Dear Shareholders and Investors and other contacts,

In our press release of July 19, 2021, we informed you about the contract for one of the NAT suezmax vessel.The duration of the contract would be minimum 6 months or slightly longer.

Last night, August 25, 2021, we concluded another contract almost identical with the one of July 19, 2021.

The contract rate is around $17,000. The customer is one of the largest oil companies in the world.

The operating costs for our ships are about USD 8,000 per day per ship.

The rate levels concluded in the last two contracts are significantly higher than market reports for the spot market suggest.

We also take this last transaction as a vote of confidence for the quality of the NAT fleet. It is a promising signal for the market going forward.

Rates for our suezmax ships may change very quickly.

NAT has 25 suezmax vessels, including two newbuildings, to be delivered in 2022. NAT is on an expansionary path going forward.

Sincerely,

Herbjorn Hansson

Founder, Chairman & CEO