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- Nordic American Tankers Limited ( NYSE : NAT ) – First quarter 2021 – At a turning point – Fleet value going up Tuesday , May 25 , 2021 HIGHLIGHTS : IT IS ESSENTIAL TO UNDERSTAND THE NAT STRATEGY TO FORMULATE A VIEW ON WHAT THE FUTURE HOLDS . THIS IS COMMENTED UPON LATER IN THIS REPORT . 1 2 3 4 5 6 7 NORMALLY , A SET - BACK IN OIL DEMAND IS FOLLOWED BY A FORCEFUL REBOUND . WE ARE NOW AT A POSITIVE TURNING POINT FOR THE NAT VESSELS . PRODUCTION OF OIL GOES UP FOLLOWING INCREASED OIL DEMAND . THE UPWARD MOVE IN THE PRICE OF OIL , IN RAW MATERIALS SUCH AS STEEL AND COPPER HAS INCREASED THE VALUE OF OUR FLEET BY MORE THAN $ 100 MILLION OVER THE LAST FEW MONTHS . THIS STRENGTHENS NAT WHICH HAS AN EXPANSIONARY PERSPECTIVE . WE BELIEVE THAT THE GLOBAL ECONOMY IS POISED TO ENJOY A ROBUST GROWTH GOING FORWARD . THIS IS GOOD FOR THE NAT BUSINESS . AS SEEN IN THE PAST , SMALL EVENTS CAN TURN THE MARKET IN OUR FAVOR . THE CLOSURE OF THE SUEZ CANAL A FEW DAYS DURING THE FIRST QUARTER SERVED AS A REMINDER OF HOW FINELY BALANCED THE MARKET IS . ONE SHIP TOO MANY PUSHES FREIGHT RATES LOWER AND ONE SHIP TOO FEW DOES THE OPPOSITE . DESPITE OPEC OIL PRODUCTION CUTS DURING 1Q 2021 , THE AVERAGE TIME CHARTER EQUIVALENT ( TCE ) CAME IN AT $ 9,400 PER DAY PER SHIP - AN IMPROVEMENT ON THE PREVIOUS QUARTER THAT GAVE A TCE OF $ 8,700 PER DAY PER SHIP . EXCEPT FOR ONE , ALL OUR SHIPS ARE WORKING ON SHORT TERM CONTRACTS . AN UPSWING IN DEMAND WILL IMMEDIATELY INCREASE THE NAT RESULTS . THE OPERATING COSTS PER SHIP ARE ABOUT USD 8,000 PER DAY . THE FIRST QUARTER OF 2021 PRODUCED A NET LOSS OF $ 25.0 MILLION OR AN EARNING PER SHARE ( EPS ) OF - $ 0.16 . THIS COMPARES TO THE PREVIOUS QUARTER , THAT PRODUCED AN EPS OF - $ 0.19 . CONSEQUENTLY , THERE WAS A SMALL IMPROVEMENT IN 1Q 2021 COMPARED TO 4Q 2020 . PAYMENT OF DIVIDEND IS A PRIORITY FOR NAT . THE DIVIDEND FOR 1Q2021 IS 2 CENTS ( $ 0.02 ) PER SHARE , PAYABLE ON FRIDAY JUNE 18 , 2021 , TO SHAREHOLDERS ON RECORD FRIDAY JUNE 4 , 2021. THIS IS OUR 95TH CONSECUTIVE QUARTERLY DIVIDEND PAYMENT . WHEN EARNINGS IMPROVE , HIGHER DIVIDENDS CAN BE EXPECTED . THE FOUNDER , CHAIRMAN AND CEO AND HIS SON ALEXANDER ARE BETWEEN THEM THE SECOND LAGEST SHAREHOLDER IN THE COMPANY . 1