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- Nordic American Tankers Limited ( NYSE : NAT ) – First half and Second quarter 2021 . The direction is Up Monday , August 30 , 2021 HIGHLIGHTS : 1 THESE ARE CHALLENGING TIMES FOR ANY BUSINESS . THE ACTIONS WE TAKE TODAY WILL POSITION NAT FOR RAPID GROWTH ONCE LIFE SETTLES DOWN AGAIN . A GOOD SAILOR ALWAYS KEEPS HIS EYE ON THE HORIZON AS WELL AS ON HIS BOAT , AND WE ARE LOOKING AT THAT HORIZON AND PREPARING OURSELVES FOR WHAT THE MARKET WILL BE LIKE IN THE COMING YEAR OR TWO . 2 3 DEMAND FOR OIL IS GOING UP . OPEC IS RAISING ITS OUTPUT . CURRENT HIGH OIL , GAS AND ELECTRICITY PRICES ARE A SIGN OF AN ENERGY MARKET IN NEED FOR MORE . WITH AMPLE SPARE CAPACITY OF OIL , IT IS ONLY A MATTER OF TIME BEFORE EVEN MORE OIL WILL HIT THE ENERGY MARKETS . THIS IS GOOD NEWS FOR NAT . OUR ASSET VALUES ARE CONTINUING TO INCREASE ON BACK OF INCREASED PRICES FOR STEEL , COPPER AND OTHER RAW MATERIALS . THE VALUE OF OUR HIGH QUALITY ASSET BASE AND EXCELLENT RELATIONSHIPS WITH OUR CUSTOMERS AND LENDERS GIVE NAT FLEXIBILITY . 4 5 WE HAVE RECENTLY ANNOUNCED THAT WE ARE PLANNING TO SELL A FEW OF OUR VESSELS IN COMBINATION WITH PURCHASE OF A SIMILAR NUMBER OF MORE RECENT VINTAGE SHIPS . WE HAD MORE THAN 30 SUEZMAX TANKERS A FEW YEARS AGO WHEN WE SLIMMED OUR FLEET TO 25 SHIPS . NOW WE BELIEVE IT IS THE RIGHT TIME TO EXPAND FOR THE FUTURE . THE PANDEMIC HAS LASTED LONGER THAN WE ANTICIPATED IN EARLY 2020 . THE CHANGING OF CREWS ON OUR SHIPS TAKES PLACE IN NORMAL INTERVALS . WE HAVE MANAGED THESE PROCESSES AS WELL AS POSSIBLE , ALWAYS WITH A VIEW TO PROVIDING SAFETY FOR OUR CREWS . 6 HISTORY HAS REPEATEDLY SHOWN THAT WHEN TANKER MARKETS TURN , THEY DO SO QUICKLY AND FORCEFULLY . NAT IS WELL POSITIONED FOR THAT MOMENT . 7 THE AVERAGE TIME CHARTER EQUIVALENT ( TCE ) FOR OUR FLEET DURING 2Q 2021 CAME IN AT $ 7,800 PER DAY PER SHIP – THIS WAS DOWN FROM 1Q 2021 AT $ 9,400 . AS AN ILLUSTRATION OF THE POTENTIAL , THE SAME QUARTER LAST YEAR GAVE A TCE FOR OUR FLEET OF $ 48,400 PER DAY PER VESSEL . THE MARKET DURING THE FIRST HALF OF 2020 WAS GOOD . IN THE SAME PERIOD THIS YEAR , RATES WERE DOWN . THE UPSIDE IS SIGNIFICANT . 8 THE SECOND QUARTER OF 2021 PRODUCED A NET LOSS OF $ 28.7 MILLION OR EARNINGS PER SHARE ( EPS ) OF - $ 0.18 . THIS COMPARES TO THE PREVIOUS QUARTER , THAT CAME IN AT A NET LOSS OF $ 25 MILLION OR AN EPS OF - $ 0.16 . THE SECOND QUARTER LAST YEAR GAVE A NET PROFIT OF $ 49.2 MILLION AND AN EPS OF $ 0.33 . 1