<SEC-DOCUMENT>0000919574-25-007208.txt : 20251128
<SEC-HEADER>0000919574-25-007208.hdr.sgml : 20251128
<ACCEPTANCE-DATETIME>20251128161842
ACCESSION NUMBER:		0000919574-25-007208
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20251130
FILED AS OF DATE:		20251128
DATE AS OF CHANGE:		20251128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORDIC AMERICAN TANKERS Ltd
		CENTRAL INDEX KEY:			0001000177
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13944
		FILM NUMBER:		251536010

	BUSINESS ADDRESS:	
		STREET 1:		SWAN BUILDING
		STREET 2:		26 VICTORIA STREET
		CITY:			HAMILTON HM12
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		(441) 292-7202

	MAIL ADDRESS:	
		STREET 1:		SWAN BUILDING
		STREET 2:		26 VICTORIA STREET
		CITY:			HAMILTON HM12
		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
<SEQUENCE>1
<FILENAME>d12048801_6-k.htm
<TEXT>
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    <div style="text-align: center; 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; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
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    <div style="text-align: center; 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><br>
    </div>
    <div style="text-align: center; font-weight: bold;">For the month of November 2025</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Commission File Number: 001-13944</div>
    <div>&#160;</div>
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    <div style="text-align: center; font-size: 18pt; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
    <div style="text-align: center; font-size: 9pt; font-weight: bold;">(Translation of registrant&#8217;s name into English)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z27086807cfa143e2b30d2a71915aaacb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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    <div style="text-align: center; font-weight: bold;">Par La Ville Place, 14 Par La Ville Road, Hamilton, HM08, Bermuda</div>
    <div style="text-align: center; font-weight: bold; font-size: 9pt;">(Address of principal executive office)</div>
    <table cellspacing="0" cellpadding="0" id="z5153d99cf9754f28b11226f4bc0f4e9f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <div>&#160;</div>
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    <div>&#160;</div>
    <div style="text-align: justify;">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;">Form 20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> Form 40-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Attached as <a href="d12048801_ex1.htm">Exhibit 1</a> is a press release of Nordic American Tankers Limited (the "Company") dated
        November 28, 2025, announcing the Company&#8217;s dividend and earnings report for the third quarter of 2025.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">This Report on Form 6-K is hereby incorporated by reference into the Company&#8217;s Registration Statement on Form F-3 (File No. 333-285720), filed with the U.S. Securities and Exchange Commission with an effective date
        of March 11, 2025.</div>
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        <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
        <div><br>
        </div>
        <div>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>&#160;</div>
              </td>
              <td style="width: 68.18%; vertical-align: top;" colspan="2">
                <div style="text-align: center; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
              </td>
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              <td style="width: 31.82%; vertical-align: top;">
                <div>&#160;</div>
              </td>
              <td style="width: 68.18%; vertical-align: top;" colspan="2">
                <div style="text-align: center;">(registrant)</div>
              </td>
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                <div>&#160;</div>
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                <div>&#160;</div>
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              <td style="width: 31.82%; vertical-align: top;">
                <div>Dated:November 28, 2025</div>
              </td>
              <td style="width: 4.32%; vertical-align: top;">
                <div>By:</div>
              </td>
              <td style="width: 63.87%; vertical-align: top; border-bottom: #000000 2px solid;">
                <div>/S/ HERBJ&#216;RN HANSSON</div>
              </td>
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                <div>&#160;</div>
              </td>
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                <div>&#160;</div>
              </td>
              <td style="width: 63.87%; vertical-align: top;">
                <div style="font-weight: bold;">Herbj&#248;rn Hansson</div>
              </td>
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                <div>&#160;</div>
              </td>
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                <div>&#160;</div>
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              <td style="width: 63.87%; vertical-align: top;">
                <div style="font-weight: bold;">Chairman, President, and Chief Executive Officer</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>d12048801_ex1.htm
<TEXT>
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  <div style="font-weight: bold; text-align: right;">Exhibit 1<br>
  </div>
  <div><font style="font-weight: bold;"> </font><br>
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  <div> <img src="image00001.jpg">
    <div><br>
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    <div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-variant: normal;">Nordic American Tankers Limited (NYSE: NAT) &#8211; Report as per September 30, 2025 &#8211; Increased dividend and solid prospects</div>
      <div style="font-variant: normal;"><br>
      </div>
      <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-variant: normal;">Friday, November 28, 2025<font style="font-family: 'Times New Roman', Times, serif;"><br>
          </font></font><font style="font-variant: normal;"><br>
        </font></div>
      <div style="font-variant: normal;"><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold;">The direction of NAT is on the upswing. Safety for crew, safety for ships and dividends remain our main priorities. The so-called grey/black fleet is
        invalidated, reducing the available fleet in the market place and improving the position of NAT. Our ships have not carried Russian oil for more than four years.</div>
      <div style="font-variant: normal;"><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold;">Major oil companies are the main customers of NAT.</div>
      <div style="font-variant: normal;"><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold;">Ninety day periods offer a short-term snapshot of NAT. A more meaningful analysis must contain a longer-term picture.</div>
      <div style="font-variant: normal;"><br>
      </div>
      <div style="margin-bottom: 8pt; font-variant: normal;"><br>
      </div>
      <div style="font-variant: small-caps;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-variant: normal;">Highlights:</font><font style="font-variant: normal;">&#160;</font></div>
      <div style="font-variant: normal;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z025d137b2577495ab588e0556a66a80d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

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                <div style="text-align: left; margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-variant: normal;">
                <div style="margin: 0px 0px 8pt; font-weight: bold;">The dividend for the third quarter is 13 cents ($0.13) per share. This is our 113th consecutive quarterly cash dividend. The dividend is
                  payable December 22, 2025, to shareholders on record as of December 8, 2025.</div>
              </td>
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z94e178f329ce46299f7c0ee3f5724f99" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

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                <div style="text-align: left; margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-variant: normal;">
                <div style="margin: 0px 0px 8pt; font-weight: bold;">The strong demand for oil continues. During a slow third quarter rates held up well compared to the second quarter. The fourth quarter is
                  starting out well, leaving solid room for cash accumulation.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z208e7d54a123498a88a781b757e3297f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

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                <div style="text-align: left; margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-variant: normal;">
                <div style="margin: 0px 0px 8pt; font-weight: bold;">We have entered into a preliminary agreement with a South Korean Shipyard to construct two new Suezmax tankers for delivery in the second
                  half of 2028. We expect to sign a firm contract early in 2026.&#160; The NAT fleet currently consist of 20 well maintained Suezmax tankers.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z41cac08feb804bbe95c26317fd4d327c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

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                <div style="text-align: left; margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">4.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-variant: normal;">
                <div style="margin: 0px 0px 8pt; font-weight: bold;">The average time charter equivalent (TCE) for the NAT fleet for the Third quarter of 2025 came in at $27,490 per day per ship. Operating
                  costs are $9,000/day/ship. The adjusted EBITDA for 3Q 2025 was $21.4 million.&#160; We recorded a net book loss of -$2.8
                  million for 3Q 2025. Our cash position at the day of this report is above $70 million.</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zd44dfb3b7a534465a36d4aeb0fd2911a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

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                <div style="text-align: left; margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">5.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-variant: normal;">
                <div style="margin: 0px 0px 8pt; font-weight: bold;">The top quality of the NAT vessels is reflected in the vetting performance (the score card) undertaken by the major oil companies.</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z3a06de5677a842aba5e5fce923dd3def" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

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                <div style="text-align: left; margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">6.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-variant: normal;">
                <div style="margin: 0px 0px 8pt; font-weight: bold;">Thanks to careful voyage planning and adjustment of speed of our ships, we reduce emissions.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-bottom: 8pt; font-variant: normal;"><br>
      </div>
      <div style="margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold;">Sincerely,</div>
      <div style="margin-bottom: 8pt; font-variant: normal;"><br>
      </div>
      <div style="margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold;">Herbj&#248;rn Hansson</div>
      <div style="margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold;">founder, Chairman &amp; CEO</div>
      <div style="margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold;">Nordic American Tankers Ltd</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">1</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div style="font-weight: bold;"> <br>
        </div>
        <div style="font-weight: bold;">Our Fleet</div>
        <div><br>
        </div>
        <div>As of September 30, 2025, our fleet consisted of 20 well maintained Suezmax tankers with a cargo lifting capacity of 1 million barrels of oil each. We only have Suezmaxes in our fleet and the vast majority of our ships are built in South
          Korea.</div>
        <div><br>
        </div>
        <div>We have entered a Letter of Intent (LOI) with a South Korean shipyard for the construction of two new Suezmax tankers to be delivered in the second half of 2028. The firm contract is expected to be signed at the beginning of next year.</div>
        <div><br>
        </div>
        <div>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><br>
        </div>
        <div>NAT has one of the largest fleets of Suezmax tankers in the world. In a capital-intensive industry like ours, careful maintenance of our ships 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><br>
        </div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Results for the third quarter of 2025</div>
        <div><br>
        </div>
        <div>The seasonally weak third quarter of 2025 saw rates keeping up well compared to the second quarter and the demand for our ships accelerated as we entered the fourth quarter.</div>
        <div><br>
        </div>
        <div>The third quarter of 2025 produced a Net loss of -$2.8 million, compared to the second quarter with a net loss of -$0.9 million. The net income for the second quarter included a book profit for the sale of &#8220;Nordic Castor&#8221; of $7.1 million.</div>
        <div><br>
        </div>
        <div>The adjusted EBITDA for the third quarter came in at $21.4 million (non-GAAP measure), an improvement of $5.6 million from the second quarter with $15.8 million adjusted EBITDA.</div>
        <div><br>
        </div>
        <div>The average time charter equivalent (TCE) for our fleet during the third quarter of 2025 came in at $27,490 per day per vessel versus $26,880 per day per ship in the second quarter of 2025. These numbers are on a discharge-to-discharge basis.
          We currently have sixteen of our twenty vessels in the spot market.</div>
        <div><br>
        </div>
        <div>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 tables on page 5 and 6 of this press release.</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Financing</div>
        <div><br>
        </div>
        <div>Our Net Debt (total liabilities, less current assets) stood at $334.0 million, which averages $16.7 million per ship across our 20 vessels, as of September 30, 2025.</div>
        <div><br>
        </div>
        <div>The details of our two financing arrangements are as follows;</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zabbce141738e4b92aededda7cd8616ad" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; text-align: right;">
                  <div style="text-align: left; margin-left: 18pt; margin-bottom: 8pt;">1)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 8pt;">The $150 million five-year Senior Secured Credit agreement with CLMG/Beal Bank dated 6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> February 2025 had a total outstanding balance of $144.7 million as of September 30, 2025, including
                    current portion of the debt. The loan is secured in 7 of our suezmax tankers.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z309dffc4910d445090ac406e63b17198" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; text-align: right;">
                  <div style="text-align: left; margin-left: 18pt; margin-bottom: 8pt;">2)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 8pt;">The 8 vessels financed through Ocean Yield had as of September 30, 2025, a total outstanding balance of $292.1 million, including current portion of the debt.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z3fcf3788b9b441bf9401fd376c8a3fa3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; text-align: right;">
                  <div style="text-align: left; margin-left: 18pt; margin-bottom: 8pt;">3)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin: 0px 0px 8pt;">The remaining 5 of our 20 suezmax tankers are debt free and unencumbered.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div>
        <div>As of September 30, 2025, the current portion of long-term debt was $35.4 million net of transaction costs. $28.0 million was related to the Ocean Yield financing and $7.4 million was related to the Beal/CLMG financing.</div>
        <div><br>
        </div>
        <div>We have not utilized any ATM offerings in 2025.</div>
        <div><br>
        </div>
        <div>For the third quarter of 2025 a cash dividend of 13 cent ($0.13) per share has been declared. This is our 113<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> consecutive quarterly dividend declaration.</div>
        <div><br>
        </div>
        <div>Payment of the dividend will be on December 22, 2025, to shareholders of record on December 8, 2025.&#160;&#160;</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;">We continue to see high demand for oil and oil transportation, especially for emerging economies that continue to have energy consumption per capita that is significantly lower than that of OECD-countries. Should
          the geopolitical tensions ease, more oil volume should become available in our market and the continued increased production from OPEC members is an important trend that is very favorable for the tanker market going forward. These are interesting
          dynamics for the NAT oil tankers. Seasonal variations will occur, but as we have seen so far, these last years, the trend supports future earnings at higher levels than in the past.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">The world&#8217;s Suezmax fleet (excl. shuttle, product &amp; Jones Act tankers) counted 600 vessels as of September 30, 2025.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">The ordering activity in the third quarter of 2025 only saw 4 additions, but activity has picked up in the fourth quarter. The orderbook for new Suezmax tankers now stands at 120 vessels as per November 20, 2025.
          This is 20% of the existing world fleet for Suezmax tankers and these ships are to be delivered between now and 2029. To put this in perspective, before the end of 2027, there are now 164 conventional suezmax tankers that will turn 20 years of
          age, or older. In the same period, only 95 new vessels will be delivered into the world suezmax fleet.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">The world suezmax fleet will see 5 new vessels added to the fleet for the rest of 2025, 46 in 2026, 41 in 2027, 25 in 2028 and 3 newbuild orders are booked for 2029.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">All the above is good news for the short- and long-term outlook for our tankers. It is anticipated that the tanker markets will continue to be strong in the coming years.</div>
        <div><br>
        </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="text-align: justify; font-weight: bold;">Corporate Governance/Conflict of Interests</div>
        <div><br>
        </div>
        <div>It is vital to ensure that there is no conflict of interest 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div> <br>
        </div>
        <div>
          <div><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 and oil traders.</div>
          <div><br>
          </div>
          <div>We are a dividend company with the objective of having a strong balance sheet and low G&amp;A costs, enabling us to distribute free cash flows to our shareholders.</div>
          <div><br>
          </div>
          <div>In an improved market, higher dividends can be expected.</div>
          <div><br>
          </div>
          <div>Our fleet of 20 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 style="text-align: center;"> <br>
          </div>
          <div style="text-align: center;">* * * * *</div>
          <div style="text-align: center;"> <br>
          </div>
          <div><br>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
            </div>
            <div> <br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zda8b396a6aa94f878a16861c0cd10891">

                  <tr>
                    <td nowrap="nowrap" colspan="3" style="width: 43.38%; vertical-align: bottom;">
                      <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: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</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: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-weight: bold;">&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td rowspan="2" style="width: 28.46%; vertical-align: middle;">
                      <div style="font-weight: bold;">CONSOLIDATED CONDENSED STATEMENTS OF OPERATION<br>
                        (UNAUDITED)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" colspan="5" style="width: 33.94%; 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: 9.59%; vertical-align: middle;">
                      <div>&#160;</div>
                    </td>
                    <td colspan="3" style="width: 22.68%; vertical-align: middle;">
                      <div style="text-align: center; font-weight: bold;">Nine Months Ended</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td rowspan="2" style="width: 9.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">Sept. 30, 2025</div>
                    </td>
                    <td style="width: 2.59%; vertical-align: middle;">&#160;</td>
                    <td rowspan="2" style="width: 9.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">Jun. 30, 2025</div>
                    </td>
                    <td style="width: 2.59%; vertical-align: middle;">&#160;</td>
                    <td rowspan="2" style="width: 9.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">Sept. 30, 2024</div>
                    </td>
                    <td style="width: 9.59%; vertical-align: middle;">&#160;</td>
                    <td rowspan="2" style="width: 9.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">Sept. 30, 2025</div>
                    </td>
                    <td rowspan="2" style="width: 3.5%; vertical-align: middle;">&#160;</td>
                    <td rowspan="2" style="width: 9.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">Sept. 30, 2024</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 28.46%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="font-size: 8pt;">Amounts in USD '000</div>
                    </td>
                    <td style="width: 5.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-weight: bold;">&#160;</div>
                    </td>
                    <td style="width: 2.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">&#160;</div>
                    </td>
                    <td style="width: 2.59%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">&#160;</div>
                    </td>
                    <td style="width: 9.59%; vertical-align: middle;">&#160;</td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td style="width: 9.59%; vertical-align: middle;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="font-weight: bold;">Net Voyage Revenue</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">45,687</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: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">40,153</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">52,036</div>
                    </td>
                    <td style="width: 9.59%; vertical-align: middle;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">123,785</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">178,707</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td style="width: 9.59%; vertical-align: middle;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>Vessel Operating Expenses</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(16,543)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(18,375)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(15,772)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(51,422)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(48,101)</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>Depreciation Expenses</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(15,323)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(14,969)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(14,210)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(43,539)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(42,281)</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>General and Administrative Expenses</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(7,037)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(6,375)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(5,834)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(20,261)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(19,768)</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>Gain on Disposal of Vessels</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">0</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">7,117</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">0</div>
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                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">16,621</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">0</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>Operating Expenses</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(38,903)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(32,602)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(35,816)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(98,601)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(110,150)</div>
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                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="font-weight: bold;">Net Operating Income</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">6,784</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: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">7,551</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: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">16,220</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">25,184</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">68,557</div>
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                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>Interest Income</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">396</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">400</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">173</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">1,285</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">600</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>Interest Expense</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(9,823)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(9,239)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(7,726)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(26,420)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(23,642)</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>Other Financial Income (Expenses)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(138)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">436</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">19</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">562</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(167)</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>Total Other Expenses</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(9,565)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(8,403)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(7,534)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(24,573)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">(23,209)</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="font-weight: bold;">Net Income (Loss)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">(2,781)</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: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">(852)</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: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">8,686</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">611</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                      <div style="text-align: right; font-weight: bold;">45,348</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>Basic and Diluted Earnings (Loss) per Share</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.01)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.00)</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.04</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">0.00</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">0.22</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 28.46%; vertical-align: bottom;">
                      <div>Weighted Average Number of Common Shares Outstanding</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">211,750,663</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">211,750,663</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">208,796,444</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">211,750,663</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">208,796,444</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">
                      <div>Common Shares Outstanding</div>
                    </td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">211,750,663</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">211,750,663</div>
                    </td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">
                      <div>&#160;</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">208,796,444</div>
                    </td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">211,750,663</div>
                    </td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">
                      <div style="text-align: right;">208,796,444</div>
                    </td>
                  </tr>
                  <tr>
                    <td nowrap="nowrap" style="width: 28.46%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 5.33%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 2.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 3.5%; vertical-align: bottom;">&#160;</td>
                    <td nowrap="nowrap" style="width: 9.59%; vertical-align: bottom;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
            </div>
            <br>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z727786d17b6942129da62e0bb2852677">

                <tr>
                  <td nowrap="nowrap" colspan="5" style="width: 55.92%; vertical-align: middle;">
                    <div style="font-weight: bold;">CONSOLIDATED CONDENSED BALANCE SHEET (UNAUDITED)</div>
                  </td>
                  <td style="width: 2.57%; vertical-align: bottom;">
                    <div style="text-align: center; font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td rowspan="2" style="width: 9.51%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">&#160;</div>
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                  <td rowspan="2" style="width: 9.51%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;"> <br>
                    </div>
                    <div style="text-align: right; font-weight: bold;">Sept. 30, 2025</div>
                  </td>
                  <td rowspan="2" style="width: 3.47%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">&#160;</div>
                  </td>
                  <td rowspan="2" style="width: 9.51%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;"> <br>
                    </div>
                    <div style="text-align: right; font-weight: bold;">Dec. 31, 2024</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 29.05%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="font-size: 8pt;">Amounts in USD '000</div>
                  </td>
                  <td style="width: 5.28%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 9.51%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 9.51%; 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: 29.05%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Cash and Cash Equivalents</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;67,582</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">39,177</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Restricted Cash</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">5,207</div>
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                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Accounts Receivable, Net</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,056</div>
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                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">16,223</div>
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                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Prepaid Expenses</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,123</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">6,227</div>
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                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Inventory</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;21,009</div>
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                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">21,931</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Voyages in Progress</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,435</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">6,570</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Other Current Assets</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><u>&#160;</u></div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,672</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">3,436</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">Total Current Assets</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;131,877</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">98,771</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Vessels, Net</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;791,840</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">715,273</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Other Non-Current Assets</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,247</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">3,543</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Total Non-Current Assets</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;795,087</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">718,816</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">Total Assets</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;926,964</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">817,587</div>
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                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Accounts Payable</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,029</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">4,257</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Accrued Voyage Expenses</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,712</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">12,294</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Other Current Liabilities</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,355</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">13,204</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Dividends Payable</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">8,470</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Current Portion of Long Term Debt</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;35,404</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">21,560</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">Total Current liabilities</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;67,500</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">59,785</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom;">
                    <div>Long-Term Debt</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;397,647</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom;">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom;">
                    <div style="text-align: right;">248,144</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Other Non-Current Liabilities</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;693</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">845</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">Total Non-current Liabilities</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;398,340</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">248,989</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>Shareholders' Equity</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;461,124</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">508,813</div>
                  </td>
                </tr>
                <tr>
                  <td nowrap="nowrap" style="width: 29.05%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">Total Liabilities and Shareholders' Equity</div>
                  </td>
                  <td nowrap="nowrap" style="width: 5.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div>&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;926,964</div>
                  </td>
                  <td nowrap="nowrap" style="width: 3.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td nowrap="nowrap" style="width: 9.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">817,587</div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div> </div>
          <div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td colspan="5" style="width: 48.45%; vertical-align: top;" rowspan="1">
                      <div style="font-size: 14pt; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
                    </td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="border-bottom: 2px solid; vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td colspan="7" style="width: 67.85%; vertical-align: top; padding-bottom: 2px;" rowspan="1">
                      <div style="font-weight: bold;">CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW</div>
                      <div style="font-weight: bold;">(UNAUDITED)</div>
                    </td>
                    <td style="width: 9.65%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">Nine Months Ended</div>
                    </td>
                    <td style="vertical-align: top; width: 2.99%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">Twelve Months Ended</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 19.4%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2"><font style="font-size: 8pt;">Amounts in USD '000</font><br>
                    </td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; font-weight: bold;">Sept. 30, 2025</div>
                    </td>
                    <td style="vertical-align: top; width: 2.99%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; font-weight: bold;">Dec. 31, 2024</div>
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="4" style="width: 38.8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                      <div style="font-weight: bold;">Net Cash Provided by (Used In) Operating Activities</div>
                    </td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; font-weight: bold;">4,425</div>
                    </td>
                    <td style="border-bottom: 2px solid; vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; font-weight: bold;">124,611</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td colspan="2" style="width: 19.4%; vertical-align: top;">
                      <div>Investment in Vessels</div>
                    </td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">
                      <div style="text-align: right;">(135,698)</div>
                    </td>
                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">
                      <div style="text-align: right;">(870)</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="width: 19.4%; vertical-align: top;">
                      <div>Deposit on Vessel Financing</div>
                    </td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">
                      <div style="text-align: right;">0</div>
                    </td>
                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">
                      <div style="text-align: right;">0</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="2" style="width: 19.4%; vertical-align: top;">
                      <div>Proceeds from Sale of Vessels</div>
                    </td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">
                      <div style="text-align: right;">46,751</div>
                    </td>
                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">
                      <div style="text-align: right;">0</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="3" style="width: 29.05%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                      <div>Investment in Other Fixed Assets</div>
                    </td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right;">0</div>
                    </td>
                    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right;">(1,750)</div>
                    </td>
                  </tr>
                  <tr>
                    <td colspan="4" style="width: 38.8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                      <div style="font-weight: bold;">Net Cash Provided By (Used In) Investing Activities</div>
                    </td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; font-weight: bold;">(88,947)</div>
                    </td>
                    <td style="border-bottom: 2px solid; vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; font-weight: bold;">(2,620)</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
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                      <div>Proceeds from Issuance of Common Stock</div>
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                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
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                      <div style="text-align: right;">0</div>
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                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">
                      <div style="text-align: right;">8,932</div>
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                      <div>Proceeds from Borrowing Facility</div>
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                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
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                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
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                      <div style="text-align: right;">0</div>
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                      <div>Repayments of Vessel Financing</div>
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                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
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                      <div style="text-align: right;">(19,007)</div>
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                      <div style="text-align: right;">(20,662)</div>
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                    <td colspan="3" style="width: 29.05%; vertical-align: top;" rowspan="1">
                      <div>Repayment of Borrowing Facility</div>
                    </td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
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                      <div style="text-align: right;">(6,350)</div>
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                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">
                      <div style="text-align: right;">(12,079)</div>
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                  <tr>
                    <td colspan="3" style="width: 29.05%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
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                    </td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right;">(57,173)</div>
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                    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right;">(87,695)</div>
                    </td>
                  </tr>
                  <tr>
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                      <div style="font-weight: bold;">Net Cash Provided By (Used In) Financing Activities</div>
                    </td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; font-weight: bold;">107,601</div>
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                    <td style="border-bottom: 2px solid; vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; font-weight: bold;">(111,504)</div>
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                  </tr>
                  <tr>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
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                  <tr>
                    <td colspan="5" style="width: 48.45%; vertical-align: top;">
                      <div>Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash</div>
                    </td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">
                      <div style="text-align: right;">23,079</div>
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                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">
                      <div style="text-align: right;">10,487</div>
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                  </tr>
                  <tr>
                    <td colspan="3" style="width: 29.05%; vertical-align: top;">
                      <div>Effect of exchange rate changes on Cash</div>
                    </td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top;">
                      <div style="text-align: right;">120</div>
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                    <td style="vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top;">
                      <div style="text-align: right;">536</div>
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                    <td colspan="5" style="width: 48.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                      <div>Cash, Cash Equivalents and Restricted Cash at Beginning of Period</div>
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                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right;">44,384</div>
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                    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right;">33,361</div>
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                    <td colspan="5" style="width: 48.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                      <div style="font-weight: bold;">Cash, Cash Equivalents and Restricted Cash at End of Period</div>
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                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; font-weight: bold;">67,583</div>
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                    <td style="border-bottom: 2px solid; vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; font-weight: bold;">44,384</div>
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                    <td colspan="2" style="width: 19.4%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div>Cash and Cash Equivalents</div>
                    </td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right;">67,582</div>
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                    <td style="border-bottom: 2px solid; vertical-align: top; width: 2.99%;">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right;">39,177</div>
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                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div>Restricted Cash</div>
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                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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                    <td style="border-bottom: 2px solid; vertical-align: top; width: 2.99%;">&#160;</td>
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          <div><br>
            <br>
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                  <td style="width: 31.94%; vertical-align: top;" rowspan="1" colspan="3">
                    <div style="font-size: 14pt; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
                  </td>
                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top;">&#160;</td>
                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top;">&#160;</td>
                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 12.04%; vertical-align: top;">&#160;</td>
                  <td style="width: 1.87%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top;">&#160;</td>
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                  <td style="width: 2.68%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td style="width: 31.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 4.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 10.97%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 1.62%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 1.62%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 1.62%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 12.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 1.87%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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                  <td style="width: 2.68%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td style="width: 36.07%; vertical-align: top; padding-bottom: 2px;" colspan="2">
                    <div style="font-weight: bold;">RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)</div>
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                  <td style="width: 23.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3">
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                  <td style="width: 1.62%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 1.62%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                  </td>
                  <td style="width: 4.13%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
                  <td style="width: 10.97%; vertical-align: top; border-bottom: #000000 2px solid;">
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                  <td style="width: 1.62%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top; border-bottom: #000000 2px solid;">
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                  <td style="width: 1.62%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top; border-bottom: #000000 2px solid;">
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                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 12.04%; vertical-align: top; border-bottom: #000000 2px solid;">
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                  <td style="vertical-align: top; width: 1.5%;">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top; border-bottom: #000000 2px solid;">
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                  <td style="width: 2.68%; vertical-align: top;">&#160;</td>
                  <td style="width: 31.94%; vertical-align: top;">
                    <div>Voyage Revenue</div>
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                  <td style="width: 4.13%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.97%; vertical-align: top;">
                    <div style="text-align: right;">74,999</div>
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                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top;">
                    <div style="text-align: right;">66,728</div>
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                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top;">
                    <div style="text-align: right;">82,217</div>
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                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 12.04%; vertical-align: top;">
                    <div style="text-align: right;">206,516</div>
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                  <td style="vertical-align: top; width: 1.5%;">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top;">
                    <div style="text-align: right;">275,312</div>
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                <tr>
                  <td style="width: 2.68%; vertical-align: top;">&#160;</td>
                  <td style="width: 31.94%; vertical-align: top;">
                    <div>Voyage Expense</div>
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                  <td style="width: 4.13%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.97%; vertical-align: top;">
                    <div style="text-align: right;">(29,312)</div>
                  </td>
                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top;">
                    <div style="text-align: right;">(26,575)</div>
                  </td>
                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top;">
                    <div style="text-align: right;">(30,181)</div>
                  </td>
                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 12.04%; vertical-align: top;">
                    <div style="text-align: right;">(82,732)</div>
                  </td>
                  <td style="vertical-align: top; width: 1.5%;">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top;">
                    <div style="text-align: right;">(96,605)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 2.68%; vertical-align: top;">&#160;</td>
                  <td style="width: 31.94%; vertical-align: top; border-bottom: #000000 2px solid;">
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                  </td>
                  <td style="width: 4.13%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
                  <td style="width: 10.97%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">45,687</div>
                  </td>
                  <td style="width: 1.62%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">40,153</div>
                  </td>
                  <td style="width: 1.62%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">52,036</div>
                  </td>
                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 12.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">123,784</div>
                  </td>
                  <td style="vertical-align: top; width: 1.5%;">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">178,707</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 2.68%; vertical-align: top;">&#160;</td>
                  <td style="width: 31.94%; vertical-align: top;">&#160;</td>
                  <td style="width: 4.13%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.97%; vertical-align: top;">&#160;</td>
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                  <td style="width: 10.42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">14,210</div>
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                  <td style="width: 12.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">56,151</div>
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                  <td style="vertical-align: top; width: 1.5%; padding-bottom: 2px;">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                    <div style="font-weight: bold;">EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
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                    <div style="text-align: right; font-weight: bold;">21,381</div>
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                  <td style="width: 1.62%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
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                    <div style="text-align: right; font-weight: bold;">132,802</div>
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                  <td style="vertical-align: top; width: 1.5%;">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top;">&#160;</td>
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                <tr>
                  <td style="width: 2.68%; vertical-align: top;">&#160;</td>
                  <td style="width: 31.94%; vertical-align: top;">
                    <div>(Gain) on Disposal of Vessel</div>
                  </td>
                  <td style="width: 4.13%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.97%; vertical-align: top;">
                    <div style="text-align: right;">0</div>
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                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top;">
                    <div style="text-align: right;">(7,117)</div>
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                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top;">
                    <div style="text-align: right;">0</div>
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                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 12.04%; vertical-align: top;">
                    <div style="text-align: right;">0</div>
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                  <td style="vertical-align: top; width: 1.5%;">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 2.68%; vertical-align: top;">&#160;</td>
                  <td style="width: 31.94%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="font-weight: bold;">ADJUSTED EBITDA</div>
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                  <td style="width: 4.13%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
                  <td style="width: 10.97%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">21,381</div>
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                  <td style="width: 10.42%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">15,838</div>
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                  <td style="width: 1.62%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">30,449</div>
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                  <td style="width: 12.04%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: right; font-weight: bold;">132,802</div>
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                  <td style="vertical-align: top; width: 1.5%;">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top;">&#160;</td>
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                  <td style="width: 2.68%; vertical-align: top;">&#160;</td>
                  <td style="width: 31.94%; vertical-align: top;">&#160;</td>
                  <td style="width: 4.13%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.97%; vertical-align: top;">&#160;</td>
                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top;">&#160;</td>
                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 10.42%; vertical-align: top;">&#160;</td>
                  <td style="width: 1.62%; vertical-align: top;">&#160;</td>
                  <td style="width: 12.04%; vertical-align: top;">&#160;</td>
                  <td style="vertical-align: top; width: 1.5%;">&#160;</td>
                  <td style="width: 10.68%; vertical-align: top;">&#160;</td>
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                  <td style="width: 2.68%; vertical-align: top;">
                    <div>(1)</div>
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                  <td style="width: 97.32%; vertical-align: top;" colspan="11">
                    <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>
                  </td>
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                    <div style="font-size: 8pt;">Earnings before interest, taxes, depreciation and amortization (or 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>
                  </td>
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            <div><br>
            </div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            </div>
            <div> <br>
            </div>
            <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>
                </div>
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              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" id="z7cbd07e95b014e67a9de7aeeb03b2b48" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 49.97%; vertical-align: top;">
                      <div style="font-weight: bold;">Contacts:</div>
                    </td>
                    <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>Bj&#248;rn Gi&#230;ver, CFO</div>
                      <div>Nordic American Tankers Limited</div>
                      <div>Tel: +1&#160;888&#160;755 8391</div>
                      <div>&#160;</div>
                      <div>Alexander Kihle, Finance Manager</div>
                      <div>Nordic American Tankers Limited</div>
                      <div>Tel: +47 91 72 41 71</div>
                      <div> &#160;</div>
                    </td>
                    <td style="width: 50.03%; vertical-align: top;" colspan="2">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 49.97%; vertical-align: top;">&#160;</td>
                    <td style="width: 50.03%; vertical-align: top;" colspan="2">&#160;</td>
                  </tr>
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                    <td style="width: 50.03%; vertical-align: top;" colspan="2">&#160;</td>
                    <td style="width: 49.97%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 49.97%; vertical-align: top;">&#160;</td>
                    <td style="width: 0.07%; vertical-align: top;">&#160;</td>
                    <td style="width: 49.97%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 49.97%; vertical-align: top;">
                      <div>Web-site: <u>www.nat.bm</u></div>
                      <div> &#160;</div>
                    </td>
                    <td style="width: 0.07%; vertical-align: top;">&#160;</td>
                    <td style="width: 49.97%; vertical-align: top;">&#160;</td>
                  </tr>

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              <div><br>
              </div>
            </div>
            <div><br>
            </div>
            <br>
          </div>
          <div> </div>
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      </div>
    </div>
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  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
