Nordic American Tankers Ltd (NYSE: NAT) announced it has secured multiple vessel contracts between March and May with daily rates ranging from $75,000 to $198,000, according to a company statement.

The tanker company reported five recent contracts with varying durations. March contracts included one at $150,000 over 60 days and another at $75,000 daily over 65 days. April brought a contract worth $198,000 over 68 days. May contracts include one at $75,000 over 300 days and another at $95,000 over 70 days.

The company stated that operating costs for its vessels remain below $10,000 per day. Nordic American Tankers indicated that current market conditions are strengthening its cash position, which the company said positively impacts its ability to pay dividends.

The contracts were secured with what the company described as large customer companies. All financial figures and time periods provided were noted as approximations in the company's statement.

The announcement was signed by Herbjorn Hansson, who serves as founder, chairman and chief executive officer of Nordic American Tankers.