Weekly Freight Rates - Nordic American Tankers Limited

1 Weekly Tanker Rates By J rn Bakkelund, Senior analyst Oslo 8 January 2021. Tanker Market Earnings Time charter equivalents Single voyages in US$ k/d 2020 ytd 2021 ytd Last week This week Crude carriers: VLCC Suezmax Aframax Clean carriers: LR2 LR1 MR Source: Clarksons Platou Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 2. Oslo | 8 January 2021. TC Results for Crude Carriers Avg TC results in US$ k/d for crude carriers 2012- 2022 Weekly TC results in US$ k/d for crude carriers 70 260. 65 240. 60 220. 55 200. 50. 180. 45. 160. 40. 140. 35. 120. 30. 100. 25. 20 80. 15 60. 10 40. 5 20. 0 0. Mar May Nov Dec Aug Sep Apr Jan Feb Jun Jul Jan Oct 2013 2014 2015 2016 2017 2018 2019 2020 21 ytd VLCC Suezmax Aframax Source: Clarksons Platou Panamax dirty based on Caribs/US route only Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 3. Oslo | 8 January 2021.

2 TC Results for Clean Carriers Avg TC results in US$ k/d for clean carriers 2012- 2020 Weekly TC results in US$ k/d for clean carriers 40 180. 35 160. 140. 30. 120. 25. 100. 20. 80. 15. 60. 10. 40. 5 20. 0 0. May Mar Sep Nov Dec Aug Feb Apr Jan Jun Jul Jan Oct 2013 2014 2015 2016 2017 2018 2019 2020 21 ytd LR2 LR1 MR. Source: Clarksons Platou LR1/LR2 based on AG/Japan route only Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 4. Oslo | 8 January 2021. Tanker Market Weekly Weekly TCE results in US$ k/d last 12 months 240. 220. 200. 180. 160. 140. 120. 100. 80. 60. 40. 20. 0. Mar Nov Dec May Aug Sep Apr Jan Feb Jun Jul Oct Jan VLCC Suezmax Aframax MR. Source: Clarksons Platou Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 5. Oslo | 8 January 2021. of Tankers Fleet Is Currently Used for Floating Storage Weekly no of Tankers 120 600.

3 Aframax Crude Tankers Storage Suezmax Tankers Storage UL/VLCC Tankers Storage No. of VLCC, Suezmax and Aframax 100 500. Tanker >=10K dwt Storage (RH Axis). Product Tankers 10k+ dwt Storage (RH Axis). No of Tankers >=10k dwt 80 400. 60 300. 40 200. 20 100. 0 0. Data Source: Clarkson Research Services Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 6. Oslo | 8 January 2021. Scrubbers on Tankers 8 January in number of ships Scrubber by size of total tanker fleet will have scrubbers 400. * In service, already fitted 350 33 In service, reported for retrofit On order On order, 34 109. 300. 28 In service, 250 19 reported for retrofit, 200 120. 26. 150 298 25. 239 100 17 4 2 14. 7 18. 132 50 96 85. 79 0 0 In service, 38 already 0. fitted, 955. VLCC. Suezmax 10-40k dwt MR(40-60k dwt). Aframax Crude LR2(+80k dwt). LR1(60-80k dwt). Source: Clarksons Platou * Total ships fitted, reported for retrofit and on order in % of the current fleet Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 7.

4 Oslo | 8 January 2021. Bunker Prices 7th January 2021. Historical and future prices, Singapore 1400 MGO bunker prices, Singapore 600. Gasoil 10ppm 380cst bunker prices, Singapore 1300 Differential Sulphur HFO. VLSFO, Singapore 380 cst HFO. 1200. 500 Differential 10 ppm Gasoil vs HFO. 1100 Differential vs HFO. Brent ($/mt). 1000. 400. 900. 800. $/tonne 700 300. 600. 500. 200. 400. 300. 100. 200. 100. 0 0. Jul-21. Nov-21. Apr-21. Sep-21. Jan-21. Oct-21. Dec-21. May-21. Feb-21. Mar-21. Jun-21. Aug-21. Jan-00. Jan-01. Jan-02. Jan-03. Jan-04. Jan-05. Jan-06. Jan-07. Jan-08. Jan-09. Jan-10. Jan-11. Jan-12. Jan-13. Jan-14. Jan-15. Jan-16. Jan-17. Jan-18. Jan-19. Jan-20. Jan-21. Source: Clarksons, Clarksons Platou Futures, Thomson Reuters Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 8. Tankers Deliveries 8 January Monthly data in mm dwt mmdwt / no 2018 2019 2020 2021.

5 200,000 + / 39 / 68 / 37 / 0. 125-199,999 / 32 / 26 / 30 / 0. 80-124,999 / 50 / 53 / 17 / 1. 60-79,999 / 13 / 13 / 8 / 1. 10-59,999 / 149 / 166 / 135 / 0. Grand Total / 283 / 326 / 227 / 2. Jan-21. Jan-10. Jan-11. Jan-12. Jan-13. Jan-14. Jan-15. Jan-16. Jan-17. Jan-18. Jan-19. Jan-20. VLCC Suezmax Aframax Panamax 10-59,999dwt Source: Clarksons Platou Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 9. Oslo | 8 January 2021. Tankers Sold For Recycling 8 January Monthly data in mm dwt mmdwt / no 2018 2019 2020 2021. 200,000 + / 31 / 4 / 1 / 0. 120-199,999 / 24 / 6 / 3 / 0. 80-119,999 / 46 / 1 / 9 / 0. 60-79,999 / 11 / 3 / 2 / 0. 10-59,999 / 64 / 38 / 29 / 0. Grand Total / 176 / 52 / 44 0/0. Jan-10. Jan-11. Jan-12. Jan-13. Jan-14. Jan-15. Jan-16. Jan-17. Jan-18. Jan-19. Jan-20. VLCC Suezmax Aframax Panamax 10-59,999dwt Source: Clarksons Platou Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 10.

6 Oslo | 8 January 2021. New Orders Of Tankers 8 January Monthly data in mm dwt mmdwt / no 2018 2019 2020 2021. 200,000 + / 50 / 31 / 39 / 0. 125-199,999 / 20 / 32 / 28 / 0. 80-124,999 / 25 / 48 / 28 / 0. 60-79,999 / 7 / 0 / 0 / 0. 10-59,999 / 120 / 91 / 84 / 0. Grand Total / 222 / 202 / 179 / 0. Jan-10. Jan-11. Jan-12. Jan-13. Jan-14. Jan-15. Jan-16. Jan-17. Jan-18. Jan-19. Jan-20. VLCC Suezmax Aframax Panamax 10-59,999dwt Source: Clarksons Platou Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 11. Oslo | 8 January 2021. Disclaimer Clarksons Platou This report (including any future Rates and/or forward-looking statements contained herein) are prepared by Clarksons Platou AS for general information purposes and for the recipient's internal use only. This report is based solely on publicly available information. The report is provided on an as is and as available basis.

7 Clarksons Platou AS and its group companies make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the information contained in the report. Any reliance on such information is therefore strictly at the recipient's own risk and no responsibility is accepted for any loss or damage howsoever arising from the use of this report. Please note that future Rates and/or forward-looking predictions are for illustration purposes only and given without any guarantee. This information may not be distributed or reproduced without the prior written consent from Clarksons Platou AS. Especially, the information must not be used in any document for the purposes of raising finance whether by way of debt or equity. All intellectual property rights are fully reserved by Clarksons Platou AS, the Clarksons group and/or its licensors.

8 This material and the disclaimer shall be governed and construed in accordance with Norwegian law. Weekly Tanker Rates | By J rn Bakkelund, Senior analyst 12. Oslo | 8 January 2021. Thank you Clarksons Platou Munkedamsveien 62C. 0270 Oslo, Norway Weekly | By Rates Bakkelund, analyst Tanker J rn Senior 13.