NORDIC AMERICAN TANKERS Ltd

Our Company operates in the crude oil tanker industry. As of December 31, 2025, the company's fleet consisted of 20 Suezmax crude oil tankers. The vessels in the fleet are considered homogenous and interchangeable due to their similar freight capacity and ability to transport the same type of cargo. In 2023, the company acquired the 2016-built Nordic Hawk. There were no changes to the fleet during 2024. In 2025, the company took delivery of two 2016-built vessels, Nordic Galaxy and Nordic Moon. The company entered into firm sales agreements for the 2003-built Nordic Apollo, the 2004-built Nordic Castor, the 2004-built Nordic Luna, and the 2005-built Nordic Sprinter; the latter two vessels were delivered to buyers in January 2026. Subsequent to December 31, 2025, the company also entered into an agreement to purchase two new-build Suezmax tankers from a South Korean shipyard, with delivery expected in 2028. In 2026, the company sold two more vessels, the 2003-built Nordic Pollux and the 2005-built Nordic Skier, with one delivered to the new buyer and the other pending delivery. For the year ended December 31, 2025, voyage revenues were USD 291,690 thousand, a -16.60% change from USD 349,742 thousand in 2024. Net Operating Income for 2025 was USD 46,345 thousand, a -40.03% change from USD 77,311 thousand in 2024. Net Income for 2025 was USD 12,271 thousand, a -73.69% change from USD 46,643 thousand in 2024.