<SEC-DOCUMENT>0000919574-21-002826.txt : 20210409
<SEC-HEADER>0000919574-21-002826.hdr.sgml : 20210409
<ACCEPTANCE-DATETIME>20210409090935
ACCESSION NUMBER:		0000919574-21-002826
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210430
FILED AS OF DATE:		20210409
DATE AS OF CHANGE:		20210409

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13944
		FILM NUMBER:		21816656

	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>6-K
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    <div style="text-align: center; margin-top: 3pt; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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    <div style="text-align: center; margin-top: 9pt; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
    <div>&#160;</div>
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    <div style="text-align: center; margin-top: 9pt; font-size: 12pt; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">PURSUANT TO RULE 13A-16 OR 15D-16 OF</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="text-align: center; margin-top: 9pt; font-weight: bold;">For the month of April 2021</div>
    <div style="text-align: center; margin-top: 9pt; font-weight: bold;">Commission File Number: 001-13944</div>
    <div>&#160;</div>
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    <div style="text-align: center; margin-top: 9pt; font-size: 18pt; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Translation of registrant&#8217;s name into English)</div>
    <div>&#160;</div>
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    <div style="text-align: center; margin-top: 9pt; font-weight: bold;">LOM Building, 27 Reid Street, Hamilton, HM 11, Bermuda</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Address of principal executive office)</div>
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    <div style="text-align: justify; margin-top: 9pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div style="text-align: center; margin-top: 9pt;">Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form 40-F&#160;<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="text-align: justify; margin-top: 9pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</div>
    <div style="text-align: justify; margin-top: 9pt;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b) (1)&#160;only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security
      holders.</div>
    <div style="text-align: justify; margin-top: 9pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#9744;.</div>
    <div style="text-align: justify; margin-top: 9pt;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant
      foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on which
      the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the
      subject of a Form 6-K submission or other Commission filing on EDGAR.</div>
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    <div style="text-align: center; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    <div><br>
    </div>
    <div>Attached as Exhibit 1 is a press release of Nordic American Tankers Limited (the "Company") dated February 26, 2021, announcing the Company&#8217;s dividend and earnings report for the fourth quarter of 2020.</div>
    <div><br>
    </div>
    <div>The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company&#8217;s Registration Statement on Form F-3 (File No. 333-228603), filed with the U.S. Securities and Exchange Commission with an effective date of
      February 20, 2019.</div>
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    <div style="text-align: center; margin-top: 9pt; font-weight: bold;">SIGNATURES</div>
    <div style="margin-top: 9pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
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            <div style="text-align: center; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
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            <div style="text-align: center;">(registrant)</div>
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            <div>Dated:&#160;April 9, 2021</div>
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          <td style="width: 8.55%; vertical-align: top;">
            <div>By:</div>
          </td>
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            <div>/S/ HERBJ&#216;RN HANSSON</div>
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          <td style="width: 8.55%; vertical-align: top;">&#160;</td>
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            <div style="font-weight: bold;">Herbj&#248;rn Hansson</div>
          </td>
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          <td style="width: 49.9%; vertical-align: top;">&#160;</td>
          <td style="width: 8.55%; vertical-align: top;">&#160;</td>
          <td style="width: 41.55%; vertical-align: top;">
            <div style="font-weight: bold;">Chairman, President, and Chief Executive Officer</div>
          </td>
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    <div style="text-align: right; font-weight: bold;">Exhibit 1</div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <br>
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    <div><img src="image0.jpg"></div>
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    <div style="font-weight: bold;">Nordic American Tankers Limited (NYSE: NAT) &#8211;The Full Year 2020 &amp; the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> quarter &#8211; 2020 was a good year. NAT is a dividend company. Good market prospects</div>
    <div><br>
    </div>
    <div>February 26, 2021</div>
    <div><br>
    </div>
    <div style="font-variant: small-caps;"><font style="font-weight: bold;">highlights:</font>&#160;</div>
    <div><br>
    </div>
    <div style="font-variant: small-caps; font-weight: bold;">the following main elements in our business stand out at this time:</div>
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            <div style="font-variant: small-caps; font-weight: bold;">during 2020 we distributed $67.2 million in cash dividends and repaid our existing loans with a gross amount of $75.5 million.</div>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps;">-</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">the first half of 2020 was a strong period for NAT</div>
          </td>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps;">-</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">the third quarter of 2020 came out positively with a timecharter equivalent of about $25,000 per day per ship</div>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps;">-</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">the fourth quarter of 2020 was weak</div>
          </td>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps;">-</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">we undertook planned technical maintenance of our ships during softer market periods of 2020&#160;</div>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps;">-</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">at the time of this report the market has improved and we believe that we are close to a significant positive turnaround</div>
          </td>
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    <div><br>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">1</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">the full year 2020 produced a net income of $50 million or an earning per share (EPS) of $0.34. this is an improvement of about $60 million in 2020 compared to 2019, which produced an
              EPS of -$0.07.</div>
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    <div><br>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">2</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">we see strong oil demand, in particular from Asia for 2021.&#160;this is good for us. oil will be required to improve standard of living for millions of people worldwide.</div>
          </td>
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    <div><br>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">3</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">in the final quarter of 2020 we concluded the financing of the two newbuilding suezmaxes, which we ordered in September 2020. this financing offers us pre-delivery funding for the last
              two pre-delivery instalments of the newbuildings, if required.</div>
          </td>
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    <div><br>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">4</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">in december 2020, we expanded our senior secured loan with our existing lender in texas with $30 million, as a liquidity reserve. accordingly, our long term liabilities as per December
              31, 2020 stood at $335.5 million.</div>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">5</td>
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            <div style="font-variant: small-caps; font-weight: bold;">during 2020, 11 of our vessels were taken through scheduled drydockings . the majority of these dockings were conducted during the second half of the year. for 2021, we have 4 vessels
              due for scheduled drydockings and our fleet is as such ready for a recovery.</div>
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    <div><br>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">6</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">our top quality fleet as evidenced by &#8220;vettings&#8221; undertaken by the oil companies performed technically well last year.</div>
          </td>
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          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">7</td>
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            <div style="font-variant: small-caps; font-weight: bold;">the reduced oil production from OPEC+ during the fourth quarter of 2020 affected our earnings. the average time charter equivalent (TCE) for our trading fleet during the fourth quarter
              of 2020 was $8,700 per day per ship.&#160;</div>
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    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc90eb9040de44cb793eb2d17a872375f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">8</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">we see that the market is finely balanced and there are clear signs we are going into a stronger market.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z02736b4acfbc47c183d81cb8e9505f47" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">9</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">cash dividends are a priority for NAT. In 2020 we paid $67.2 million or 45 cents per share in cash dividends.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zeb37e6fae7f0497fadf30c6cf04b9f57" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">10</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">we announce our 94<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> consecutive quarterly dividend. the dividend for 4Q2020 is 2 cents ($0.02) per share, payable on March 31, 2021, to shareholders of record March 12, 2021.
              With improved earnings, higher dividends can be expected.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd037d69fdd674886b223015604439424" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">11</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">as communicated earlier, the covid-19 situation has not impacted us to a significant extent.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z228931dca6d145528a4c0b0b42bdb0ed" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-variant: small-caps; font-weight: bold;">12</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-variant: small-caps; font-weight: bold;">detailed financial information for the full year 2020, the third and fourth quarter of 2020 and for other periods is included later in this report.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;">Sincerely,</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Herbjorn Hansson</div>
    <div style="font-weight: bold;">Founder, Chairman &amp; CEO</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Nordic American Tankers Ltd&#160;</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Our Fleet</div>
    <div style="margin-bottom: 12pt;">Our fleet now consists of 25 (incl. 2 newbuildings) well maintained Suezmax tankers with a cargo lifting capacity of 1 million barrels of crude oil each. We focus solely on the Suezmax market. We believe Suezmax
      vessels are more versatile and the one-million-barrel market offers more options in trading than the Very Large Crude Carriers (VLCC) with their two-million-barrel lifting capacity.</div>
    <div style="margin-bottom: 12pt;">We take extra care to maintain our vessels to the highest standards for the safety of crew, cargo and the environment. The outcome of the inspections of our ships by oil companies (&#8220;vetting&#8221;) reflects the good quality
      and maintenance of our fleet.</div>
    <div style="margin-bottom: 12pt;">The operations of our Suezmax fleet have not been materially affected by the Covid-19 pandemic. Main challenges have been related to crew changes and we are following guidance issued by health authorities and
      international shipping trade associations to safeguard our seafarers.</div>
    <div style="margin-bottom: 12pt;">NAT has one of the largest fleets of Suezmax tankers in the world. In a capital intensive industry like ours, careful maintenance of our existing fleet and the timing &amp; financing of expansion are key elements to
      ensure both our financial stability and our commitment to paying cash dividends.</div>
    <div style="margin-bottom: 12pt;">All our vessels are running on IMO compliant fuel.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Results for the fourth quarter and full year ending December 31, 2020</div>
    <div style="margin-bottom: 12pt;">For the full year 2020, the net income was positive with $50.0 million or $0.34 per share. This compares with a 2019 net loss of -$10.4 million and an EPS of -$0.07 per share. EBITDA (non-GAAP measure) came in at
      $149.3 million for the full year ending December 31, 2020, compared to EBITDA for the previous year of $91.7 million.</div>
    <div style="margin-bottom: 12pt;">During 2020 we have distributed $67.2 million in cash dividends to our shareholders and we have repaid our existing loans with a gross amount of $75.5 million.</div>
    <div style="margin-bottom: 12pt;">For the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>quarter of 2020, the net loss was $28.7 million or -$0.19 per share, compared to a net result in the previous quarter of -$10.0 million or -$0.07 per share. EBITDA (non-GAAP measure) came in at
      -$5.1 million for the three months ending December 31, 2020, against an EBITDA for the previous quarter of $15.6 million.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">For detailed information about our statement of operations (P&amp;L), balance sheet, cash flow and reconciliation of certain Non-GAAP financial measures, we refer to the tables on page 5 and 6 of
      this press release.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Financing</div>
    <div style="margin-bottom: 12pt;">Our Long Term Debt and other non-current liabilities stood at $335.5 million as per December 31, 2020.</div>
    <div style="margin-bottom: 12pt;">Our fleet is financed through two financing arrangements;</div>
    <table cellspacing="0" cellpadding="0" id="z4297823948eb48baab461e796b2c8a98" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 17.4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">1)</td>
          <td style="width: auto; vertical-align: top;">
            <div>The $306 million 5-year senior secured credit facility entered into on February 12, 2019 with CLMG Corp., funded by Beal Bank of Dallas, Texas.</div>
          </td>
        </tr>

    </table>
    <div style="margin-left: 35.4pt; margin-bottom: 12pt;">We have expanded our Senior Secured loan with CLMG/Beal Bank of Texas with a $30 million incremental facility that was drawn on December 16, 2020. The incremental facility matures at the same date
      as the original loan and have a 20-year repayment profile.</div>
    <div style="margin-left: 35.4pt; margin-bottom: 12pt;">The total outstanding balance to CLMG/Beal Bank (including current portion of the debt and the latest $30 million expansion), is $253.9 million as of December 31, 2020.</div>
    <table cellspacing="0" cellpadding="0" id="z5d07168ab05c42bdbaae61817edb1590" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The $129.5 million Ocean Yield Vessel Financing was entered into in December 2017 and drawn upon during 2018, to finance our three 2018-built vessels. The remaining long term portion under this financing is $104.3&#160;million as of December
              31, 2020. The total outstanding balance (including current portion) is $112.2 million.</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;">Current portion of long term debt includes $14.4 million related to the $306 million 5-year senior secured credit facility (including the $30 million incremental facility) and $7.7 million is related to the $129.5
      million Vessel Financing.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">During 4Q 2020 we also concluded the financing with Ocean Yield for the two newbuildings ordered in September 2020 for delivery in 2022. The agreed payment profile under the shipbuilding contracts
      is 10/10/10/10/60 and we have paid instalment no. 1 for both vessels of $11.0 million in total in 4Q 2020. The financing agreement for up to 80% contains pre-delivery funding for the last two pre-delivery instalments for the newbuildings, if
      required.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div>During 4Q 2020 the Company issued 984,767 shares, with gross proceeds of $3.1 million under the $40 million ATM. The $40 million ATM established March 29, 2019 has now been fully utilized. As per December 31, 2020, the Company had a total of
      151,446,112 common shares outstanding. On October 16, 2020, we established a new $60m At-the-market facility (&#8220;ATM&#8221;). No shares were issued under the $60m ATM as of December 31, 2020.</div>
    <div><br>
    </div>
    <div>For the fourth quarter of 2020 a cash dividend of 2 cents $0.02 per share has been declared. This is the 94<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> consecutive quarterly dividend payment.</div>
    <div><br>
    </div>
    <div>Payment of the dividend will be on or about March 31, 2021, to shareholders of record on March 12, 2021.&#160;&#160;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our dividend will always be a reflection of our cash earnings.</div>
    <div><br>
    </div>
    <div style="font-size: 8pt;">*Net Debt is Net Current Assets, less Restricted Cash, less Long-Term Debt. Net Debt is based upon 23 vessels.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">World Economy and the Tanker Market</div>
    <div><br>
    </div>
    <div style="text-align: justify;">What is good for the world economy and world trade is positive for the crude oil tanker business.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our long term positive view on the tanker market remains the same, but the global pandemic has, in our point of view, delayed it by months and not years. The lock-downs around the world has led to pent-up demand for
      many goods and services that will flourish once the vaccination program gains momentum this year. The demand will, unlike wars and financial crisis, be met by an unharmed physical and financial infrastructure that is ready to deliver on all
      cylinders. With oil being an essential fuel and raw material in delivering welfare and improved standard of living to millions of people around the world, this is good news for the tanker market. In this respect we see very encouraging signals of
      improved Asian economies, boding well for the world economy and the tanker markets going forward.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The ordering activity for new ships is muted and the orderbook in percent of the existing tanker fleet is still in the historic low range. In addition, we see other segments of shipping filling up shipyard capacity,
      reducing available berths for additional tanker orders. This is supportive for improved tanker markets going forward and one of the reason for our long term optimism.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The world&#8217;s Suezmax fleet (excl. shuttle, product &amp; Jones Act tankers) counted 533 vessels at the end of 2020. 19 conventional Suezmax vessels was added to the world fleet during the year, with 3 of these delivered
      during the fourth quarter.&#160; We currently see 16 conventional Suezmax tankers for delivery this year, 27 for delivery in 2022 and 1 for delivery from the shipyards in 2023.</div>
    <div style="text-align: justify;">&#160;</div>
    <div style="text-align: justify;">The supply of tanker tonnage is inelastic in the short-term. When there are too many ships in an area, rates tend to go down. When there is scarcity of ships, rates tend to go up. Short-term spot tanker rates may be
      expected to be volatile.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Corporate Governance/Conflict of Interests</div>
    <div><br>
    </div>
    <div>It is vital to ensure that there is no conflict of interests among shareholders, management, affiliates and related parties. Interests must be aligned. From time to time in the shipping industry, we see that questionable transactions take place
      which are not in harmony with sound corporate governance principles, both as to transparency and related party aspects. We have zero tolerance for corruption.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="font-weight: bold;">Strategy Going Forward</div>
    <div><br>
    </div>
    <div>The NAT strategy is built on expanding and maintaining a homogenous and top quality fleet, leveraging on our industry network and close customer relationships with major oil companies. Employment of our ships with major oil companies is a
      priority.</div>
    <div><br>
    </div>
    <div>A strong balance sheet, combined with a homogenous fleet and economies of scale is giving a low cash break-even level, enabling NAT to distribute free cashflow to our shareholders.&#160;</div>
    <div><br>
    </div>
    <div>This strategy will be positive in a strong tanker market. In an improved market, higher dividends can be expected.</div>
    <div><br>
    </div>
    <div>Our dividend policy should continue to enable us to achieve a competitive cash yield.</div>
    <div><br>
    </div>
    <div>Our fleet of 25 (including newbuildings) more or less identical vessels is a special feature of NAT that is particularly valuable to our customers.</div>
    <div><br>
    </div>
    <div>NAT is firmly committed to protecting its underlying earnings and dividend potential. We shall safeguard and further strengthen this position in a deliberate, predictable and transparent way.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">&#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;&#160;&#160;&#160;&#160;* * * * *</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8e3f7a3c27934967af0c0b945582bc1f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 86.66%; vertical-align: bottom;" colspan="9">
            <div style="font-size: 14pt; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.67%; vertical-align: middle;" rowspan="2">
            <div style="font-weight: bold;">CONSOLIDATED CONDENSED STATEMENTS OF OPERATION<br>
              (UNAUDITED)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Three Months Ended</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 24.68%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Twelve Months Ended</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
            <div style="text-align: right; font-weight: bold;">Dec. 31, 2020</div>
          </td>
          <td style="width: 2.42%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.47%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
            <div style="text-align: right; font-weight: bold;">Sep. 30, 2020</div>
          </td>
          <td style="width: 2.42%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.04%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
            <div style="text-align: right; font-weight: bold;">Dec. 31, 2019</div>
          </td>
          <td style="width: 2.42%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.33%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
            <div style="text-align: right; font-weight: bold;">Dec. 31, 2020</div>
          </td>
          <td style="width: 2.59%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">&#160;</td>
          <td style="width: 10.75%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
            <div style="text-align: right; font-weight: bold;">Dec. 31, 2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.67%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt;">Amounts in USD '000</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 2.42%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 2.42%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 2.42%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Net Voyage Revenue</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">16,293</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">37,287</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">58,821</div>
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          <td style="width: 2.42%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">233,530</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">175,450</div>
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          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom;" colspan="2">
            <div>Vessel Operating Expenses</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">(16,684)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">
            <div style="text-align: right;">(17,501)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">
            <div style="text-align: right;">(17,933)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(66,883)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">(66,033)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom;" colspan="2">
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          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">(4,888)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">
            <div style="text-align: right;">(4,079)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">
            <div style="text-align: right;">(2,980)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">(17,586)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">(13,481)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Depreciation Expenses</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">(17,042)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">
            <div style="text-align: right;">(17,440)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">
            <div style="text-align: right;">(16,452)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(67,834)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">(63,965)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Operating Expenses</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(38,614)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(39,020)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(37,365)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(152,303)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(143,479)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-weight: bold;">Net Operating Income (Loss)</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">(22,321)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">(1,733)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">21,456</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">81,227</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">31,971</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Interest Income</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">0</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">
            <div style="text-align: right;">0</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">
            <div style="text-align: right;">78</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">96</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">298</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Interest Expense</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">(6,526)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">
            <div style="text-align: right;">(8,218)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">
            <div style="text-align: right;">(8,641)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">(31,481)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">(38,390)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom;" colspan="2">
            <div>Other Financial Income (Expenses)</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">184</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">
            <div style="text-align: right;">(70)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">
            <div style="text-align: right;">(163)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">191</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">(4,231)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Total Other Expenses</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(6,342)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(8,288)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(8,726)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(31,194)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(42,323)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Net Income (Loss)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">(28,663)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">(10,021)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">12,730</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">50,033</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">(10,352)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div>Basic Earnings (Loss) per Share</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.19)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.07)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.09</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">0.34</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(0.07)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Basic Weighted Average Number of Common Shares Outstanding</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">151,121,043</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">149,797,475</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">143,980,740</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">149,292,586</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">142,571,361</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div>Common Shares Outstanding</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">151,446,112</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">150,461,345</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">147,230,634</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">151,446,112</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">147,230,634</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 60.87%; vertical-align: middle;" colspan="6">
            <div style="font-weight: bold;">CONSOLIDATED CONDENSED BALANCE SHEET (UNAUDITED)</div>
          </td>
          <td style="width: 12.04%; vertical-align: top; border-bottom: #000000 2px solid;" rowspan="2">
            <div style="text-align: right; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 2.42%; vertical-align: middle;" rowspan="2">&#160;</td>
          <td style="width: 11.33%; vertical-align: top; border-bottom: #000000 2px solid;" rowspan="2">
            <div style="text-align: right; font-weight: bold;">Dec. 31, 2020</div>
          </td>
          <td style="width: 2.59%; vertical-align: top; border-bottom: #000000 2px solid;" rowspan="2">
            <div style="text-align: right; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 10.75%; vertical-align: top; border-bottom: #000000 2px solid;" rowspan="2">
            <div style="text-align: right; font-weight: bold;">Dec. 31, 2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.67%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt;">Amounts in USD '000</div>
          </td>
          <td style="width: 2.42%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 11.48%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom;" colspan="2">
            <div>Cash and Cash Equivalents</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">57,847</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">48,847</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Restricted Cash *</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">4,223</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">12,791</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom;" colspan="2">
            <div>Accounts Receivable, Net</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">6,349</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">24,583</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Prepaid Expenses</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">5,477</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">3,383</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Inventory</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">19,408</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">22,475</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Voyages in Progress</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">4,644</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">13,124</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Other Current Assets</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">1,574</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">4,169</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Total current assets</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">99,522</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">129,372</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Vessels, Net</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">861,342</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">899,997</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom;" colspan="2">
            <div>Vessels under Construction</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">11,000</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">0</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom;" colspan="2">
            <div>Other Non-Current Assets</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">2,483</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">1,534</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 40.56%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-weight: bold;">Total Non-Current Assets</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">874,825</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">901,531</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Total Assets</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">974,347</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">1,030,903</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Accounts Payable</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">4,099</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">8,405</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.08%; vertical-align: bottom;" colspan="2">
            <div>Accrued Voyage Expenses</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">5,254</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">11,524</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Other Current Liabilities</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">8,232</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">15,562</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 40.56%; vertical-align: bottom;" colspan="3">
            <div>Current Portion of Long Term Debt</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">22,094</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">23,537</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Total Current liabilities</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">39,679</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">59,028</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Long-Term Debt</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">334,615</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">375,364</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 40.56%; vertical-align: bottom;" colspan="3">
            <div>Other Non-Current Liabilities</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">927</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">1,087</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 40.56%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-weight: bold;">Total Non-current Liabilities</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">335,542</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">376,451</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">
            <div>Shareholders' Equity</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">
            <div style="text-align: right;">599,126</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">
            <div style="text-align: right;">595,424</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 58.45%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="5">
            <div style="font-weight: bold;">Total Liabilities and Shareholders' Equity</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">974,347</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">1,030,903</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 26.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 15.47%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 86.66%; vertical-align: bottom;" colspan="9">
            <div style="font-size: 8pt;">* Restricted cash is related to deposits made for future Drydockings of our vessels.</div>
          </td>
          <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.75%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zcd1f9fbc48824b90ac5ce766a7177e45" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 61.92%; vertical-align: bottom;" colspan="6">
            <div style="font-size: 14pt; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.26%; vertical-align: middle; padding-bottom: 2px;" rowspan="2" colspan="5">
            <div style="font-weight: bold;">CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW<br>
              (UNAUDITED)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: middle;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 35.42%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="2" colspan="4">
            <div style="text-align: center; font-weight: bold;">Twelve Months Ended</div>
          </td>
        </tr>
        <tr>
          <td style="width: 2.66%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.66%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.66%; vertical-align: middle;">&#160;</td>
          <td style="width: 16.29%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2">
            <div style="text-align: right; font-weight: bold;">Dec. 31, 2020</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.29%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="2" colspan="2">
            <div style="text-align: right; font-weight: bold;">Dec. 31, 2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.32%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt;">Amounts in USD '000</div>
          </td>
          <td style="width: 2.66%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 12.62%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 12.01%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 2.66%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 2.66%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.59%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-weight: bold;">Net Cash Provided by Operating Activities</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">110,944</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right; font-weight: bold;">52,858</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">
            <div>Investment in Vessels</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">(6,845)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(2,531)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">
            <div>Investment in Other Fixed Assets</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">(233)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">0</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 31.97%; vertical-align: bottom;" colspan="2">
            <div>Payment for Vessels under Construction</div>
          </td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">(11,000)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">0</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3">
            <div>Proceeds from Sale of Investment Securities</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">602</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;">212</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 31.97%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-weight: bold;">Net Cash Used in Investing Activities</div>
          </td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">(17,476)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">(2,319)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 44.59%; vertical-align: bottom;" colspan="3">
            <div>Proceeds from Issuance of Common Stock</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">20,713</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">17,922</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">
            <div>Proceeds from Borrowing Activities</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">29,300</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">300,000</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">
            <div>Repayments on Credit Facility</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">0</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(313,400)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">
            <div>Repayments of Vessel Financing</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">(7,630)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(7,273)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">
            <div>Repayment of Borrowing Facility</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">(67,896)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(14,324)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">
            <div>Transaction Costs Borrowing Facility</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">(320)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(6,921)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Dividends Distributed</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(67,242)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;">(14,255)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 31.97%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-weight: bold;">Net Cash Used in Financing Activities</div>
          </td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">(93,075)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right; font-weight: bold;">(38,251)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 47.25%; vertical-align: bottom;" colspan="4">
            <div>Net Increase in Cash, Cash Equivalents and Restricted Cash</div>
          </td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">393</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">12,288</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 31.97%; vertical-align: bottom;" colspan="2">
            <div>Effect of exchange rate changes on Cash</div>
          </td>
          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;">
            <div style="text-align: right;">39</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">23</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 59.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="5">
            <div>Cash, Cash Equivalents and Restricted Cash at Beginning of Period</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">61,638</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;">49,327</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 59.26%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="5">
            <div style="font-weight: bold;">Cash, Cash Equivalents and Restricted Cash at End of Period</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">62,070</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right; font-weight: bold;">61,638</div>
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        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Cash and Cash Equivalents</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
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          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">57,847</div>
          </td>
          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">48,847</div>
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        <tr>
          <td nowrap="nowrap" style="width: 29.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Restricted Cash *</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
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          <td nowrap="nowrap" style="width: 12.62%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.01%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.66%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">4,223</div>
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          <td nowrap="nowrap" style="width: 2.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 16.29%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">12,791</div>
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        <tr>
          <td nowrap="nowrap" style="width: 99.86%; vertical-align: bottom;" colspan="10">
            <div style="font-size: 8pt;">* Restricted cash is related to deposits made for future Drydockings of our vessels, in accordance with our Senior Secured Credit Facility.</div>
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          <td style="width: 0.14%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z1be40cb10680421da3d860fd5a4d255e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 83.14%; vertical-align: bottom;" colspan="15">
            <div style="font-size: 14pt; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 2.11%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.51%; vertical-align: bottom; padding-bottom: 2px;" colspan="3">&#160;</td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.72%; vertical-align: bottom; padding-bottom: 2px;" colspan="3">&#160;</td>
          <td style="width: 0.22%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 29.67%; vertical-align: middle; padding-bottom: 2px;">
            <div style="font-weight: bold;">RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)</div>
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          <td nowrap="nowrap" style="width: 36.3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="8">
            <div style="text-align: center; font-weight: bold;">Three Months Ended</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom; padding-bottom: 2px;" colspan="2">
            <div>&#160;</div>
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          <td nowrap="nowrap" style="width: 25.57%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="7">
            <div style="text-align: center; font-weight: bold;">Twelve Months Ended</div>
          </td>
          <td style="width: 2.33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td style="width: 29.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
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          </td>
          <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Dec. 31, 2020</div>
          </td>
          <td style="width: 2.33%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Sep. 30, 2020</div>
          </td>
          <td style="width: 2.33%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Dec. 31, 2019</div>
          </td>
          <td nowrap="nowrap" style="width: 2.11%; vertical-align: top;">&#160;</td>
          <td style="width: 12.51%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Dec. 31, 2020</div>
          </td>
          <td style="width: 2.33%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 10.72%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Dec. 31, 2019</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom;">
            <div>Voyage Revenue</div>
          </td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">43,841</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">56,044</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">95,392</div>
          </td>
          <td nowrap="nowrap" style="width: 2.11%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.51%; vertical-align: bottom;" colspan="3">
            <div style="text-align: right;">354,619</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.72%; vertical-align: bottom;" colspan="3">
            <div style="text-align: right;">317,220</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom;">
            <div>Voyage Expense</div>
          </td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(27,548)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(18,758)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(36,571)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.11%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.51%; vertical-align: bottom;" colspan="3">
            <div style="text-align: right;">(121,089)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.72%; vertical-align: bottom;" colspan="3">
            <div style="text-align: right;">(141,770)</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Net Voyage Revenue (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right; font-weight: bold;">16,293</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right; font-weight: bold;">37,286</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right; font-weight: bold;">58,821</div>
          </td>
          <td nowrap="nowrap" style="width: 2.11%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.51%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: right; font-weight: bold;">233,530</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 10.72%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: right; font-weight: bold;">175,450</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 2.11%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.51%; vertical-align: bottom;" colspan="3">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.72%; vertical-align: bottom;" colspan="3">&#160;</td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 36.3%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="8">
            <div style="text-align: center; font-weight: bold;">Three Months Ended</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: middle;" colspan="2">&#160;</td>
          <td style="width: 25.57%; vertical-align: middle;" colspan="7">
            <div style="text-align: center; font-weight: bold;">Twelve Months Ended</div>
          </td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
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          </td>
          <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Dec. 31, 2020</div>
          </td>
          <td style="width: 2.33%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Sep. 30, 2020</div>
          </td>
          <td style="width: 2.33%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Dec. 31, 2019</div>
          </td>
          <td style="width: 2.11%; vertical-align: top;">&#160;</td>
          <td style="width: 12.51%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Dec. 31, 2020</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.72%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">Dec. 31, 2019</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom;">
            <div>Net Income (Loss)</div>
          </td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(28,663)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(10,021)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">12,730</div>
          </td>
          <td nowrap="nowrap" style="width: 2.11%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.51%; vertical-align: bottom;" colspan="3">
            <div style="text-align: right;">50,033</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.72%; vertical-align: bottom;" colspan="3">
            <div style="text-align: right;">(10,352)</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom;">
            <div>Interest Expense</div>
          </td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">6,526</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">8,218</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">8,641</div>
          </td>
          <td nowrap="nowrap" style="width: 2.11%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.51%; vertical-align: bottom;" colspan="3">
            <div style="text-align: right;">31,481</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.72%; vertical-align: bottom;" colspan="3">
            <div style="text-align: right;">38,390</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom;">
            <div>Interest Income</div>
          </td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">0</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">0</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">(78)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.11%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.51%; vertical-align: bottom;" colspan="3">
            <div style="text-align: right;">(96)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10.72%; vertical-align: bottom;" colspan="3">
            <div style="text-align: right;">(298)</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
          <td style="width: 2.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 3.81%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom;">
            <div>Depreciation Expense</div>
          </td>
          <td nowrap="nowrap" style="width: 10.54%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">17,042</div>
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          <td nowrap="nowrap" style="width: 2.33%; vertical-align: bottom;">&#160;</td>
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          <td nowrap="nowrap" style="width: 29.67%; vertical-align: bottom;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.11%; vertical-align: bottom;">&#160;</td>
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            <div style="font-size: 8pt;">Net voyage revenues represents voyage revenues less voyage expenses such as bunker fuel, port fees, canal tolls and brokerage commissions. Net voyage revenues is included because certain investors use this data to
              measure a shipping company's financial performance. Net voyage revenues is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of
              the Company's performance required by accounting principles generally accepted in the United States.</div>
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            <div style="font-size: 8pt;">EBITDA is included because certain investors use this data to measure a shipping company's financial performance. EBITDA is not required by accounting principles generally accepted in the United States and should
              not be considered as an alternative to net income or any other indicator of the Company's performance required by accounting principles generally accepted in the United States.</div>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Matters discussed in this press release may constitute forward-looking statements. &#160;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><br>
    </div>
    <div style="text-align: justify;">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.
      The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The forward-looking statements in this press release 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. &#160;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. &#160;We undertake no obligation to update any
      forward-looking statement, whether as a result of new information, future events or otherwise.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">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 OPEC's petroleum production levels 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, vessels breakdowns and instances of off-hires and other important factors described from time
      to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.</div>
    <div>
      <div><br>
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    <div>NAT is a Bermuda based Company.</div>
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        <tr>
          <td style="width: 49.97%; vertical-align: top;">
            <div style="font-weight: bold;">Contacts:</div>
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          <td style="width: 50.03%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.97%; vertical-align: top;">
            <div>&#160;</div>
            <div>Gary J. Wolfe</div>
            <div>Seward &amp; Kissel LLP</div>
            <div>New York, USA</div>
            <div>Tel: +1 212 574 1223</div>
            <div>&#160;</div>
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        </tr>
        <tr>
          <td style="width: 49.97%; vertical-align: top;">
            <div>Bj&#248;rn Gi&#230;ver, CFO</div>
            <div>Nordic American Tankers Limited</div>
            <div>Tel: +1&#160;888&#160;755 8391 or +47&#160;91 35 00 91</div>
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            <div>&#160;</div>
            <div>Herbj&#248;rn Hansson, Chairman &amp; CEO</div>
            <div>Nordic American Tankers Limited</div>
            <div>Tel: +1&#160;866&#160;805 9504 or +47 90 14 62 91</div>
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        <tr>
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        </tr>
        <tr>
          <td style="width: 49.97%; vertical-align: top;">
            <div>Web-site: www.nat.bm</div>
            <div> &#160;</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
