Nordic American Tanker Shipping Ltd. Friday announced the pricing of its previously announced underwritten public offering of 4,000,000 common shares at a price of $30.50 per share. The common shares are being offered pursuant to the Company’s effective shelf registration statement.

Morgan Stanley is acting as the bookrunning manager for the offering
and DnB NOR Markets, Inc. is acting as co-manager of the offering. The
Company expects to close the sale of the common shares on January 27,
2010, subject to customary closing conditions. The Company has granted
the underwriters a 30-day option to purchase up to 600,000 additional
shares to cover over-allotments.

As previously announced, the
Company is conducting the offering in order to fund future acquisitions
and for general corporate purposes. As of January 21, 2010, the Company
owned or agreed to acquire 18 modern double-hull Suezmax tankers,
including one secondhand vessel that it has agreed to acquire and
expects to take delivery of no later than March 1, 2010 and two
newbuildings that it expects to take delivery of in 2010. The net
proceeds of the offering, together with other financing sources
available to the Company are expected to enable the Company to make
accretive acquisitions, based on present asset prices, of at least four
additional vessels.

The Company also repeated its announcement that
it expects its dividend per share in respect of the fourth quarter of
2009 to be in the region of $0.23 per share compared to a dividend of
$0.10 per share for the third quarter of 2009. This estimate is based
on fourth quarter 2009 charter rates for the Company’s vessels and
estimated levels of operating costs. The estimated dividend per share
in respect of the fourth quarter of 2009 is calculated based on a
weighted average of 42,204,904 common shares outstanding during the
fourth quarter of 2009. The Company expects to pay the same dividend
per share in respect of the fourth quarter of 2009 for the shares sold
in this offering.

The average spot market rate for modern Suezmax
tankers as reported by IMAREX was $13,012 per day in the third quarter
of 2009 and was $23,682 per day during the fourth quarter of 2009.
Generally, there is a certain time lag between the actual rates earned
by the Company’s vessels and those rates quoted by IMAREX. The average
spot market rates so far in 2010 are well above the rates for the
fourth quarter of 2009.

Source: Nordic American Tanker Shipping Ltd.

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