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Nordic American Tankers Limited ( NYSE : NAT ) – Third quarter 2021 . Third quarter touched the bottom . The tide has now turned . Wednesday , November 24 , 2021 HIGHLIGHTS : 1 THERE IS SO MUCH CONFUSING DAY - TO - DAY NOISE IN THE MARKETS ABOUT OIL AND GAS PRICES THAT WE THINK MANY INVESTORS HAVE DECIDED TO STEER CLEAR OF THE TANKER SECTOR ENTIRELY . ALL MARKETS ARE VOLATILE , AND AS HISTORY HAS SHOWN VOLATILITY CAN BE OUR FRIEND WHEN RATES RISE SUDDENLY AND THE COMPANY'S STOCK PRICE BENEFITS . WE FIRMLY BELIEVE THAT SUCCESSFUL INVESTORS BUY QUALITY COMPANIES AND PROFIT HANDSOMELY WHEN THE TIDE TURNS . 2 3 4 5 A MAIN FEATURE OF THE NAT STRATEGY IS THAT NAT HAS SUEZMAXES ONLY . NO OTHER PUBLIC COMPANY HAS THIS FEATURE . ASSET VALUES CONTINUE TO RISE . THE INTERNATIONAL ENERGY AGENCY IN PARIS CONFIRMS THAT GLOBAL OIL DEMAND IS NEARING PRE - PANDEMIC LEVELS OF EARLY 2020 AND MORE IMPORTANTLY , OIL SUPPLY IS NOW RISING FAST . THIS IS GOOD NEWS FOR THE NAT SUEZMAXES AND PROVIDE CONFIDENCE THAT A TURN - AROUND FOR THE NAT FLEET IS GETTING CLOSER BY THE DAY . DURING RECENT MONTHS WE HAVE SECURED TERM CONTRACTS WITH PROMPT DELIVERY FOR SIX MONTHS OR LONGER AT RATES ABOVE $ 20,000 / DAY OR MORE FOR FOUR OF OUR VESSELS . THE TIME CHARTER RATES FOR THESE SHIPS WERE SUBSTANTIALLY HIGHER THAN THE SPOT MARKET AT THE TIME AND STILL ARE . THESE FOUR CONTRACTS WORK AS A HEDGE . OUR FLEET OF 24 SHIPS HAS SIGNIFICANT UPSIDE . WE UNDERTOOK PLANNED MAINTENANCE OF THREE SHIPS DURING 3Q 2021 , WITHDRAWING THEM FROM THE MARKET FOR A LARGE PART OF THE QUARTER . ON NOVEMBER 5 , 2021 THE “ NORDIC SIRIUS ” WAS DELIVERED TO NEW OWNERS . THE PRICE TO US WAS BETWEEN $ 14 – 15 MILLION . AFTER THE TRANSACTION OUR FLEET COUNTS 24 UNITS , INCLUDING 2 NEWBUILDINGS . THE ESTIMATED VALUE FOR OUR TWO NEWBUILDINGS IS NOW ABOUT $ 70 MILLION PER SHIP . THEY WERE ORDERED AT ABOUT $ 55 MILLION PER SHIP . 6 THE PROCEEDS FROM THE ABOVE MENTIONED SALE HAS BEEN USED TO PAY DOWN PART OF OUR $ 306 MILLION SENIOR SECURED FACILITY WITH CLMG / BEAL BANK OF TEXAS . THE COMPANY'S TOTAL NET DEBT IS $ 259.6 MILLION OR $ 11.8 MILLION PER VESSEL ( BASED ON 22 VESSELS ) . OUR OBJECTIVE IS TO BECOME DEBT FREE . 7 THE PANDEMIC HAS LASTED LONGER THAN WE ANTICIPATED AT THE OUTSET IN EARLY 2020. THE THIRD QUARTER OF 2021 WAS THE LOW POINT . THE AVERAGE TIME CHARTER EQUIVALENT ( TCE ) FOR OUR ACTIVE FLEET DURING 3Q 2021 CAME IN AT $ 5,800 PER DAY PER SHIP - THIS WAS DOWN FROM 2Q 2021 AT $ 7,800 PER DAY . NAT IS THROUGH THE LOW POINT . THE AVERAGE EARNINGS FOR A SUEZMAX TANKER FOR THE LAST 30 YEARS HAS BEEN CLOSE TO $ 30,000 PER DAY PER SHIP . 1