Nordic American Tanker Shipping Limited (NYSE:NAT) Provides Update on Delayed Delivery of Suezmax Newbuilding. Fleet Expansion Program Continues.

Hamilton, Bermuda, July 30, 2010. Nordic American Tanker Shipping Limited (NYSE:NAT), today announced that the delivery of its newbuilding suezmax - the first of two scheduled for this year - continues to be delayed. The Company has mentioned this in previous quarterly reports and has advised the seller, a company in the Fred Olsen group, that we will not take delivery of the vessel until it is completed in accordance with the contract. Herbjorn Hansson, Chief Executive Officer, stated:  "If this situation with the sellers is not resolved, we are prepared to take the matter to arbitration, although we prefer an amicable and fair resolution." Mr. Hansson added: "Under our expansion program we continue to be active in the market to acquire further vessels. We expect to have minimum 20 suezmax vessels by the end of next year." The dividend report for the second quarter 2010 will be released before the opening of New York Stock Exchange Friday August 6, 2010. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 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," "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 world wide 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-hire, failure on the part of a seller to complete a sale to us 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. Contacts: Scandic American Shipping Ltd Manager for: Nordic American Tanker Shipping Limited P.O Box 56, 3201 Sandefjord, Norway Tel: + 47 33 42 73 00 E-mail: Rolf Amundsen, Investor Relations Nordic American Tanker Shipping Limited Tel: +1 800 601 9079 or + 47 908 26 906 Gary J. Wolfe Seward & Kissel LLP, New York, USA Tel: +1 212 574 1223 Turid M. Sørensen, CFO Nordic American Tanker Shipping Limited Tel:  + 47 33 42 73 00 or + 47 905 72 927 Herbjørn Hansson, Chairman and Chief Executive Officer Nordic American Tanker Shipping Limited Tel:  +1 866 805 9504 or + 47 901 46 291 [HUG#1435007] Press release (PDF): This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction for further distribution is prohibited. Source: Nordic American Tanker Shipping Ltd. via Thomson Reuters ONE