Nordic American Tankers Ltd (NYSE: NAT) – Changes to the Board Composition


Monday, March 28, 2022


Dear Shareholders and Investors,


In our message of Thursday March 24, 2022, we advised you of our suggested new board member Ms. Jenny Chu. Please see enclosure for her CV.

Jenny Chu has extensive experience from US capital markets and knows Nordic American Tankers for decades.

Most of our ships are built in South Korea and our one million barrel Suezmaxes regularly call South Korean ports. Jenny Chu, who is an American citizen, living in Los Angeles, speaks Korean and her network in South Korea has been very valuable for NAT through the years.

The experience of Jenny Chu with her knowledge of NAT, capital markets and Asia is important. She will join our board of directors now.

In parallel Dallas based Doug Penick will be leaving the board to focus his attention on other business. We thank Doug Penick for his insight and contribution to the board during his tenure with NAT. We wish to continue a dialogue with Doug and draw on his comprehensive experience, in particular from Wall Street.

Following these changes, there are two US citizens on the NAT board, James Kelly and Jenny Chu, one Norwegian based, Herbjorn Hansson and Alexander Hansson, the leader of our Monaco operation.    

For contacts, please see at the end of this communication.                                     



Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.

NAT is a Bermuda based company.



Gary J. Wolfe
Seward & Kissel LLP
New York, USA
Tel: +1 212 574 1223

Bjørn Giæver, CFO                                                             
Nordic American Tankers Ltd                                             
Tel: +1 888 755 8391 or +47 91 35 00 91                                 

Herbjørn Hansson, Founder, Chairman & CEO
Nordic American Tankers Ltd
Tel: +1 866 805 9504