Nordic American Tankers Ltd formerly Nordic American Tanker Shipping Limited was founded on June 12, 1995 under the laws of the Islands of Bermuda. The Company owns and operates double hull crude oil tankers. It is an international tanker company that owns approximately 24 double-hull Suezmax tankers, two of which are newbuildings that average approximately 156,000 dwt each. It currently operates 22 vessels in the spot market or on spot market-related charters pursuant to cooperative arrangements with third parties. The Company's fleet consists of 24 Suezmax crude oil tankers, and all of its 22 vessels are employed in the spot market. The Company has identified only one operating segment. The Company has only one type of vessel - Suezmax crude oil tankers. It operates in markets that are very competitive and based mainly on supply and demand. It competes for charters on the basis of price, vessel location, size, age and condition of the vessel, as well as on its reputation as an operator. It compete primarily with owners of tankers in the Suezmax class size. The Company is subject to various international conventions, laws and regulations in force in the countries in which its vessels may operate or are registered.