 18pt; text-indent: -18pt;">All figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fair Value Hierarchy</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Level</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fair</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Carrying</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fair</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Carrying</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Cash and Cash Equivalents</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">58,359</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">58,359</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">82,170</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">82,170</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Credit Facility</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(391,641</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(391,641</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(447,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(447,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Other Non-Current Assets (restricted cash)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,149</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,149</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_FinancialInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_FinancialInstrumentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueDisclosuresTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -URI http://asc.fasb.org/topic&amp;trid=2155941<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueDisclosuresTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<FILENAME>R25.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6803632112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>SUBSEQUENT EVENTS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfSubsequentEventsTextBlock', window );">SUBSEQUENT EVENTS</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="margin-bottom: 10pt; text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 25.5pt; vertical-align: top; font-weight: bold; align: right;">17.</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUBSEQUENT EVENTS</div></td></tr></table></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="background-color: #ffffff;">On January 26, 2018 the Company declared a cash dividend of $0.03 per share in respect of the results for the fourth quarter of 2017, which was paid on March 9, 2018.</font></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="background-color: #ffffff;"></font>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="background-color: #ffffff;">On <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">April 27, 2018</font> the Company declared a cash dividend of $<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.01</font> per share in respect of the results for the first quarter of 2018, which is to be paid on or around <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">June 12</font>, 2018.</font></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">On May 3, 2018 the Company announced that two vessels have been placed in the market for sale.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">On May 4, 2018 the Company executed an amendment to the Credit Facility expiring on December 31, 2018. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Please see Note 10 to our financial statements for further information.</font></div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfSubsequentEventsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6842918&amp;loc=SL6314017-165662<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfSubsequentEventsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R26.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6816243456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccounting', window );">Basis of Accounting</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Basis of Accounting: </font>These consolidated financial statements ("financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Principles of Consolidation: </font>Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries' accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in the consolidation.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The equity method of accounting is used for investments in companies which NAT does not control, but over which NAT has the ability to exercise significant influence.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Use of Estimates:</font> Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock', window );">Foreign Currency Translation</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Foreign Currency Translation: </font>The functional currency of NAT is the United States ("U.S.") dollar as all revenues are received in U.S. dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">.</font> The subsidiaries of NATC, NAT Chartering AS, and the European branch of Scandic, have Norwegian Kroner as their functional currency. All assets and liabilities of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders' equity as part of accumulated other comprehensive loss.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RevenueAndExpenseRecognitionPolicyTextBlock', window );">Revenue and Expense Recognition</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Revenue and Expense Recognition: </font>Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot and time charters.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Spot Charters:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>Voyage revenues and expenses are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Based on the terms of the customer agreement, a voyage is deemed to commence upon the completion of discharge of the vessel's previous cargo and is deemed to end upon the completion of discharge of the current cargo. However, the Company does not recognize revenue if a charter has not been contractually committed to by a customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Revenue is generated from freight billing. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the loading or discharging ports. When the Company's tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Time Charters: </font>Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the shipowner pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel's intermediate and special surveys.</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselOperatingExpensesPolicyTextBlock', window );">Vessel Operating Expenses</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel Operating Expenses</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">:</font> Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash and Cash Equivalents:</font> Cash and cash equivalents consist of highly liquid investments such as time deposits with original maturities of three months or less.</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradeAndOtherAccountsReceivablePolicy', window );">Accounts Receivable, Net</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Accounts Receivable, Net:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">&#160;</font>Account receivable and other receivables are presented net of allowance for doubtful balances. If balances are determined uncollectable, after all means of collections have been exhausted and the potential for recovery is considered to be remote, they are charged against the allowance for doubtful balances. As of December 31, 2017 and December 31, 2016, we made an allowance of approximately $0 and $150,000 for doubtful receivables, respectively.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventories</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Inventories: </font>Inventories, which are comprised of bunker fuel and lubrication oil, are stated at the lower of cost or market. Cost is determined on a first-in, first-out ("FIFO") basis.</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Vessels, Net</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessels, Net:</font> Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are also capitalized and included in vessels' cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is provided over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentImpairment', window );">Impairment of Vessels</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Impairment of Vessels: </font>The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (calculated based on estimated discounted operating cashflows). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&#8217; future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel. The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical average for similar vessels for the remaining estimated life of the vessel. Useful economic life is assumed to be 25 years from the delivery of the vessel from the shipyard, net of brokerage commissions, expected outflows for vessels&#8217; maintenance and vessel operating expenses (including planned drydocking expenditures). The salvage value used in the impairment test is estimated to be $8.0 million per vessel. If the Company&#8217;s estimate of undiscounted future cash flows for any vessel is lower than the vessel&#8217;s carrying value, the carrying value is written down, by recording an impairment charge. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. The Company has further applied a probability-weighted approach taking into consideration different scenarios for the vessels being assessed.</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DrydockingPolicyTextBlock', window );">Drydocking</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Drydocking:</font> The Company's vessels are required to be drydocked approximately every 30 to 60&#160;months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Consistent with prior periods, drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsPolicy', window );">Investments in Equity Method Investees</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Investments in Equity Method Investees: </font>Investments in other entities where the Company has "significant influence" in accordance with U.S. GAAP are accounted for using the equity method of accounting.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company's proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock', window );">Goodwill</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Goodwill: </font>Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has acquired.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationRelatedCostsPolicyTextBlock', window );">Deferred Compensation Liability</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deferred Compensation Liability: </font>The Company has one individual deferred compensation agreement with the Company's CEO. The former CFO &amp; EVP had an individual deferred compensation agreement, denominated in Norwegian currency, where further benefits do not accrue upon leaving the Company as of Dec 31, 2017. The liabilities are accounted for on an accrual basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses are recognized in general and administrative expenses as incurred.</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_OtherComprehensiveIncomeLossPolicyTextBlock', window );">Other Comprehensive (Loss) Income</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Comprehensive (Loss) Income:</font> The Company follows the guidance in ASC Topic 220, "Comprehensive Income" which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment Information</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Segment Information: </font>The Company has identified only one operating segment. The Company has only one type of vessel &#8211; Suezmax crude oil tankers. The Company does not provide a geographical analysis because the Company's business is global in nature and the location of its vessels continually changes.</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Fair Value of Financial Instruments</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fair Value of Financial Instruments:</font> The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments. For further information on fair value of financial instruments please see Note 16.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeferredFinancingCostsPolicyTextBlock', window );">Deferred Financing Costs</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deferred Financing Costs:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">&#160;</font>Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. The deferred financing costs are accounted as a direct deduction from the associated debt liability in Long-Term Debt.</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Stock-Based Payments</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Stock-Based Payments:</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The fair value of restricted shares to employees is estimated based on the market price of the Company's shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Income Taxes:&#160; </font>The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Two of the Company's wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 24%, 25%, and 27% for the years ended December 31, 2017, 2016 and 2015, respectively, of their taxable profit.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The income tax expensed for year ended December 31, 2017, 2016 and 2015 was $83,000, $102,000 and $96,000, respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.</font></div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskCreditRisk', window );">Concentration of Credit Risk</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Concentration of Credit Risk:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">&#160;</font>Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables. The Company's cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">For the year ended December 31, 2017, one customer accounted for 12% of the total revenues. For the year ended December 31, 2016, one customer accounted for 32% of the total revenues.&#160; For the year ended December 31, 2015, two customers accounted for 42% of the total revenues, with 30% and 12%.</div><div style="text-align: justify;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Accounts receivable, net, as of December 31, 2017, and 2016 were $21.7 and $17.5 million, respectively. As of December 31, 2017, two charterers accounted for 25% of the outstanding accounts receivable, with 11% and 14%. As of December 31, 2016, three charterers accounted for 44% of the outstanding accounts receivable, with 16%, 16%, and 12%.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent Accounting Pronouncements</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Recent Accounting Pronouncements:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In May 2014, the FASB issued ASU No. 2014-09,&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Revenue from Contracts with Customers</font>, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. Effective date is for reporting periods commencing on or after December 15, 2017.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company has concluded that it will continue to recognize revenue from voyage charters over time. Under ASC 606 the period for revenue recognition will change from the current method of discharge-to-discharge to load-to-discharge. Revenues from voyage charters will not change, however the timing of revenue recognition will change materially and will affect the voyage results recognized in each period. Recognizing revenues from load-to-discharge results in delayed revenue recognition compared to the current practice and we also expect more volatility in the results as the revenue is recognized over a shorter time period.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under this new guidance the Company will also capitalize the voyage costs incurred between contract signing and the next load port if the voyage costs qualify as fulfilment cost and will be expensed over the same period as the related revenue is recognized.</font></font></div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The implementation of this standard is as of December 31, 2017, estimated to result in a reduction of accrued revenue of $5.3 million, a reduction of accrued voyage expenses of $0.6 million and recognition of capitalized spot charter contract fulfilment cost of $0.6 million, with the net effect being recorded as a reduction of equity per January 1, 2018. The Company has elected to apply the option to implement the standard under the modified retrospective method.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The Company also generates revenues from time charter contracts, which is recognized on an accrual basis over the term of the charter contract.&#160; Time charter revenues are not expected to be affected materially from this new guidance.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Under&#160;the modified retrospective approach prior year figures will not be adjusted. The cumulative effect of adopting this guidance will be recorded as an adjustment to its opening balance of retained earnings (accumulated loss) as of January 1, 2018.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In February 2016, the FASB issued ASU 2016-02,&#160;Leases&#160;(Topic 842). The update requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Implemented in 2017</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In November 2016, the FASB issued ASU 2016-18, Statement of cash flows (230): Restricted cash, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company has early adopted this ASU in 2017 and retrospectively applied this to all periods presented. As such, $5.0 million has been transferred from Investing Activities to be presented separately below the Statements of Cash Flows for the 2015 financial year.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In August 2016, the FASB issued ASU No. 2016-15,&#160;Statement of cash flows (Topic 230). </font>The Company has early adopted this ASU and the adoption did not have any effect on the consolidated financial statements.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In January 2017, the FASB issued ASU 2017-04 Intangibles &#8211; Goodwill and other (Topic 350), which simplifies the test for goodwill impairment. This update eliminates Step 2 from the goodwill impairment test. The Company has early adopted this ASU and the adoption resulted in that the Company did not perform step 2 in the goodwill impairment testing in 2017.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Effective January 1, 2017, the Company adopted ASU 2016-07,&#160;Investments-Equity Method and Joint Ventures (Topic 323). The adoption did not have any effect on the consolidated financial statements.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Effective January 1, 2017, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The adoption did not have any effect on the consolidated financial statements.</div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DeferredFinancingCostsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for deferral and amortization of deferred financing costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DeferredFinancingCostsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DrydockingPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for costs incurred for repairs and maintenance activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DrydockingPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_OtherComprehensiveIncomeLossPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_OtherComprehensiveIncomeLossPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_RevenueAndExpenseRecognitionPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue and expense recognition directly related to voyage and time charter agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_RevenueAndExpenseRecognitionPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselOperatingExpensesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for vessel operating expense, excluding depreciation expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_VesselOperatingExpensesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BasisOfAccounting">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&amp;trid=2122369<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BasisOfAccounting</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 305<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4273-108586<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensationRelatedCostsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18726-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CompensationRelatedCostsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskCreditRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for credit risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 55<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=75027168&amp;loc=d3e14489-108613<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 825<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=75032840&amp;loc=d3e61082-112788<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 825<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=75027451&amp;loc=SL29635902-196195<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13537-108611<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13531-108611<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 825<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=75032840&amp;loc=d3e61044-112788<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskCreditRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidationPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=84161450&amp;loc=d3e5614-111684<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.3A-03)<br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355100-122828<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.3A-02)<br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355033-122828<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidationPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for equity method of accounting for investments and other interests. Investment includes, but is not limited to, unconsolidated subsidiary, corporate joint venture, noncontrolling interest in real estate venture, limited partnership, and limited liability company. Information includes, but is not limited to, ownership percentage, reason equity method is or is not considered appropriate, and accounting policy election for distribution received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 21D<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=SL94080555-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfFinancialInstrumentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for determining the fair value of financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13279-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 60<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=7493716&amp;loc=d3e21868-110260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueOfFinancialInstrumentsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450520&amp;loc=d3e32583-110901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66006027&amp;loc=d3e16265-109275<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32840-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65884525&amp;loc=d3e40913-109327<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32809-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=84176650&amp;loc=d3e32247-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=84176650&amp;loc=d3e32280-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4492-108314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4556-108314<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for assessing and recognizing impairments of its property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=84176398&amp;loc=d3e2921-110230<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentImpairment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5047-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TradeAndOtherAccountsReceivablePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for trade and other accounts receivables. This disclosure may include the basis at which such receivables are carried in the entity's statements of financial position (for example, net realizable value), how the entity determines the level of its allowance for doubtful accounts, when impairments, charge-offs or recoveries are recognized, and the entity's income recognition policies for such receivables, including its treatment of related fees and costs, its treatment of premiums, discounts or unearned income, when accrual of interest is discontinued, how the entity records payments received on nonaccrual receivables and its policy for resuming accrual of interest on such receivables.  If the enterprise holds a large number of similar loans, disclosure may include the accounting policy for the anticipation of prepayments and significant assumptions underlying prepayment estimates for amortization of premiums, discounts, and nonrefundable fees and costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84173941&amp;loc=SL6953423-111524<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(9))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=84159169&amp;loc=d3e10133-111534<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=84173941&amp;loc=d3e5212-111524<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=84173941&amp;loc=d3e5093-111524<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TradeAndOtherAccountsReceivablePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UseOfEstimates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=84177426&amp;loc=d3e6061-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=84177426&amp;loc=d3e6143-108592<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=84177426&amp;loc=d3e6132-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UseOfEstimates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>47
<FILENAME>R27.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6816021872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NATURE OF BUSINESS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>NATURE OF BUSINESS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_StatusOfEachVesselTableTextBlock', window );">Current fleet</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Including three newbuildings, the Company's current fleet consists of 33 Suezmax crude oil tankers of which 31 were built, or are under construction, in Korea.</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 60%;"><tr><td valign="bottom" style="width: 17%; vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Vessel</div></td><td style="width: 17%; vertical-align: bottom; padding-bottom: 2px; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Built</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Deadweight Tons</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Delivered to NAT</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Harrier</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">151,459</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Hawk</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">151,475</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Hunter</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">151,401</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Voyager</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1997</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">149,591</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2004</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Fighter</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1998</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">153,328</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Freedom</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,331</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Discovery</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1998</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">153,328</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Saturn</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1998</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,331</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Jupiter</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1998</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,411</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2006</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Moon</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2002</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">160,305</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2006</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr style="height: 18px;"><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Apollo</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2003</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,998</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2006</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Cosmos</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2003</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,999</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2006</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Sprite</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1999</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">147,188</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2009</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Grace</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2002</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">149,921</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2009</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Mistral</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2002</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">164,236</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2009</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Passat</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2002</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">164,274</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2010</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Vega</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2010</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">163,940</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2010</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Breeze</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">158,597</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Aurora</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1999</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">147,262</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Zenith</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">158,645</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Sprinter</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,089</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2014</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Skier</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2005</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,089</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2014</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Light</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2010</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">158,475</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Cross</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2010</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">158,475</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Luna</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2004</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">150,037</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Castor</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2004</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">150,249</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Sirius</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2000</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">150,183</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Pollux</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2003</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">150,103</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Star</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Nordic Space</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">159,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2017</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Newbuilding(1)</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018(2</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Newbuilding(1)</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018(2</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 17%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Newbuilding(1)</div></td><td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 10%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018(2</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr></table><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr style="vertical-align: top;"><td style="width: 18pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">(1)</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Vessel under construction per December 31, 2017.</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr style="vertical-align: top;"><td style="width: 18pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">(2)</div></td><td style="width: auto; vertical-align: top; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Expected delivery during the July, August and October 2018, respectively</div></td></tr></table></div></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_StatusOfEachVesselTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of information regarding status of each vessel during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_StatusOfEachVesselTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6803644304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VESSELS, NET (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>VESSELS, NET [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsNetTableTextBlock', window );">Vessels, net</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Vessels, net, consist of the carrying value of 30 vessels and 29 vessels for the year ended December 31, 2017 and December 31, 2016, respectively. Vessels, net include drydocking costs.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify;">All Figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Vessels</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,769,967</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,700,040</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Drydocking</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">119,303</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99,153</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,889,270</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,799,193</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Less Accumulated Depreciation</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(842,977</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(741,144</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;">Less Impairment Loss on Vessels&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;">&#160;(110,480</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">)&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;">&#160;-</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">Vessels, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">935,813</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,058,049</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselsNetTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of net book value, accumulated depreciation, and depreciation expense of vessels that are used in the normal conduct of business and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_VesselsNetTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>49
<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811344544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsAbstract', window );"><strong>INVESTMENTS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock', window );">Summarized balance sheet information</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Summarized balance sheet information for NAO is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">All figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">December 31, </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">December 31, </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Current assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37,076</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,909</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr style="height: 12px;"><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Noncurrent assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">350,635</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">366,945</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Total Assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">387,711</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">374,854</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Current liabilities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,809</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,089</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Noncurrent liabilities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">136,629</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">136,568</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Total Shareholders' Equity</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">248,273</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">234,196</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Total liabilities and equity</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">387,711</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">374,854</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock', window );">Summarized statement of operations</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Summarized Statement of Operations information for NAO is as follows:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="10" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">Years ended December 31,</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">All figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Operating Revenues</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,895</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,697</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36,372</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Net Operating (Loss) Income</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(26,068</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(28,543</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8,372</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Net (Loss) Income</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(29,326</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(32,151</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10,844</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_EquityMethodInvestmentSummarizedBalanceSheetInformationTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized revenues, income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_EquityMethodInvestmentSummarizedStatementOfOperationsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>50
<FILENAME>R30.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6816288384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER NON-CURRENT ASSETS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrentDisclosureAbstract', window );"><strong>OTHER NON-CURRENT ASSETS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock', window );">Other non-current assets</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">All figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Fixture, Furniture and Equipment</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">169</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">338</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Arrangement fees Backstop facility and Newbuildings</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15,484</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Long term Deposit (Restricted Cash)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,149</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Other</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">316</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Total as of December 31,</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15,969</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10,487</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrentDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrentDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of noncurrent assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6803678544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE-BASED COMPENSATION PLAN (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>SHARE-BASED COMPENSATION PLAN [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock', window );">Summary of company's restricted stock awards</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The tables below summarize the Company's restricted stock awards as of December 31, 2017:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restricted </div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">shares -</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Employees</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Weighted-</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">average grant-</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">date fair value</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">- Employees</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Non-vested at January 1, 2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157,165</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.75</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Granted during the year</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,500</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.13</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Vested during the year</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.65</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Forfeited during the year</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(13,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.54</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Non-vested at December 31, 2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">138,665</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.55</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the changes in outstanding nonvested restricted stock units.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>52
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6822723536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTEREST EXPENSE (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseAbstract', window );"><strong>INTEREST EXPENSE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ScheduleOfInterestExpenseTableTextBlock', window );">Schedule of interest expense</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Interest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 10.</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">All amounts in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Interest Expenses, net of capitalized interest</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,286</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,811</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,590</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Commitment Fee</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">760</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">937</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,025</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Amortization of Deferred Financing Costs</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,393</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,382</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,240</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Other financial costs</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Total Interest Expenses</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20,464</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11,170</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10,855</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ScheduleOfInterestExpenseTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_ScheduleOfInterestExpenseTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>53
<FILENAME>R33.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811565520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCRUED LIABILITIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract', window );"><strong>ACCRUED LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock', window );">Accrued liabilities</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify; margin-left: 18pt; text-indent: -18pt;">All figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr style="height: 14px;"><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Accrued Interest</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,031</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,437</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Accrued Expenses</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,208</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,211</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Total as of December 31,</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11,239</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7,648</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of accrued liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
<FILENAME>R34.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6820844192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS (LOSS) PER SHARE (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>EARNINGS (LOSS) PER SHARE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock', window );">Basic and diluted earnings per share</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Basic earnings per share ("EPS") are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.</div><div>&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">All figures in USD except number of shares and earnings (loss) per common share</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Numerator</font>:</div></td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: top;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr style="height: 17px;"><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;">Net (Loss) Income</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(204,969</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4,456</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">114,627</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Denominator:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr style="height: 10px;"><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;">Basic - Weighted Average Common Shares Outstanding</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103,832,680</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">92,531,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89,182,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Dilutive &#8211; Weighted Average Common Shares Outstanding</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103,832,680</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">92,531,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89,182,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left;">Earnings (Loss) per Common Share:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; background-color: #ffffff;">Basic</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.97</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.29</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;">Diluted</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.97</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.05</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.29</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R35.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6661009712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>SHAREHOLDERS' EQUITY [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfStockholdersEquityTableTextBlock', window );">Authorized, issued and outstanding common shares roll-forward</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Authorized, issued and outstanding common shares roll-forward is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; margin-left: 9pt; text-indent: -9pt;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Authorized Shares</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Issued and Out-<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br /></font> standing Shares</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Common Stock</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;">Balance as of January 1, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">180,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">89,182,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">892</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;">Balance as of December 31, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">180,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">89,182,001</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">892</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;">Equity incentive plan issuance</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">137,665</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;">Common Shares Issued in Follow-on Offering</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,650,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;">Balance as of December 31, 2016</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">180,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">101,969,666</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,020</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;">Common Shares Issued in Follow-on Offering</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">400</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;">Balance as of December 31, 2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">180,000,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">141,969,666</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,420</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfStockholdersEquityTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfStockholdersEquityTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>56
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811559984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_FinancialInstrumentsAbstract', window );"><strong>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByBalanceSheetGroupingTextBlock', window );">Carrying value of estimated fair value of financial instruments</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2017 and 2016, are as follows:</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: justify; margin-left: 18pt; text-indent: -18pt;">All figures in USD '000</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fair Value Hierarchy</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Level</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fair</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Carrying</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fair</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Carrying</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Cash and Cash Equivalents</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">58,359</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">58,359</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">82,170</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">82,170</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Credit Facility</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(391,641</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(391,641</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(447,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(447,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td></tr><tr><td valign="bottom" style="width: 40%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Other Non-Current Assets (restricted cash)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,149</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,149</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_FinancialInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_FinancialInstrumentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByBalanceSheetGroupingTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13476-108611<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13467-108611<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=75026489&amp;loc=d3e13220-108610<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14172-108612<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13433-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByBalanceSheetGroupingTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>57
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832193248">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>NATURE OF BUSINESS (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>Vessel </div>
<div>t</div>
</th>
<th class="th">
<div>Dec. 31, 2004 </div>
<div>Vessel</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>NATURE OF BUSINESS [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_TotalNumberOfVessels', window );">Total number of vessels | Vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">33<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018', window );">Number of new buildings expected to be delivered in 2018 | Vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfOperatingVessels', window );">Number of operating vessels | Vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons', window );">Average approximate deadweight tons per vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">156,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsBuildInKorea', window );">Number of vessels build in Korea | Vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicHarrierMember', window );">Nordic Harrier [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">151,459<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicHawkMember', window );">Nordic Hawk [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">151,475<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicHunterMember', window );">Nordic Hunter [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">151,401<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicVoyagerMember', window );">Nordic Voyager [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">149,591<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicFighterMember', window );">Nordic Fighter [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">153,328<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicFreedomMember', window );">Nordic Freedom [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">159,331<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicDiscoveryMember', window );">Nordic Discovery [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">153,328<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSaturnMember', window );">Nordic Saturn [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">157,331<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicJupiterMember', window );">Nordic Jupiter [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">157,411<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMoonMember', window );">Nordic Moon [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">160,305<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicApolloMember', window );">Nordic Apollo [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">159,998<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCosmosMember', window );">Nordic Cosmos [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">159,999<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSpriteMember', window );">Nordic Sprite [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">147,188<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicGraceMember', window );">Nordic Grace [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">149,921<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMistralMember', window );">Nordic Mistral [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">164,236<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPassatMember', window );">Nordic Passat [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">164,274<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicVegaMember', window );">Nordic Vega [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">163,940<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicBreezeMember', window );">Nordic Breeze [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">158,597<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicAuroraMember', window );">Nordic Aurora [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">147,262<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicZenithMember', window );">Nordic Zenith [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">158,645<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSprinterMember', window );">Nordic Sprinter [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">159,089<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSkierMember', window );">Nordic Skier [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">159,089<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLightMember', window );">Nordic Light [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">158,475<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCrossMember', window );">Nordic Cross [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">158,475<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLunaMember', window );">Nordic Luna [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">150,037<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCastorMember', window );">Nordic Castor [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">150,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSiriusMember', window );">Nordic Sirius [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">150,183<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPolluxMember', window );">Nordic Pollux [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">150,103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicStarMember', window );">Nordic Star [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">159,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSpaceMember', window );">Nordic Space [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">159,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NewbuildingoneMember', window );">Newbuilding [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">157,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_Newbuild2Member', window );">Newbuilding [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">157,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_Newbuild3Member', window );">Newbuilding [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">157,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Expected delivery during the July, August and October 2018, respectively.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Vessel under construction per December 31, 2017.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the average approximate deadweight tons per vessel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DeadweightTonnage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total sum of weights in metric tonnes that the vessel can carry on a defined loadline.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DeadweightTonnage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of new building in entities current fleet expected to be delivered in 2018.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfNewBuildingExpectedToBeDeliveredIn2018</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfOperatingVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of vessels in operation in entities current fleet.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfOperatingVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfVesselsBuildInKorea">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of vessels build in Korea</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfVesselsBuildInKorea</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_TotalNumberOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total number of vessels during the period, which may include crude oil tankers and new vessels under construction to be used in the normal conduct of business and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_TotalNumberOfVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicHarrierMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicHarrierMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicHawkMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicHawkMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicHunterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicHunterMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicVoyagerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicVoyagerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicFighterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicFighterMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicFreedomMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicFreedomMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicDiscoveryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicDiscoveryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSaturnMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSaturnMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicJupiterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicJupiterMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMoonMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMoonMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicApolloMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicApolloMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCosmosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCosmosMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSpriteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSpriteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicGraceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicGraceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMistralMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMistralMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPassatMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPassatMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicVegaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicVegaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicBreezeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicBreezeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicAuroraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicAuroraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicZenithMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicZenithMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSprinterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSprinterMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSkierMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSkierMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLightMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLightMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCrossMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCrossMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLunaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLunaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCastorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCastorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSiriusMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSiriusMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPolluxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPolluxMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicStarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicStarMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSpaceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSpaceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NewbuildingoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NewbuildingoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_Newbuild2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_Newbuild2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_Newbuild3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_Newbuild3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>58
<FILENAME>R38.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6830876640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Vessel </div>
<div>Agreement </div>
<div>Segment </div>
<div>Subsidiary </div>
<div>Customer </div>
<div>Charter</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>Customer </div>
<div>Charter</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>Customer</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAbstract', window );"><strong>Cash and Cash Equivalents [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents', window );">Original maturities of deposits classified as cash and cash equivalents</a></td>
<td class="text">3 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetAbstract', window );"><strong>Accounts Receivable [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivable', window );">Allowance for doubtful balances</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Vessels, Net [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimate useful life of vessel</a></td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_MarketRatesForTheInitialPeriod', window );">Market rates for the initial period</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_HistoricalAndAverageSpotMarketRate', window );">Historical and average spot market rate</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValue', window );">Salvage value of the vessel</a></td>
<td class="nump">$ 8,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DrydockAbstract', window );"><strong>Drydock [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum', window );">Period when vessels are required to be drydocked, minimum</a></td>
<td class="text">30 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum', window );">Period when vessels are required to be drydocked, maximum</a></td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityAbstract', window );"><strong>Deferred Compensation Liability [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfIndividualDeferredCompensationAgreements', window );">Number of individual deferred compensation agreements | Agreement</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_SegmentsAbstract', window );"><strong>Segment Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfOperatingSegments', window );">Number of operating segment | Segment</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfTypesOfVessels', window );">Number of types of vessel | Vessel</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Taxes [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations', window );">Statutory rate of corporate earnings</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfWhollyOwnedSubsidiaries', window );">Number of wholly owned subsidiaries | Subsidiary</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Income tax rate for wholly-owned subsidiaries in Norway</a></td>
<td class="nump">24.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">27.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense</a></td>
<td class="nump">$ 83<span></span>
</td>
<td class="nump">$ 102<span></span>
</td>
<td class="nump">$ 96<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNet', window );">Accounts receivable, net</a></td>
<td class="nump">21,700<span></span>
</td>
<td class="nump">17,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract', window );"><strong>Recent Accounting Pronouncements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AccruedVoyageExpensesCurrent', window );">Accrued voyage expenses</a></td>
<td class="nump">$ 10,873<span></span>
</td>
<td class="nump">$ 9,583<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_BallastTankMember', window );">Ballast Tank [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DrydockAbstract', window );"><strong>Drydock [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AmortizationPeriod', window );">Improvements amortized over a period</a></td>
<td class="text">8 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts Receivable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">44.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfCharterersAccountedForOutstandingAmount', window );">Number of charterers accounted for outstanding amount | Charter</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts Receivable [Member] | Customer One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="nump">11.00%<span></span>
</td>
<td class="nump">16.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts Receivable [Member] | Customer Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="nump">14.00%<span></span>
</td>
<td class="nump">16.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts Receivable [Member] | Customer Three [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueServicesNetMember', window );">Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfCustomersAccountedForTotalRevenues', window );">Number of customers accounted for total revenues | Customer</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="nump">12.00%<span></span>
</td>
<td class="nump">32.00%<span></span>
</td>
<td class="nump">42.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueServicesNetMember', window );">Revenues [Member] | Customer One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueServicesNetMember', window );">Revenues [Member] | Customer Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration Risk [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member', window );">ASU 2014-09 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract', window );"><strong>Recent Accounting Pronouncements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractWithCustomerLiabilityCurrent', window );">Reduction of accrued revenue</a></td>
<td class="nump">$ 5,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AccruedVoyageExpensesCurrent', window );">Accrued voyage expenses</a></td>
<td class="nump">600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RecognitionOfCapitalizedFulfillmentCost', window );">Recognition of capitalized fulfillment cost</a></td>
<td class="nump">600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201618Member', window );">ASU 2016-18 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract', window );"><strong>Recent Accounting Pronouncements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AmountReclassifiedFromInvestingActivities', window );">Amount reclassified from investing activities</a></td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AccruedVoyageExpensesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred through that date and payable related to the entity's voyage expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_AccruedVoyageExpensesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AmortizationPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period over which improvements are amortized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_AmortizationPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AmountReclassifiedFromInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the amount reclassified from investing activities due to adoption of accounting standard changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_AmountReclassifiedFromInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DrydockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DrydockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_HistoricalAndAverageSpotMarketRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The historical and average spot market rate used when estimating daily time charter equivalent for the remaining operating days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_HistoricalAndAverageSpotMarketRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_MarketRatesForTheInitialPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Market rates for the initial period used when estimating daily time charter equivalent for the remaining operating days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_MarketRatesForTheInitialPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfCharterersAccountedForOutstandingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the total number of charterers accounted for outstanding amount during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfCharterersAccountedForOutstandingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfCustomersAccountedForTotalRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the number of customers accounted for total revenues during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfCustomersAccountedForTotalRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfIndividualDeferredCompensationAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of individual deferred compensation agreements during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfIndividualDeferredCompensationAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfTypesOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of different types of vessels owned and operated by the Company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfTypesOfVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfWhollyOwnedSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of wholly-owned subsidiaries of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfWhollyOwnedSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The original maturity, in months, of deposits classified as cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum period when the vessels are expected to be drydocked for overhaul repairs and maintenance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The minimum period when the vessels are expected to be drydocked for overhaul repairs and maintenance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_RecognitionOfCapitalizedFulfillmentCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to amount capitalized fulfillment cost recognized during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_RecognitionOfCapitalizedFulfillmentCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_SegmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_SegmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(9))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=84173941&amp;loc=d3e5074-111524<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=84177426&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=84177426&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=77997519&amp;loc=d3e13537-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractWithCustomerLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82913847&amp;loc=SL49130549-203045<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130532-203044<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130531-203044<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ContractWithCustomerLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationLiabilityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCompensationLiabilityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfOperatingSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfOperatingSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentSalvageValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated or actual value of the asset at the end of its useful life or when it is no longer serviceable (cannot be used for its original purpose).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentSalvageValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_BallastTankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_BallastTankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MajorCustomersAxis=nat_CustomerOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MajorCustomersAxis=nat_CustomerOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MajorCustomersAxis=nat_CustomerTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MajorCustomersAxis=nat_CustomerTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MajorCustomersAxis=nat_CustomerThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MajorCustomersAxis=nat_CustomerThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueServicesNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueServicesNetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201618Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201618Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>59
<FILENAME>R39.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818907536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VESSELS, NET (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Vessel</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>Vessel</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>VESSELS, NET [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsUnderOperations', window );">Number of vessels | Vessel</a></td>
<td class="nump">30<span></span>
</td>
<td class="nump">29<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsGross', window );">Total</a></td>
<td class="nump">$ 1,889,270<span></span>
</td>
<td class="nump">$ 1,799,193<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less Accumulated Depreciation</a></td>
<td class="num">(842,977)<span></span>
</td>
<td class="num">(741,144)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AccumulatedImpairmentLossOnVessels', window );">Less Impairment Loss on Vessels</a></td>
<td class="num">(110,480)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsNet', window );">Vessels, Net</a></td>
<td class="nump">$ 935,813<span></span>
</td>
<td class="nump">1,058,049<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsDeliveredToTheCompany', window );">Number of vessels delivered to the Company | Vessel</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey', window );">Number of vessels the company has taken through periodical maintenance survey | Vessel</a></td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DepositsForVesselsUnderConstruction', window );">Deposits for vessels under construction</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">(50,130)<span></span>
</td>
<td class="num">$ (64,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsUnderOperationsDeliveredIn2018', window );">Number of vessels under construction delivered in 2018 | Vessel</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RemainingCapitalCommitments', window );">Total remaining capital commitments</a></td>
<td class="nump">$ 117,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf', window );">Impairment loss on vessels</a></td>
<td class="nump">$ 110,480<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss', window );">Number of vessels included in write down for impairment loss | Vessel</a></td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_VesselsMember', window );">Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsGross', window );">Total</a></td>
<td class="nump">$ 1,769,967<span></span>
</td>
<td class="nump">1,700,040<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_DrydockingMember', window );">Drydocking [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsGross', window );">Total</a></td>
<td class="nump">$ 119,303<span></span>
</td>
<td class="nump">$ 99,153<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AccumulatedImpairmentLossOnVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The accumulated amount for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_AccumulatedImpairmentLossOnVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DepositsForVesselsUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with deposits for vessels under construction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DepositsForVesselsUnderConstruction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfVesselsDeliveredToTheCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels delivered to the Company as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfVesselsDeliveredToTheCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of vessels included in write down for impairment loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels the company has taken through periodical maintenance survey as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_RemainingCapitalCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the amount of remaining capital commitments includes various regular operating expenses such as property-related costs, necessary equipment and production materials.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_RemainingCapitalCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation of vessels used in the normal conduct of business and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_VesselsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount at the balance sheet date of vessels used in the normal conduct of business and not intended for resale, net of accumulated depreciation on vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_VesselsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselsUnderOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels under the operational management at of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_VesselsUnderOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselsUnderOperationsDeliveredIn2018">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels under the operational management which will be delivered in 2018.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_VesselsUnderOperationsDeliveredIn2018</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2611-110228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_VesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_VesselsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_DrydockingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_DrydockingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>60
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6833666256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENTS (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2017</div></th>
<th class="th"><div>Jun. 30, 2014</div></th>
<th class="th"><div>Nov. 18, 2013</div></th>
<th class="th"><div>Nov. 30, 2015</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Jul. 20, 2017</div></th>
<th class="th"><div>Jun. 16, 2017</div></th>
<th class="th"><div>Dec. 31, 2007</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business Acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Private equity placement issued amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 103,748<span></span>
</td>
<td class="nump">$ 120,069<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsShares', window );">Shares as dividend-in-kind (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">699,802<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AdditionalSharesAcquiredInOpenMarket', window );">Company acquired additional shares in open market (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">488,216<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AdditionalSharesAcquiredInPrivateTransaction', window );">Company acquired additional shares in private transaction (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,521,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareCashPaid', window );">Dividends paid (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.53<span></span>
</td>
<td class="nump">$ 1.37<span></span>
</td>
<td class="nump">$ 1.38<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Cash value (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30<span></span>
</td>
<td class="nump">$ 115<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnInvestments', window );">Loss on investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (8,435)<span></span>
</td>
<td class="num">$ (46,642)<span></span>
</td>
<td class="num">$ (2,462)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment', window );">Impairment of investment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">37,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsFairValueDisclosure', window );">NATs share of NAOs total market capitalization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,000<span></span>
</td>
<td class="nump">$ 16,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=nat_NordicAmericanOffshoreLimitedMember', window );">Nordic American Offshore Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business Acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentAggregateCost', window );">Private equity placement participation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsShares', window );">Shares as dividend-in-kind (in shares)</a></td>
<td class="nump">4,024,745<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.60%<span></span>
</td>
<td class="nump">16.10%<span></span>
</td>
<td class="nump">29.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealizedInvestmentGainsLosses', window );">Transaction recognized in dilution loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareCashPaid', window );">Dividends paid (in dollars per share)</a></td>
<td class="nump">$ 0.10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfShareHeldOfCommonSharesReceived', window );">Number of shareholders held common shares (in shares)</a></td>
<td class="nump">250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares', window );">Number of shareholders received common shares (in shares)</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfCommonSharesUsedForConversion', window );">Common shares received per common share (in shares)</a></td>
<td class="nump">24.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Cash value (in dollars per share)</a></td>
<td class="nump">$ 0.05<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ClosingPriceOfShare', window );">Closing price (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.22<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend', window );">Maximum number of shares held by shareholder to receive cash dividend (in shares)</a></td>
<td class="nump">249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_CommonStockAdditionalDividendsPerShareCashPaid', window );">Cash dividend received per common share (in dollars per share)</a></td>
<td class="nump">$ 0.05<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnInvestments', window );">Loss on investments</a></td>
<td class="nump">$ 700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EquityMethodInvestmentsCarryingValue', window );">Carrying value of investment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract', window );"><strong>Financial Position [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets', window );">Current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,076<span></span>
</td>
<td class="nump">$ 7,909<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets', window );">Noncurrent assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">350,635<span></span>
</td>
<td class="nump">366,945<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets', window );">Total Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">387,711<span></span>
</td>
<td class="nump">374,854<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities', window );">Current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,809<span></span>
</td>
<td class="nump">4,089<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities', window );">Noncurrent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">136,629<span></span>
</td>
<td class="nump">136,568<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity', window );">Total Shareholders' Equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">248,273<span></span>
</td>
<td class="nump">234,196<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity', window );">Total liabilities and equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">387,711<span></span>
</td>
<td class="nump">374,854<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">NATs share of NAOs equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40,000<span></span>
</td>
<td class="nump">68,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract', window );"><strong>Summarized Statement of Operations information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue', window );">Operating Revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,895<span></span>
</td>
<td class="nump">17,697<span></span>
</td>
<td class="nump">36,372<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss', window );">Net Operating (Loss) Income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(26,068)<span></span>
</td>
<td class="num">(28,543)<span></span>
</td>
<td class="num">(8,372)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss', window );">Net (Loss) Income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(29,326)<span></span>
</td>
<td class="num">(32,151)<span></span>
</td>
<td class="num">(10,844)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">NATs portion of NAOs Net (Loss) Income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5,100)<span></span>
</td>
<td class="num">(9,300)<span></span>
</td>
<td class="num">$ (2,500)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromDividendsReceived', window );">Dividends received</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="nump">$ 1,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=nat_NordicAmericanOffshoreLimitedMember', window );">Nordic American Offshore Limited [Member] | Private Placement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business Acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Private equity placement issued amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentAggregateCost', window );">Private equity placement participation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 65,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EquityMethodInvestmentPrivateEquityPlacementParticipation', window );">Private equity placement participation (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,333,566<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=nat_NordicAmericanOffshoreLimitedMember', window );">Nordic American Offshore Limited [Member] | IPO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business Acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction', window );">Shares acquired (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">375,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfStockConsiderationReceivedOnTransaction', window );">Cost of shares acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AdditionalSharesAcquiredInOpenMarket">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the number of additional shares acquired in open market.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_AdditionalSharesAcquiredInOpenMarket</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AdditionalSharesAcquiredInPrivateTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the number of additional shares acquired in private transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_AdditionalSharesAcquiredInPrivateTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ClosingPriceOfShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate price of share based on the closing price for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_ClosingPriceOfShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_CommonStockAdditionalDividendsPerShareCashPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate additional dividends paid during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_CommonStockAdditionalDividendsPerShareCashPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_EquityMethodInvestmentPrivateEquityPlacementParticipation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the number of shares invested in the company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_EquityMethodInvestmentPrivateEquityPlacementParticipation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_EquityMethodInvestmentsCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_EquityMethodInvestmentsCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the maximum number of shares held by shareholder to receive cash dividend.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_MaximumNumberOfSharesHeldByShareholderToReceiveCashDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfCommonSharesUsedForConversion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to number of common shares used for conversion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfCommonSharesUsedForConversion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfShareHeldOfCommonSharesReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to number of share held to shareholders common shares received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfShareHeldOfCommonSharesReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to number of shares received by shareholder for the conversion of common shares</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfSharesReceivedByShareholdersInConversionOfCommonShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareCashPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends paid during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareCashPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock issued as dividends during the period. Excludes stock splits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentAggregateCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the aggregate cost of investments accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentAggregateCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 35<br> -Paragraph 32<br> -URI http://asc.fasb.org/extlink&amp;oid=99375318&amp;loc=d3e32787-111569<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of equity, including noncontrolling interest, reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.g)<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gross profit (loss) reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities and equity reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of noncurrent assets reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of noncurrent liabilities reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33912-111571<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from sale of goods and services reduced by sales returns, allowances, and discounts reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721683-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of investments accounted under the equity method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 25<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66022186&amp;loc=d3e32014-111567<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (c)-(e)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(c),9(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27405-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromDividendsReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends received on equity and other investments during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromDividendsReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealizedInvestmentGainsLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net realized gains or losses on investments during the period, not including gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.3(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 325<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=75031664&amp;loc=d3e22529-158502<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealizedInvestmentGainsLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfStockConsiderationReceivedOnTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash received on stock transaction after deduction of issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleOfStockConsiderationReceivedOnTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued or sold by the subsidiary or equity method investee per stock transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=nat_NordicAmericanOffshoreLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=nat_NordicAmericanOffshoreLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_PrivatePlacementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=us-gaap_PrivatePlacementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>61
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6829635184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACQUISITIONS (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jan. 10, 2013 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Vessel </div>
<div>Unit</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business Acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 18,979<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment loss on goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,979<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfReportingUnits', window );">Number of reporting units | Unit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss', window );">Number of vessels included in write down for impairment loss | Vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=nat_ScandicAmericanShippingLtdMember', window );">Scandic American Shipping Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business Acquisition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferred1', window );">Purchase price</a></td>
<td class="nump">$ 33,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable', window );">Common shares paid</a></td>
<td class="nump">18,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesGross', window );">Cash consideration</a></td>
<td class="nump">8,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred', window );">Payable to seller</a></td>
<td class="nump">7,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill recognized</a></td>
<td class="nump">$ 19,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of vessels included in write down for impairment loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfVesselsIncludedInWriteDownForImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationConsiderationTransferred1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6578-128477<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e6927-128479<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6613-128477<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationConsiderationTransferred1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of equity interests of the acquirer, including instruments or interests issued or issuable in consideration for the business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6578-128477<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6613-128477<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 25<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6911189&amp;loc=d3e6405-128476<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6578-128477<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6613-128477<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=77989000&amp;loc=SL49117168-202975<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfReportingUnits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of reporting units tested for impairment of goodwill. A reporting unit is an operating segment or one level below an operating segment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfReportingUnits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireBusinessesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=nat_ScandicAmericanShippingLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=nat_ScandicAmericanShippingLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>62
<FILENAME>R42.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818751200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=nat_ScandicAmericanShippingLtdMember', window );">Scandic American Shipping Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod', window );">Management fee received</a></td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="nump">$ 200,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_DirectorMember', window );">Board Member [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Accounts payable</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesRelatedParty', window );">Costs and expenses, related party</a></td>
<td class="nump">100<span></span>
</td>
<td class="nump">300<span></span>
</td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember', window );">Immediate Family Member of the Chairman [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Accounts payable</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesRelatedParty', window );">Costs and expenses, related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100<span></span>
</td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=nat_NordicAmericanOffshoreLimitedMember', window );">Nordic American Offshore Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesRelatedParty', window );">Costs and expenses, related party</a></td>
<td class="nump">$ 2,300<span></span>
</td>
<td class="nump">$ 2,200<span></span>
</td>
<td class="nump">$ 2,100<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of management fee received during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Costs of sales and operating expenses for the period incurred from transactions with related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpensesRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=nat_ScandicAmericanShippingLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=nat_ScandicAmericanShippingLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_DirectorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_DirectorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=nat_NordicAmericanOffshoreLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=nat_NordicAmericanOffshoreLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>63
<FILENAME>R43.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832872576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DEFERRED COMPENSATION LIABILITY (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PostRetirementBenefitsWithIndividualEmployeesLineItems', window );"><strong>Post Retirement Benefits With Individual Employees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense', window );">Total expense recognized</a></td>
<td class="nump">$ 1,303<span></span>
</td>
<td class="nump">$ 1,369<span></span>
</td>
<td class="nump">$ 324<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityCurrent', window );">Total deferred compensation liability</a></td>
<td class="nump">$ 15,800<span></span>
</td>
<td class="nump">$ 14,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TitleOfIndividualAxis=us-gaap_ChiefFinancialOfficerMember', window );">Executive Vice President and Chief Financial Officer [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PostRetirementBenefitsWithIndividualEmployeesLineItems', window );"><strong>Post Retirement Benefits With Individual Employees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeferredCompensationLiabilityRetirementAge', window );">Retirement age</a></td>
<td class="text">67 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeferredCompensationLiabilityImputedInterest', window );">Imputed interest rate</a></td>
<td class="nump">2.30%<span></span>
</td>
<td class="nump">2.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TitleOfIndividualAxis=us-gaap_ChiefExecutiveOfficerMember', window );">Chairman, President and CEO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PostRetirementBenefitsWithIndividualEmployeesLineItems', window );"><strong>Post Retirement Benefits With Individual Employees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeferredCompensationLiabilityRetirementAge', window );">Retirement age</a></td>
<td class="text">72 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeferredCompensationLiabilityImputedInterest', window );">Imputed interest rate</a></td>
<td class="nump">2.30%<span></span>
</td>
<td class="nump">2.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1', window );">Required service period</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary', window );">Maximum benefit as a percentage of salary</a></td>
<td class="nump">66.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TitleOfIndividualAxis=nat_CEOAndCFOMember', window );">Chief Executive Officer and Chief Financial Officer [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PostRetirementBenefitsWithIndividualEmployeesLineItems', window );"><strong>Post Retirement Benefits With Individual Employees [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense', window );">Total expense recognized</a></td>
<td class="nump">$ 1,300<span></span>
</td>
<td class="nump">$ 1,800<span></span>
</td>
<td class="nump">$ 400<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DeferredCompensationLiabilityImputedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The imputed interest on benefit plan assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DeferredCompensationLiabilityImputedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum annual benefit as a percentage of salary at the time of retirement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DeferredCompensationLiabilityRetirementAge">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The required retirement age of plan participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DeferredCompensationLiabilityRetirementAge</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_PostRetirementBenefitsWithIndividualEmployeesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_PostRetirementBenefitsWithIndividualEmployeesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The compensation expense recognized during the period pertaining to the deferred compensation arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5047-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 30<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6409875&amp;loc=d3e20015-108363<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum period the individual is required to perform services to be fully vested under the deferred compensation arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 55<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6409961&amp;loc=d3e20487-108367<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable within one year (or the operating cycle, if longer). Represents currently earned compensation under compensation arrangements that is not actually paid until a later date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 30<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6409875&amp;loc=d3e20028-108363<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 25<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=6409733&amp;loc=d3e19512-108361<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCompensationLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=us-gaap_ChiefFinancialOfficerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=us-gaap_ChiefFinancialOfficerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=us-gaap_ChiefExecutiveOfficerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=us-gaap_ChiefExecutiveOfficerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=nat_CEOAndCFOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=nat_CEOAndCFOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>64
<FILENAME>R44.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6829693696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER NON-CURRENT ASSETS (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Building</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrentDisclosureAbstract', window );"><strong>OTHER NON-CURRENT ASSETS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Fixture, Furniture and Equipment</a></td>
<td class="nump">$ 169<span></span>
</td>
<td class="nump">$ 338<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent', window );">Arrangement fees Backstop facility and New buildings</a></td>
<td class="nump">15,484<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_LongTermDepositNoncurrent', window );">Long term Deposit (Restricted Cash)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">10,149<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsMiscellaneousNoncurrent', window );">Other</a></td>
<td class="nump">316<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Total</a></td>
<td class="nump">$ 15,969<span></span>
</td>
<td class="nump">$ 10,487<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfNewBuildings', window );">Number of new buildings | Building</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to amount of arrangement fees for backstop facility and new buildings expected to be realized or consumed after one year or normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_ArrangementFeesBackstopFacilityAndNewBuildingsNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_LongTermDepositNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of long-term deposit, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_LongTermDepositNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfNewBuildings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to be number of new buildings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfNewBuildings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsMiscellaneousNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other miscellaneous assets expected to be realized or consumed after one year or normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsMiscellaneousNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrentDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrentDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>65
<FILENAME>R45.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6833441936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE-BASED COMPENSATION PLAN (Details)<br> $ / shares in Units, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="5">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Aug. 05, 2011 </div>
<div>shares</div>
</th>
<th class="th">
<div>Feb. 23, 2011 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Employee </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2011 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TitleOfIndividualAxis=nat_EmployeesMember', window );">Employees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Shares repurchased during the period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,000<span></span>
</td>
<td class="nump">13,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Restricted Stock Awards [Member] | Employees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward', window );"><strong>Restricted shares - Employees and Non-Employees [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Non-vested at beginning of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">157,165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted during the year (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">Vested during the year (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(10,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod', window );">Forfeited during the year (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(13,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Non-vested at end of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">138,665<span></span>
</td>
<td class="nump">157,165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_WeightedAverageGrantDateFairValueAbstract', window );"><strong>Weighted-average grant-date fair value - Employees [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Non-vested at beginning of period (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13.75<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Granted during the year (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue', window );">Vested during the year (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14.65<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue', window );">Forfeited during the year (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13.54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Non-vested at end of period (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13.55<span></span>
</td>
<td class="nump">$ 13.75<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=nat_EquityIncentivePlan2011Member', window );">2011 Equity Incentive Plan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VestingRequirementLiftedForRestrictedShares', window );">Vesting requirement lifted for restricted shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">174,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance', window );">Shares available for future issuance (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">137,665<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Total compensation cost for the period | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.4<span></span>
</td>
<td class="nump">$ 0.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated', window );">Number of employees to whom restricted common shares were allocated | Employee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward', window );"><strong>Restricted shares - Employees and Non-Employees [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted during the year (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=nat_EquityIncentivePlan2011Member', window );">2011 Equity Incentive Plan [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Share-based compensation arrangement shares cliff vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=nat_EquityIncentivePlan2011Member', window );">2011 Equity Incentive Plan [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Share-based compensation arrangement shares cliff vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=nat_EquityIncentivePlan2011Member', window );">2011 Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Employees and Non Employees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Share-based compensation arrangement shares cliff vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested', window );">Common shares repurchased at fair value (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ShareBasedCompensationFairValueOfSharesIssued', window );">Fair value of shares issued to manager (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.84<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Unrecognized compensation cost related to unvested restricted stock | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1', window );">Weighted average period to recognize the unrecognized compensation cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year 8 months 12 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward', window );"><strong>Restricted shares - Employees and Non-Employees [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted during the year (in shares)</a></td>
<td class="nump">74,000<span></span>
</td>
<td class="nump">326,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of employees to whom restricted common shares were allocated in the incentive plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfEmployeesToWhomRestrictedCommonSharesWereAllocated</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, at fair value of non vested shares repurchased as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvested</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ShareBasedCompensationFairValueOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value per share of shares issued during the period under a share based compensation arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_ShareBasedCompensationFairValueOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VestingRequirementLiftedForRestrictedShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of restricted shares for which requirements have been lifted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_VestingRequirementLiftedForRestrictedShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_WeightedAverageGrantDateFairValueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_WeightedAverageGrantDateFairValueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate number of common shares reserved for future issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockCapitalSharesReservedForFutureIssuance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based compensation awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=96867065&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29,30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockSharesAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased during the period and are being held in treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockSharesAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=nat_EmployeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=nat_EmployeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=nat_EquityIncentivePlan2011Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=nat_EquityIncentivePlan2011Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=nat_EmployeesAndNonEmployeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=nat_EmployeesAndNonEmployeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>66
<FILENAME>R46.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6832958976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM DEBT (Details)<br> $ / shares in Units, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>May 04, 2018 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Mar. 10, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 05, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Building </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>May 03, 2018 </div>
<div>Vessel</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2012 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 375.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityExpirationDate1', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Nov. 30,  2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment', window );">Debt instrument, frequency of periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">quarterly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt instrument, periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfNewBuildings', window );">Number of new buildings | Building</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider', window );">Percentage of purchase price expected to pay by lending provider</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">77.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_TermOfBareboatCharterAgreement', window );">Term of bareboat charter agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_FirstFlexibilityPeriodToPurchaseVessels', window );">First flexibility period to purchase the vessels</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_SecondFlexibilityPeriodToPurchaseVessels', window );">Second flexibility period to purchase the vessels</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">7 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DebtInstrumentMinimumValueAdjustedEquity', window );">Minimum value adjusted equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 175.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_MinimumValueAdjustedEquityRatio', window );">Minimum value adjusted equity ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DebtInstrumentMinimumLiquidityValue', window );">Minimum liquidity value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsPlacedInTheMarketForSale', window );">Number of vessels placed in the market for sale | Vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateDuringPeriod', window );">Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AmountOfDividendsThatCanBeDistributedQuarterly', window );">Amount of dividends that can be distributed quarterly (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.03<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member] | Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfAdditionalVesselsExpectedToBeSold', window );">Number of additional vessels possibly expected to be sold | Vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500.0<span></span>
</td>
<td class="nump">$ 430.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityExpirationDate1', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Dec. 31,  2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Deferred financing costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Drawn amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 391.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 447.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver', window );">Percentage of increase in margin for the period of waiver</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayment of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member] | Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_SecurityRatioAfterAdjustment', window );">Security ratio after adjustment</a></td>
<td class="nump">135.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_LiquidityCovenantAfterAdjustment', window );">Liquidity covenant after adjustment</a></td>
<td class="nump">$ 15.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_MinimumMarketCapAfterAdjustments', window );">Minimum market cap ratio after adjustment</a></td>
<td class="nump">$ 200.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_LineOfCreditFacilityIncreaseInUndrawnPercentage', window );">Percentage of increase in undrawn borrowings</a></td>
<td class="nump">6.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DistributedEarnings', window );">Dividend distributed</a></td>
<td class="nump">$ 4.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayment of debt</a></td>
<td class="nump">$ 52.3<span></span>
</td>
<td class="nump">$ 4.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AmountOfDividendsThatCanBeDistributedQuarterly', window );">Amount of dividends that can be distributed quarterly (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 0.03<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_MinimumMarketCapToValueAdjustedTotalAssets', window );">Minimum market cap to value adjusted total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_MinimumMarketCapToValueAdjustedTotalAssets', window );">Minimum market cap to value adjusted total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">45.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member] | Maximum [Member] | Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity', window );">Proceeds from sale of equity</a></td>
<td class="nump">$ 75.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=nat_NewRevolvingCreditFacilityMember', window );">New Revolving Credit Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_LineOfCreditFacilityCovenantAmount', window );">Covenant amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NewEquityUnderRecapitalizationProgram', window );">New equity under recapitalization program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">103.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram', window );">Gross amount under new equity under recapitalization program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">110.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFeeAmount', window );">Associated fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_FinancingOfOutstandingCommitmentsPerShip', window );">Financing of outstanding commitments per ship</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=nat_NewRevolvingCreditFacilityMember', window );">New Revolving Credit Facility [Member] | Bond Loan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 150.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AmountOfDividendsThatCanBeDistributedQuarterly">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the amount of dividends that can be distributed quarterly under the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_AmountOfDividendsThatCanBeDistributedQuarterly</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DebtInstrumentMinimumLiquidityValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to amount of minimum liquidity value of debt instrument under credit agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DebtInstrumentMinimumLiquidityValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DebtInstrumentMinimumValueAdjustedEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the minimum value of adjusted equity under the financing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_DebtInstrumentMinimumValueAdjustedEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_FinancingOfOutstandingCommitmentsPerShip">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to amount of financing of outstanding commitments of per ship for new buildings under credit agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_FinancingOfOutstandingCommitmentsPerShip</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_FirstFlexibilityPeriodToPurchaseVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the first flexibility period to purchase the vessels as per agreement in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_FirstFlexibilityPeriodToPurchaseVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross amount of which it represents equity raised under recapitalization program as of balance date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_GrossAmountUnderNewEquityUnderRecapitalizationProgram</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_LineOfCreditFacilityCovenantAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Credit facility of covenant amount of whether the entity has been in compliance with any credit facility debt covenants during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_LineOfCreditFacilityCovenantAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_LineOfCreditFacilityIncreaseInUndrawnPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of undrawn borrowing capacity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_LineOfCreditFacilityIncreaseInUndrawnPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_LiquidityCovenantAfterAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to amount of liquidity covenants measure cash resources of the borrower.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_LiquidityCovenantAfterAdjustment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_MinimumMarketCapAfterAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to amount of minimum market cap after adjustments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_MinimumMarketCapAfterAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_MinimumMarketCapToValueAdjustedTotalAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to minimum market cap to value adjusted total assets for remaining duration of wavier.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_MinimumMarketCapToValueAdjustedTotalAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_MinimumValueAdjustedEquityRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the minimum value of adjusted equity ratio under the financing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_MinimumValueAdjustedEquityRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NewEquityUnderRecapitalizationProgram">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to amount of new equity raised under recapitalization program as of balance date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NewEquityUnderRecapitalizationProgram</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfAdditionalVesselsExpectedToBeSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of additional vessels expected to be sold as part of the recapitalization program.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfAdditionalVesselsExpectedToBeSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfNewBuildings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to be number of new buildings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfNewBuildings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfVesselsPlacedInTheMarketForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of vessels placed in the market for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfVesselsPlacedInTheMarketForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the percentage of increase in margin for the period of waiver.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_PercentageOfIncreaseInMarginForThePeriodOfWaiver</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the percentage of purchase price expected to pay by lending provider under the terms of the financing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_SecondFlexibilityPeriodToPurchaseVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the second flexibility period to purchase the vessels as per agreement in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_SecondFlexibilityPeriodToPurchaseVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_SecurityRatioAfterAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to security ratio after adjustment coverage on financial covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_SecurityRatioAfterAdjustment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_TermOfBareboatCharterAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Term of bareboat charter agreement the Company will enter into with the Lessor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_TermOfBareboatCharterAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFeeAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the fee that accompanies borrowing money under the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFeeAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the frequency of periodic payments (monthly, quarterly, annual).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=75038535&amp;loc=d3e64711-112823<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFrequencyOfPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateDuringPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average effective interest rate during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28551-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateDuringPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the required periodic payments including both interest and principal payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=75038535&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DistributedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of dividends declared in the period for each class of stock and the contractual amount of dividends (or interest on participating income bonds) that must be paid for the period (for example, unpaid cumulative dividends). Dividends declared in the current period do not include dividends declared in respect of prior-period unpaid cumulative dividends. Preferred dividends that are cumulative only if earned are deducted only to the extent that they are earned.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=SL5780133-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60A<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=SL5780132-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=d3e2740-109256<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 66<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=d3e2814-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DistributedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityExpirationDate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the credit facility terminates, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityExpirationDate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOrSaleOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=nat_NewRevolvingCreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=nat_NewRevolvingCreditFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=nat_BondLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=nat_BondLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>67
<FILENAME>R47.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6816143760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTEREST EXPENSE (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseAbstract', window );"><strong>INTEREST EXPENSE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_InterestExpensesNetOfCapitalizedInterest', window );">Interest Expenses, net of capitalized interest</a></td>
<td class="nump">$ 18,286<span></span>
</td>
<td class="nump">$ 8,811<span></span>
</td>
<td class="nump">$ 7,590<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_CommitmentFee', window );">Commitment Fee</a></td>
<td class="nump">760<span></span>
</td>
<td class="nump">937<span></span>
</td>
<td class="nump">2,025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of Deferred Financing Costs</a></td>
<td class="nump">1,393<span></span>
</td>
<td class="nump">1,382<span></span>
</td>
<td class="nump">1,240<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">Other financial costs</a></td>
<td class="nump">25<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Total Interest Expenses</a></td>
<td class="nump">20,464<span></span>
</td>
<td class="nump">11,170<span></span>
</td>
<td class="nump">10,855<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestCostsCapitalized', window );">Interest expenses, capitalized interest</a></td>
<td class="nump">$ 2,500<span></span>
</td>
<td class="nump">$ 1,600<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_CommitmentFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expense against earnings during the period for commitment fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_CommitmentFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_InterestExpensesNetOfCapitalizedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expenses for net of capitalized interest during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_InterestExpensesNetOfCapitalizedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestCostsCapitalized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest capitalized during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestCostsCapitalized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4D<br> -URI http://asc.fasb.org/extlink&amp;oid=84234895&amp;loc=SL5624177-113959<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph -4<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>68
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811451056">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACCRUED LIABILITIES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract', window );"><strong>ACCRUED LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Accrued Interest</a></td>
<td class="nump">$ 1,031<span></span>
</td>
<td class="nump">$ 1,437<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">Accrued Expenses</a></td>
<td class="nump">10,208<span></span>
</td>
<td class="nump">6,211<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Total as of December 31</a></td>
<td class="nump">$ 11,239<span></span>
</td>
<td class="nump">$ 7,648<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e7018-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e7018-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6911-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6935-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>69
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818089440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS (LOSS) PER SHARE (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAbstract', window );"><strong>Numerator [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net (Loss) Income</a></td>
<td class="num">$ (204,969)<span></span>
</td>
<td class="num">$ (4,456)<span></span>
</td>
<td class="nump">$ 114,627<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Denominator [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic - Weighted Average Common Shares Outstanding (in shares)</a></td>
<td class="nump">103,832,680<span></span>
</td>
<td class="nump">92,531,001<span></span>
</td>
<td class="nump">89,182,001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Dilutive - Weighted Average Common Shares Outstanding (in shares)</a></td>
<td class="nump">103,832,680<span></span>
</td>
<td class="nump">92,531,001<span></span>
</td>
<td class="nump">89,182,001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDilutedAbstract', window );"><strong>Earnings (Loss) per Common Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic (in dollars per share)</a></td>
<td class="num">$ (1.97)<span></span>
</td>
<td class="num">$ (0.05)<span></span>
</td>
<td class="nump">$ 1.29<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted (in dollars per share)</a></td>
<td class="num">$ (1.97)<span></span>
</td>
<td class="num">$ (0.05)<span></span>
</td>
<td class="nump">$ 1.29<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=96948231&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDilutedAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDilutedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=96947427&amp;loc=d3e1448-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>70
<FILENAME>R50.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6830636640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 12, 2017</div></th>
<th class="th"><div>Sep. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
<th class="th"><div>Jun. 16, 2017</div></th>
<th class="th"><div>Dec. 31, 2007</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AuthorizedSharesRollForward', window );"><strong>Authorized Shares [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Balance at beginning of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Balance at end of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_IssuedAndOutstandingSharesRollForward', window );"><strong>Issued and Outstanding Shares [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance at beginning of period, issued (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">101,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance at beginning of period, outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">101,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common Shares Issued in Follow-on Offering (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance at end of period, issued (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">101,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance at end of period, outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">101,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_CommonStockRollForward', window );"><strong>Common Stock [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan', window );">Equity incentive plan issuance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Common Shares Issued in Follow-on Offering, value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 103,748<span></span>
</td>
<td class="nump">120,069<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Common Stock [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Net proceeds from underwritten public offering of common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 120,100<span></span>
</td>
<td class="nump">103,748<span></span>
</td>
<td class="nump">120,068<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalAbstract', window );"><strong>Additional Paid in Capital [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_SharePremiumFund', window );">Share premium fund</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">103,400<span></span>
</td>
<td class="nump">215,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_IncreaseDecreaseOfSharePremiumFund', window );">Reduction of share premium</a></td>
<td class="nump">$ 215,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ContributedSurplusAccountAbstract', window );"><strong>Contributed Surplus Account [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Dividend paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59,100<span></span>
</td>
<td class="nump">125,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityPeriodIncreaseDecrease', window );">Contribution to surplus account</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 796,800<span></span>
</td>
<td class="nump">$ 640,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ShareholdersRightsPlanAbstract', window );"><strong>Shareholders' Rights Plan [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PreferredSharePurchaseRight', window );">Preferred share purchase right</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">one preferred stock purchase right to purchase one one-thousandth of a share of our Series A Participating Preferred Stock for each outstanding share of its common stock, par value $0.01 per share<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common Share, par value (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Shareholders rights, exercise price (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30<span></span>
</td>
<td class="nump">$ 115<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PercentageOfCommonShareOwnership', window );">Percentage of common share ownership</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan', window );">Shares issued under dividend reinvestment plan (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,664,450<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AuthorizedSharesRollForward', window );"><strong>Authorized Shares [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Balance at beginning of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Balance at end of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_IssuedAndOutstandingSharesRollForward', window );"><strong>Issued and Outstanding Shares [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance at beginning of period, issued (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">101,969,666<span></span>
</td>
<td class="nump">89,182,001<span></span>
</td>
<td class="nump">89,182,001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance at beginning of period, outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">101,969,666<span></span>
</td>
<td class="nump">89,182,001<span></span>
</td>
<td class="nump">89,182,001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan', window );">Equity incentive plan issuance (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">137,665<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common Shares Issued in Follow-on Offering (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40,000,000<span></span>
</td>
<td class="nump">12,650,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance at end of period, issued (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">101,969,666<span></span>
</td>
<td class="nump">89,182,001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance at end of period, outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">101,969,666<span></span>
</td>
<td class="nump">89,182,001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_CommonStockRollForward', window );"><strong>Common Stock [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValueOutstanding', window );">Balance at beginning of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,020<span></span>
</td>
<td class="nump">$ 892<span></span>
</td>
<td class="nump">$ 892<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan', window );">Equity incentive plan issuance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Common Shares Issued in Follow-on Offering, value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">400<span></span>
</td>
<td class="nump">127<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValueOutstanding', window );">Balance at end of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,420<span></span>
</td>
<td class="nump">$ 1,020<span></span>
</td>
<td class="nump">$ 892<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AuthorizedSharesRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_AuthorizedSharesRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_CommonStockRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_CommonStockRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ContributedSurplusAccountAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_ContributedSurplusAccountAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_IncreaseDecreaseOfSharePremiumFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase (decrease) of the balance of share premium fund during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_IncreaseDecreaseOfSharePremiumFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_IssuedAndOutstandingSharesRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_IssuedAndOutstandingSharesRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_PercentageOfCommonShareOwnership">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of common share ownership by any person that are subject to the entity's redemption of preferred share purchase rights.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_PercentageOfCommonShareOwnership</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_PreferredSharePurchaseRight">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of preferred share purchase right to acquire shares of preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_PreferredSharePurchaseRight</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_SharePremiumFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount included in additional paid in capital, which cannot be distributed without certain legal procedures designed to protect the creditors of the Company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_SharePremiumFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ShareholdersRightsPlanAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_ShareholdersRightsPlanAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValueOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of all classes of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares exclude common shares repurchased by the entity and held as treasury shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValueOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period from a dividend reinvestment plan (DRIP). A dividend reinvestment plan allows the shareholders to reinvest dividends paid to them by the entity on new issues of stock by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of capital stock issued (purchased by employees) in connection with an employee stock ownership plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 40<br> -Section 25<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65888597&amp;loc=d3e16649-113920<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate value of stock issued during the period as a result of employee stock ownership plan (ESOP).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 40<br> -Section 25<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65888597&amp;loc=d3e16649-113920<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in stockholders' equity during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159872&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>71
<FILENAME>R51.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6819333888">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Claim</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>Claim</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ReceivedSettlementsAbstract', window );"><strong>Received settlements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossRelatedToLitigationSettlement', window );">Settlement amount | $</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 5,328<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyPendingClaimsNumber', window );">Number of claims filed | Claim</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ReceivedSettlementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_ReceivedSettlementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossRelatedToLitigationSettlement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) recognized in settlement of litigation and insurance claims. Excludes claims within an insurance entity's normal claims settlement process.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82911808&amp;loc=d3e14326-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossRelatedToLitigationSettlement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyPendingClaimsNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of pending claims pertaining to a loss contingency.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82911808&amp;loc=d3e14435-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyPendingClaimsNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>R52.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6820092480">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember', window );">Fair Value [Member] | Level 1 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems', window );"><strong>Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash and Cash Equivalents</a></td>
<td class="nump">$ 58,359<span></span>
</td>
<td class="nump">$ 82,170<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCash', window );">Other Non-Current Assets (restricted cash)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">10,149<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember', window );">Fair Value [Member] | Level 2 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems', window );"><strong>Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LinesOfCreditFairValueDisclosure', window );">Credit Facility</a></td>
<td class="num">(391,641)<span></span>
</td>
<td class="num">(447,000)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember', window );">Carrying Value [Member] | Level 1 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems', window );"><strong>Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash and Cash Equivalents</a></td>
<td class="nump">58,359<span></span>
</td>
<td class="nump">82,170<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCash', window );">Other Non-Current Assets (restricted cash)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">10,149<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember', window );">Carrying Value [Member] | Level 2 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems', window );"><strong>Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LinesOfCreditFairValueDisclosure', window );">Credit Facility</a></td>
<td class="num">$ (391,641)<span></span>
</td>
<td class="num">$ (447,000)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LinesOfCreditFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of contractual arrangement with a lender under which borrowings can be made up to a specific amount at any point in time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LinesOfCreditFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=98514028&amp;loc=d3e3044-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=SL98516268-108586<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>73
<FILENAME>R53.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6660253216">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]<br></strong></div></th>
<th class="th">
<div>Apr. 27, 2018 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Jan. 26, 2018 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>May 03, 2018 </div>
<div>Vessel</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Dividend declared (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.03<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear', window );">Dividend declare date</a></td>
<td class="text">Apr. 27,  2018<span></span>
</td>
<td class="text">Jan. 26,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear', window );">Dividend payment date</a></td>
<td class="text">Jun. 12,  2018<span></span>
</td>
<td class="text">Mar.  09,  2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsPlacedInTheMarketForSale', window );">Number of vessels placed in the market for sale | Vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfVesselsPlacedInTheMarketForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of vessels placed in the market for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">nat_NumberOfVesselsPlacedInTheMarketForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends declared during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareDeclared</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the declared dividend will be paid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendPayableDateToBePaidDayMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the dividend to be paid was declared, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableDateDeclaredDayMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>74
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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MMWF\81AU8\K(XK%T-8943OTJDH\ Q:X831F:3LTXXFBD(3^ G/,6+V2?$9/
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MUQ]^-V'7&WNP_]CX*MC4\.LNFB]02P,$%     @ M("O3)E<G",0!@  G"<
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M.AQG0GS/]O:1I24RS^_Y"NM./&<?5I:P7<_/Y)Z,<B.[W?98??9/1VXCUZG
MLR+7E$8D19_(+;KD$3BU20TR$S\(G8:8:E < J0),9:AAOBTQJP1X!-]M[X(
MR-^-B/>K;YH]5Z%82=J$^!!&&N*<<^9ST6S[!Z5&T?95O-RCEU@5 9<8WS2J
M-2S%UGB5P/&MG#P=$Q+-E L&08:7)"82J3E^34@3_BNEVOZ<TT#PE"\D^DJ1
MCVFS(Z=T)LWH,QK!1J\;=8=HTCQZ_@7YG#4*')$;'0)G&[-&(81IN_ >KR2.
MFJW"$2M"/F(9-AIRM1:!MG&IA&!:$L;1>$[2M!'\6:PUDSY@R.S-D77.UI$.
M$9)>-T(^8LZ+D!&_'H8X2IKMHG%8!/V>7L-)P>B"RV;]N'Z&U3-L+([W1]07
M2N0/)J<_Z3(T!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!
M_]':-\*K^(+ .7\N?<^E[[GT/:'2MS<C?6?!TXM;WD9N6\3[KC':US0N*&-7
M<LW(QU2ODRG8.9_ [/UH/I[Q[?K9)(2OFEDM(Q:02X&S022X_(O*\"K$">AD
M6R4)RU3393>*$IY"&V[I4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y/%_GM,T+,T.W
M<DOJMI2^M28X2O2QS'!.'LL,.V<\DAVV=Z =-?OV77;D(Z4P4Y=#N!I"O@-M
MNIW<.CB>F)&Y"M-2D&_#^>G%>!KB.=D$N7V85VWGV-'1^^?!4;"C[SR6'<>(
M\J(A[J&&F,_#0X=Y>U^89Y7&4#04;6RL)"Q&MV"XU_$L%.!D8"V@!X.O40+R
M4E5@,5O& RN0HGQ,C$7H<.>77%_CT9+CVZ9EM6ZO*7<9;2)2.<)IF!-GJ\K>
M9;'!51W/55ORL+YJ/;053L_^6:W(GPP13A8+$DACE!>F2J+S&5.^YRM)Q%4X
MOT4SMA*7&+SCYL=Q3E.X$G:V#P(RN;LYJ7IE,6>F\M\M# DL6XA9$N)-7>W5
MYYN<KGHB=OJ7=\%@\OUPR4</Y3OG7_1=0ZY^]MWC^FZ3.TA,G'G%$0%T10(C
ME1P&%A<RY%#NDI &$P'-E,E$\ *"9*8<@)CZ"[WR#+DI%<ZM/CE_12R#ADY>
MTB42%(JP# 4A%W+C[^^3:G>,U_HL@6V$5#)DU1?*0XG!/3-R0]A4)?.NVB8+
MA=OB5,V[&KXF8$O#>FZ=+2?_VU[4/;07/4;SHYG@'K.'<YMZN,)%K/]8UA[Y
M,M\Y<-LZW@->YA,L0Z1^P7V*BH 1JV*^NJ]/^26<.[1[\8$@F_S6VZ3VW> ,
M?-2K6J5D*Q$_2P=\'Y(&8XQ;]#1?CQ1BK::QK<;:,0QY@%CS#*%F.-^'19H:
M,]6+K#F-"F]!U4#E/]O4#6CV#30<D05>,9FV-J/D3@H\W/[O#;#"Q([A[8N_
M 5!+ P04    " "T@*],S+ZO:FL"  "."   &    'AL+W=O<FMS:&5E=',O
M<VAE970Q+GAM;'56VXZ;,!#]%<0'++8A$"*"E&Q5M5(K15MU^^P0)Z %3&TG
M;/^^MF$IQ<-+?#MGSHPSXR'KN7B3)6/*>V_J5N[]4JEN%P2R*%E#Y1/O6*M/
MKEPT5.FEN 6R$XQ>+*FI X)0'#2T:OT\LWLGD6?\KNJJ92?AR7O34/'GR&K>
M[WWL?VR\5+=2F8T@SSIZ8S^8^MF=A%X%DY5+U;!65KSU!+ON_0/>'7%L"!;Q
M6K%>SN:>">7,^9M9?+WL?60\8C4KE#%!]?!@SZRNC27MQ^_1J#]I&N)\_F']
MLPU>!W.FDCWS^E=U4>7>W_K>A5WIO58OO/_"QH VOC=&_XT]6*WAQA.M4?!:
MVE^ON$O%F]&*=J6A[\-8M7;LAY,H'&DP@8P$,A'(UL8R"%G//U%%\TSPWA/#
MY7?4_,=X1_3=%&;37H4]T\Y+O?O(418\C)D1<1P09(; $R+0MB<! @D<B4,G
M,#T$_0LM/9S10Y@>@?3(TJ,9/5J$YR(VL, &%-@X]'@A," V%M$.]X<0PDD"
MR\2@3.S() L9%[&%!1)0(''HZ4+ 16 $*VQ!A:W+QPL) +*2+"DHD;K\<"$!
M0%:BP @N&.1:6.84A%G)*KQ2EMBUL$RL$?-?9D4XC=,XCE?$P!(]8.**+=-K
MQ,S%",(K.8SA6L:AJ[-=Z@"8=$4%+GGL5C1QWC0 L_*J8;CNL5OXA"Q5 ,S*
MZX7ALL=N51,GV0#,,MF"63MHF+C91BB]@M];VX5GNU.S/1#;3O[!AT[]G8I;
MU4KOS)5N2K9U7#E73+N"GG3 I?XXF!8UNRHS3?1<#!UR6"C>C=T_F#Y!\K]0
M2P,$%     @ M("O3!U1OOX@!   7A(  !@   !X;"]W;W)K<VAE971S+W-H
M965T,BYX;6R%F-N.VS80AE]%T'TM#D^B%K:!M86B!1)@D:+MM=:F#X@.KB2O
MD[</=8@C#T?NC2W1WY _1_3\%)>WJO[:G*QM@V]%7C:K\-2VEY<H:G8G6V3-
MHKK8TOURJ.HB:]UM?8R:2VVS?1]4Y!%G3$=%=B[#];)O>ZO7R^K:YN?2OM5!
M<RV*K/Z^L7EU6X40_FSX<CZ>VJXA6B\OV='^9=N_+V^UNXONO>S/A2V;<U4&
MM3VLPE=X2;GH GKBG[.]-9/KH)O*>U5][6[^W*]"UBFRN=VU71>9^_JP6YOG
M74].QW]CI^%]S"YP>OVS]]_[R;O)O&>-W5;YO^=]>UJ%)@SV]I!=\_9+=?O#
MCA-283#._I/]L+G#.R5NC%V5-_UGL+LV;56,O3@I1?9M^#Z7_?=M^"668Q@=
MP,< ?@\ _31 C 'B5\#S$>08(%% -$RESTV:M=EZ65>WH!X>[R7K5A&\2)?]
M7=?8)[O_S:6G<:T?:ZZ7T4?7SXAL!H1/$+@3D>O\/@*G1MAP+YS'CR-L"<0\
M(BF!)+0*0<Y3]/%B$B\8'2_)>-G'RVD\H#P-B.Z1<I08@T38UL>$BJ5"6.IC
M4JI8&%JT(D4K7S1'H@=$38;Y#2276B'5%,=58M"C3"E.&:TTK5N3NK6O6R#=
MVA_'Q%HC;$MAC&NTQ%,"TUJ9F146DZ)C7[1$HF,B.<"D84BUSR$B?48\:#6D
M5N-K10]\8PBM)HD3)-7'L-1GQ(/4A)2:^%)Q@4K(M1GC)4QB/,%K@<#<M&<T
M Z.K*O-5Q[BL,D*/\VN-4TR!"3,&<2G%&:YA3OJ,(8 OW6#I\']/?4L@2GA5
M_6E'CVI)<WD%[JM-L%I.)#I6.O$T^Z 2 A?PE," &Y:(&>6T(8'PE$N&E0MO
M)"&Q>1(0!X4U^Q" G!%,.R#X%HA3LQF9AU1S)K7$F@D. &)<.TB.&:5FE-,V
M"+X/2NR#0!B7EIYN@DJ\14UYH(YG)-,."+X%2FR!0+@69['&&PZ*<[:C!-9-
M<<Q5FAGEM V"[X,XC1N@C##1WB9H2X"2<^-EW,?<8@(SMTQH4P3?%25V12!L
MT>!-!P4!XU@T024SVR2@O1%\<Y3>[IWP,R.QW6\I3&J-_R<IQ;GM(J=U<]H>
MN6^/N*QM1D:C4I)X]DB!;JN,;9W 7 74?.9_R6EWY+X[2NR.(Q,_//Y%XKWT
M$!A;,%RY"0P6<^\^G'9)[KNDQ"[)"5=CP@BNO>TI@29<";=YP59)D"8!PZ?D
MXP1HL^2^62ILEB,S311;X"*W)2A8X+U92E.X$$:3E^S"UL?^ *,)=M6U;+MW
MU4GK_9#DE7<OZ:A] R_I<-3QJYOAY.5S5A_/91.\5VU;%?V+^J&J6NM$NLF%
MP<EF^_M-;@]M=QF[ZWHX\1ANVNHRGN9$]R.E]0]02P,$%     @ M("O3*H1
MX6]O @  W0<  !@   !X;"]W;W)K<VAE971S+W-H965T,RYX;6Q]5=&.FS 0
M_!7$^QU@# D103J"JE9JI>BJML\.<0(ZP-1VPO7O:QM"B.V[%VPO,^N9Q7C3
M@= W5F',G?>VZ=C6K3CO-Y['R@JWB#V3'G?BS8G0%G&QI&>/]12CHR*UC0=\
M/_9:5'=NEJK8GF8IN?"F[O">.NS2MHC^RW%#AJT;N+? :WVNN QX6=JC,_Z)
M^:]^3\7*F[,<ZQ9WK":=0_%IZ[X$FR*1> 7X7>.!+>:.='(@Y$TNOAVWKB\%
MX0:77&9 8KCB'6X:F4C(^#OE=.<M)7$YOV7_HKP++P?$\(XT?^HCK[;NVG6.
M^(0N#7\EPU<\^8E<9S+_'5]Q(^!2B=BC) U33Z>\,$[:*8N0TJ+W<:P[-0Y3
M_AO-3@ 3 <R$(/Z4$$Z$\$Z GQ+@1( :P1NMJ-H4B*,LI61PZ/AU>R0/4;"!
MHOJE#*IBJW>B/$Q$KUD4I-Y5YID@^0@!"\@=X8GD\P[ MD,.##I8/>ZPLT#6
MCY#" DGL*D*KSU#QPZ5/8.=#*Q\J/ESR0ZU.(R16D$Y!GH /DSC1W%IP$$:Q
M9MA$!0&,%Z5[$!U914>F:6CGQU9^;)J.--,C)'J0Z6N&30S0:E*8D*<0Q':M
M*ZO6E:E5*VF^,C<!L2[6 DJ@IM;$!,D'IVEM%;LVQ6K_1+XV=021+M8"BK4O
M5-@2A1\<@\2J-C'5:K]GGMC.?A0$^MFWX& $M!NG,%'B[,,DU$1[BTNNQ?2L
M&@AS2G+IN+PK%M&Y1[T >4EJ\5STKK'5W-.,C>\'HN>Z8\Z!<'$%JXOR1 C'
M0J7_+&I:B5X[+QI\XG*Z$G,Z=IQQP4D_-5-O[NC9?U!+ P04    " "T@*],
MW]+?0UT$  #6%   &    'AL+W=O<FMS:&5E=',O<VAE970T+GAM;'V888_B
M-A"&_PKB^UT\8SNV5RQ2H:I:J95.5[7]G%V\"[I :))=KO^^3LBB,#.^+Y"$
M=^QW'/OQX-6E:;]U^QC[Q?=C?>H>E_N^/S\41?>\C\>J^]R<XRG]\M*TQZI/
MM^UKT9W;6.W&H&-=H%)E<:P.I^5Z-3[[TJY7S5M?'T[Q2[OHWH['JOUO$^OF
M\KB$Y<>#KX?7?3\\*-:K<_4:_XS]7^<O;;HK;JWL#L=XZ@[-:='&E\?E3_"P
MU78(&!5_'^*EFUTOAE2>FN;;<//;[G&I!D>QCL_]T$25OM[C-M;UT%+R\>_4
MZ/+6YQ XO_YH_9<Q^93,4]7%;5/_<]CU^\>E7RYV\:5ZJ_NOS>77."5DEXLI
M^]_C>ZR3?'"2^GANZF[\7#R_=7USG%I)5H[5]^OWX31^7Z;V/\+D )P"\!8
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M\T*I )G5F\F$N?P<= &!BU#=A>RS]E%L T%K\]ZC[J.3_0-02P,$%     @
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MY1FH..36Z X#R@% D6IHL/;Q:?I08QJMD:P/$M$U%CI39-(AAWGEP&HJR'3
MH=54+(/,FH&.B&Q4 Q+$XZ*@G'5,+0>H%21K'4!-RIEDKKH .I_>CLQ!4;C@
MSY/L2^<870Z@2S9FY<#.GTVSA30.UDVEW@(&L@3O(K=OS1A?#/ E]T J!K0)
M<DT(1&I)B *1R>1CC)G%8-=/FJD8+)Q 9@-D<E0"2<K;<C,W8T@R@*3:,6 -
M-1_UQ UDH!?50';9BRY]8TPRP*1:RS)@8,EJ;QC(RBBW$6ND2H,[XSIS! 4X
M*5=I%?^4?PL@(:/6A364Y7L(1B4#5,JTIV(--S)RR@:B4IV9:0UGTE[&B&2
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MJ%S8'OS>C',V!@Z[Z0FQ^1WGKU!+ P04    " "T@*],79H28K4!  #3 P
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MX]Z.<S8&WG33$V+S.\[? %!+ P04    " "T@*],S\'RJ;8!  #3 P  &0
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M8@.V-C6@MC8 2MG<X RU^,-F0T$=XO$6SVZ<L]$(MIN^$)O_<?$;4$L#!!0
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M4^V.G" 4?17" RS*3#O3B9KL;-.T29M,MNGV-Z-7)0M>"SANW[Z KC5=TS_
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M9"!!9I$@3(Y)<DB2@P0KBP1@HA"3K"#):I$@LG^2)80BA[I9B!T4+E*DMKH
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MXW_8;"BH7#CN_=F,<S8:#KOI"['Y'^=O4$L#!!0    ( +2 KTRX*DP3N $
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M_\,60T'MPO'.G\TT9Y/AL)^_$%O^<?$'4$L#!!0    ( +2 KTSJB(W3 08
M .TF   9    >&PO=V]R:W-H965T<R]S:&5E=#,W+GAM;)6:VV[C-A"&7\7P
M ZQX/@2V@8V#H@5:(-BB[;5B,[&QDN5*2K)]^TJRXW6D?PSR)HZEX0R'TD?^
MYG#Q7M7?FUT([>Q'61R:Y7S7ML>[+&LVNU#FS9?J& [=G>>J+O.V^UJ_9,VQ
M#OEV:%06F6#,9&6^/\Q7B^':8[U:5*]ML3^$QWK6O)9E7O]W'XKJ?3GG\X\+
MW_8ON[:_D*T6Q_PE_!G:OXZ/=?<MNWC9[LMP:/;585:'Y^7\*[][X)SU+0:3
MO_?AO;GZ?];G\E15W_LOOVV7<]9W*11AT_8^\N[C+:Q#4?2NNH[\>_8ZOP3M
M&U[__^']ER'[+INGO GKJOAGOVUWR[F;S[;A.7\MVF_5^Z_AG)&>S\[I_Q[>
M0M&9]SWI8FRJHAG^SC:O35N59R]=5\K\Q^ES?Q@^WT]WC#DWPPW$N8&X-+#J
M9@-Y;B O#02_V4"=&ZB?#89,LE,JP]@\Y&V^6M35^ZP^/=]CWK]&_$YUH[_I
M+PZ#/=SKAJ?IKKZMA)>+[*UW=+99GVS$E0V_6&2=]TL(@4*LQ:2Y\.ISB =D
MHW$0"?.0@P-YW4=+]%)!!VIPH#[UP(P&XF2C!YO#8"-'8_4 3' O-.R%!KVP
MHU[HV! &AC @A!N%,-,0#,>P,(8%,?PHAIW$X-HP1L1Q,(Z;Q)%7#DYQW#07
MXL7P,(8',0@'W00(&6.3EU,R0;@@,.6@%Q-..1A2KK0G0D%<OW(!0BG"!8:1
M3VFD$\8X\BF/(.$I;7W"EI@Y.&:.3Z&3C'*!F>(F(6&,#)\R Q)&T'!%OH^8
M&HZP,80+# 7W\0D+3(5@$0F?C3XEK+SVU *$Z1&('DNXP%0(D9 PID+(F(0E
M>,)2"D>$PO0(1 _E E,A=$+"F HQ76I PM.UAFLOJ3E:8'H$HH>8]P2F0KB$
MA#$5 JT5DX1]TA.6F!X)Z.'$VBDQ%9+')RPQ%1*M%>.$ST:?$[;D$Y:$P /T
M<,H%ID*JA(0Q%1*M%9.$IPJM2UB1O<7T2$ /IWJ+J9 V(6%,A41KQ23AJ<;B
MAI&+J,3T2$ /)Z2MPE2H!*6E,!4J1FDII+2\]P3#"M.C #V<4%H*4Z$2E)8B
M?OC$*"V%E%:7,#'%*DR/ O1PXB51F J5H+04ID+%*"T%E):RW%%/&-.C #V<
M4%H*4Z$2E);&5.@8I:6ATO*"F+0TID<#>CBAM#2F0B<H+8VIT#%*2P.E9920
MQ./1F!X-Z.'$2Z*)W_P)2DMC*G2,TM) :74)6V+&T9@>#>CAQ#2@,14Z06EI
M3(6.45H:*"TCO2)DDL'T&$"/H%Q@*DR"TC*8"A.CM Q26DY[ D"#Z3& 'FH:
M,)@*DZ"T#*;"Q"@M Y26LL)0H8@=,4"/H%Q@*DR"TC*8"A.CM Q06MH912RB
M!M-C #V"4%H64V$3E);%5-@8I66ATF*.F'$LIL<">@0Q[UE,A4U06A9386.4
MEH5*BTX8TV,!/8)X22RFPB8H+4ML \<H+8OVM!RYB6<Q/1;0(XBEW&(J;(+2
M<I@*%Z.T'%!:-Q)VF!X'Z!'$1.\P%2Y!:3E,A8M16@[M:3$FJ=YB>AR@A]HT
M<9@*EZ"T'*;"Q2@MA_:TF% $PP[3XP ]@G)!U$<2E);#5+@8I>70GA;CCEA3
M/*;' WJHNI/'5/@$I>4Q%3Y&:7FDM!AG5,*8'@_H(8M3F J?H+0\IL+'*"V/
M]K0\6:[SF!X/Z)%4;S$5/D%I>4R%CU%:'BFM&PD3Q4- CR1>$LZH\F%*_9 1
M!406H;;NH94<%>O7'U:C#4YR;#@C*HT,H$:/#E%K9"G%1D94&UF$-+N'5F!T
MD(*[-3I$69(!+NG1(0J3+*4RR8C2)(O0<??0"HP.DGNW1F?,\.@V49]D"#P]
MZ3*RHBJA5'6?HV7+CD-!J[%\R:Z.[92A?AF.1#6S3?5Z:/NV5U<OYZ[N17_L
M9W*=N;MU/WC3>WW:_3T/[W'6W3N=Y,I^=N%T$.R/O'[9'YK94]6V5;GLCPT]
M5U4;N@39E^Z)[D*^O7PIPG/;_]O_%*E/YZ].7]KJN#P=+LLN)]Q6_P-02P,$
M%     @ M("O3/HDZIFR!   +QH  !D   !X;"]W;W)K<VAE971S+W-H965T
M,S@N>&ULE9GKCJLV%(5?!?$ !WP%1DFD2:*JE5II=*JVOYG$N>@ 3H&9G+Y]
MN1V:V&M/,_-C$LCR]K:]OX6!Q=76WYJ3,6WPO2RJ9AF>VO;R%$7-[F3*O/EB
M+Z;J?CG8NLS;[K ^1LVE-OE^:%06$8]C'97YN0I7B^'<2[U:V+>V.%?FI0Z:
MM[+,ZW_6IK#79<C"'R>^GH^GMC\1K1:7_&A^-^T?EY>Z.XKF*/MS::KF;*N@
M-H=E^,R>MIKW#0;%GV=S;6Z^!_U07JW]UA_\LE^&<9^1*<RN[4/DW<>[V9BB
MZ"-U>?P]!0WG/ON&M]]_1/]I&'PWF->\,1M;_'7>MZ=EF(;!WASRMZ+]:J\_
MFVE *@RFT?]JWDW1R?M,NCYVMFB&_\'NK6EM.47I4BGS[^/GN1H^K^,O"9^:
MX09\:L#G!CK]L(&8&HBY@= ?-I!3 SDWX-DP6^-0AKG9YFV^6M3V&M3C\E[R
MOHK8D^QF?]>?'"9[^*V;GJ8[^[X2(EM$[WV@2;,>-?Q&PV9%U$6?N^"HBS7W
MF@L9WW>Q01IVK]DB#<>)"#A6,000=P$$#B!A #D$D'<!I#-92*-P)PIVHD"6
M&@?0,( &&21.EJ-&#YIJT+@KXBN8BKL_G$D",TG 4%(<((4!4C 4MSJ!1A%9
M9K"3# 1P:F^--$3ML1B#%H,0PB4-B231#P$T R&4VP_S5C<EUY9!K)\9]U=7
M$87*,)!,@%S=4H4BHHH8YI8!*)7G<D"DJ2G!Z#+ KB:\DF%X&:!7<S?54:1N
MX21ZP6 R0*8FK)!A-!G@3KMF.(D>212SR0!XVJOF[-%>.&:3QV ZB%+F&#L.
ML--N*4,14<H<4\<Y".&6\B2ZG1#"K#@&DP/FDMCM!8D<X]Q D5//6R@BRI%C
MQ#F@-W'+<1+=V9YP$_8U+/82]D4952_8*CBPBH38)W!L%1Q81:+=(?M6P5D2
M>_LOX"B)HJX('+L*!ZZ2)$0(["H<N$J2NF-*P1*EB;>2OBQ3*556V'\X\)\D
MPR$$-A<!S(6Z3@IL+@+X1NKB"$6$#PIL+@*82TIML8D]-MAD4W4M,,H"H.QB
MND8BUU<V,!*QG1*84Z% "/<"-(FPWTZI^!*B$@6F70#:4ZJ,,)\"\4FM#>93
M #[]M4&BQ)T0)"*NA0+#*0"<*0&GQ'!* "<U)1+#*1%W[I0@4>::,(Q$3(G$
M!$M <$:8@,0$RT\0+(G[Y <(WB!11IB-Q'!* &=&W=%CK*3^Q&@Q5C(!67B/
M!9(/]JC3A/RO9 LDU(QA?N4C_")1YAH:%"DW7R0B3$MBR"6 /",V%0I#KCX!
MN<*0JP<@WR)11O"K,+\*\4M8FL+\JD_PJS"_Z@%^MTA$\:N(1UT^OY+:<RK,
MKT+\4N6!^54^OS)V'P!-HMO-I!)DKA@^]<CF5OFWS)KL!R.C?&2D>PNS5OY-
M,]F/QEQI_VF5C G[U9@KS1Y?/HV1T3XR,G;M=Q+=+9__P"NZ>6I>FOHXO)%H
M@IU]J]K^R?/-V?FMQ_/P(L YOV9/V_'=Q7]AQE<IO^7U\5PUP:MM6UL.3]X/
MUK:F2S+^TBW&R>3[^: PA[;_FG3?Z_$5QGC0VLOT>B::WQ&M_@502P,$%
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M;/\,UY2!&(1%HP6R:09MH/&X.)'!9<&),)58$0@I"XC4#".!M",QF0HC%Y_
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MB7IG-">?ET$ *'!G2A*+]I;>R:$$,@+377J'0\64U=9:YX7-"@2$ H=0R8=
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MSM0[;V>>=B%9W<USJ!\JLW]02P,$%     @ M("O3-#0?GP^ @  U@8  !D
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M$W.J6ZU><#+.KXBW/&75?U!+ P04    " "T@*],4I/YZ@D$   G%   &0
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M8T;SJHC950V@>%+5(G8EBPG/ ./)9KP!=3LVADH7_6:-?PZ989C:#'";9C-
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M%&K?=)=Q>UT-1U?#3:-/YE@N&,\&U_\#4$L#!!0    ( +2 KTR?.Q2;S00
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MHI-PS!X'32]-_$6?1.EP/3,BCL" "L2>5XP>G&@81Q@V\PKT-R<;;:\DRJO
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MVPG7MZ]M.(X8Y_X$V\SLSHZ--^E(Z"NK,>;66]?V;&_7G \[QV%5C3O$GLB
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MZ\NDQ6<NAY$8TZF[31-.AKEQ.\N_A^P_4$L#!!0    ( +2 KTPNP^D.X@$
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MWKAW"7&';@KJ:1+J^1;*S@QK(05:*#*7CJ])+'') +TDH=G$RD5!_25REPL
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ME.EFNB^&%W 8*-ZYUQV-?S'*?U!+ P04    " "T@*],HY.J^?@!  "?!0
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M4GU$YJG7C$E0:OY&"35J6LX!A5KJ;:KV?)H94R#98,<AGF=R\0=02P,$%
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M7M+B*=YL<.#+[:H#[T@:?'/BPQ1($P@476LQJ2YY101AJ)2-E\APX1><^\S
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M(V^C:3&,X,2J-=<8TZ7.8]<%1BW4T&-H8"F.3UVM,6[CIPRPJ/<S?"5.1=U
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M%O\JL-);1AS&E!4(9Z:=57B\%W2BX=>N)5D#%A3R$9'GCZ$DZ7[@J;"-%U?
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M4S?H-&]GE@\6*6 R4J%$Z1+1I+VO=8BF?+*$A))YE*)%<I3&;75$Q"Y:XJ%
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M&C>6?6HI%XT[42QZ>2L]D]?"=N,)ZQ9->PL"V=O@V]9LHJAP;YQU,'CKK"-
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MZP\FZ+MZZNY\VA_ZDP!S>7;AE79KO%,OKN#>)>"QB8 O5"';54GE$+_5=^&
M@0@(KF;7E:1W#6[(50"I^F K#D24*GUXBN.1-_:GA,[39>DSH)11?^CU1R/
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M[6M6G;8MG91616'$9=[(R;>J<,N#U)IBU"9)3QI,FC;7\-FBX:RKK)N" L=
M!&@8@VQHT^K7[XMB^Y?_%U!+ P04    " "T@*],WN1$]$<"  !:"P  #0
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M,>X!  !4(   &@   'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QSQ=K-;MI
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M&OYMS03N7-Z/Z?(9YZG?[I\H7<8M*9P_+W[SGJ=^1(1/+Q$\_@502P,$%
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M\F+,YF,^Z_\;L'@#4$L! A0#%     @ M("O3!\CSP/     $P(   L
M         ( !     %]R96QS+RYR96QS4$L! A0#%     @ M("O3&;S"V""
M    L0   !               ( !Z0   &1O8U!R;W!S+V%P<"YX;6Q02P$"
M% ,4    " "T@*],407#NN\    K @  $0              @ &9 0  9&]C
M4')O<',O8V]R92YX;6Q02P$"% ,4    " "T@*],F5R<(Q &  "<)P  $P
M            @ &W @  >&PO=&AE;64O=&AE;64Q+GAM;%!+ 0(4 Q0    (
M +2 KTS,OJ]J:P(  (X(   8              "  ?@(  !X;"]W;W)K<VAE
M971S+W-H965T,2YX;6Q02P$"% ,4    " "T@*],'5&^_B $  !>$@  &
M            @ &9"P  >&PO=V]R:W-H965T<R]S:&5E=#(N>&UL4$L! A0#
M%     @ M("O3*H1X6]O @  W0<  !@              ( ![P\  'AL+W=O
M<FMS:&5E=',O<VAE970S+GAM;%!+ 0(4 Q0    ( +2 KTS?TM]#700  -84
M   8              "  902  !X;"]W;W)K<VAE971S+W-H965T-"YX;6Q0
M2P$"% ,4    " "T@*], 6F!,A8"  " !@  &               @ $G%P
M>&PO=V]R:W-H965T<R]S:&5E=#4N>&UL4$L! A0#%     @ M("O3/W+^9#R
M!0  %R,  !@              ( !<QD  'AL+W=O<FMS:&5E=',O<VAE970V
M+GAM;%!+ 0(4 Q0    ( +2 KTQ&_;[3V $  &,$   8              "
M 9L?  !X;"]W;W)K<VAE971S+W-H965T-RYX;6Q02P$"% ,4    " "T@*],
MM_70GB,&  #$(   &               @ &I(0  >&PO=V]R:W-H965T<R]S
M:&5E=#@N>&UL4$L! A0#%     @ M("O3'9=0;.T 0  TP,  !@
M     ( ! B@  'AL+W=O<FMS:&5E=',O<VAE970Y+GAM;%!+ 0(4 Q0    (
M +2 KTQH'AW=M0$  -,#   9              "  >PI  !X;"]W;W)K<VAE
M971S+W-H965T,3 N>&UL4$L! A0#%     @ M("O3%V:$F*U 0  TP,  !D
M             ( !V"L  'AL+W=O<FMS:&5E=',O<VAE970Q,2YX;6Q02P$"
M% ,4    " "T@*],S\'RJ;8!  #3 P  &0              @ '$+0  >&PO
M=V]R:W-H965T<R]S:&5E=#$R+GAM;%!+ 0(4 Q0    ( +2 KTPI8R%EM $
M -,#   9              "  ;$O  !X;"]W;W)K<VAE971S+W-H965T,3,N
M>&UL4$L! A0#%     @ M("O3+.\!*&U 0  TP,  !D              ( !
MG#$  'AL+W=O<FMS:&5E=',O<VAE970Q-"YX;6Q02P$"% ,4    " "T@*],
MMU%J-K8!  #3 P  &0              @ &(,P  >&PO=V]R:W-H965T<R]S
M:&5E=#$U+GAM;%!+ 0(4 Q0    ( +2 KTR%DRC$M0$  -,#   9
M      "  74U  !X;"]W;W)K<VAE971S+W-H965T,38N>&UL4$L! A0#%
M  @ M("O3'SZ$&FU 0  TP,  !D              ( !83<  'AL+W=O<FMS
M:&5E=',O<VAE970Q-RYX;6Q02P$"% ,4    " "T@*],@_&N7[8!  #3 P
M&0              @ %-.0  >&PO=V]R:W-H965T<R]S:&5E=#$X+GAM;%!+
M 0(4 Q0    ( +2 KTQKL[8 M0$  -,#   9              "  3H[  !X
M;"]W;W)K<VAE971S+W-H965T,3DN>&UL4$L! A0#%     @ M("O3,-GX1FU
M 0  TP,  !D              ( !)CT  'AL+W=O<FMS:&5E=',O<VAE970R
M,"YX;6Q02P$"% ,4    " "T@*],O%AY!+8!  #3 P  &0
M@ $2/P  >&PO=V]R:W-H965T<R]S:&5E=#(Q+GAM;%!+ 0(4 Q0    ( +2
MKTR NJOVM@$  -$#   9              "  ?]   !X;"]W;W)K<VAE971S
M+W-H965T,C(N>&UL4$L! A0#%     @ M("O3$)Q0O*U 0  TP,  !D
M         ( ![$(  'AL+W=O<FMS:&5E=',O<VAE970R,RYX;6Q02P$"% ,4
M    " "T@*],Q3 RX[8!  #3 P  &0              @ '81   >&PO=V]R
M:W-H965T<R]S:&5E=#(T+GAM;%!+ 0(4 Q0    ( +2 KTS6]"1@M@$  -,#
M   9              "  <5&  !X;"]W;W)K<VAE971S+W-H965T,C4N>&UL
M4$L! A0#%     @ M("O3#?G5QOB @  L P  !D              ( !LD@
M 'AL+W=O<FMS:&5E=',O<VAE970R-BYX;6Q02P$"% ,4    " "T@*],YNAO
MG+@!  #3 P  &0              @ '+2P  >&PO=V]R:W-H965T<R]S:&5E
M=#(W+GAM;%!+ 0(4 Q0    ( +2 KTSZ6_!-N@$  -(#   9
M  "  ;I-  !X;"]W;W)K<VAE971S+W-H965T,C@N>&UL4$L! A0#%     @
MM("O3";64S7( 0  . 0  !D              ( !JT\  'AL+W=O<FMS:&5E
M=',O<VAE970R.2YX;6Q02P$"% ,4    " "T@*],^ 6Q+K@!  #3 P  &0
M            @ &J40  >&PO=V]R:W-H965T<R]S:&5E=#,P+GAM;%!+ 0(4
M Q0    ( +2 KTPL9':2N $  -,#   9              "  9E3  !X;"]W
M;W)K<VAE971S+W-H965T,S$N>&UL4$L! A0#%     @ M("O3%HWNN>Y 0
MTP,  !D              ( !B%4  'AL+W=O<FMS:&5E=',O<VAE970S,BYX
M;6Q02P$"% ,4    " "T@*],E>W-.[8!  #3 P  &0              @ %X
M5P  >&PO=V]R:W-H965T<R]S:&5E=#,S+GAM;%!+ 0(4 Q0    ( +2 KTS"
ME>V*N $  -,#   9              "  659  !X;"]W;W)K<VAE971S+W-H
M965T,S0N>&UL4$L! A0#%     @ M("O3%I'#S:W 0  TP,  !D
M     ( !5%L  'AL+W=O<FMS:&5E=',O<VAE970S-2YX;6Q02P$"% ,4
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M+GAM;%!+ 0(4 Q0    ( +2 KTP\#@82C@4  -8=   9              "
M ;UM  !X;"]W;W)K<VAE971S+W-H965T-# N>&UL4$L! A0#%     @ M("O
M3.J4B.!B @  ?P@  !D              ( !@G,  'AL+W=O<FMS:&5E=',O
M<VAE970T,2YX;6Q02P$"% ,4    " "T@*],AKOL2IH"  #4"0  &0
M        @ $;=@  >&PO=V]R:W-H965T<R]S:&5E=#0R+GAM;%!+ 0(4 Q0
M   ( +2 KTQA8@:#K@(  & *   9              "  >QX  !X;"]W;W)K
M<VAE971S+W-H965T-#,N>&UL4$L! A0#%     @ M("O3-#0?GP^ @  U@8
M !D              ( !T7L  'AL+W=O<FMS:&5E=',O<VAE970T-"YX;6Q0
M2P$"% ,4    " "T@*],4I/YZ@D$   G%   &0              @ %&?@
M>&PO=V]R:W-H965T<R]S:&5E=#0U+GAM;%!+ 0(4 Q0    ( +2 KTR?.Q2;
MS00  +0:   9              "  8:"  !X;"]W;W)K<VAE971S+W-H965T
M-#8N>&UL4$L! A0#%     @ M("O3(*3G%Z! @  20@  !D
M ( !BH<  'AL+W=O<FMS:&5E=',O<VAE970T-RYX;6Q02P$"% ,4    " "T
M@*],+L/I#N(!  #K!   &0              @ %"B@  >&PO=V]R:W-H965T
M<R]S:&5E=#0X+GAM;%!+ 0(4 Q0    ( +2 KTSM_0%O@0(  $D(   9
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M970U,RYX;6Q02P$"% ,4    " "T@*],3/[1QXM9  #$6@$ %
M    @ $#FP  >&PO<VAA<F5D4W1R:6YG<RYX;6Q02P$"% ,4    " "T@*],
MWN1$]$<"  !:"P  #0              @ ' ]   >&PO<W1Y;&5S+GAM;%!+
M 0(4 Q0    ( +2 KTP=A_ZY&P0  &LB   /              "  3+W  !X
M;"]W;W)K8F]O:RYX;6Q02P$"% ,4    " "T@*],&BO;,>X!  !4(   &@
M            @ %Z^P  >&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E;'-02P$"
M% ,4    " "T@*],C*-T4=$!   C(   $P              @ &@_0  6T-O
F;G1E;G1?5'EP97-=+GAM;%!+!08     /@ ^ .00  "B_P     !

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>75
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.4.0.3
 *
 */

var Show = {};
Show.LastAR = null,

Show.hideAR = function(){
	Show.LastAR.style.display = 'none';
};

Show.showAR = function ( link, id, win ){
	if( Show.LastAR ){
		Show.hideAR();
	}

	var ref = link;
	do {
		ref = ref.nextSibling;
	} while (ref && ref.nodeName != 'TABLE');

	if (!ref || ref.nodeName != 'TABLE') {
		var tmp = win ?
			win.document.getElementById(id) :
			document.getElementById(id);

		if( tmp ){
			ref = tmp.cloneNode(true);
			ref.id = '';
			link.parentNode.appendChild(ref);
		}
	}

	if( ref ){
		ref.style.display = 'block';
		Show.LastAR = ref;
	}
};

Show.toggleNext = function( link ){
	var ref = link;

	do{
		ref = ref.nextSibling;
	}while( ref.nodeName != 'DIV' );

	if( ref.style &&
		ref.style.display &&
		ref.style.display == 'none' ){
		ref.style.display = 'block';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '+', '-' );
		}else{
			link.innerText = link.innerText.replace( '+', '-' );
		}
	}else{
		ref.style.display = 'none';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '-', '+' );
		}else{
			link.innerText = link.innerText.replace( '-', '+' );
		}
	}
};
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>76
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>78
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='UTF-8'?>
<FilingSummary>
  <Version>3.8.0.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>194</ContextCount>
  <ElementCount>329</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>74</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>15</UnitCount>
  <MyReports>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>000100 - Document - Document and Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/DocumentAndEntityInformation</Role>
      <ShortName>Document and Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>010000 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ConsolidatedStatementsOfOperations</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF OPERATIONS</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>020000 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ConsolidatedStatementsOfComprehensiveLossIncome</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>030000 - Statement - CONSOLIDATED BALANCE SHEETS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ConsolidatedBalanceSheets</Role>
      <ShortName>CONSOLIDATED BALANCE SHEETS</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>4</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>030100 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ConsolidatedBalanceSheetsParenthetical</Role>
      <ShortName>CONSOLIDATED BALANCE SHEETS (Parenthetical)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>5</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>040000 - Statement - CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquity</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>6</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>040100 - Statement - CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ConsolidatedStatementsOfShareholdersEquityParenthetical</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>7</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>050000 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ConsolidatedStatementsOfCashFlows</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF CASH FLOWS</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>8</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>060100 - Disclosure - NATURE OF BUSINESS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/NatureOfBusiness</Role>
      <ShortName>NATURE OF BUSINESS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>9</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>060200 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/SummaryOfSignificantAccountingPolicies</Role>
      <ShortName>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>10</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>060300 - Disclosure - VESSELS, NET</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/VesselsNet</Role>
      <ShortName>VESSELS, NET</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>11</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>060400 - Disclosure - INVESTMENTS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/Investments</Role>
      <ShortName>INVESTMENTS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>12</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>060500 - Disclosure - ACQUISITIONS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/Acquisitions</Role>
      <ShortName>ACQUISITIONS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>13</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>060600 - Disclosure - RELATED PARTY TRANSACTIONS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/RelatedPartyTransactions</Role>
      <ShortName>RELATED PARTY TRANSACTIONS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>14</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>060700 - Disclosure - DEFERRED COMPENSATION LIABILITY</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/DeferredCompensationLiability</Role>
      <ShortName>DEFERRED COMPENSATION LIABILITY</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>15</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>060800 - Disclosure - OTHER NON-CURRENT ASSETS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/OtherNoncurrentAssets</Role>
      <ShortName>OTHER NON-CURRENT ASSETS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>16</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R17.htm</HtmlFileName>
      <LongName>060900 - Disclosure - SHARE-BASED COMPENSATION PLAN</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/SharebasedCompensationPlan</Role>
      <ShortName>SHARE-BASED COMPENSATION PLAN</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>17</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R18.htm</HtmlFileName>
      <LongName>061000 - Disclosure - LONG-TERM DEBT</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/LongtermDebt</Role>
      <ShortName>LONG-TERM DEBT</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>18</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R19.htm</HtmlFileName>
      <LongName>061100 - Disclosure - INTEREST EXPENSE</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/InterestExpense</Role>
      <ShortName>INTEREST EXPENSE</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>19</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R20.htm</HtmlFileName>
      <LongName>061200 - Disclosure - ACCRUED LIABILITIES</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/AccruedLiabilities</Role>
      <ShortName>ACCRUED LIABILITIES</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>20</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R21.htm</HtmlFileName>
      <LongName>061300 - Disclosure - EARNINGS (LOSS) PER SHARE</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/EarningsLossPerShare</Role>
      <ShortName>EARNINGS (LOSS) PER SHARE</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>21</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R22.htm</HtmlFileName>
      <LongName>061400 - Disclosure - SHAREHOLDERS' EQUITY</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ShareholdersEquity</Role>
      <ShortName>SHAREHOLDERS' EQUITY</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>22</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R23.htm</HtmlFileName>
      <LongName>061500 - Disclosure - RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingencies</Role>
      <ShortName>RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>23</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R24.htm</HtmlFileName>
      <LongName>061600 - Disclosure - FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosures</Role>
      <ShortName>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>24</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R25.htm</HtmlFileName>
      <LongName>061700 - Disclosure - SUBSEQUENT EVENTS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/SubsequentEvents</Role>
      <ShortName>SUBSEQUENT EVENTS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>25</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R26.htm</HtmlFileName>
      <LongName>070200 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/SummaryOfSignificantAccountingPoliciesPolicies</Role>
      <ShortName>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)</ShortName>
      <MenuCategory>Policies</MenuCategory>
      <Position>26</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R27.htm</HtmlFileName>
      <LongName>080100 - Disclosure - NATURE OF BUSINESS (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/NatureOfBusinessTables</Role>
      <ShortName>NATURE OF BUSINESS (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://nat.bm/role/NatureOfBusiness</ParentRole>
      <Position>27</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R28.htm</HtmlFileName>
      <LongName>080300 - Disclosure - VESSELS, NET (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/VesselsNetTables</Role>
      <ShortName>VESSELS, NET (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://nat.bm/role/VesselsNet</ParentRole>
      <Position>28</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R29.htm</HtmlFileName>
      <LongName>080400 - Disclosure - INVESTMENTS (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/InvestmentsTables</Role>
      <ShortName>INVESTMENTS (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://nat.bm/role/Investments</ParentRole>
      <Position>29</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R30.htm</HtmlFileName>
      <LongName>080800 - Disclosure - OTHER NON-CURRENT ASSETS (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/OtherNoncurrentAssetsTables</Role>
      <ShortName>OTHER NON-CURRENT ASSETS (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://nat.bm/role/OtherNoncurrentAssets</ParentRole>
      <Position>30</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R31.htm</HtmlFileName>
      <LongName>080900 - Disclosure - SHARE-BASED COMPENSATION PLAN (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/SharebasedCompensationPlanTables</Role>
      <ShortName>SHARE-BASED COMPENSATION PLAN (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://nat.bm/role/SharebasedCompensationPlan</ParentRole>
      <Position>31</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R32.htm</HtmlFileName>
      <LongName>081100 - Disclosure - INTEREST EXPENSE (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/InterestExpenseTables</Role>
      <ShortName>INTEREST EXPENSE (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://nat.bm/role/InterestExpense</ParentRole>
      <Position>32</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R33.htm</HtmlFileName>
      <LongName>081200 - Disclosure - ACCRUED LIABILITIES (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/AccruedLiabilitiesTables</Role>
      <ShortName>ACCRUED LIABILITIES (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://nat.bm/role/AccruedLiabilities</ParentRole>
      <Position>33</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R34.htm</HtmlFileName>
      <LongName>081300 - Disclosure - EARNINGS (LOSS) PER SHARE (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/EarningsLossPerShareTables</Role>
      <ShortName>EARNINGS (LOSS) PER SHARE (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://nat.bm/role/EarningsLossPerShare</ParentRole>
      <Position>34</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R35.htm</HtmlFileName>
      <LongName>081400 - Disclosure - SHAREHOLDERS' EQUITY (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ShareholdersEquityTables</Role>
      <ShortName>SHAREHOLDERS' EQUITY (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://nat.bm/role/ShareholdersEquity</ParentRole>
      <Position>35</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R36.htm</HtmlFileName>
      <LongName>081600 - Disclosure - FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresTables</Role>
      <ShortName>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosures</ParentRole>
      <Position>36</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R37.htm</HtmlFileName>
      <LongName>090100 - Disclosure - NATURE OF BUSINESS (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/NatureOfBusinessDetails</Role>
      <ShortName>NATURE OF BUSINESS (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/NatureOfBusinessTables</ParentRole>
      <Position>37</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R38.htm</HtmlFileName>
      <LongName>090200 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/SummaryOfSignificantAccountingPoliciesDetails</Role>
      <ShortName>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/SummaryOfSignificantAccountingPoliciesPolicies</ParentRole>
      <Position>38</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R39.htm</HtmlFileName>
      <LongName>090300 - Disclosure - VESSELS, NET (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/VesselsNetDetails</Role>
      <ShortName>VESSELS, NET (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/VesselsNetTables</ParentRole>
      <Position>39</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R40.htm</HtmlFileName>
      <LongName>090400 - Disclosure - INVESTMENTS (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/InvestmentsDetails</Role>
      <ShortName>INVESTMENTS (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/InvestmentsTables</ParentRole>
      <Position>40</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R41.htm</HtmlFileName>
      <LongName>090500 - Disclosure - ACQUISITIONS (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/AcquisitionsDetails</Role>
      <ShortName>ACQUISITIONS (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/Acquisitions</ParentRole>
      <Position>41</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R42.htm</HtmlFileName>
      <LongName>090600 - Disclosure - RELATED PARTY TRANSACTIONS (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/RelatedPartyTransactionsDetails</Role>
      <ShortName>RELATED PARTY TRANSACTIONS (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/RelatedPartyTransactions</ParentRole>
      <Position>42</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R43.htm</HtmlFileName>
      <LongName>090700 - Disclosure - DEFERRED COMPENSATION LIABILITY (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/DeferredCompensationLiabilityDetails</Role>
      <ShortName>DEFERRED COMPENSATION LIABILITY (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/DeferredCompensationLiability</ParentRole>
      <Position>43</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R44.htm</HtmlFileName>
      <LongName>090800 - Disclosure - OTHER NON-CURRENT ASSETS (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/OtherNoncurrentAssetsDetails</Role>
      <ShortName>OTHER NON-CURRENT ASSETS (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/OtherNoncurrentAssetsTables</ParentRole>
      <Position>44</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R45.htm</HtmlFileName>
      <LongName>090900 - Disclosure - SHARE-BASED COMPENSATION PLAN (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/SharebasedCompensationPlanDetails</Role>
      <ShortName>SHARE-BASED COMPENSATION PLAN (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/SharebasedCompensationPlanTables</ParentRole>
      <Position>45</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R46.htm</HtmlFileName>
      <LongName>091000 - Disclosure - LONG-TERM DEBT (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/LongtermDebtDetails</Role>
      <ShortName>LONG-TERM DEBT (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/LongtermDebt</ParentRole>
      <Position>46</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R47.htm</HtmlFileName>
      <LongName>091100 - Disclosure - INTEREST EXPENSE (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/InterestExpenseDetails</Role>
      <ShortName>INTEREST EXPENSE (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/InterestExpenseTables</ParentRole>
      <Position>47</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R48.htm</HtmlFileName>
      <LongName>091200 - Disclosure - ACCRUED LIABILITIES (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/AccruedLiabilitiesDetails</Role>
      <ShortName>ACCRUED LIABILITIES (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/AccruedLiabilitiesTables</ParentRole>
      <Position>48</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R49.htm</HtmlFileName>
      <LongName>091300 - Disclosure - EARNINGS (LOSS) PER SHARE (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/EarningsLossPerShareDetails</Role>
      <ShortName>EARNINGS (LOSS) PER SHARE (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/EarningsLossPerShareTables</ParentRole>
      <Position>49</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R50.htm</HtmlFileName>
      <LongName>091400 - Disclosure - SHAREHOLDERS' EQUITY (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ShareholdersEquityDetails</Role>
      <ShortName>SHAREHOLDERS' EQUITY (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/ShareholdersEquityTables</ParentRole>
      <Position>50</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R51.htm</HtmlFileName>
      <LongName>091500 - Disclosure - RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingenciesDetails</Role>
      <ShortName>RECEIVED SETTLEMENTS AND COMMITMENTS AND CONTINGENCIES (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/ReceivedSettlementsAndCommitmentsAndContingencies</ParentRole>
      <Position>51</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R52.htm</HtmlFileName>
      <LongName>091600 - Disclosure - FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresDetails</Role>
      <ShortName>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresTables</ParentRole>
      <Position>52</Position>
    </Report>
    <Report instance="nat-20171231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R53.htm</HtmlFileName>
      <LongName>091700 - Disclosure - SUBSEQUENT EVENTS (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nat.bm/role/SubsequentEventsDetails</Role>
      <ShortName>SUBSEQUENT EVENTS (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://nat.bm/role/SubsequentEvents</ParentRole>
      <Position>53</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File>nat-20171231.xml</File>
    <File>nat-20171231.xsd</File>
    <File>nat-20171231_cal.xml</File>
    <File>nat-20171231_def.xml</File>
    <File>nat-20171231_lab.xml</File>
    <File>nat-20171231_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy>http://xbrl.sec.gov/invest/2013-01-31</BaseTaxonomy>
    <BaseTaxonomy>http://xbrl.sec.gov/dei/2014-01-31</BaseTaxonomy>
    <BaseTaxonomy>http://fasb.org/us-gaap/2017-01-31</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>80
<FILENAME>0000919574-18-003811-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0000919574-18-003811-xbrl.zip
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M;JMA[^UWV.'/F66^GD%?X/?U#?FU.V7VV7C,71"@9GS4YMS5C%<Q^JM8?WU
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M[LMZ6N7C^#1HBG_KU"8H'I)\5]&>VM<>N,F"Z_ZH6PPWTC U%/G$F@T'VXQ
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M+8 &+"$0^AXJJ,J@(:1 5@)([\)W,R\!UUOPBJ?DUSI,00V>=*7";>*T$T8
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M##JO(C?G76BZF$:%2Z59"Y9_"ML]UVP3&ET,1D?M?KLGZY/#IS]$KWZG)+*
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M:8FMW?'Z&&].6Z.>D%D@09)9HICC*T5DOP&R#HH$HI@0CD+D,*R$V72'02:
MKHZGHLYC4>A$,Q2U.VP,!OT47-/>;WF[/+X/DG=P[[L<T<!XK#:<:XVF@O46
M;5F.< 8],7M&E9RIN@(8((YDHE.(ENW8R C&C%K4VBTWD..PR*!K:^-X <!7
MBL5H;1S?[O4:_47;8"UH_Q"U7UNI_VH7BTPFJT5&826':@S8#:PS?.R'-I-.
MCX1]/T\M<6(#JPL^FFS!Y";<-A4Z0EC@\J9GOP2_N8OU25[EZ,>2H7ZNG&I
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MP8?-G6_"M02O0C2BNYX\X?W,#4,X$TTQ<;L#'G1ELD:&,)PQ-Q1Z6!V+8TS
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M%H0:RN_0#CC^5!C+7B[-L-%HDV&#$%)0:WYCF]7WZ:@+93.VH.&@Y96I_,F
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M8FJV>_]B0/4(WL6@D6/)D?#7("]"OU4'M8861Y_^5,_3ZR'=?]%EF 1'0:.
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MT#:HMLY,9TEZ9_;;KHE:0-+OYM3005(*F&$'4QM81:+IE:O+P'H<HBA>\$C
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MY@;"&??C #4:+BM,S0QE/61TH/B@:K+TH\6C6R!O80@K%1N6 &LCCY4% EJ
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MB-@)@6<9?9%0,KQD$=YW@>#?8D\8C69F+:4X,WNC^QOD'5.CE</++,^#?1@
MF44C*S*B)Q_$#:A ;FB,K$<!FR8\8^):^ 10 ;X*FL%7$='.AY8K3E\='MLY
M>!3?Q""FDH6>88WAF%(,#E ]/03'V(F,*Q6#([Y-'*HR#$=AMKYA[W079^+6
M%58HX!MA?/(C.!YUA TD#QQ<S_(&CN7";%9$H4-\JH<HE@ NQX._QE;D^-[R
M\[.TO^TB33?5JL4#H>PZG6Y.<>9'/HN)#PJ1]W +]M1@RO\ND^J\1=K+]G;=
M*ETLU.[F-^(G([/Q]QK=CT _0;$$4#H">;L[A7^!;03"P\)-@MEHO%-C]K7D
MV6@Z(6.*&8_!Y[O7;#3^ ?:5^'ML?3,&06S#,R X(\O[*H(P.YSMPTH]/S(F
M@8]2$F3F@_ ?P$8=H>(,A])RIZ&#_7T'5AS.]O7MQZ'CP>0HJ!Y<OP]O *_S
MK"1D&A\'XB)D(*0.G!'%)I'>'- 675C-8(3A=^$<2\PY&NO0<G(X,&8#C>U8
M&&\ ,MMW034(4P']MO;)#VQG8%R,86\'P(-NAL-PY /X'YTQU37_]^_$9N:M
M47S_%EX2.2>GUVK\^4XBYV+P/[$3.HB"BV].^"?/J"94\\GI>+(3(_8<'N]+
MO=XZ09W&&5LNF(#7GZY.?@&5HZ.A)(%D@W6OO9HZG_[%$-5/?FDT"@,'D-MM
M=)>#TZHOA8:^JO6!K]M$R\(+F4#U*-#^U-"?N[6F]/4%-JXV#6XU#D<]C(*8
M63]GSH$R #0TP>& 8<CJ^)@G91JJM:IQ\<B=3JE3F/$>&X]>8>/1/Q!!-2WB
MB&HFI@28- A=3I/O$&!]7=JRWDW31^22:$6\'FTYM)I[6(Q<B[82M0ZY#%H%
M+@+70$M8)4G^I"GO@7G1>9BI$<E+^_/>B5#^77NDO@.7H&<3%*P\)TV@2JQA
M/4,)>T?.2BI<;T]72NL,9IHZ9FJMDU\Z33C8LZ=D;I)=P=I-8.VN 6N[5=\C
MK)T$ULX:L+9ZO>?".M"AL#1.)-M\#UQG2**>E -@G8YOUWZWOCGC>*SQ",68
M,(?- 3ODU@6&!- WML\TZ%]_,$"W!$]CY=%'<#Z!GL^G61XL"2O^AI!*#O 9
MYZ?GY"KEF?_EMO.O+9SJ'.BWMR_K;$/*SBFU $;/8?"+I<$^=W$=!K[!3J_@
M]1>>#=B99?V_W+:/@@Q^=[SL$3Z\X\DKV,^^%*+ L0^'P2BW@B;L:X_AW)<6
MUIBS5AJM-63B3G"P!XJ1W1O+3BX,9@EI91U=;_L(V .AD&D0IH1RX 8B+T?A
M\V!L1.QZ6P2Y;8B>$M#C,CK;EG:[)^J<([Y&O=EL$?'1IU+HMRL89:O9+8A3
M9G%7!LHLTLA].6DIOM;84,->10'M>E&RLGP4< @RL#Q*5;OS6NED+2FT#CO9
MO1_FY8RF5^](&0:?#D&&G;5?"P-+&F*MK>7OQ1>X$I').C97\+L%7_V<S5Y)
M[ADA!T%UY92K+Z"ZPB\<RTIUTB\UTZ5]T75\.>D@Z[,Y&!]#HWW:+80L-L3/
M?CG2IQ@Q5W8YQU 6*\QRO**=LT8Q)#2S\(I$GDTBA5^R]+K[)9'TKDQ>B=;8
MALHWKU#P\'-O:_>!L,(XD-2S \DR'Z>SMI%^IX)[>1DXL>\A6FB3%.3:=A9U
M&[9X34>V(S/10KO8D>WX1];8$8*J]DYGC_/=C7/GY\'!S,X8Z"$'OAY^[/:*
M^@69<.X\)/Z4D]*@/O8#X\?B\E8RH&*L]1#-*PY^]8>8_Z,DESR4D6^(1,(Y
MH8$Q#V,+'V QZF>R1R84%"N3B=)(;!Z+@[M73?B FB FKLQ,/*:3@ZD8$3]C
MV&@>JCAN%3,>B($?V"%]EXF*$=S*CA-<XL'(L/!4A(;_* *9^\21T)A/$3SB
M.CA.9IVP[\T/159W@<VZ#L-8V)OQMI!?FCM@[=VPHEDV)*=?M!28< R(7T,%
M>LDZ>)8-5M$[;_2:\$/1BUE'8F^\&$#1>?>\V^T6O9I.>;9F*T=F1_I47B1S
M$<LI4!DI8CGK4-LA,+1UMF5S'E!?DP> !N ,,:T'K-[!P(\]B@8E>>3@SBRK
M;I&^F[ZJWBQ3EEY5RV*+M2R:!UO*XO??+S[_R[BY,NZN?_UT?75]>?'IWKBX
MO+SY\NG^^M.OQNW-Q^O+ZP_;J'%1 D6^F!124' =JLR6<H#Y%-*0'-M4$XFL
MA-Q$Y#<G>5^?O-63TP,QL0*.5;4&J-/#\P)(.QK1WY)Y@<$!PTQ<-!R$)P+*
MUX3?Q21*4]N_> [[XF F7@"G-P(<7T[O3HU?+RYN3][F9;SO(S%]#SM[FV(1
ML'.9[-]\DO '0#LVZT/4<A6(3Q?WE/>+K#_P71=W)=U=!WM5@8UGP%YF"..4
MBBPYMF,%.-SLS\8P\,>T>63E^6HV.0L:A'X_LAP/1T*S,M1&^R%#(4J\65SQ
M D; #&AT,1$Q)11P:F#C. )X((W)ON4BU7%\1@1&9V@-R(NB$:IPG3$L5R.W
M@8Z_A52U?]-?L*-M+**13_5'-*P!?F,T[]%:=LBCRB>7$(C(08RF!)!D:LO]
M,8U^'+%IG:42Q ]W?)R2A?\-D.U@"0---W&\H1L+P'M)<5?,F?P2DH/D@_2W
M2!]24L7EEOACDKJ>RV9S6&="[>SN0(4<8++D%0GLR-CZ*A(G#Q,^*$3QF+V'
M7$[$&@ZQ9@P[33#3';TR8R0=XA\6U5JC5]VTO:?)I]D)!ZZ/CAQ\DI/L'W#J
M_)?0V9,R@:&L29.S5.4&RH,G$(_"B]E5)+U H7[5'*AL?>7P 0$7Q3"^JH8#
MI\*U 718=J 8DQ]J:&(6) @M-*6L&*!V0!XJ#:U8@8!_2 X9P1):8^5W2EDL
M_I!]E\>?=TV]I@-RY0?PG6=<4D6_P=2X1P;M+BIM,8P]XMVPKP/U!NP4,B8G
MS%$36#< G80#$+ H+2@7BIAX&P(Q$,XC<WXZ62I809'CV/K+#Y#72=HE\K/9
M_2X%$@%CTQM41VEFJ%->EI([\.M0KENNPLD2,\5-X,B1Q 9!!P<["Y\\O4HA
M$M^8HG!\)N.\DZ=)P&*V.%N99D[.R_V[-&D7+T=4I0H1<7%G)EOP(0[\B; \
MHP_0PV'"\HX@9FQG8+(4_^0'3^+!@2?^;P!F..TTO.@$>23#2L("9D5H(L:@
MM*35&\'HMP PJ6P8X4@(=FZ?ZB1M/("V(^?TPS"AP*$K!E+Y( _Z"+ G M"!
MI'BG2G-!).5[/(X9%)\NMU&6PRO $O&B#<=]U2SELR8I/LC[@L]BX(-NDL-5
M/B>L0!<LDB_@.W^G]R,6MKNVW!!O31PXU)]U-L*62Z+UAA-0I(A\ 69D]4C6
MKW9C\AH_LY&/:)*'?D8[V@50.1#,6(9J]C_\*<8P!NN0!VR[U<>"2>H6*KU?
M<X7W$(T2]O#(H\)@I$G!P?>Q"2QI$BY5,<([.1$]H5$RJ]*$V=NZ0"!/>92\
MR8F8TI#WXTQ*"T)VZX"NS^4!%= XJ(0E6=3<*O)A=]A&P.4%#EGJK%.A_H=Y
MZZK0H,O]#"T/ZR_QB>&386G&B@X/W><-_# BAJIDZBDHR7Z?O'Z28\(D# KO
M@RPKE2A@PQAY.\L]P@B-*]_%\DM];7].C7<Z2K$Q5Z@$Y0!.B#]&4?(0"-)0
M8:,T+-CX)5UQ @,>HZECQ!-?68]C,,257H_Z,I#X0R*#N3[5#R$Z2!X=/T;
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M8VE+"1<++'G4M .D;NM2I8L-6Y(\*>(SPR=B0&J6&=' BX1QG@*\M,5*/$_
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M\%5#[ZGF6TD1J5$19IB0</ $'BW@CJ:JOL;'*+DS2-_*2J>8))B1YT\&3-I
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M$!:@=5=*"(92,2GB'DO7\B>?:^"&EHRY(GA1[\F$5)X:'^DMM29\;SZC.UF
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M'2[%2V$- YP#^5E2N=WU0P#+& ;^F.23#U*(^%<N@WJ).KTE<KN2''@JK,"
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MW<L.T,IVC;:%,J4%**KO0ZK DW@G,=F.>$'K#T:?4U5-P_,3YS0Z,V0_%-@
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M^7$_&L:NT>=H.&"CU\/D#QHA.60V,(:![[K 31A5K'6@:CD6EA?R30K]3A[
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M0XUA#:2\5U<EEWI8Z4>IM4Y-X[.(0+/FF[$'4;L<.0(4^6]B$),7Y68X= :
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MQK7+GL94Q$%WHS\Y^.S3%RM+6CXGM;JVR,DB&$8L_)VYN)0]<0-0E<#!^77
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M"(<K^V)=RT%B?L[ SR=8BINJ7NC#1?20+-T,$Y7@PA"_Y)6\L" 8Q4@LF$I
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MOMTS7'[R9_>VX?BX\!DF..>SZ&Q)/$K6L9+%*>SIK96H"#_MD 0)IA#^.HI
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MZ)PXH!^$[__V$='X[7\!4$L#!!0    ( +2 KTP+"+J=;!8  $_V   0
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M2T9%=##4W:1I0F+H"46HM;&#E< /K8H8JRE^' 3$%=>CB=2$#?/9D@W *)>
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M,>./B*M]KQF[9J-+U%U\&+T+K2JC:V:&$?@;QL5.DPJ$*IDT,TA<@AUYHU;
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M/P),XMJ^TR<^\#_N 86__ ]02P,$%     @ M("O3'@G&/8:-0  @T<# !0
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M33LTH@@T:^3XTZHIB%%,K@NK&0PP,2C1AZ9ZB?%BC4Q@H4*15'^M\>M0F1)
M]4I.%T"=<)Z0( 1%+_G'D#*BR1^*/$0Y@?[O%\8T7OR**(TQ!0^U%!0B(PI$
M$9H7#/1ZHJ.<ECD/S,O\*1!3QT% :;QG.$Q)]KEEMN>Q Y0L;291R\%@S[["
MEE36*OCVC\I> $'38@V"2=E,KIJ]U1H\'4.-%';[2K9L3:LR'$C1L%R+8DJF
M4REG;;L64\= (87Q+OFVA-)X($7#>"V**1E/I9RU\5I,A\@25E5$,68MHC(>
M1-$T7I-B4L93*&=OO"93QYQA"N/Q#7+RA.E683X)3<. '9HIF5"MH+41.VP=
M4V\IS'C'#R%2A0TA@H8!FP13LIY"-6O3-7DZYJU2V.U_%YM8/?&!% W+M2BF
M9#J5<M:V:S%US"2E,-YG0E1=KONY8;;ZYRG93*J6M<'J'%TS.BG,-=N0)"$*
M@T$$#9,U":9D-(5JUF9K\G1-M*0PW#G)U@2.Z)83- S7))B2X12J61NNR=,U
M-Y'**]E0-A*KO!* H.F5- BF9#B%:O9>28.G:[(?A>$^4;10V0WXWC!;X_N4
MK"97S-IH#9:N.6E4WDB<Y51R8TY!T?1)FA13LIQ*.7O/I,G4-?^,PGHW*,M0
MKC >1-"P79-@2J93J&9MN2;/1CH:S_O.^!&I-IT[GYL[SK7/4S*95"W[O>8:
M1V&N 39*SBC&?ZJF-HB@8;(FP92,IE#-VFQ-GL)P ^R4S I*J*JG003-U5N#
M8$J&4ZAFOWIK\!2&&V"7Y/]A)M]*83B(H&&X)L&4#*=0S=IP39[B('R _1*^
MVN@Y"X=).BNXJ9Z'*]5S6L4!9^+O!]@YN?NFCAH"OC>-]VVB$4-RQ>S-]JT;
M+?1^@$V3:WYNJ[ 9\+UAL\;W*=E,KIBUS1HLA<T&V"\YYVF^51N4W>_-_<GZ
M]RG93*Z8_>YDG:6PV0#[)==%JG(GNY^;O:SV>4H&DZIEW\=J'(6Y!M@@.4<9
M(U?U,8"@V<D:!%,RFD(U^V[6X"D,-\ &R5U,XT(U.$($32^D03 EPRE4L_=#
M&CR%X0;8*KDA25)\5VU) @3-+<D&P90,IU#-?DNRP5,8;H"MDKL<*9W^SN=F
M;ZM]GI+)I&K9][0:1V&N 39([C;JPS;@>VN%/='#-KEB#FOK[F';![][(_CY
MH8B3*$X?22HQFX)D_T@Q1#(1X_6K9V,_D*LPH=^]D:JJ]TKKO5<:[OTT;08K
MY6"N]VU+^=T1J6KYH+34!Z6E/DS34K!2#I;ZT+94;1_D&/D<]5(\C9T]A;56
M32A*4O;CHLKX2,]7_#VBJ[1.$:>+>)/@:TER%6_\#JAVY3?:%6>%[#R+6BE\
M!DJ?S1YX(,8BUV]=4X[][:O/<:21QA_6R!!-6Q^[G$6M1C9W$<7)Y\A/4Z2E
M.+_'^>J\R'*RQG2?E/-\EV:M!7V3(OL'+'2*G )X+1K'.SKU9!#K2I]>4Y59
M;G=[L\IBE\$HTB$]9$Q7D)X":@P:PSM:U'4+E\TG2F[Q@CSN=."YK,LG >(_
M<719),LX2;C\YR1K \:PU#ZGNF:I4X"171-Y1Y2V&&2 :]VS-9>-B9"@+&/.
M/JN6-?0N-RF3>+;(XZ<J]W!S/#(M)P8G_7*G #';9O(_;.D+0D)X)L)6:2@#
MH1=>CLNZ,7(5'FN98=R(QUQ@Z A':K?VIY$3<1;]LZB21U\2JEI?=;,C6I7=
M/]1E5';4C(E^$$O<&LP'U/=9%@T%"6+%S/<XY\M91,H'P,'M816)> 80)!DO
MA:(=)(B6KG7(&-53OAT(\I\R$CIY 4?% I0+T2L8E&D0O< AF'=>Y?++3I&T
MR'L]M9'/F91#@-+3ZATN(-9J_RBH$>(@XUV.T@C1*/MMPY_S8O1_^?$G$!5&
M90X[9#IE@EN =K%BH[V>2W( CV8=P2/HW]_]S1A!G3(:"*J5F3B"9-K[1%"M
MCB FI7/"Q.<' ER]VSC[UED-'\YU>@@/ISE20F_Q%P5OPOE2G%]D59/CB/D)
M]R1'R2U^PFG1V<<S+RBF5X."(W4##0L1AQ:H]P)Y5>7T:U!%$,-H1YT;MM1F
M?T"/^%U?-P!(91VA01HT2 RTU(>%FFD0HV$%U&SWNA[?AR@?!(7F3YBF.5^V
M:8*VN8Y>^L:6<!OBP' _W*P0Y2^D-<>;>9%G?!;FN_[EH8!L1C KW9X6=$L'
M#0&WMK"8('3K<3P*'&B6@ Y?U$2RF6&,XQ++F:#O@,-P#F@>2?QU.D<2'4W.
MMF<X7:S6B'X#3B%TR64(Z9"/>M;0@PH(-VI]E0C:'PCT,PW3G=P+";Z7HTLN
MA4:;?+QS FVK@PA1JJU$2*L:&"MM]J>(E<YV>C!H@4X2?,)%>9#@ S#!G"-T
M76O5/I^43+I4&7DW3WM< -<LO1MX?>SAQ4M0N[YW*,%9M85RA^E3O,#\Y6X0
M!5JTX@U2->T$\&"BK2DH>G@',31\1O\D]+#MUG5#Y015JT $@;N:O3KI.9<0
MFR",^@6M\7S9$ _T#7KIQ)Z%G&X\SU%A1**O6MW278[EUH.<4Q!CN[.Q.W[0
M^.:&7#]+>RN]/$.+#_4TIJAE+KF&+_TN7/;N][$.5GN['>E7IW%Z*F-8.N!=
M1HY=4FF>^V?XS0WI]Y9Y:M^G8!Z9.L;FJ3$:LO?<,QIU_P$HVB:J4TS"2%*5
MS,U49^5X[#+P2]*=C>>^AZ0[!?I>D;X.X):Y5#C)'7)M^C[E1[__;6!'U=O9
M&M>W^VM2/IOM[?8U.+)=T&U$%M\DYI9\K93L?)V$*=4ZF1NNPV^(">@&TYA$
MOZ]P^A5G&4ZR&<6WF,E#<71/SG E!(X^,^G7Q;K=;2V+BUYL7'P22'!L%8L^
M;ESA$*$)^E*@[TY8:A8WQI(H?F)8 EME2"R)"@>ZNDSS^,]RXVHG47O#7TIP
MN(S<(9B$Q7LU,[<IQ#*(F\!2\7_+\+)(KN-E.^3$H$2?JU@O,0EDF.ONT5VL
MUU&_4^NKQW]&]!O.;U&.^?6G^Q6^XH*C!.S]>L3[77XU\21L;Z2QN=G[V),!
M'LW^->;)K^,%2IA8LR=,T2.^VY#\($O+ZOH%JG;0*3 )ZQMK;HX G2J(VQ/<
M \\9=RAY8D)_14FA/6M 9?KFC6:92>#'1G^/<T>S%N+V%KBGL(+%"D=%@N=+
M>09/(.+5M)@(-M N=M2H6#,06>INCB/]BL3.U8_3":65JG2VY3=\@3 &@Q)]
M0U>]Q*B!#L984@UBTG:H0T^W1N5 5J\IB!-T@[S&?6@",B'WH*E>8KQ@"A-8
MJ% DU5]K #M4I@10O9+3!5 G<"$D"$$!&OXQI(S=\(>BH<(ZSIBO@#(V(J;?
MP&-IZ?=*6^![:(XRG/F]3S&+W.\ RV[7/T;R]VI#]PO.QT[P/MG3<;"S5.WZ
MB;^9UY(;^E1)V/P46N\ 5P *;<R]_":S(";#V6)1K(L$Y3BZP!N*%W&Y9<Y^
M3G!IC#1J;*7+]&R?57AF>[C,X(GM), W4"M:G*9X$V2@O.-"NJOU!L6TE)_U
ML;DXT).CLZ= %W?2 E-#E)[F3EB15C'$6?QAJH<GI&ZV@_J'25A/JHGU5%1/
MVN#WK=LJ!4!5SP5.XB=<GJ??K_ Y8<!(MRT[F11II6=0%YF$;2VT-[>Z7B6.
MY^0Z>#A4]RO*[M$WG-ZO*"D>5[O3-WXF\QGQU^I3E"[P74&?< ]<7#C":++C
M.$6P>6@[9RS:R3#$L3SS:D@6ERE)*]E^8VM->D[2+*?%(J_M[(K83OT2(MY3
MI\0DH&2NNT5<J$X=0YS7UVN;,T%+[_8P;%ZEK,3?8'=#KTS3$^DK,PE V.AO
M[;_TU>)X?"]YP(:W5)P^5H^;L&%K'>^R&+>@H$&Y?ZA&03D)L^OK:FYL)>\@
MSM8/*YWY\IJDC]<,AM&,033/R@C2.-OP8]KYLH40XW)5&QJ4FP1Z;-O!'$L&
M-36.V@=RA*_215)$?,#ZG<8YOB#/*9OEF@MGM>-KP@%V=/4X3 )'[FWC[,CJ
MU2FP-7*FD9>0H!,*"7K_$A)4;_*7D*"7D*"7D*"7D*"7D*"7D""G[1\P' C\
MUMS.F588D$HABQ"@%KL!+]S'Z2-H(=GGYI7[VN=IV*E'+0M3=3EV.],Q@K5V
MS[>6VSIC1VN=%1GSQ;-LMF!-E@F]P#@M'5(1(J@D'6\5F#/K7V59@:.+@O)W
M;\HCE_+NRA?\7'YI:VU41JS_],J,U VU[$CL-*]W2E4]Y;I/CW\0?A,?4/+M
M9YRO2'3HO;/'1XH?48Z!=]P-2E1MIU4B<,R8:VV"&"WN0_A'<,4W-'YBU>X^
MLJEG]WS6#:)YO(@W"#@_=>:CA(H6GTD"R+R%W&&E56<0^<AX0M_YLAQ.Q1;M
MW0I1G.T&UZOTGJ(T0]"!ODW16I)E_:*!P\ZA'8RF/*-J@G@LIB8R#T.(H^H(
M>I=2'$=S/73IE^W"2Z?L=/!EW!*6 -.I)XA$,?R0FZ2ES!?Q$Q,YC;)=KVC!
MJ9]P_U:$G#!PH&CK:((*%=,A LMF450*@9)=+:5<9;#*?(/37=:)EFU-BHA8
M=:TB@=O;0F\3R^NQ'R*B3%YSY5C)IPV;HKV8@(I.%AN][> '(U U0>2)@3WV
M^7.*:;:*-S?[]SBUUE^*<LKU%E@N<$S9MH#[>@JL(XB8MEN,DOA/7)/U$VOF
MC,>O='P0+=I]K*.2-G"DF&AJ@HX>OJZQ:,/YI RWY0!YCK+5#8K;>>M,BBC\
MU&Z1P'%BH;>K[]IE[QIEIHQ@+.OZ%2?1?%E)4\Z38DW5PH%AJ5:D8F^IP-%@
MI[T)(+1K:$2+#8*)?65GV_+W%4E8E=E5RM;>3^P')GI3.!54K)E!"+)@-B5@
MN;:5-=XL*A8P'.:I\%I5OV7EJ],'221HTRK3?A9<768BV#'1W 8B/?P%$D;>
MT.7BL97=HA/LW/D@MF)K'P*WM%0'HTW4&A-A,Z]WA,\3DO'S;EY%-;"TG4DY
MA? =(8K K=.OE9%G"'$3]O*<O[I,A]^<";CKT9@%[DDU.7"W5/BJ+;MZX+3/
M?.W *7"<^&LE$SPYU2IPYW4/M;;V.6S26:Q'#0IW5Z9:A0,'E%-;6*Y6M2H2
ML!EW.Y5OP.P2U]0B$UMP4M)4+26A"1P<.IJ98$#"3YAZW+U.R=YLON(/[:'T
M'J\WA"*Z/5SCT]M"UV"@WDM7,@@<0<YMXF%W75F9B(D;=U,5ECR[9&*609\7
M<<9O]!4=;]B\H!)K<,%)8DRC#=RQ!5<B,.5URU4BP#FB=,M\?>C]!Y,B:EBT
MBDP3$"J]/4"AQ5Z 8-R'Y6%9[XKU&E%^U'09\UQ*,4JNTB6AZS(B2O)ZI0]6
M2I3ILIHD^JS:R1V5NM4*M(X;KBOI67K#FMY(-E'XN'C=4H["Z./NNMH ]RI=
MD#6^RU%>AIY['+%Z.#L,8%+.DP2DCU8<>GB32B& /VYT[TX\OAZ^9 ;1&_N,
MRHA$47IE H>AC>8F -/D+Z!CNXON+5G! N.H%'6_AR:)NM"B/:0G4-$&#A$3
M34V@T<-70,)V@WN\:?06/^%4<]EHQ,EAFMQS"AQL_EIIZ&EP7ZL :H@1RFH5
MRN<R6#=<QE V/(\<'8#;X7B" %:WVM! [M0N !WBP8%:E2\X/S@<'N ,\G,
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ME;]%;N]?44,,900)='\>!W07^R1A?J-T%6[_AL.$!J]+RJH6.E1BY7<4BPU
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M2VGT$&[9AZ[' GKX($-ZK\M2M7Z;I5"/[EA:VQ4VWUQ',6TP3?T7-#QW2FB
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M7>#!E*+#=496'%/P89:P'2[@/DY-)_-N'.D3)=3/T%'W#!VUOU4*]"D(K7#
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MX=M\4Q]FEK>.Y_.NBZ<PP0]ARBXAST\BI:(U9"/&CO?,#C(V_$K: >[-<LU
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M]AX<A=^#H_![BU'X?;\HK$N@]X,"\/MN '[O,57:/:N@"J<+U$QY#V/*>TD
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MP)FF%R1F+WO'\>KU#L>LYRZV8;1+;_><4XMPA4- 52L,YH[*A=$I/J@W.:-
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MA,3E""%"[;U'B% 9[82(@X+O(0(",'6( '8Y*$1(; %"A+(EOH6(<G3>/T0
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M1-J!@-,,M3V\:<7:WM_&4UZ/=^!_0 -=D'KRG=4VX?8V:.W?F?BBYJ.-/0P
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MRBFR?<9GQ.;L?]!9(:<\YT6!=\LMWP1?8I0\)NDVJ4_('PK,WT/^=5CS7L;
M!/5^(W:JGO=THYST*ZQ6)*^+JU4_2[XG++_.DF+I*J5JMLG3U*&VP2B)BQE)
M)VX'M,VA6XT4</N&.6:O%>UGV>RP?0?'XLG+'''=B7O/(0><<3[]Z\ .I^!R
M0]:7V2,N2N8_;P^[79*G?U.MS#FQCZ[NK_;4X+GILF:*O)>BA"@88>*W"146
M8!5AJJ%G2)"WT=D<@/ SN@(X;.E<)C8V#CF?QA+$[H3QRV#+0Y%F;.*CT]J2
M53%B\PC]]WZ+2U7#J3=B3X5]NDQ6WQ]R<LCHIV6ZXS5@V/V+'*_(0\9>D?[S
M$6<'UE.(LI$=1K_2MRA^FWA6 #(& @W)ONL)DUN[*8BWF]1>068\F->(9ZET
M)JV$H$H*:L6@5@YJ!*&K>]2*0G_-IH?NW$Q+,ZW/Q;;"CO:$ZX>[U0?S+O$L
M;/&_SCJ&5#2&1*=#TG#\M!TE..9I.X!GC&PO\R&AJ%SAVPW&9:<@U-A@VU6<
M8[AM%Q?1Q]B4'SOD=GR?L8[&2?SD87=UQIQ_NA6G]%)<L&146HB-U#7!+&E6
MUF>DT!97M077].6>R6'R(^I@1N3H#WV [.<0;9)=7:+;&TYLZT<)UUU?)*:5
M.X;L0A3BLOH5&5],T#Z%J8T,W(]I:W&#=Y<W.%[X[OHV,2VN'\(OA6$5W+ Z
MIW1_VI(6)O.U)<!@_AO;F%J=[VC@M$JRJ_O[8D-R?(/WU! W28%Y)]MDIRPZ
M-HI7_*J>O &NPTL3=  ^1KG.*_C+.JM84,V#:B:VKRRXT+YBFSB '8<E$CC$
M?1/W$E/;\PC=QP0S2(0Y2BL8C-\9<-RR(<$WD\)5Q\6S)OX[#J"C[^(6%TF>
M/].E^Y_L:(E3^DC-8DP1R2S@T6I?P7%2/4J=?F&G0H3VC!(_VR+(4;(CAXQ?
MZ6\K1_Y22*$HN>>'9])V.9AF]:FAZJ 0RP5E"%>KQUVU>JS(\=1WP[RP9PQ1
M]=APB4+[W.9(4Z7I"%"/F.E0*PL%N2%C4;Q!-3GB]*>+0J_$0A@,8R0(AEIB
M)P'4&D/!R&IXUHAKSE>V/O-T\>>U& _#7_0=LNL\?4Q*7#V\WB8K/GU>UPTN
MNO.Z,;;QD&,,>)SD@)ND@];CA$;N+^)GO:YRI3KE6=,MK.HR6\<X_(*\.$J]
M3[*I:V^'0]+H 3S1X>(5'$2:787S.TUE*Q%C*X\WB&(EIGTC(4(,.VJ$H)Z4
MG^;B&<4=RUYBQ'N.JF,'@1ZO$<5J:+A8&X=8-^\;X]CW!G(V7<WG82A>X>:Q
M# 4P,&UOA57-,,]75?>UR^QJC[.O2?X=RQ=3?5C$K^;&$F#\+@J@@T@/G3J;
M=A:A#0T[=]Y$E)@(&;R,$I6"=ES,Q%&B%VC(N$'MFZ@+=VV-[IJ.@%&0X,U'
M62@Z:4C6N5PJ6AO7Q*S-$2-'%?WIHE 34L6 85B@Y*H%+B;RT1@*1I88J];%
MK2<<.LF^;YQ/T!,3H)I0)@9 (8^C='MU_XZWZZO["[X95+U!7<% /HCBQU4?
M07'E"MFO=],!?NS$2ZUVI]Y#2B=DD3)9:$,Y>3^Z[@7Y>HNO,M!<B)KZ$(HG
MCLCH09;VZ=T$-#OT/OJ. UZ88R9^^@!@RXZ65&B]NJ]"&<08&'8KECJ^J9E.
M'9^Z@R31 !H6W'@H@HMO/)4"P'31P+1VJK4;Y;ZU[TMG$]W$1ZLFQHF'5LA^
MOEM2I-G#=9ZNL- M =Q 41=)4E&$5%$9R@,ODZ15H:VFHN$X.W]XR/$#2W+N
MV;,VX%@FK$*U.'>TJM@%#2OF@Y/51E!2EOY9HT-9E$G&;HY-78O',/C$:;2D
MTBQ#XJ8VBTX./))@"O+H97MBB)7D$?"XKB'$'[[4L=?5Y?$>_,".N&JA@%UQ
M]0H\(;!H(5!Y"#9]KLEVF]#9=4]G7.XH)IY)QP-"UPW7&Q!'V800&R)W>9(5
MK/?XX$#,&%;KIH2*-4K";:CH>)L46MW^&3B-J)&;%GNQ45FVXF:[>6$ F34[
M9QY\UR3=4(H]6:?3?$2,1][DT"N%0K=UTZ/>;^_PO1X4>V^&P,$XUN:(6MLQ
M-DGTFJ' [+QIHO#-\TDO'!/@WILI< "/M;G2Y#4^/-]V,DJ7V07)'ND_J/I^
M'L2TYS):F&HK9H0PJ!2BM^JH&S=CW\8IXSA.N'Z;I]W$D0I&\YQ+=8"Y%MS-
MNW#>&24JQT-9E;\, I0AJ^DM5YGL'/EVDUH;_$[3Z->(9V?#?:EV"XJ95U<2
MFZ@O>J;5V[KZ:5I*],S3M@!WPT;IC[1)-OI=XEF8?DNMF<9>PK;:#$S*91-N
M0I.*$#]W5?Q1X/5GDK=OH F3G7BD:-C" ^ IC!IBQ;8N2FV&;Y>AC%3[)LT;
MV;+HM(U,9W( R0TM9.1@J@W5R"[;HX.N8\ 3-!ATTA8,S'?=B:=_R.B/&H\M
MQRG#T1*+P>(1)K*RJH$/H)Q4!J.R2@DJ3F3R/="NVYQ?(!0'G9:P!A:=@$'*
MU^1'NCOL^H$3.]74"YKNB(BE+I)B\Y&U0L29?*H:0)+X[8(D!9AM@%[HX"?\
M570V'BI9VK?=5>*&Z3U^U%!*[5$>X2C0BLI%:R%XXC * KD$%$)])Q(@M'8M
MP>\UG5F!!&T [Q#)H&B ]Q7"AGZ:4&8ZDCZ]#86%E('*X0)-@!>)9$D+($N:
M3\@Z'ZO2A+?36Q7D$?LJ[&8GN]M=]UI7<8US_C[L!5B+7,E&QS$WW8O]F(,Z
MG_JH C_./T:[OF^JM[#.)8#."9;:\ O>&7C8(.8%70,8AT(2B@VYKZN/G+;G
MJ[_VHQH"4'O@,6KA3.!=D[GA7-W&WPT?HHSB>B-CY1W!7Q>NM0V+CP/LP.L4
MWOH ;UJ,T@T';U[YM!O+F1.3L[NY<62<Z^Y[' GG@,';949QB8ORDK="EJQ"
M_5!\9_EA@.7U14$'3TKI.M-1$)_5G]7]HFE<S4V#84_48J>FTZ_#ODRR[RA9
MK=AG4W>MTPPCL?WX?7#WZ6KPJKA!D0 2/:C%NF/@W0 $+VM$-?.RZY"&S:M#
M>5[SYB/.ET0_<ZJENP_MHC.TER]P:#53D>O0 DXE-WA]X.?I13;B.L>[]+"3
M$&&A$M]"2Q6 0XU,Z.G&K$8'3!/7V=V&M9(2!.P@:F<1SI;>;UDSCV2?EO1O
MMN:NIJ*BNE!RC_.\JL) 45?FZ?+ JET7AWR_/4P],]G 0)Q'KH]^#4-M!D9Y
M<1 &,HU9Y(_ UCNV+UD#JZGLL*\(7CHV-+/>>'"$S8,&P6X3XG]4Z,AX(FZM
MFQ M:D: 9''*(-',G^-!$N$D[*?=?DN>,2[NR#\W9'=#9_ \75$,=$^\_)/.
M[.=;+EQ;N6^\(.G,[!A!  ?#_-7&.ET[^DUL9\A&"N8Q0KM]AVLI#+!/5 [*
M&T'2\=PG*@LEM;"Z#09=Y;!68H^8U32?RWG= /@22""ISZKYRY0/L(U]J\DL
M"_1@\/A7B&-3O2/$HPWJI^4X'$*>RG0 >VK^$Z</&RKV_!'GR0/^!UUZE1^I
MGL])FO/F5^=+^DK)2B[\[\TG?D$/O@#WX*P%S!MX:]09OZ>@LYH>"0;$.1!C
M08RGZD&(_JK9)NY\ZX\;$C*D?;MUEE&;J:_28T$6;@?/6RT(;A<M;M\F K</
MC./MFN'VGN&VZF3X%C4N\I5A6+/"BXMAP%7@GW0N2[.'&\PKF+#%R9?TON37
M&]IIKIK@)',8P2E^(R_. &/UT .]DO-7K;-87TF=L+(31(KHD>5OGS;I:D.?
M-?(*M*'6C9889VC+94^\(AN#+!(TY'WC]1!2FZ^WWN/!&B1P&J$3"- T>!(<
M7<P*H') #V#^6M"KB9_BPS<LAO)4!KF?.T(U$(P7_C">SY'WXT%:$T[%AS1@
M2,6%?F#URR_(;H^S@@<)YSD-Z1[XBXA#])SD.GEF'YT_)?FZ:B)XF=&WX\%%
M<55N<'ZW2;*K/1-1?".BG[!D54?4*,;E*!H#?,P1W@\Z9#S>*^M<VK'>0-I.
MR$CV5K3)KCJ=OJV*_^\K#2AMY;Y!^,=J>V"'^L4Q_U^IYSQD:?D;(I6J-R@I
MNTO32@$2"H1GS?&> F?#U20%HZF.U=&?984I$<8E8FO<B0/A8]HUF<1P^F[^
M",KKZ>%HWW/^3@QD@7#$=YW8?=$%274-@\M!75VHHPQ]$"7^!)U0B+C&NM]Y
M1R?B2A'3BH3:;F:8NJ@6PR+2N6F]V$\_%=DV3MU1A2WICO22< GU([[PQ.Y*
M416H$_OT0J79K#=/UY]HUK>GYT^BKZ>;C9'Z>OIE41P<5\867N,:5\L+[CXU
MFHZS[C0K]_-I)EE\+=CQ0<VEOTZ=B)23*ZZ 'S)6,B+IM8Q;=>.QI(7U+)=R
M-B :G9,#/ER\C$:,V5\8=1_3$B(N7BQ:P6R@65 H /RYE\CHV<-KPK-7& X-
MZ!BAL4$=Y'['*.5@P*:AIP&_;#QV298\4!<^QVO?QT6X5V (C7# 8*V.$L4!
M[VN*)$KS[BMFV5[)/)QHQ>]AH0TP4*-DZ&#+19G._NR\9^=T=<?S2\4S#<1W
M:(V+]"&KD)'N]CEYQ)W#QM32[DF^XSGOY3-BC]-UM4/)A!0TU*(+Q%WRC)88
ME6DEINH"PSM/_5(TMW72U=2Y<C<P$<\Q[UNCD:VV/@?9,=$*$A Y:1F-4QKP
M-/G/^B((HT*,#/U5$4Y\>A 63IKX!09/8?&)53Q<TLU)U6A4T6B#XT<-K5-$
ME29F@$$59$Q0SSCGV?H;R9H_U4&!$W$=%5B(0^S"*!H\+G#1IC4-._-9_2$-
MOE'"9OZ"KBY%*,"+<+)Y_:+N*)FM^:Y\&RKP69XS%?1)B?YU2+;I?5IMG]=D
M]3ZZ$#-U0. &).([W)*Q&?D::W.0'A6K,%&!DYKQ*'W7PK3@&*1DW8L%\W#A
MP+#2A09 N *\A.;HM\V.&M(S1W;%?KZWOPR3'2P_>)\\4!33?Q3)-LF?):<[
M%V]IP;&S/]0 %=KCQ7)QGCY-X\1FYK*<Q];FE*R#"^AV+MK"0K=57:'SJO*=
MYLZK,WU3Y]E*'U3WTR(=#+K.FO2%/9T$G'7HD"!$@G(VE__<04#&C)-<F=/"
MVQ;C=%,"93KGAW)#\O3O^J#[#=EN/Y.<)?<DJ#I0BN]LI PP%(-<Z!G>KDIG
M(C9.EH"E'['IGJ=A^6(KQPRHZ39-ZAI'"1+0;:M\+O%#FF4L^<J?BPUND6]E
M-7,['T\<*KA@A7@-:M^<#$RU(5GEQ@,BB*]VT#$2@M0_MQ3U0=&_&!$25!-[
M9CCT:+QQ.'S"$JH6X9#;NPZJ1L)HH8?1_8G!2)-%#8=1G"XH^CG<3#3L:@(U
M<ZM%0D_:1BT.M>I?Y51M@<2P1+W3!*VF5U2<AYR6]6*A6X!X3,8FKGY+CSE-
MP:&HL#?B\((%6&.-B#.M68L_/!9*>,QC:@V%A[U_A1<\(/M1\!-/Y]GZJFT.
M95L9>_'4W2O<>$+*WKMH@)Z"?91J:^0[RW@5$[0?NLC(P9>J][NP-T7]W74=
M \XP#3M\M 4#F;7WJ(YGLBW-#O4<5^=Q\:CK%!(%D(%]15S5@+8;\5$:#,R%
M&S#G$93$!::NSTD48 (&--<YKCIP<$77XE[G#2LE*&':@5)\=R-E@$49Y$('
M*G95.N.Q<9Y]Q,4J3_=U]+&OZ>N3T((#Y8R%02-9\0)$]=V'/@\+=R>.0%R
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MB7PT'@GK0-DE/X40*.?YI0ZDN_U5.QP-GD\?I=H44SR8AB:9W#5!9IG\M$*
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MT3>8^Y[!W,L&,Y,LT1QL1-?;>T(; 0QYKUC)QU;Z>5'@LM"=%7$C%K^3C3C
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ML73%[D%F&>Z?)6CM<>KUM&[@!SM^MH[J,N5P>P^H5[I*(/#Q +<NZ&KZWF&
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M8QMR=%G!\931Z+5Y$0K'&%L;"C6Q=SHT*H-!J=H'$;Z4XH.U6*K61@-_><H
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MW1UV$DS'LHO?QI\]P)Q\E4''&"/UZZQME#B^=;&K/JBK'3UM<)4,J#,%+$G
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MH/#,76&$&,U/.2#*^]&:NU]_;2BW!6_140X8QM5QX]T34:;MM<_%=U<\#S#
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M*HV?[M0X?;D8T$0R8T#0Q!_=7^,+_1?]L/Z(_K]E4N"S_P]02P,$%     @
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M=BZD.P"V+>!0X8!3J^51G()'F3L]F:%Q5+T,M8'XYSN;U*/SU\)Y8%!XZ$8
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M#%S7#WV\$8;O:-UY@KV1/D&/A*EH<W0BWVW[A?[O-2G1__S_ 5!+ 0(4 Q0
M   ( +2 KTRX=SVZC0<! ,^L#  0              "  0    !N870M,C Q
M-S$R,S$N>&UL4$L! A0#%     @ M("O3 L(NIUL%@  3_8  !
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M2P$"% ,4    " "T@*],G<*ZT'-<  #6"08 %               @ 'U*P(
J;F%T+3(P,3<Q,C,Q7W!R92YX;6Q02P4&      8 !@"$ 0  FH@"

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
