20-F/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 20-F/A

Amendment No. 1

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2016

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report: Not applicable

Commission file number 001-13944

NORDIC AMERICAN TANKERS LIMITED

(Exact name of Registrant as specified in its charter)

(Translation of Registrant's name into English)

BERMUDA

(Jurisdiction of incorporation or organization)

LOM Building

27 Reid Street

Hamilton HM 11

Bermuda

(Address of principal executive offices)

Herbjørn Hansson, Chairman, President, and Chief Executive Officer,

Tel No. 1 (441) 292-7202,

LOM Building, 27 Reid Street, Hamilton HM 11, Bermuda

(Name, Telephone, E-mail and/or Facsimile number and

Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Common Shares, $0.01 par value

Series A Participating Preferred Shares

Title of class

New York Stock Exchange

Name of exchange on which registered

Securities registered or to be registered pursuant to Section 12(g) of the Act:  None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer's classes of share capital as of the close of the period covered by the annual report:

As of December 31, 2016, there were outstanding 101,969,666 common shares of the Registrant, $0.01 par value per share.

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes ☒ No

If this report is an annual report or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☒ No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during this preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

☒ Yes ☐ No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer," and "emerging growth company"  in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  ☒	Accelerated filer  ☐
Non-accelerated filer (Do not check if a smaller reporting company)  ☐	Emerging Growth Company  ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the Registrant has used to prepare the financial statements included in this filing:

☒ U.S. GAAP

☐ International Financial Reporting Standards as issued by the International Accounting Standards Board

☐ Other

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the Registrant has elected to follow.

☐ Item 17

☐ Item 18

If this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

EXPLANATORY NOTE

This Amendment No. 1 (this "Amendment No. 1") to the Annual Report on Form 20-F for the fiscal year ended December 31, 2016 of Nordic American Tankers Limited, which was originally filed with the U.S. Securities and Exchange Commission on May 1, 2017 (the "Original 2016 Form 20-F"), is being filed solely for the purposes of (i) furnishing revised Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T, and (ii) including as Exhibit 15.5 the consent of KPMG AS, the independent auditor of Nordic American Offshore Ltd.

This Amendment No. 1 speaks as of the filing date of the Original 2016 Form 20-F on May 1, 2017. Other than as expressly set forth above, this Amendment No. 1 does not, and does not purport to, amend, update or restate the information in any other item of the Original 2016 Form 20-F, or reflect any events that have occurred after the Original 2016 Form 20-F was originally filed.

ITEM 19.	EXHIBITS
Exhibit  Number	Description of Document
Exhibit 15.5*	Consent of Registered Public Accounting Firm
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

*  Filed with this Amendment No. 1 on Form 20-F/A.

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and has duly caused and authorized the undersigned to sign this Amendment No. 1 to its Annual Report on its behalf.

	NORDIC AMERICAN TANKERS LIMITED
/s/Herbjørn Hansson	May 1, 2017
Name:  Herbjørn Hansson
Title: Chairman, President, and Chief Executive Officer

EX-15.5

Exhibit 15.5

Consent of Independent Registered Public Accounting Firm

The Board of Directors Nordic American Tankers Limited:

We consent to the incorporation by reference in the registration statements (No. 333-187399 and No. 333-187400) on Form F-3 of Nordic American Tankers Limited of our reports dated April 24, 2017, with respect to the consolidated balance sheets of Nordic American Offshore Ltd. and subsidiaries as of December 31, 2016 and 2015, and the related consolidated statements of operations and comprehensive (loss) income, shareholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2016, which report appears in the December 31, 2016 annual report on Form 20-F of Nordic American Offshore Ltd.

/s/KPMG AS

Oslo, Norway May 1, 2017

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Document and Entity Information	12 Months Ended
	Dec. 31, 2016 shares
Document and Entity Information [Abstract]
Entity Registrant Name	NORDIC AMERICAN TANKERS Ltd
Entity Central Index Key	0001000177
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	101,969,666
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2016

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Voyage Revenues	$ 357,451	$ 445,738	$ 351,049
Voyage Expenses	(125,987)	(158,656)	(199,430)
Vessel Operating Expenses	(80,266)	(66,589)	(62,500)
General and Administrative Expenses	(12,296)	(9,790)	(14,863)
Depreciation Expense	(90,889)	(82,610)	(80,531)
Received Settlement	5,328	0	0
Fees for Provided Services	0	0	1,500
Net Operating Income (Loss)	53,341	128,093	(4,775)
Interest Income	215	114	181
Interest Expenses	(11,170)	(10,855)	(12,244)
Gain on Shares	0	0	3,286
Other Financial Expenses	(98)	(167)	(1,126)
Total Other Expenses	(11,053)	(10,908)	(9,903)
Net Income (Loss) Before Income Taxes and Equity Income (Loss)	42,288	117,185	(14,678)
Income Tax Expense	(102)	(96)	(47)
Equity (Loss) Income	(46,642)	(2,462)	1,559
Net (Loss) Income	$ (4,456)	$ 114,627	$ (13,166)
Basic and Diluted Earnings (Loss) per Share (in dollars per share)	$ (0.05)	$ 1.29	$ (0.15)
Basic and Diluted Average Number of Common Shares Outstanding (in shares)	92,531,001	89,182,001	85,401,179
Cash Dividends per Share (in dollars per share)	$ 1.37	$ 1.38	$ 0.61

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net (Loss) Income	$ (4,456)	$ 114,627	$ (13,166)
Other Comprehensive Loss Current Period
Translation Differences	29	(326)	(425)
Unrealized (Loss) Gain on Defined benefit plan	(94)	192	(253)
Other Comprehensive Loss	(65)	(134)	(678)
Total Comprehensive (Loss) Income	$ (4,521)	$ 114,493	$ (13,844)

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Current Assets
Cash and Cash Equivalents		$ 82,170	$ 29,889
Accounts Receivable, Net		17,487	28,001
Accounts Receivable, Related Party		583	596
Prepaid Expenses		4,480	4,372
Inventory		20,886	14,843
Voyages in Progress		35,610	37,353
Other Current Assets		2,493	3,125
Total Current Assets		163,709	118,179
Non-Current Assets
Vessels, Net		1,058,049	962,685
Deposits paid for Vessels		82,130	64,000
Goodwill		18,979	18,979
Investment in Nordic American Offshore Ltd		16,550	64,877
Other Non-current Assets		10,487	10,474
Total Non-current Assets		1,186,195	1,121,015
Total Assets		1,349,904	1,239,194
Current Liabilities
Accounts Payable		4,294	4,247
Accrued Voyage Expenses		9,583	7,035
Accrued Liabilities		7,648	9,577
Total Current Liabilities		21,525	20,859
Long-Term Debt	[1]	442,820	324,568
Deferred Compensation Liability		14,510	13,046
Total Non-Current Liabilities		457,330	337,614
Commitment and Contingencies
Shareholders' Equity
Common Stock, Par Value $0.01 per Share 180,000,000 authorized 101,969,666 issued and outstanding at December 31, 2016 and 89,182,001 issued and outstanding at December 31, 2015.		1,020	892
Additional Paid-in Capital		235,050	114,679
Contributed Surplus		640,472	766,122
Accumulated Other Comprehensive Loss		(1,037)	(972)
Accumulated Deficit		(4,456)	0
Total Shareholders' Equity		871,049	880,721
Total Liabilities and Shareholders' Equity		$ 1,349,904	$ 1,239,194

[1] Long-Term Debt consists of outstanding amounts on the Credit Facility less unamortized deferred financing cost. Outstanding amounts on the Credit Facility were $447,000 and $330,000 as of December 31, 2016 and 2015, respectively. Please see note 2 to these Consolidated Financial Statements describing the effects of the accounting principle change covering the deferred financing cost.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Liabilities and Shareholders' Equity
Long-Term Debt	[1]	$ 442,820	$ 324,568
Shareholders' Equity
Common Share, par value (in dollars per share)		$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)		180,000,000	180,000,000
Common Stock, shares issued (in shares)		101,969,666	89,182,001
Common Stock, shares outstanding (in shares)		101,969,666	89,182,001
Credit Facility [Member]
Liabilities and Shareholders' Equity
Long-Term Debt		$ 447,000	$ 330,000

[1] Long-Term Debt consists of outstanding amounts on the Credit Facility less unamortized deferred financing cost. Outstanding amounts on the Credit Facility were $447,000 and $330,000 as of December 31, 2016 and 2015, respectively. Please see note 2 to these Consolidated Financial Statements describing the effects of the accounting principle change covering the deferred financing cost.

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Treasury Shares [Member]	Additional Paid-in Capital [Member]	Contributed Surplus [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings (Accumulated Deficit) [Member]	Total
Balance (in shares) at Dec. 31, 2013	75,359,001	23,000
Balance at Dec. 31, 2013	$ 754		$ 208,240	$ 751,567	$ (160)	$ (105,417)	$ 854,984
Increase (decrease) in Shareholders' Equity [Roll Forward]
Accumulated coverage of loss	0		0	(105,417)	0	105,417	0
Net (Loss) Income	$ 0		0	0	0	(13,166)	(13,166)
Common Shares Repurchased, Equity Incentive Plan (in shares)	(10,000)	10,000
Common Shares Repurchased, Equity Incentive Plan	$ 0		(99)	0	0	0	(99)
Common Shares Distributed - Equity Incentive Plan (in shares)	33,000	(33,000)
Common Shares Distributed - Equity Incentive Plan	$ 0		0	0	0	0	0
Common Shares Issued, net of issuance costs (in shares)	13,800,000	0
Common Shares Issued, net of issuance costs	$ 138		113,295	0	0	0	113,433
Reduction of share premium	0		(208,240)	208,240	0	0	0
Other comprehensive Loss	$ 0		0	0	(678)	0	(678)
Share based compensation (in shares)	0	0
Share based compensation	$ 0		1,096	0	0	0	1,096
Dividends Paid				(66,658)			(66,658)
Balance (in shares) at Dec. 31, 2014	89,182,001	0
Balance at Dec. 31, 2014	$ 892		114,291	787,732	(838)	(13,166)	888,911
Increase (decrease) in Shareholders' Equity [Roll Forward]
Accumulated coverage of loss	0		0	(13,166)	0	13,166	0
Net (Loss) Income	0		0	0	0	114,627	114,627
Other comprehensive Loss	$ 0		0	0	(134)	0	(134)
Share based compensation (in shares)	0	0
Share based compensation	$ 0		388	0	0	0	388
Dividends Paid	$ 0		0	(8,444)	0	(114,627)	(123,071)
Balance (in shares) at Dec. 31, 2015	89,182,001	0
Balance at Dec. 31, 2015	$ 892		114,679	766,122	(972)	0	880,721
Increase (decrease) in Shareholders' Equity [Roll Forward]
Net (Loss) Income	$ 0		0	0	0	(4,456)	(4,456)
Common Shares Distributed - Equity Incentive Plan (in shares)	137,665	0
Common Shares Distributed - Equity Incentive Plan	$ 1		0	0	0	0	1
Common Shares Issued, net of issuance costs (in shares)	12,650,000	0
Common Shares Issued, net of issuance costs	$ 127		119,942	0	0	0	120,069
Other comprehensive Loss	$ 0		0	0	(65)	0	(65)
Share based compensation (in shares)	0	0
Share based compensation	$ 0		429	0	0	0	429
Forfeited shares - 2011 Equity Incentive Plan (in shares)		13,500
Dividends Paid	$ 0		0	(125,650)	0	0	(125,650)
Balance (in shares) at Dec. 31, 2016	101,969,666	13,500
Balance at Dec. 31, 2016	$ 1,020		$ 235,050	$ 640,472	$ (1,037)	$ (4,456)	$ 871,049

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Common Shares Issued, issuance costs	$ 0.4
Adjusted [Member]
Common Shares Issued, issuance costs		$ 0.2

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities
Net (Loss) Income	$ (4,456)	$ 114,627	$ (13,166)
Reconciliation of Net Loss to Net Cash Provided by Operating Activates
Depreciation Expense	90,889	82,610	80,531
Equity Loss (Income)	46,642	2,462	(1,497)
Return on Investment	0	0	1,929
Drydock Expenditure	(15,382)	(11,450)	(5,346)
Amortization of Deferred Finance Costs	1,382	1,240	1,228
Deferred Compensation Liability	1,369	324	782
Share-based Compensation	430	388	997
Gain on Equity Method Investment	0	0	(3,285)
Adjustment of warrants to fair value	0	0	915
Other, net	33	(61)	(37)
Changes in Operating Assets and Liabilities
Accounts Receivables	10,084	(11,832)	3,539
Accounts Receivables, Related Party	12	77	0
Inventory	(6,043)	7,380	2,438
Prepaid Expenses and Other Current Assets	415	262	300
Accounts Payable and Accrued Liabilities	668	(3,869)	2,784
Voyages in Progress	1,743	(7,767)	(14,633)
Net Cash Provided by Operating Activities	127,786	174,391	57,479
Cash Flows from Investing Activities
Investment in Vessels	(138,277)	(123,373)	(73,772)
Investment in Other Fixed Assets	(87)	(103)	(281)
Sale of Other Fixed Assets	0	334	0
Deposits to and Repayment from Seller	(50,130)	(64,000)	0
Investments in Nordic American Offshore Ltd	0	(9,508)	(11,403)
Long-term Deposits	0	(5,000)	0
Return of Investments	1,685	4,227	3,772
Other, net	0	0	0
Net Cash Used in Investing Activities	(186,809)	(197,423)	(81,685)
Cash Flows from Financing Activities
Proceeds from Issuance of Common Stock	120,068	0	113,433
Proceeds from Use of Credit Facility	117,000	80,000	0
Repayments on Credit Facility	0	0	0
Credit Facility Costs	(130)	(4,640)	0
Dividends Distributed	(125,650)	(123,071)	(54,069)
Net Cash Provided (Used In) by Financing Activities	111,288	(47,711)	59,364
Net Increase (Decrease) in Cash and Cash Equivalents	52,266	(70,743)	35,158
Cash and Cash Equivalents at Beginning of Period	29,889	100,736	65,675
Effect of Exchange Rate changes on Cash and Cash Equivalents	15	(104)	(97)
Cash and Cash Equivalents at End of Period	82,170	29,889	100,736
Cash Paid for Interest, Net of Amounts Capitalized	9,840	9,374	9,700
Cash Paid for Taxes	96	47	86
Fair value of shares distributed as dividend in kind	$ 0	$ 0	$ 12,589

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NATURE OF BUSINESS

12 Months Ended

Dec. 31, 2016

NATURE OF BUSINESS [Abstract]

NATURE OF BUSINESS

1. NATURE OF BUSINESS

Nordic American Tankers Limited (“NAT”) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company’s shares trade under the symbol “NAT” on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering double-hull tankers.

The Company is an international tanker company that currently owns 33 Suezmax tankers, including three newbuildings expected to be delivered in 2018 and one newbuilding delivered in 2017, an increase from the three vessels owned in the autumn of 2004. The Company expects that the expansion process will continue over time and that more vessels will be added to its fleet. The 29 vessels the Company operated per December 31, 2016, average approximately 156,000 dwt each. In 2016, 2015 and 2014, the Company chartered its operating vessels primarily in the spot market.

In January 2013 NAT acquired Scandic American Shipping Ltd. (“Scandic”) and NAT Chartering Ltd (formerly Orion Tankers Ltd) (“NATC”). Accordingly, these financial statements are presented on a consolidated basis for NAT and its subsidiaries (“the Company”). For the year ended December 31, 2016, and December 31, 2015, Scandic had the daily administrative and operational responsibility and NATC has provided services as the commercial manager. The Group provided assistance in the formation of Nordic American Offshore in 2013 and the initial public offering in 2014, and Scandic has provided administrative services in 2016, 2015 and 2014. For further details on the acquisition of the subsidiaries and the investment in NAO please see Note 4 and Note 5, respectively.

Tanker markets are typically stronger in the fall and winter months (the fourth and first quarters of the calendar year) in anticipation of increased oil consumption in the northern hemisphere during the winter months.  Seasonal variations in tanker demand normally result in seasonal fluctuations in spot market charter rates.

The Company’s Fleet

Including four newbuildings, the Company’s current fleet consists of 33 Suezmax crude oil tankers of which 31 were built, or are under construction, in Korea. The Company has entered into preliminary contracts for the construction of three Suezmax vessels expected to be delivered in the second half of 2018.

Vessel	Built	Deadweight Tons	Delivered to NAT
Nordic Harrier	1997	151,459	1997
Nordic Hawk	1997	151,475	1997
Nordic Hunter	1997	151,401	1997
Nordic Voyager	1997	149,591	2004
Nordic Fighter	1998	153,328	2005
Nordic Freedom	2005	159,331	2005
Nordic Discovery	1998	153,328	2005
Nordic Saturn	1998	157,331	2005
Nordic Jupiter	1998	157,411	2006
Nordic Moon	2002	160,305	2006
Nordic Apollo	2003	159,998	2006
Nordic Cosmos	2003	159,999	2006
Nordic Sprite	1999	147,188	2009
Nordic Grace	2002	149,921	2009
Nordic Mistral	2002	164,236	2009
Nordic Passat	2002	164,274	2010
Nordic Vega	2010	163,940	2010
Nordic Breeze	2011	158,597	2011
Nordic Aurora	1999	147,262	2011
Nordic Zenith	2011	158,645	2011
Nordic Sprinter	2005	159,089	2014
Nordic Skier	2005	159,089	2014
Nordic Light	2010	158,475	2015
Nordic Cross	2010	158,475	2015
Nordic Luna	2004	150,037	2016
Nordic Castor	2004	150,249	2016
Nordic Sirius	2000	150,183	2016
Nordic Pollux	2003	150,103	2016
Nordic Star	2016	159,000	2016
Nordic Space(1)	2017	159,000	2017
Newbuilding(1)	2018	157,000	2018(2)
Newbuilding(1)	2018	157,000	2018(2)
Newbuilding(1)	2018	157,000	2018(2)

(1) Vessel under construction per December 31, 2016.

(2) Expected delivery during the second half of 2018

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting: These consolidated financial statements (“financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Effective January 1, 2016, the Company adopted ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs, which required debt issuance costs to a recognized debt liability to be presented in the Consolidated Balance Sheets as a direct deduction from the debt liability rather than an asset. This has also been applied retrospectively to the comparative consolidated balance sheet as of December 31, 2015. The effect of the application on the consolidated balance sheet as of December 31, 2015, is a reduction of Long-Term Debt from $330.0 million to $324.6 million and a reduction in Other Non-Current Assets from $15.9 million to $10.5 million.

Principles of Consolidation: Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries’ accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated upon consolidation.

The equity method of accounting is used for investments in companies which NAT does not control, but over which NAT has the ability to exercise significant influence. The Company holds an ownership interest of 29.1% in Nordic American Offshore Ltd. (“NAO”).

Use of Estimates: Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.

Foreign Currency Translation: The functional currency of NAT is the United States (“U.S.”) dollar as all revenues are received in U.S. dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. The subsidiary of NATC, NAT Chartering AS, and the European branch of Scandic, both have Norwegian Kroners as their functional currency. All assets and liabilities of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders’ equity as part of accumulated other comprehensive loss.

Revenue and Expense Recognition: Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot charters.

Voyage revenues and expenses are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Based on the terms of the customer agreement, a voyage is deemed to commence upon the completion of discharge of the vessel’s previous cargo and is deemed to end upon the completion of discharge of the current cargo. However, the Company does not recognize revenue if a charter has not been contractually committed to by a customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage.

Spot Charters:Revenue is generated from freight billing, as the Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the loading or discharging ports. When the Company’s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.

Time Charters: Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the shipowner pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel’s intermediate and special surveys.

Vessel Operating Expenses: Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.

Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments such as time deposits with original maturities of three months or less.

Accounts Receivable, Net:Accounts and other receivables are presented net of allowance for doubtful balances. If balances are determined uncollectable, after all means of collections have been exhausted and the potential for recovery is considered to be remote, they are charged against the allowance for doubtful balances. As of December 31, 2016, we made an allowance of approximately $150,000 for doubtful balances. No such allowance was made as of December 31, 2015.

Inventories: Inventories, which are comprised of bunker fuel and lubrication oil, are stated at the lower of cost or market. Cost is determined on a first-in, first-out (“FIFO”) basis.

Vessels, Net: Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are also capitalized and included in vessels’ cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is provided over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.

Impairment of Vessels:

The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (calculated based on estimated discounted operating cashflow). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days. The Company estimates the daily time charter equivalent for the remaining operating days based on the most recent fifteen year historical average for similar vessels and utilizing available market data for spot market rates over the remaining estimated life of the vessel, assumed to be 25 years from the delivery of the vessel from the shipyard, net of brokerage commissions, expected outflows for vessels’ maintenance and vessel operating expenses (including planned drydocking expenditures). The salvage value used in the impairment test is estimated to be $9.0 million per vessel. If the Company’s estimate of undiscounted future cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down, by recording a charge to operations, to the vessel’s fair value if the fair value is lower than the vessel’s carrying value. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. There was no impairment on vessels for the years ended December 31, 2016, 2015 and 2014.

Drydocking: The Company’s vessels are required to be drydocked approximately every 30 to 60 months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Consistent with prior periods, drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.

Investments in Equity Method Investees: Investments in other entities where the Company has “significant influence” in accordance with U.S. GAAP are accounted for using the equity method of accounting.Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.

Business combinations: The Company uses the acquisition method of accounting, which requires an acquirer in a business combination to recognize the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at their fair values at the acquisition date. The costs of the acquisition and any related restructuring costs are to be recognized separately in the Consolidated Statements of Operations. The acquired company's operating results are included in the Company's consolidated financial statements starting on the date of acquisition.

The purchase price is equivalent to the fair value of the consideration transferred and liabilities incurred. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. Goodwill is recognized for the excess of purchase price over the net fair value of assets acquired and liabilities assumed.

Goodwill: Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has acquired.Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.

Deferred Compensation Liability: The Company has two individual deferred compensation agreements with the Company’s CEO and CFO & EVP. The deferred compensation liability of the CFO is denominated in Norwegian currency. The liabilities are accounted for on an accrual basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses are recognized in general and administrative expenses as incurred.

Defined Benefit Plan: The employees of Scandic and NATC have defined benefit pension plans. The Company accrues the costs and related obligations associated with its defined benefit pension plans based on actuarial computations using the projected benefits obligation method and management’s best estimates of expected plan investment performance, salary escalation, and other relevant factors. For the purpose of calculating the expected return on plan assets, those assets are valued at fair value. The underfunded status of the defined benefit pension plans are recognized as deferred compensation liability in the Balance Sheets. The Company recognizes as a component of other comprehensive loss, the gains or losses that arise during a period but that are not recognized as part of net periodic benefit costs. As of December 31, 2016 and 2015, the net liability was $0.1 million and $0.2 million, respectively.

Other Comprehensive (Loss) Income: The Company follows the guidance in ASC Topic 220, “Comprehensive Income” which requires separate presentation of certain transactions that are recorded directly as components of shareholders’ equity.

Segment Information: The Company has identified only one operating segment. The Company has only one type of vessel – Suezmax crude oil tankers.

Geographical Segment: The Company does not provide a geographical analysis because the Company’s business is global in nature and the location of its vessels continually changes.

Fair Value of Financial Instruments: The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments. For further information on fair value of financial instruments please see Note 16.

Deferred Financing Costs: Financing costs, including fees, commissions and legal expenses, which are recorded as “Other Non-Current Assets” and “Other Current Assets” on the Balance Sheets are deferred and amortized over the term of the arrangement. The deferred financing costs are accounted as a direct deduction from the associated debt liability in Long-Term Debt.

Stock-Based Payments:

Restricted Shares to Employees: The fair value of restricted shares is estimated based on the market price of the Company’s shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period.

Income Taxes:  The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%.

Two of the Company’s wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 25%, 27%, and 27% for the years ended December 31, 2016, 2015 and 2014, respectively, of their taxable profit.The income tax expensed for year ended December 31, 2016, 2015 and 2014 was $102,000, $96,000 and $47,000, respectively. Deferred tax assets related to these entities is not material. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.

Concentration of Credit Risk:Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables. The Company’s cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is minimal. Concentrations of credit risk relative to accounts receivable are limited to our client base in the energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.

For the year ended December 31, 2016, one customer accounted for 32% of the total revenues.  For the year ended December 31, 2015, two customers accounted for 42% of the total revenues, with 30% and 12%. For the year ended December 31, 2014, two customers accounted for 40% of the total revenues, with 29% and 11%.

Accounts receivable, net, as of December 31, 2016, and 2015 were $18.1 million and $28.6 million, respectively. As of December 31, 2016, three charterers accounted for 44% of the outstanding accounts receivable, with 16%, 16%, and 12%.  As of December 31, 2015, two charterers accounted for 43% of the outstanding accounts receivable, with 20% and 21%.

Recent Accounting Pronouncements:

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The FASB recently issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year to annual reporting periods commencing on or after December 15, 2017. The Company is in the process of considering the impact of the standard on its consolidated financial statements. For vessels operating on voyage charters, we expect to continue recognizing revenue over time. The time period over which revenue will be recognized is still being determined and, depending on the final conclusion, each period’s voyage results could differ materially from the same period’s voyage results recognized based on the present revenue recognition guidance. However, the total voyage results recognized over all periods would not change.

In February 2016, the FASB issued ASU 2016-02, Leases(Topic 842). The update requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.

We intend to adopt the new revenue and lease standards on January 1, 2018 and January 1, 2019, respectively. We are currently assessing the potential impacts of these new standards, if any, on our consolidated statements and related disclosures.

In March 2016, the FASB issued ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The update eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures.
In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The update requires excess tax benefits and tax deficiencies to be recorded on the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity on the statement of cash flows. The standard also allows withholding up to the maximum statutory amount for taxes on employee share-based compensation, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on the statement of cash flows and provides an accounting policy election to account for forfeitures as they occur. The new standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.

In January 2017, the FASB issued ASU 2017-01, Business Combinations - Clarifying the Definition of a Business to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective in annual periods beginning after December 15, 2017. The Company is planning to early adopt this standard, but does not expect the adoption to have material effect on our financial condition or results of operations; however it may be applied in prospective acquisitions of vessels where the Company is required to evaluate whether the transaction(s) should be accounted for as acquisition(s) of asset(s) or business(es).

In January 2017, the FASB issued ASU 2017-04 Intangibles - Goodwill and Other (Topic 350), which simplifies the test for goodwill impairment. This Update eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of the assets acquired and liabilities assumed in a business combination. Instead an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, however the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.

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VESSELS, NET

12 Months Ended

Dec. 31, 2016

VESSELS, NET [Abstract]

VESSELS, NET

3. VESSELS, NET

Vessels, net, consist of the carrying value of 29 vessels and 24 vessels for the year ended December 31, 2016 and December 31, 2015, respectively. Vessels, net include drydocking costs.

All Figures in USD ‘000	2016			2015
Vessels		1,700,040			1,530,245
Drydocking		99,153			82,695
Total		1,799,193			1,612,940
Less Accumulated Depreciation		(741,144	)		(650,255	)
Vessels, net		1,058,049			962,685

Impairment Loss on Vessels

The Company has not recorded impairment loss on vessels for the years ended December 31, 2016, 2015 and 2014, respectively. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of each of its vessels may not be recoverable.

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INVESTMENTS

12 Months Ended

Dec. 31, 2016

INVESTMENTS [Abstract]

INVESTMENTS

4. INVESTMENTS

Nordic American Offshore Ltd.

Nordic American Offshore Ltd. (“NAO”) was incorporated on October 17, 2013, and operates Platform Supply Vessels (“PSV”). On November 18, 2013, NAO concluded a private placement of $250 million, wherein the Company participated with an investment of $65 million, or 4,333,566 shares. The investment NAO was accounted for using the equity method of accounting.

In June 2014 NAO completed an initial public offering on the New York Stock Exchange wherein the Company acquired 375,000 shares for $5.6 million.

In 2014 NAT distributed 699,802 NAO shares as dividend-in-kind to its shareholders. The shares were measured at fair value at the time of the distribution, and a gain of $2.1 million was recognized in the Statement of Operations.  In December 2014 the Company acquired an additional 488,216 shares in the open market bringing its ownership to 19.2% per December 31, 2014.

In May 2015 NAO announced a share repurchase program under which NAO may repurchase up to 2.5 million of its outstanding shares. Per December 31, 2016 and 2015 NAO had repurchased 1,172,774 and 870,839 shares under the plan and had 20,686,847 and 22,560,531 shares outstanding, respectively. In February 2016 NAO purchased 1,571,749 of its own common shares in a private transaction.

Based on the significance of the Company’s ownership interest following that share repurchase program, the Company determined it has the ability to exercise significant influence over NAO and therefore, changed its method of accounting for the investment in NAO from an available-for-sale security to an equity method investment. The change in accounting method was retrospectively applied to the consolidated financial statements as of and for the year ended December 31, 2014.

In November 2015 the Company purchased 1,521,300 shares in a private transaction after which the Company owned 26.5% in NAO.

NAT's ownership in NAO as of December 31, 2016 and 2015 was 29.1% and 26.7%, respectively.

As at December 31, 2016 the Company evaluated its investment in NAO for impairment, after considering factors including, but not limited to, the fair value of NAO based on the quoted share price as compared to its carrying value, the length of time the investment’s fair value had been below carrying value and the limited near-term prospects for a recovery in the share price of NAO. We concluded that as of December 31, 2016, the investment in NAO was other-than-temporarily impaired.

As of December 31, 2016, before impairment the carrying value per share based on share of underlying net assets was $8.95 with the stock trading at $2.75.   As a result, the Company adjusted the carrying value of its investment in NAO to the fair value based on its observable share price at December 31, 2016, and recorded a write-down of $37.3 million in its Statement of Operations.

The fair value of NAT’s investment in NAO, based on the share price was $31.7 million as of December 31, 2015.

Summarized balance sheet information for NAO is as follows:

All figures in USD ‘000	December 31, 2016		December 31, 2015
Current assets		7,909		14,565
Noncurrent assets		366,945		321,635
Total Assets		374,854		336,200
Current liabilities		4,089		7,735
Noncurrent liabilities		136,568		47,608
Total Shareholders’ Equity		234,196		280,857
Total liabilities and equity		374,854		336,200

NAT’s share of NAO’s equity was $68.1 million and $75.0 million as of December 31, 2016 and 2015, respectively.

Summarized Statement of Operations information for NAO is as follows:

	Years ended December 31,
All figures in USD ‘000	2016			2015			2014
Operating Revenues		17,697			36,372			52,789
Net Operating (Loss) Income		(28,543	)		(8,372	)		11,262
Net (Loss) Income		(32,151	)		(10,844	)		6,931

NAT’s portion of NAO’s Net (Loss) Income in the Statements of Operations per December 31, 2016 and 2015 was ($9.3) million and ($2.5) million respectively.

On March 28, 2017, NAO announced the completion of a public offering of 41,300,000 common shares, including the exercise of the underwriters’ option of 1,300,000 shares, at a public offering price of $1.25 per share. In the offering NAT acquired 8,000,000 shares at $1.25 per share. As a result of the transaction NAT will recognize approximately $2.6 million in a dilution loss in the first quarter of 2017.

Following that offering, NAT now owns 22.6 % of the common shares outstanding in NAO.

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ACQUISITIONS

12 Months Ended

Dec. 31, 2016

ACQUISITIONS [Abstract]

ACQUISITIONS

5. ACQUISITIONS

Scandic American Shipping Ltd

On January 10, 2013 the Company acquired Scandic, which was previously owned by a company controlled by the Chairman and Chief Executive Officer of the Company, Mr. Herbjørn Hansson and his family.  The purchase price was $33.3 million, of which $18.1 million was paid in shares, $8.0 million was paid in cash and $7.2 million was payable to the seller for additional assets which were sold during the first quarter of 2013.  The number of shares issued was 1,910,112, trading at $9.50 on the acquisition date.  The Company performed an analysis of the fair value of the tangible assets acquired and liabilities assumed, resulting in recognition of $19.0 million of goodwill.  A settlement loss of $5.0 million relates to a preexisting contractual relationship between the Company and Scandic, which was recognized as a loss on contract in the consolidated Statements of Operations for the year ended December 31, 2013.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2016

RELATED PARTY TRANSACTIONS [Abstract]

RELATED PARTY TRANSACTIONS

6. RELATED PARTY TRANSACTIONS

Nordic American Offshore Ltd.:

As compensation for its services and coordinating NAO's private equity placement in 2013, NAT received 833,333 warrants with an exercise price of $15.00 per common share. The warrants expired, unexercised, on December 31, 2015.

On June 12, 2014, NAO was listed on the New York Stock Exchange.  As compensation for coordinating this transaction, NAT received a success fee of $1.5 million, which is included in Fees for Provided Services for the year ended December 31, 2014.

In December 2013, Scandic entered into a management agreement with NAO for the provision of administrative services as requested by NAO management.  For services under the management agreement, Scandic received a management fee of $100,000 for 2016, $200,000 for 2015 and $150,000 for 2014, and is reimbursed for cost incurred in connection with its services.  Scandic also receives reimbursement for a portion of the operational costs such as salary and office rent, among others, incurred by Scandic, which is attributable to NAO.  For the year ended December 31, 2016, 2015 and 2014, the Company recognized an aggregate of $2.2 million, $2.1 million and $2.2 million, respectively, for such costs incurred which was included in General and Administrative Expenses.

Board Member and Employees:

Mr. Jan Erik Langangen, Board Member and advisor of the Company, is a partner of Langangen & Helset Advokatfirma AS, a firm which provides legal services to the Company. The Company recognized $0.3 million, $0.1 million and $0.1 million in costs in each of the years ended December 31, 2016, 2015 and 2014, respectively, for the services provided by Langangen & Helset Advokatfirma AS. These costs are included in General and Administrative Expenses within the Statements of Operations. There was $0 million included within Accounts Payable at December 31, 2016 and 2015, respectively.

In 2014 NAT entered into an agreement with an immediate family member of the Chairman, for the use of an asset owned by him for corporate and marketing activities.  NAT pays a fixed annual fee for this agreement and fees associated with the actual use. The cost of this arrangement for the year ended December 31, 2016, 2015 and 2014 was $0.1 million, which are included in General and Administrative Expenses.  No amounts were due to the related party as of December 31, 2016 and 2015.

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DEFERRED COMPENSATION LIABILITY

12 Months Ended

Dec. 31, 2016

DEFERRED COMPENSATION LIABILITY [Abstract]

DEFERRED COMPENSATION LIABILITY

7. DEFERRED COMPENSATION LIABILITY

In 2010, the Board of Directors approved an unfunded deferred compensation agreement for Turid M. Sørensen, the Company’s Chief Financial Officer and Executive Vice President. The agreement provides for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents. The deferred compensation liability for the Chief Financial Officer and Executive Vice President is denominated in Norwegian currency. Benefits vest over a period of employment of 20.5 years up to a maximum of 66% of the salary level at the time of retirement, age of 67. Interest is imputed at 2.60% and 2.70% as of December 31, 2016 and 2015, respectively. The rights under the agreement commenced in May 2008. As the agreement was effective in 2010, vested rights under the agreement were recognized in 2010.

In May 2007, the Board of Directors approved an unfunded deferred compensation agreement for Herbjørn Hansson, the Chairman, President and CEO. The agreement provides for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents. Benefits vest over a period of employment of 14 years up to a maximum of 66% of the salary level at the time of retirement, age of 70. Interest is imputed at 2.60% and 2.70% as of December 31, 2016 and 2015, respectively. The rights under the agreement commenced in October 2004. The CEO has the right to require a bank guarantee for the deferred compensation liability, and the Company has a deposit as described in Note 8. The CEO has served in his position since the inception of the Company in 1995.

The total expense related to the deferred compensation agreements for the Chairman, President and CEO and for the Company’s Chief Financial Officer and Executive Vice President, recognized in 2016, 2015 and 2014 were $1.8 million, $0.4 million and $0.4 million, respectively. As of December 31, 2016 and 2015 total deferred compensation liability was $14.5 million and $13.0 million, respectively.

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OTHER NON-CURRENT ASSETS

12 Months Ended

Dec. 31, 2016

OTHER NON-CURRENT ASSETS [Abstract]

OTHER NON-CURRENT ASSETS

8. OTHER NON-CURRENT ASSETS

All figures in USD ‘000	2016		2015
Fixture, Furniture and Equipment		338		474
Long term deposit (Restricted Cash)		10,149		10,000
Total as of December 31,		10,487		10,474

The Long-Term Deposit relates to the Company transferring cash to a restricted account in accordance with the deferred compensation agreement for Herbjørn Hansson, the Chairman, President and CEO, described in Note 7.

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SHARE-BASED COMPENSATION PLAN

12 Months Ended

Dec. 31, 2016

SHARE-BASED COMPENSATION PLAN [Abstract]

SHARE-BASED COMPENSATION PLAN

9. SHARE-BASED COMPENSATION PLAN

Equity Incentive Plan 2011

In 2011, the Board of Directors decided to establish an incentive plan involving a maximum of 400,000 restricted shares of which all shares were allocated among the management of the Company and the members of the Board of Directors.

On February 23, 2011, at a grant date fair value of $23.88 per share, 326,000 restricted shares were granted with a four-year cliff-vesting period.  On August 5, 2011, at a grant date fair value of $18.05 per share, 74,000 restricted shares were granted with a five-year cliff-vesting period.  The shares are forfeited if the grantee leaves the Company before that time. The holders of the restricted shares are entitled to receive dividends paid in the period as well as voting rights.

In 2013 the Board of Directors amended the vesting requirements for 174,000 shares allocated under the 2011 Equity Incentive Plan and the vesting requirements were lifted. The lifting of the vesting requirements was in relation to the acquisition of Scandic American Shipping Ltd. This resulted in $1.1 million being charged to General and Administrative expense in the first quarter of 2013.

In 2014 the Company repurchased 10,000 restricted common shares outstanding.

In 2015, the Company repurchased from employees who have resigned a total of 33,000 restricted common shares and granted these amongst new employees with a four-year cliff vesting period and various grant date fair values.

In 2016, the Company received 13,500 shares from employees who have resigned. The shares are held as treasury shares at December 31, 2016.

The compensation expense is recognized on a straight-line basis over the vesting period and is recorded as part of General and Administrative expenses. The total compensation expense related to restricted shares under the plan was $0.4 million, $0.4 million, and $1.1 million for the years ended December 31, 2016, December 31, 2015 and December 31, 2014, respectively.

As of December 31, 2016, unrecognized cost related to unvested shares aggregated to $1.5 million, which will be recognized over a weighted period of 2.7 years.

The tables below summarize the Company’s restricted stock awards as of December 31, 2016:

	Restricted shares - Employees			Weighted- average grant-date fair value - Employees
Non-vested at January 1, 2016		33,000		$	9.84
Granted during the year		137,665			14.65
Vested during the year		-			-
Forfeited during the year		(13,500	)		(13.40	)
Non-vested at December 31, 2016		157,165			13.75

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LONG-TERM DEBT

12 Months Ended

Dec. 31, 2016

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

10. LONG-TERM DEBT

Credit Facility:

On October 26, 2012, the Company entered into a $430 million revolving credit facility with a syndicate of lenders in order to refinance its existing credit facility, fund future vessel acquisitions and for general corporate purposes (the “Credit Facility”). Amounts borrowed under the Credit Facility bear interest at an annual rate equal to LIBOR plus a margin and the Company pays a commitment fee, which is a percentage of the applicable margin, on any undrawn amounts. The Credit Facility original maturity date was October 2017.

In December 2015 the Company expanded the Credit Facility from $430 million to $500 million. The new maturity of the credit facility is December 2020. There are no repayment requirements before maturity on the Credit Facility. The expanded facility was effective January 2016.

Borrowings under the Credit Facility are secured by first priority mortgages over the Company’s vessels and assignments of earnings and insurance. Under the Credit Facility, the Company is subject to certain covenants requiring among other things, the maintenance of (i) a minimum amount of equity; (ii) a minimum equity ratio; (iii) a minimum level of liquidity, (iv) positive working capital; and (v) a required security ratio of vessel values, according to broker reports, to drawn on the facility.  The Credit Facility also includes customary events of default including non-payment, breach of covenants, insolvency, cross default and material adverse change. The Company is permitted to pay dividends in accordance with its dividend policy as long as it is not in default under the Credit Facility.

In connection with the expansion of the Credit Facility, the Company incurred $4.6 million in deferred financing costs in 2015.

At the end of 2016 and 2015 the Company had $447 million and $330 million drawn under its Credit Facility, respectively.

As of December 31, 2016, the Company was in default with one of its debt covenants; (v) required security ratio of vessel value clause. A waiver was obtained lowering the required ratio to a level where the Company is in compliance. This waiver is effective until May 31, 2018. Under the terms of the waiver obtained, we are unable to draw further on the Credit Facility, our margin is increased by 2.0% for the period of the waiver and we cannot distribute dividends exceeding 85% of our “Adjusted Net Operating Earnings” with respect to the first quarter of 2017, and 75% of Adjusted Net Operating Earnings as from the second quarter 2017 until we are in compliance with the terms of the original Credit Facility. The Adjusted Net Operating Earnings figure is income from vessel operations before depreciation, any impairment losses, non-cash administrative charges and net financing costs.

The Company was in compliance with its loan covenants as of December 31, 2015.

The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it bears a variable interest rate.

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INTEREST EXPENSE

12 Months Ended

Dec. 31, 2016

INTEREST EXPENSE [Abstract]

INTEREST EXPENSE

11. INTEREST EXPENSE

Interest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 10.

All amounts in USD ‘000	2016		2015		2014
Interest Expenses, net of capitalized interest		8,811		7,590		8,686
Commitment Fee		937		2,025		2,330
Amortization of Deferred Financing Costs		1,382		1,240		1,228
Other financial costs		40		-		-
Total Interest Expenses		11,170		10,855		12,244

For the years ended December 31, 2016, 2015 and 2014, $1.6 million, $1.0 million and $0.0 million of interest expenses were capitalized, respectively.

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ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2016

ACCRUED LIABILITIES [Abstract]

ACCRUED LIABILITIES

12. ACCRUED LIABILITIES

All figures in USD ‘000	2016		2015
Accrued Interest		1,437		1,639
Accrued Expenses		6,211		7,938
Total as of December 31,		7,648		9,577

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EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2016

EARNINGS (LOSS) PER SHARE [Abstract]

EARNINGS (LOSS) PER SHARE

13. EARNINGS (LOSS) PER SHARE

Basic earnings per share (“EPS”) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.

All figures in USD except number of shares and earnings (loss) per common share	2016			2015		2014
Numerator:
Net (Loss) Income		(4,456	)		114,627		(13,166	)
Denominator:
Basic - Weighted Average Common Shares Outstanding		92,531,001			89,182,001		85,401,179
Dilutive – Weighted Average Common Shares Outstanding		92,531,001			89,182,001		85,401,179
Earnings (Loss) per Common Share:
Basic		(0.05	)		1.29		(0.15	)
Diluted		(0.05	)		1.29		(0.15	)

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SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2016

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

14. SHAREHOLDERS’ EQUITY

Authorized, issued and outstanding common shares roll-forward is as follows:

	Authorized Shares		Issued and Out- standing Shares		Common Stock
Balance as of January 1, 2013		90,000,000		52,915,639		529
Common Shares Issued in Follow-on Offering				20,556,250		206
Shares issued in connection with the Scandic acquisition				1,910,112		19
Balance as of December 31, 2013		90,000,000		75,382,001		754
Common Shares Issued in Follow-on Offering				13,800,000		138
Increase in Authorized Shares		90,000,000
Balance as of December 31, 2014		180,000,000		89,182,001		892
Balance as of December 31, 2015		180,000,000		89,182,001		892
Equity incentive plan issuance				137,665		1
Common Shares Issued in Follow-on Offering				12,650,000		127
Balance as of December 31, 2016		180,000,000		101,969,666		1,020

As part of the acquisition of Scandic the Company issued 1,910,112 shares. For further background and details related to the acquisition please see Note 4 and 5.

In April and November 2013, the Company completed an underwritten public offering of 11,212,500 and 9,343,750 common shares which strengthened the equity by $102.2 million and $70.9 million, respectively.

In April 2014, the Company completed an underwritten public offering of 13,800,000 common shares which increased its equity by $113.4 million.

On June 17, 2014, at its Annual General Meeting (“AGM”) held in Bermuda, the Company increased authorized share capital from 90,000,000 common shares to 180,000,000.

In September 2016, the Company completed an underwritten public offering of 12,650,000 common shares which increased its equity by $120.1 million.

Additional Paid in Capital

Included in Additional Paid in Capital is the Company’s Share Premium Fund as defined by Bermuda law. The Share Premium Fund cannot be distributed without complying with certain legal procedures designed to protect the creditors of the Company, including public notice to its creditors and a subsequent period for creditor notice of concern, regarding the Company’s intention, following shareholder approval, to transfer such funds to the Company’s Contributed Surplus Account and thereby make such funds available for distribution. The Share Premium Fund was $77.4 million and $77.4 million as of December 31, 2016 and 2015 respectively. Credits and Charges to Additional Paid in Capital were a result of the accounting for the Company’s share based compensation programs and issuance of shares in relation to the acquisition of Scandic.

On June 17, 2014, at the Company’s Annual General Meeting, shareholders voted to reduce the Share Premium Fund by the amount of $208.2 million. The legal procedures related to this reduction were finalized in July 2014 upon which the amount became eligible for distribution.

Contributed Surplus Account

The Company’s Contributed Surplus Account as defined by Bermuda law, consists of amounts previously recorded as share premium, transferred to Contributed Surplus Account when resolutions are adopted by the Company’s shareholders to make Share Premium Fund distributable or available for other purposes. As indicated by the laws governing the Company, the Contributed Surplus Account can be used for dividend distribution and to cover accumulated losses from its operations.

For the years ended December 31, 2016 and 2015, the Company had a net loss of $4.5 million and net income of $114.6 million, and paid a dividend of $125.7 million and $123.0 million, respectively. Accordingly, the Company’s Contributed Surplus Account was charged with a total of $92.8 million and $8.4 million for the years ended December 31, 2016 and 2015, respectively.

For the year ended December 31, 2014 the Company had a net loss of $13.2 million. For this year all dividend distributions were charged to the Contributed Surplus Account.

Shareholders' Rights Plan

In 2007, the Board of Directors adopted a shareholders' rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a Series A Participating Preferred Share for each outstanding common share, par value $0.01 per share. The dividend was payable on February 27, 2007, to shareholders of record on that date. Each right entitles the registered holder to purchase from the Company one one-thousandth of a Series A Participating Preferred Share at an exercise price of $115, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person has acquired ownership of 15% or more of the Company’s common shares.

This shareholders rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company.

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2016

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

15. COMMITMENTS AND CONTINGENCIES

Nordic Harrier

The arbitration hearings involving the Suezmax vessel Gulf Scandic (now named Nordic Harrier) has been settled between the Company and Gulf Navigation Holding PJSC (GulfNav). In addition to amounts received, the Company reversed previously recorded accruals, and recognized in aggregate $5.3 million as Received Settlement in the Consolidated Statements of Operations.

Legal Proceedings and Claims

The Company may become a party to various legal proceedings generally incidental to its business and is subject to a variety of environmental and pollution control laws and regulations. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings. Although the ultimate disposition of legal proceedings cannot be predicted with certainty, it is the opinion of the Company’s management that the outcome of any claim which might be pending or threatened, either individually or on a combined basis, will not have a materially adverse effect on the financial position of the Company, but could materially affect the Company’s results of operations in a given year.

No claims have been filed against the Company, nor has it been part to any legal proceedings for the fiscal years ended December 31, 2016 and 2015.

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FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES

12 Months Ended

Dec. 31, 2016

FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]

FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES

16. FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES

The majority of NAT and its subsidiaries’ transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company’s cash flows.

The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:

Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.

- The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value.

- The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates.

The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2016 and 2015, are as follows:

All figures in USD ‘000	Fair Value Hierarchy Level		2016 Fair Value			2016 Carrying Value			2015 Fair Value			2015 Carrying Value
Cash and Cash Equivalents		1		82,170			82,170			29,889			29,889
Credit Facility		3		(447,000	)		(447,000	)		(330,000	)		(330,000	)

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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2016

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

As of December 31, 2016, the Company was in default with one debt covenant, the required security ratio of vessel value clause.  A waiver lowering the covenant requirement to a level at which the Company is in compliance has been obtained from the lenders. This waiver is effective until May 31, 2018.

On January 23, 2017 the Company declared a cash dividend of $0.20 per share in respect of the results for the fourth quarter of 2016, which was paid on February 10, 2017.

On February 27, 2017, the Company took delivery of Nordic Space, increasing its operating fleet to 30 vessels.

On March 28, 2017, NAO announced the completion of a public offering of 41,300,000 common shares, including the exercise of the underwriters’ option of 1,300,000 shares, at a public offering price of $1.25 per share. In the offering NAT acquired 8,000,000 shares at $1.25 per share.

On April 19, 2017 the Company declared a cash dividend of $0.20 per share in respect of the results for the first quarter of 2017, which is to be paid on or around June 8, 2017.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Accounting

Basis of Accounting: These consolidated financial statements (“financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Effective January 1, 2016, the Company adopted ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs, which required debt issuance costs to a recognized debt liability to be presented in the Consolidated Balance Sheets as a direct deduction from the debt liability rather than an asset. This has also been applied retrospectively to the comparative consolidated balance sheet as of December 31, 2015. The effect of the application on the consolidated balance sheet as of December 31, 2015, is a reduction of Long-Term Debt from $330.0 million to $324.6 million and a reduction in Other Non-Current Assets from $15.9 million to $10.5 million.

Principles of Consolidation

Principles of Consolidation: Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries’ accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated upon consolidation.

The equity method of accounting is used for investments in companies which NAT does not control, but over which NAT has the ability to exercise significant influence. The Company holds an ownership interest of 29.1% in Nordic American Offshore Ltd. (“NAO”).

Use of Estimates

Use of Estimates: Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.

Foreign Currency Translation

Foreign Currency Translation: The functional currency of NAT is the United States (“U.S.”) dollar as all revenues are received in U.S. dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. The subsidiary of NATC, NAT Chartering AS, and the European branch of Scandic, both have Norwegian Kroners as their functional currency. All assets and liabilities of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders’ equity as part of accumulated other comprehensive loss.

Revenue and Expense Recognition

Revenue and Expense Recognition: Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot charters.

Voyage revenues and expenses are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Based on the terms of the customer agreement, a voyage is deemed to commence upon the completion of discharge of the vessel’s previous cargo and is deemed to end upon the completion of discharge of the current cargo. However, the Company does not recognize revenue if a charter has not been contractually committed to by a customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage.

Spot Charters:Revenue is generated from freight billing, as the Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the loading or discharging ports. When the Company’s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.

Time Charters: Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the shipowner pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel’s intermediate and special surveys.

Vessel Operating Expenses

Vessel Operating Expenses: Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.

Cash and Cash Equivalents

Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments such as time deposits with original maturities of three months or less.

Accounts Receivable, Net

Accounts Receivable, Net:Accounts and other receivables are presented net of allowance for doubtful balances. If balances are determined uncollectable, after all means of collections have been exhausted and the potential for recovery is considered to be remote, they are charged against the allowance for doubtful balances. As of December 31, 2016, we made an allowance of approximately $150,000 for doubtful balances. No such allowance was made as of December 31, 2015.

Inventories

Inventories: Inventories, which are comprised of bunker fuel and lubrication oil, are stated at the lower of cost or market. Cost is determined on a first-in, first-out (“FIFO”) basis.

Vessels, Net

Vessels, Net: Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are also capitalized and included in vessels’ cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is provided over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.

Impairment of Vessels

Impairment of Vessels:

The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (calculated based on estimated discounted operating cashflow). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days. The Company estimates the daily time charter equivalent for the remaining operating days based on the most recent fifteen year historical average for similar vessels and utilizing available market data for spot market rates over the remaining estimated life of the vessel, assumed to be 25 years from the delivery of the vessel from the shipyard, net of brokerage commissions, expected outflows for vessels’ maintenance and vessel operating expenses (including planned drydocking expenditures). The salvage value used in the impairment test is estimated to be $9.0 million per vessel. If the Company’s estimate of undiscounted future cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down, by recording a charge to operations, to the vessel’s fair value if the fair value is lower than the vessel’s carrying value. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. There was no impairment on vessels for the years ended December 31, 2016, 2015 and 2014.

Drydocking

Drydocking: The Company’s vessels are required to be drydocked approximately every 30 to 60 months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Consistent with prior periods, drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.

Investments in Equity Method Investees

Investments in Equity Method Investees: Investments in other entities where the Company has “significant influence” in accordance with U.S. GAAP are accounted for using the equity method of accounting.Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.

Business Combinations

Business combinations: The Company uses the acquisition method of accounting, which requires an acquirer in a business combination to recognize the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at their fair values at the acquisition date. The costs of the acquisition and any related restructuring costs are to be recognized separately in the Consolidated Statements of Operations. The acquired company's operating results are included in the Company's consolidated financial statements starting on the date of acquisition.

The purchase price is equivalent to the fair value of the consideration transferred and liabilities incurred. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. Goodwill is recognized for the excess of purchase price over the net fair value of assets acquired and liabilities assumed.

Goodwill

Goodwill: Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has acquired.Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.

Deferred Compensation Liability

Deferred Compensation Liability: The Company has two individual deferred compensation agreements with the Company’s CEO and CFO & EVP. The deferred compensation liability of the CFO is denominated in Norwegian currency. The liabilities are accounted for on an accrual basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses are recognized in general and administrative expenses as incurred.

Defined Benefit Plan

Defined Benefit Plan: The employees of Scandic and NATC have defined benefit pension plans. The Company accrues the costs and related obligations associated with its defined benefit pension plans based on actuarial computations using the projected benefits obligation method and management’s best estimates of expected plan investment performance, salary escalation, and other relevant factors. For the purpose of calculating the expected return on plan assets, those assets are valued at fair value. The underfunded status of the defined benefit pension plans are recognized as deferred compensation liability in the Balance Sheets. The Company recognizes as a component of other comprehensive loss, the gains or losses that arise during a period but that are not recognized as part of net periodic benefit costs. As of December 31, 2016 and 2015, the net liability was $0.1 million and $0.2 million, respectively.

Other Comprehensive (Loss) Income

Other Comprehensive (Loss) Income: The Company follows the guidance in ASC Topic 220, “Comprehensive Income” which requires separate presentation of certain transactions that are recorded directly as components of shareholders’ equity.

Segment Information

Segment Information: The Company has identified only one operating segment. The Company has only one type of vessel – Suezmax crude oil tankers.

Geographical Segment

Geographical Segment: The Company does not provide a geographical analysis because the Company’s business is global in nature and the location of its vessels continually changes.

Fair Value of Financial Instruments

Fair Value of Financial Instruments: The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments. For further information on fair value of financial instruments please see Note 16.

Deferred Financing Costs

Deferred Financing Costs: Financing costs, including fees, commissions and legal expenses, which are recorded as “Other Non-Current Assets” and “Other Current Assets” on the Balance Sheets are deferred and amortized over the term of the arrangement. The deferred financing costs are accounted as a direct deduction from the associated debt liability in Long-Term Debt.

Stock-Based Payments

Stock-Based Payments:

Restricted Shares to Employees: The fair value of restricted shares is estimated based on the market price of the Company’s shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period.

Income Taxes

Income Taxes:  The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%.

Two of the Company’s wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 25%, 27%, and 27% for the years ended December 31, 2016, 2015 and 2014, respectively, of their taxable profit.The income tax expensed for year ended December 31, 2016, 2015 and 2014 was $102,000, $96,000 and $47,000, respectively. Deferred tax assets related to these entities is not material. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.

Concentration of Credit Risk

Concentration of Credit Risk:Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables. The Company’s cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is minimal. Concentrations of credit risk relative to accounts receivable are limited to our client base in the energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.

For the year ended December 31, 2016, one customer accounted for 32% of the total revenues.  For the year ended December 31, 2015, two customers accounted for 42% of the total revenues, with 30% and 12%. For the year ended December 31, 2014, two customers accounted for 40% of the total revenues, with 29% and 11%.

Accounts receivable, net, as of December 31, 2016, and 2015 were $18.1 million and $28.6 million, respectively. As of December 31, 2016, three charterers accounted for 44% of the outstanding accounts receivable, with 16%, 16%, and 12%.  As of December 31, 2015, two charterers accounted for 43% of the outstanding accounts receivable, with 20% and 21%.

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The FASB recently issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year to annual reporting periods commencing on or after December 15, 2017. The Company is in the process of considering the impact of the standard on its consolidated financial statements. For vessels operating on voyage charters, we expect to continue recognizing revenue over time. The time period over which revenue will be recognized is still being determined and, depending on the final conclusion, each period’s voyage results could differ materially from the same period’s voyage results recognized based on the present revenue recognition guidance. However, the total voyage results recognized over all periods would not change.

In February 2016, the FASB issued ASU 2016-02, Leases(Topic 842). The update requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.

We intend to adopt the new revenue and lease standards on January 1, 2018 and January 1, 2019, respectively. We are currently assessing the potential impacts of these new standards, if any, on our consolidated statements and related disclosures.

In March 2016, the FASB issued ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The update eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures.
In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The update requires excess tax benefits and tax deficiencies to be recorded on the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity on the statement of cash flows. The standard also allows withholding up to the maximum statutory amount for taxes on employee share-based compensation, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on the statement of cash flows and provides an accounting policy election to account for forfeitures as they occur. The new standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.

In January 2017, the FASB issued ASU 2017-01, Business Combinations - Clarifying the Definition of a Business to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective in annual periods beginning after December 15, 2017. The Company is planning to early adopt this standard, but does not expect the adoption to have material effect on our financial condition or results of operations; however it may be applied in prospective acquisitions of vessels where the Company is required to evaluate whether the transaction(s) should be accounted for as acquisition(s) of asset(s) or business(es).

In January 2017, the FASB issued ASU 2017-04 Intangibles - Goodwill and Other (Topic 350), which simplifies the test for goodwill impairment. This Update eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of the assets acquired and liabilities assumed in a business combination. Instead an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, however the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.

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NATURE OF BUSINESS (Tables)

12 Months Ended

Dec. 31, 2016

NATURE OF BUSINESS [Abstract]

Current fleet

Including four newbuildings, the Company’s current fleet consists of 33 Suezmax crude oil tankers of which 31 were built, or are under construction, in Korea. The Company has entered into preliminary contracts for the construction of three Suezmax vessels expected to be delivered in the second half of 2018.

Vessel	Built	Deadweight Tons	Delivered to NAT
Nordic Harrier	1997	151,459	1997
Nordic Hawk	1997	151,475	1997
Nordic Hunter	1997	151,401	1997
Nordic Voyager	1997	149,591	2004
Nordic Fighter	1998	153,328	2005
Nordic Freedom	2005	159,331	2005
Nordic Discovery	1998	153,328	2005
Nordic Saturn	1998	157,331	2005
Nordic Jupiter	1998	157,411	2006
Nordic Moon	2002	160,305	2006
Nordic Apollo	2003	159,998	2006
Nordic Cosmos	2003	159,999	2006
Nordic Sprite	1999	147,188	2009
Nordic Grace	2002	149,921	2009
Nordic Mistral	2002	164,236	2009
Nordic Passat	2002	164,274	2010
Nordic Vega	2010	163,940	2010
Nordic Breeze	2011	158,597	2011
Nordic Aurora	1999	147,262	2011
Nordic Zenith	2011	158,645	2011
Nordic Sprinter	2005	159,089	2014
Nordic Skier	2005	159,089	2014
Nordic Light	2010	158,475	2015
Nordic Cross	2010	158,475	2015
Nordic Luna	2004	150,037	2016
Nordic Castor	2004	150,249	2016
Nordic Sirius	2000	150,183	2016
Nordic Pollux	2003	150,103	2016
Nordic Star	2016	159,000	2016
Nordic Space(1)	2017	159,000	2017
Newbuilding(1)	2018	157,000	2018(2)
Newbuilding(1)	2018	157,000	2018(2)
Newbuilding(1)	2018	157,000	2018(2)

(1) Vessel under construction per December 31, 2016.

(2) Expected delivery during the second half of 2018

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VESSELS, NET (Tables)

12 Months Ended

Dec. 31, 2016

VESSELS, NET [Abstract]

Vessels, net

Vessels, net, consist of the carrying value of 29 vessels and 24 vessels for the year ended December 31, 2016 and December 31, 2015, respectively. Vessels, net include drydocking costs.

All Figures in USD ‘000	2016			2015
Vessels		1,700,040			1,530,245
Drydocking		99,153			82,695
Total		1,799,193			1,612,940
Less Accumulated Depreciation		(741,144	)		(650,255	)
Vessels, net		1,058,049			962,685

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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2016

INVESTMENTS [Abstract]

Summarized balance sheet information

Summarized balance sheet information for NAO is as follows:

All figures in USD ‘000	December 31, 2016		December 31, 2015
Current assets		7,909		14,565
Noncurrent assets		366,945		321,635
Total Assets		374,854		336,200
Current liabilities		4,089		7,735
Noncurrent liabilities		136,568		47,608
Total Shareholders’ Equity		234,196		280,857
Total liabilities and equity		374,854		336,200

Summarized statement of operations

Summarized Statement of Operations information for NAO is as follows:

	Years ended December 31,
All figures in USD ‘000	2016			2015			2014
Operating Revenues		17,697			36,372			52,789
Net Operating (Loss) Income		(28,543	)		(8,372	)		11,262
Net (Loss) Income		(32,151	)		(10,844	)		6,931

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OTHER NON-CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2016

OTHER NON-CURRENT ASSETS [Abstract]

Other non-current assets

All figures in USD ‘000	2016		2015
Fixture, Furniture and Equipment		338		474
Long term deposit (Restricted Cash)		10,149		10,000
Total as of December 31,		10,487		10,474

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SHARE-BASED COMPENSATION PLAN (Tables)

12 Months Ended

Dec. 31, 2016

SHARE-BASED COMPENSATION PLAN [Abstract]

Summary of company's restricted stock awards

The tables below summarize the Company’s restricted stock awards as of December 31, 2016:

	Restricted shares - Employees			Weighted- average grant-date fair value - Employees
Non-vested at January 1, 2016		33,000		$	9.84
Granted during the year		137,665			14.65
Vested during the year		-			-
Forfeited during the year		(13,500	)		(13.40	)
Non-vested at December 31, 2016		157,165			13.75

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INTEREST EXPENSE (Tables)

12 Months Ended

Dec. 31, 2016

INTEREST EXPENSE [Abstract]

Schedule of interest expense

Interest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 10.

All amounts in USD ‘000	2016		2015		2014
Interest Expenses, net of capitalized interest		8,811		7,590		8,686
Commitment Fee		937		2,025		2,330
Amortization of Deferred Financing Costs		1,382		1,240		1,228
Other financial costs		40		-		-
Total Interest Expenses		11,170		10,855		12,244

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ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2016

ACCRUED LIABILITIES [Abstract]

Accrued liabilities

All figures in USD ‘000	2016		2015
Accrued Interest		1,437		1,639
Accrued Expenses		6,211		7,938
Total as of December 31,		7,648		9,577

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EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2016

EARNINGS (LOSS) PER SHARE [Abstract]

Basic and diluted earnings per share

Basic earnings per share (“EPS”) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.

All figures in USD except number of shares and earnings (loss) per common share	2016			2015		2014
Numerator:
Net (Loss) Income		(4,456	)		114,627		(13,166	)
Denominator:
Basic - Weighted Average Common Shares Outstanding		92,531,001			89,182,001		85,401,179
Dilutive – Weighted Average Common Shares Outstanding		92,531,001			89,182,001		85,401,179
Earnings (Loss) per Common Share:
Basic		(0.05	)		1.29		(0.15	)
Diluted		(0.05	)		1.29		(0.15	)

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SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2016

SHAREHOLDERS' EQUITY [Abstract]

Authorized, issued and outstanding common shares roll-forward

Authorized, issued and outstanding common shares roll-forward is as follows:

	Authorized Shares		Issued and Out- standing Shares		Common Stock
Balance as of January 1, 2013		90,000,000		52,915,639		529
Common Shares Issued in Follow-on Offering				20,556,250		206
Shares issued in connection with the Scandic acquisition				1,910,112		19
Balance as of December 31, 2013		90,000,000		75,382,001		754
Common Shares Issued in Follow-on Offering				13,800,000		138
Increase in Authorized Shares		90,000,000
Balance as of December 31, 2014		180,000,000		89,182,001		892
Balance as of December 31, 2015		180,000,000		89,182,001		892
Equity incentive plan issuance				137,665		1
Common Shares Issued in Follow-on Offering				12,650,000		127
Balance as of December 31, 2016		180,000,000		101,969,666		1,020

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FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2016

FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]

Carrying value of estimated fair value of financial instruments

The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2016 and 2015, are as follows:

All figures in USD ‘000	Fair Value Hierarchy Level		2016 Fair Value			2016 Carrying Value			2015 Fair Value			2015 Carrying Value
Cash and Cash Equivalents		1		82,170			82,170			29,889			29,889
Credit Facility		3		(447,000	)		(447,000	)		(330,000	)		(330,000	)

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NATURE OF BUSINESS (Details)		12 Months Ended
		Dec. 31, 2016 Vessel t	Dec. 31, 2004 Vessel
NATURE OF BUSINESS [Abstract]
Total number of vessels | Vessel		33	3
Number of new buildings expected to be delivered in 2018 | Vessel		3
Number of new buildings expected to be delivered in 2017 | Vessel		1
Number of operating vessels | Vessel		29
Number of vessels in construction | Vessel		4
Average approximate deadweight tons per vessel		156,000
Number of vessels build in Korea | Vessel		31
Number of vessels under contract for construction | Vessel		3
Nordic Harrier [Member]
Schedule of Vessels [Line Items]
Deadweight tons		151,459
Nordic Hawk [Member]
Schedule of Vessels [Line Items]
Deadweight tons		151,475
Nordic Hunter [Member]
Schedule of Vessels [Line Items]
Deadweight tons		151,401
Nordic Voyager [Member]
Schedule of Vessels [Line Items]
Deadweight tons		149,591
Nordic Fighter [Member]
Schedule of Vessels [Line Items]
Deadweight tons		153,328
Nordic Freedom [Member]
Schedule of Vessels [Line Items]
Deadweight tons		159,331
Nordic Discovery [Member]
Schedule of Vessels [Line Items]
Deadweight tons		153,328
Nordic Saturn [Member]
Schedule of Vessels [Line Items]
Deadweight tons		157,331
Nordic Jupiter [Member]
Schedule of Vessels [Line Items]
Deadweight tons		157,411
Nordic Moon [Member]
Schedule of Vessels [Line Items]
Deadweight tons		160,305
Nordic Apollo [Member]
Schedule of Vessels [Line Items]
Deadweight tons		159,998
Nordic Cosmos [Member]
Schedule of Vessels [Line Items]
Deadweight tons		159,999
Nordic Sprite [Member]
Schedule of Vessels [Line Items]
Deadweight tons		147,188
Nordic Grace [Member]
Schedule of Vessels [Line Items]
Deadweight tons		149,921
Nordic Mistral [Member]
Schedule of Vessels [Line Items]
Deadweight tons		164,236
Nordic Passat [Member]
Schedule of Vessels [Line Items]
Deadweight tons		164,274
Nordic Vega [Member]
Schedule of Vessels [Line Items]
Deadweight tons		163,940
Nordic Breeze [Member]
Schedule of Vessels [Line Items]
Deadweight tons		158,597
Nordic Aurora [Member]
Schedule of Vessels [Line Items]
Deadweight tons		147,262
Nordic Zenith [Member]
Schedule of Vessels [Line Items]
Deadweight tons		158,645
Nordic Sprinter [Member]
Schedule of Vessels [Line Items]
Deadweight tons		159,089
Nordic Skier [Member]
Schedule of Vessels [Line Items]
Deadweight tons		159,089
Nordic Light [Member]
Schedule of Vessels [Line Items]
Deadweight tons		158,475
Nordic Cross [Member]
Schedule of Vessels [Line Items]
Deadweight tons		158,475
Nordic Luna [Member]
Schedule of Vessels [Line Items]
Deadweight tons		150,037
Nordic Castor [Member]
Schedule of Vessels [Line Items]
Deadweight tons		150,249
Nordic Sirius [Member]
Schedule of Vessels [Line Items]
Deadweight tons		150,183
Nordic Pollux [Member]
Schedule of Vessels [Line Items]
Deadweight tons		150,103
Nordic Star [Member]
Schedule of Vessels [Line Items]
Deadweight tons		159,000
Nordic Space [Member]
Schedule of Vessels [Line Items]
Deadweight tons	[1]	159,000
Newbuilding [Member]
Schedule of Vessels [Line Items]
Deadweight tons	[1],[2]	157,000
Newbuilding [Member]
Schedule of Vessels [Line Items]
Deadweight tons	[1],[2]	157,000
Newbuilding [Member]
Schedule of Vessels [Line Items]
Deadweight tons	[1],[2]	157,000

[1] Vessel under construction per December 31, 2016.

[2] Expected delivery during the second half of 2018.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2016 USD ($) Vessel Agreement Segment Subsidiary Customer Charter	Dec. 31, 2015 USD ($) Customer Charter	Dec. 31, 2014 USD ($) Customer	Nov. 12, 2015
Basis of Accounting [Abstract]
Long-Term Debt	[1]	$ 442,820	$ 324,568
Other Non-current Assets		$ 10,487	10,474
Cash and Cash Equivalents [Abstract]
Original maturities of deposits classified as cash and cash equivalents		3 months
Accounts Receivable [Abstract]
Allowance for doubtful balances		$ 150,000	0
Vessels, Net [Abstract]
Number of types of vessel | Vessel		1
Historical and average spot market rate		15 years
Estimate useful life of vessel		25 years
Impairment on vessels		$ 0	0	$ 0
Impairment Of Long-Lived Assets [Abstract]
Salvage value of the vessel		$ 9,000
Drydock [Abstract]
Period when vessels are required to be drydocked, minimum		30 months
Period when vessels are required to be drydocked, maximum		60 months
Deferred Compensation Liability [Abstract]
Number of individual deferred compensation agreements | Agreement		2
Defined Benefit Plan [Abstract]
Net liability		$ 100	$ 200
Segment Information [Abstract]
Number of operating segment | Segment		1
Income Taxes [Abstract]
Statutory rate of corporate earnings		0.00%
Number of wholly owned subsidiaries | Subsidiary		2
Income tax rate for wholly-owned subsidiaries in Norway		25.00%	27.00%	27.00%
Income tax expense		$ (102)	$ (96)	$ (47)
Concentration Risk [Line Items]
Accounts receivable, net		$ 18,100	28,600
Scenario, Previously Reported [Member]
Basis of Accounting [Abstract]
Long-Term Debt			330,000
Other Non-current Assets			$ 15,900
Ballast Tank [Member]
Vessels, Net [Abstract]
Improvements amortized over a period		8 years
Nordic American Offshore Limited [Member]
Principles of Consolidation [Line Items]
Percentage of ownership interest					29.10%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration of credit risk percentage		44.00%	43.00%
Number of charterers accounted for outstanding amount | Charter		3	2
Accounts Receivable [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration of credit risk percentage		16.00%	20.00%
Accounts Receivable [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration of credit risk percentage		16.00%	21.00%
Accounts Receivable [Member] | Customer Three [Member]
Concentration Risk [Line Items]
Concentration of credit risk percentage		12.00%
Revenues [Member]
Concentration Risk [Line Items]
Number of customers accounted for total revenues | Customer		1	2	2
Concentration of credit risk percentage		32.00%	42.00%	40.00%
Revenues [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration of credit risk percentage			30.00%	29.00%
Revenues [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration of credit risk percentage			12.00%	11.00%

[1] Long-Term Debt consists of outstanding amounts on the Credit Facility less unamortized deferred financing cost. Outstanding amounts on the Credit Facility were $447,000 and $330,000 as of December 31, 2016 and 2015, respectively. Please see note 2 to these Consolidated Financial Statements describing the effects of the accounting principle change covering the deferred financing cost.

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VESSELS, NET (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) Vessel	Dec. 31, 2015 USD ($) Vessel	Dec. 31, 2014 USD ($)
VESSELS, NET [Abstract]
Number of vessels | Vessel	29	24
Impairment loss on vessel	$ 0	$ 0	$ 0
Schedule of Vessels [Line Items]
Total	1,799,193	1,612,940
Accumulated Depreciation	(741,144)	(650,255)
Vessels, Net	1,058,049	962,685
Vessels [Member]
Schedule of Vessels [Line Items]
Total	1,700,040	1,530,245
Drydocking [Member]
Schedule of Vessels [Line Items]
Total	$ 99,153	$ 82,695

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INVESTMENTS (Details)					1 Months Ended			12 Months Ended
	Mar. 28, 2017 USD ($) $ / shares shares	Feb. 28, 2016 shares	Jun. 30, 2014 USD ($) shares	Nov. 18, 2013 USD ($) shares	Nov. 30, 2015 shares	Nov. 30, 2013 shares	Apr. 30, 2013 shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($) shares	May 30, 2015 shares	Dec. 31, 2007 $ / shares
Business Acquisition [Line Items]
Private equity placement issued amount								$ 120,069,000		$ 113,433,000
Shares as dividend-in-kind (in shares) | shares										699,802
Gain on investment								$ (46,642,000)	$ (2,462,000)	$ 1,559,000
Company acquired additional shares in open market (in shares) | shares										488,216
Carrying value per share (in dollars per share) | $ / shares								8.95
Impairment of investment								$ 37,324,000
NATs share of NAOs total market capitalization									31,700,000
Common shares issued in public offering (in shares) | shares						9,343,750	11,212,500
Public offering Price (in dollars per share) | $ / shares								$ 2.75				$ 115
Summarized Statement of Operations information [Abstract]
NATs portion of NAOs Net (Loss) Income								$ 0	$ 0	$ 1,929,000
Subsequent Event [Member]
Business Acquisition [Line Items]
Common shares issued in public offering (in shares) | shares	8,000,000
Public offering Price (in dollars per share) | $ / shares	$ 1.25
Common shares issued in public offering including exercise of underwriters' option (in shares) | shares	1,300,000
Nordic American Offshore Repurchase Program [Member]
Business Acquisition [Line Items]
Repurchase Program, shares authorized to be repurchased (in shares) | shares											2,500,000
Shares repurchased during the period (in shares) | shares								1,172,774	870,839
Remaining shares available to be repurchased (in shares) | shares								20,686,847	22,560,531
Nordic American Offshore Limited [Member]
Business Acquisition [Line Items]
Gain on investment										$ 2,100,000
Company acquired additional shares in private transaction (in shares) | shares					1,521,300
Ownership interest					26.50%			29.10%	26.70%	19.20%
Financial Position [Abstract]
Current assets								$ 7,909,000	$ 14,565,000
Noncurrent assets								366,945,000	321,635,000
Total Assets								374,854,000	336,200,000
Current liabilities								4,089,000	7,735,000
Noncurrent liabilities								136,568,000	47,608,000
Total Shareholders' Equity								234,196,000	280,857,000
Total liabilities and equity								374,854,000	336,200,000
NATs share of NAOs equity								68,100,000	75,000,000
Summarized Statement of Operations information [Abstract]
Operating Revenues								17,697,000	36,372,000	$ 52,789,000
Net Operating (Loss) Income								(28,543,000)	(8,372,000)	11,262,000
Net (Loss) Income								(32,151,000)	(10,844,000)	$ 6,931,000
NATs portion of NAOs Net (Loss) Income								$ (9,300,000)	$ (2,500,000)
Nordic American Offshore Limited [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Ownership interest	22.60%
Common shares issued in public offering (in shares) | shares	41,300,000
Public offering Price (in dollars per share) | $ / shares	$ 1.25
Transaction recognized in dilution loss	$ 2.6
Nordic American Offshore Limited [Member] | Private Placement [Member]
Business Acquisition [Line Items]
Private equity placement issued amount				$ 250,000,000
Private equity placement participation				$ 65,000,000
Private equity placement participation (in shares) | shares				4,333,566
Company acquired additional shares in private transaction (in shares) | shares		1,571,749
Nordic American Offshore Limited [Member] | IPO [Member]
Business Acquisition [Line Items]
Shares acquired (in shares) | shares			375,000
Cost of shares acquired			$ 5,600,000

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ACQUISITIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 10, 2013	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill recognized		$ 18,979	$ 18,979
Scandic American Shipping Ltd [Member]
Business Acquisition [Line Items]
Purchase price	$ 33,300
Common shares paid	18,100
Cash consideration	8,000
Payable to seller	$ 7,200
Number of shares transferred in acquisition (in shares)	1,910,112
Share price of stock transferred (in dollars per share)	$ 9.50
Goodwill recognized	$ 19,000
Settlement loss	$ 5,000

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RELATED PARTY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Warrants received (in shares)				833,333
Warrants exercise price (in dollars per share)				$ 15.00
Scandic American Shipping Ltd [Member]
Related Party Transaction [Line Items]
Management fee received	$ 100,000	$ 200,000	$ 150,000
Board Member [Member]
Related Party Transaction [Line Items]
Accounts payable	0	0
Costs and expenses, related party	300	100	100
Immediate Family Member of the Chairman [Member]
Related Party Transaction [Line Items]
Accounts payable	0	0
Costs and expenses, related party	100	100	100
Nordic American Offshore Limited [Member]
Related Party Transaction [Line Items]
Costs and expenses, related party	$ 2,200	$ 2,100	2,200
Success fees services			$ 1,500

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DEFERRED COMPENSATION LIABILITY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Post Retirement Benefits With Individual Employees [Line Items]
Total expense recognized	$ 1,369	$ 324	$ 782
Total deferred compensation liability	$ 14,500	$ 13,000
Executive Vice President and Chief Financial Officer [Member]
Post Retirement Benefits With Individual Employees [Line Items]
Required service period	20 years 6 months
Maximum benefit as a percentage of salary	66.00%
Retirement age	67 years
Imputed interest rate	2.60%	2.70%
Chairman, President and CEO [Member]
Post Retirement Benefits With Individual Employees [Line Items]
Required service period	14 years
Maximum benefit as a percentage of salary	66.00%
Retirement age	70 years
Imputed interest rate	2.60%	2.70%
Chief Executive Officer and Chief Financial Officer [Member]
Post Retirement Benefits With Individual Employees [Line Items]
Total expense recognized	$ 1,800	$ 400	$ 400

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OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
OTHER NON-CURRENT ASSETS [Abstract]
Fixture, Furniture and Equipment	$ 338	$ 474
Long term deposit (Restricted Cash)	10,149	10,000
Total	$ 10,487	$ 10,474

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SHARE-BASED COMPENSATION PLAN (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Aug. 05, 2011	Feb. 23, 2011	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2011	Dec. 31, 2013
Equity Incentive Plan 2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost for the period			$ 0.4	$ 0.4	$ 1.1
Vesting requirement lifted for restricted shares (in shares)							174,000
Restricted shares - Employees and Non-Employees [Roll Forward]
Granted during the year (in shares)						400,000
Equity Incentive Plan 2011 [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement shares cliff vesting period			4 years
Equity Incentive Plan 2011 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement shares cliff vesting period			5 years
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares)			13,500
Restricted shares - Employees and Non-Employees [Roll Forward]
Non-vested at beginning of period (in shares)			33,000
Granted during the year (in shares)			137,665
Vested during the year (in shares)			0
Forfeited during the year (in shares)			(13,500)
Non-vested at end of period (in shares)			157,165	33,000
Weighted-average grant-date fair value - Employees [Abstract]
Non-vested at beginning of period (in dollars per share)			$ 9.84
Granted during the year (in dollars per share)			14.65
Vested during the year (in dollars per share)			0
Forfeited during the year (in dollars per share)			(13.40)
Non-vested at end of period (in dollars per share)			$ 13.75	$ 9.84
Restricted Stock Awards [Member] | Employees and Non Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period (in shares)					10,000
Restricted Stock Awards [Member] | Employees and Non Employees [Member] | Equity Incentive Plan 2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares issued to manager (in dollars per share)	$ 18.05	$ 23.88
Share-based compensation arrangement shares cliff vesting period			4 years
Common shares repurchased at fair value (in shares)				33,000
Unrecognized compensation cost related to unvested restricted stock			$ 1.5
Weighted average period to recognize the unrecognized compensation cost			2 years 8 months 12 days
Restricted shares - Employees and Non-Employees [Roll Forward]
Granted during the year (in shares)	74,000	326,000

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LONG-TERM DEBT (Details) - Credit Facility [Member] - USD ($) $ in Millions		12 Months Ended
	Oct. 26, 2012	Dec. 31, 2015	Dec. 31, 2016
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 430.0	$ 500.0
Maturity date	Oct. 31, 2017	Dec. 31, 2020
Repayment obligation		$ 0.0
Deferred financing costs		4.6
Drawn amount		$ 330.0	$ 447.0
Percentage of increase in margin for the period of waiver			2.00%
Maximum percentage of Adjusted Net Operating Earnings used to distribute dividends in first quarter of 2017			85.00%
Maximum percentage of Adjusted Net Operating Earnings used to distribute dividends in second quarter of 2017			75.00%

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INTEREST EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
INTEREST EXPENSE [Abstract]
Interest Expenses, net of capitalized interest	$ 8,811	$ 7,590	$ 8,686
Commitment Fee	937	2,025	2,330
Amortization of Deferred Financing Costs	1,382	1,240	1,228
Other financial costs	40	0	0
Total Interest Expenses	11,170	10,855	12,244
Interest expenses, capitalized interest	$ 1,600	$ 1,000	$ 0

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ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ACCRUED LIABILITIES [Abstract]
Accrued Interest	$ 1,437	$ 1,639
Accrued Expenses	6,211	7,938
Total as of December 31	$ 7,648	$ 9,577

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EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator [Abstract]
Net (Loss) Income	$ (4,456)	$ 114,627	$ (13,166)
Denominator [Abstract]
Basic - Weighted Average Common Shares Outstanding (in shares)	92,531,001	89,182,001	85,401,179
Dilutive - Weighted Average Common Shares Outstanding (in shares)	92,531,001	89,182,001	85,401,179
Earnings (Loss) per Common Share [Abstract]
Basic (in dollars per share)	$ (0.05)	$ 1.29	$ (0.15)
Diluted (in dollars per share)	$ (0.05)	$ 1.29	$ (0.15)

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SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended				12 Months Ended
	Jun. 17, 2014	Sep. 30, 2016	Apr. 30, 2014	Nov. 30, 2013	Apr. 30, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2007
Authorized Shares [Roll forward]
Balance at beginning of period (in shares)						180,000,000
Balance at end of period (in shares)						180,000,000	180,000,000
Issued and Outstanding Shares [Roll forward]
Balance at beginning of period, issued (in shares)						89,182,001
Balance at beginning of period, outstanding (in shares)						89,182,001
Shares issued (in shares)				9,343,750	11,212,500
Balance at end of period, issued (in shares)						101,969,666	89,182,001
Balance at end of period, outstanding (in shares)						101,969,666	89,182,001
Common Stock [Roll forward]
Equity incentive plan issuance						$ 1		$ 0
Shares issued, value						120,069		113,433
Common Stock [Abstract]
Net proceeds from underwritten public offering of common shares		$ 120,100	$ 113,400	$ 70,900	$ 102,200	120,068	$ 0	113,433
Additional Paid in Capital [Abstract]
Share premium fund						77,400	77,400
Reduction of share premium	$ 208,200
Contributed Surplus Account [Abstract]
Net (Loss) Income						(4,456)	114,627	$ (13,166)
Dividend paid						125,700	123,000
Contribution to surplus account						$ 92,800	$ 8,400
Shareholders' Rights Plan [Abstract]
Preferred share purchase right						one preferred stock purchase right to purchase one one-thousandth of a share of our Series A Participating Preferred Stock for each outstanding share of its common stock, par value $0.01 per share
Common Share, par value (in dollars per share)						$ 0.01	$ 0.01			$ 0.01
Shareholders rights, exercise price (in dollars per share)						$ 2.75				$ 115
Percentage of common share ownership										15.00%
Common Stock [Member]
Authorized Shares [Roll forward]
Balance at beginning of period (in shares)						180,000,000	180,000,000	90,000,000	90,000,000
Increase in Authorized Shares (in shares)								90,000,000
Balance at end of period (in shares)						180,000,000	180,000,000	180,000,000	90,000,000
Issued and Outstanding Shares [Roll forward]
Balance at beginning of period, issued (in shares)						89,182,001	89,182,001	75,382,001	52,915,639
Balance at beginning of period, outstanding (in shares)						89,182,001	89,182,001	75,382,001	52,915,639
Equity incentive plan issuance (in shares)						137,665		33,000
Shares issued (in shares)						12,650,000		13,800,000	20,556,250
Balance at end of period, issued (in shares)						101,969,666	89,182,001	89,182,001	75,382,001
Balance at end of period, outstanding (in shares)						101,969,666	89,182,001	89,182,001	75,382,001
Common Stock [Roll forward]
Balance at beginning of period						$ 892	$ 892	$ 754	$ 529
Equity incentive plan issuance						1		0
Shares issued, value						127		138	206
Balance at end of period						1,020	892	892	$ 754
Contributed Surplus Account [Abstract]
Net (Loss) Income						$ 0	$ 0	$ 0
Common Stock [Member] | Scandic [Member]
Issued and Outstanding Shares [Roll forward]
Shares issued (in shares)									1,910,112
Common Stock [Roll forward]
Shares issued, value									$ 19

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COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) Claim	Dec. 31, 2015 USD ($) Claim	Dec. 31, 2014 USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Settlement amount | $	$ 5,328	$ 0	$ 0
Number of claims filed | Claim	0	0

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FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	$ 82,170	$ 29,889
Fair Value [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit Facility	(447,000)	(330,000)
Carrying Value [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	82,170	29,889
Carrying Value [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit Facility	$ (447,000)	$ (330,000)

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SUBSEQUENT EVENTS (Details)						1 Months Ended		3 Months Ended	12 Months Ended
	May 01, 2017	Apr. 19, 2017 $ / shares	Mar. 28, 2017 $ / shares shares	Feb. 27, 2017 Vessel	Jan. 23, 2017 $ / shares	Nov. 30, 2013 shares	Apr. 30, 2013 shares	May 01, 2017	Dec. 31, 2016 Vessel $ / shares	Dec. 31, 2007 $ / shares
Subsequent Event [Line Items]
Number of operating vessels | Vessel									29
Common shares issued in public offering (in shares) | shares						9,343,750	11,212,500
Public offering price (in dollars per share) | $ / shares									$ 2.75	$ 115
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared (in dollars per share) | $ / shares		$ 0.20			$ 0.20
Dividend declare date	Apr. 19, 2017							Jan. 23, 2017
Dividend payment date	Jun. 08, 2017							Feb. 10, 2017
Number of operating vessels | Vessel				30
Common shares issued in public offering (in shares) | shares			8,000,000
Public offering price (in dollars per share) | $ / shares			$ 1.25
Common shares issued in public offering including exercise of underwriters' option (in shares) | shares			1,300,000
Nordic American Offshore Limited [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Common shares issued in public offering (in shares) | shares			41,300,000
Public offering price (in dollars per share) | $ / shares			$ 1.25