NAT has a unique business model, with a high dividend payout combined with minimal financial risk. NAT is focused on growth, our fleet has grown from 3 to 20 vessels in less than seven years. NAT aims to maximize total return to shareholders, by using a robust business model, driven by an industry leading balance sheet with no or very low net debt, a strategy of owning a homogenous fleet, and employing the vessels in the spot market for crude oil trade. The spot market is volatile, but over time yields superior returns to long term contracts. NAT's unique financial strategy allows the company to assume the operational risk associated with exposure to the spot market as financial risk is virtually non-existent.