FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February 2004
NORDIC AMERICAN TANKER SHIPPING LIMITED
(Translation of registrant's name into English)
Cedar House
41 Cedar Avenue
Hamilton HMEX
Bermuda
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein is a copy of a letter from the Company dated February
27, 2004, containing certain information relating to the Company's status as a
"Passive Foreign Investment Company" for those shareholders who elect to treat
the Company as a "qualifying electing fund" or "QEF" for United States income
tax purposes.
ADDITIONAL INFORMATION
BP Amoco Plc files annual reports on Form 20-F (File No. 1-6262) and
periodic reports on Form 6-K with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934, as amended.
[Nordic American Tanker Shipping Limited Logo]
February 27, 2004
TO: The Shareholders of Nordic
American Tanker Shipping Limited
That Are United States Taxpayers
As you are aware, Nordic American Tanker Shipping Limited ("Nordic
American") is a "Passive Foreign Investment Company" ("PFIC") for United States
federal income tax purposes. The following is a PFIC annual information
statement for the taxable year of Nordic American beginning on January 1, 2003
and ending on December 31, 2003. This statement is being provided so that you
may report your pro rata share of Nordic American's income in the event that you
have elected to treat Nordic American as a "qualified electing fund" ("QEF")
under the applicable provisions of the United States Internal Revenue Code.
You should keep this statement in your records but do not need to
attach this statement to your IRS Form 8621, "Return by a Shareholder of a
Passive Foreign Investment Company or Qualified Electing Fund". In order to
assist you in completing Form 8621, the address of Nordic American is: Canon's
Court, 22 Victoria Street, Hamilton HM 12, Bermuda.
PFIC Annual Information Statement
1. This Information Statement applies to the taxable year of Nordic American
Tanker Shipping Limited ("Nordic American") beginning on January 1, 2003
and ending on December 31, 2003 (the "Taxable Year").
2. (i) Your pro rata share of the ordinary earnings of Nordic American for
the Taxable Year may be determined as follows:
(a) If you owned the same number of Nordic American shares from
January 1, 2003 through December 31, 2003, multiply the number of
such Nordic American shares by $2.619875.
(b) If you did not own Nordic American shares for the entire period
beginning January 1, 2003 and ending December 31, 2003, multiply
the number of shares that you owned by $2.619875, divide the
result by 365, and multiply by the number of days during 2003
that you held such shares.(1)
(c) If you owned different numbers of Nordic American shares at
different times during 2003, perform the calculation specified in
(b) above separately for each lot of shares owned.
(ii) Your pro rata share of the net capital gain of Nordic American for the
Taxable Year is zero.
3. The amount of cash and the fair market value of other property distributed
or deemed distributed by Nordic American during the Taxable Year is as
follows:
Cash: See note(2)
Fair Market Value of Property: 0
4. Nordic American will permit you to inspect and copy Nordic American's
permanent books of account, records, and such other documents as may be
maintained by Nordic American to establish that Nordic American's ordinary
earnings and net capital gain are computed in accordance with U.S. income
tax principles and to verify these amounts and your pro rata shares
thereof.
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1 For example, if you acquired 100 shares on July 1, 2003 and held them
throughout the remainder of 2003, your pro rata share of Nordic American's
ordinary earnings would be $132.07 (i.e., 100 x $2.619875 x 184/365).
2 On February 24, 2003, Nordic American made a distribution of $0.63 per share
to shareholders of record on February 4, 2003. On May 15, 2003, Nordic American
made a distribution of $1.27 per share to shareholders of record on April 25,
2003. On August 15, 2003, Nordic American made a distribution of $0.78 per share
to shareholders of record on July 28, 2003. On November 17, 2003, Nordic
American made a distribution of $0.37 per share to shareholders of record on
October 29, 2003. The total amount of the distributions exceeded the sum of
Nordic American's earnings and profits for the Taxable Year and Nordic
American's earnings and profits accumulated in prior years. Accordingly, 85.90%
of each distribution is a dividend, and 14.10% of each distribution is a return
of capital.
NORDIC AMERICAN TANKER
SHIPPING LIMITED
Date: February 27, 2004 By: /s/ Herbjorn Hansson
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Name: Herbjorn Hansson
Title: Chairman
THIS INFORMATION IS PROVIDED IN ORDER TO ASSIST THOSE SHAREHOLDERS WHO HAVE MADE
A QEF ELECTION WITH RESPECT TO NORDIC AMERICAN IN MAKING CERTAIN PFIC
CALCULATIONS AND DOES NOT CONSTITUTE TAX ADVICE. THOSE SHAREHOLDERS ARE ADVISED
TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE OVERALL TAX CONSEQUENCES OF THE
OWNERSHIP OF COMMON SHARES ARISING IN THEIR OWN PARTICULAR SITUATIONS UNDER
UNITED STATES FEDERAL, STATE, LOCAL OR FOREIGN LAW.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
NORDIC AMERICAN TANKER SHIPPING LIMITED
(registrant)
Dated: February 27, 2004 By: /s/ Herbj0rn Hansson
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Herbj0rn Hansson
President and
Chief Executive Officer
01318.0002 #467373