NAT

• Observed scarcity of ships in the marketplace with increasing transportation work. - Not carried Russian oil for the last 18 months. - Expect to repay all debt to Beal Bank of Dallas in a year or so, then increase dividends strongly. - Excellent cooperation with Ocean Yield. - Paid dividends for more than 100 consecutive quarters, with dividend as a priority. - Reduce emissions through active speed management. - Have an excellent vetting record in the industry.

• Expect to be debt-free in a year or two, then able to significantly increase dividends. - Dividend could double from current levels once debt is repaid. - Priority is to give priority to dividends.

No specific product segment financial performance detailed as the transcript focuses on overall tanker operations and market conditions.

• Uncertainty related to Russia-Ukraine situation, but uncertainty is seen as good for business as it leads to hoarding of reserve capacity. - Impact of Federal Reserve's actions, though not overly concerned about it.

Q: Tanker rates have been strong, how does this cycle compare to past and chartering strategy?

A: Herbjørn states conditions are excellent now, low new tanker orders, 15 of 19 tankers in spot market, focus on becoming debt-free. Bjørn adds on operational leverage and low order book for new tankers.

Q: Dividend payout once Beal Bank debt is repaid?

A: Bjørn says dividend could double from current levels, priority is dividends. Herbjørn mentions family is major shareholder and confident in future.

Q: Nationality of licensed masters and engineers?

A: Mix of Philippine, Russian, Ukrainian nationals, with good cooperation among them. Mention of American rules compliance when in America.

Q: Spot contracts vs long-term contracts for new tankers?

A: New tankers were chartered long-term to Sultanate of Oman but spot rates are now much higher, still value cooperation with Oman.