Commission File No. 1-13944
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 July, 2001
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
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
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein is a copy of the press release of
Nordic American Tanker Shipping Limited (the "Company") issued on
July 10, 2001 announcing results for the period ended June 30,
2001 and its dividend for the third quarter of 2001.
ADDITIONAL INFORMATION
BP Amoco p.l.c., the successor company to the merger
between Amoco Corp. and The British Petroleum Company p.l.c.
files annual reports on Form 20-F and periodic reports on Form
6-K with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
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Nordic American Tanker Shipping Ltd. (NAT) - (AMEX: NAT) (OSE:
NAT) announces high results and strong dividend payment despite
falling tanker markets
As of 06/30/01 (per 2nd quarter 2001) NAT had an operating profit
of $15.2 m as against $ 8.0 m during the same period last year.
The net profit was $14.5 m as against $ 7.2 m in the same period
last year.
The strong tanker market enables the company to pay a 3rd quarter
2001 dividend of $0.72 per share. Including the dividend for the
3rd quarter of 2001 the total dividend paid so far in 2001 is
$3.32 per share. In year 2000 the company paid a total dividend
of $2.56 per share as against $1.35 per share in 1999. The 3rd
quarter 2001 dividend of $0.72 will be paid on or about August
15th to shareholders on record as of July 27th 2001. The next
dividend payment from NAT will be declared in October 2001.
The market for Suezmax tankers in the second quarter 2001
remained strong however down compared to the first quarter of
2001. NATs three suezmax tankers, which are on contract to BP
Shipping, take immediate advantage of the firm market conditions.
Average T/C rate for the NAT vessels was $35,088 per day in the
second quarter of 2001 compared to $ 51,607 per day in the first
quarter of 2001, $59,059 per day in the fourth quarter of 2000,
$48,153 per day in the third quarter, $33,701 per day in the
second quarter and $26,079 per day in the first quarter of 2000.
NAT has 9.706.606 shares in issue.
The year to date (YTD) results for 2001 compared with the same
period last year, and the second quarter of 2001 compared to the
same quarter last year are as follows:
USD YTD 2001 YTD 2000 Q2 2001 Q22000
Revenue 18,897,105 11,678,940 7,258,087 6,879,873
Misc. exp. (275,622) (269,897) (140,604) (115,898)
Depreciation (3,415,520) (3,415,520) (1,707,760) (1,707,760)
---------------------------------------------------------------
Operating
profit 15,205,963 7,993,523 5,409,723 5,056,215
Net financial
exp. (742,183) (781,349) (388,306) (385,780)
----------------------------------------------------------------
Net profit 14,463,780 7,212,174 5,021,417 4,670,435
----------------------------------------------------------------
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Earnings
per share $1.49 $0.74 $0.52 $0.48
Cash flow
per share $1.84 $1.09 $0.69 $0.66
The strong market conditions are reflected in the net profit so
far in 2001 which is two times higher than for the same period in
2000.
The contracts for the NAT vessels are drawn up in a way that
secures income 365 days a year for the vessels and no off-hire.
The contracts with BP Shipping commenced on October 1, 1997 and
run for minimum 7 years and maximum 14 years if all options are
declared.
NAT will always achieve rates that correspond to the spot market
for modern suezmax tankers, but will not be below $ 22,000 per
day (T/C equivalent), which is the agreed minimum rate with BP
Shipping.
The quarterly dividend paid since 1998 has been as follows:
Q1 1998: $0.40
Q2 1998: $0.41
Q3 1998: $0.32
Q4 1998: $0.30 All 1998 : $1.43
Q1 1999: $0.32
Q2 1999: $0.32
Q3 1999: $0.35
Q4 1999: $0.36 All 1999 : $1.35
Q1 2000: $0.34
Q2 2000: $0.45
Q3 2000: $0.67
Q4 2000: $1.10 All 2000 : $2.56
Q1 2001 $1.41
Q2 2001 $1.19
Q3 2001 $0.72 So far 2001 : $3.32
Balance sheet for Nordic American Tanker Shipping Ltd per 6.30.01
and 12.31.00
(figures in USD)
06.30.01 12.31.00
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Vessels 145,159,525 148,575,045
Current assets 3,646,598 10,344,534
Cash deposits 4,988,949 1,922,925
------------------------------------------------------------
Total assets 153,795,072 160,842,504
Shareholderss equity 120,025,586 130,799,004
Long term debt 30,000,000 30,000,000
Prepaid hire 3,725,989
Accrued interest 43,497 43,500
------------------------------------------------------------
Total liabilities & equity 153,795,072 160,842,504
Ugland Nordic Shipping ASA (UNS), an Oslo Stock Exchange listed
company holding 13.8% of the shares in NAT, is the manager of
NAT.
Sandefjord, Norway, July 10, 2001
Contacts: Herbjorn Herbjorn Hansson or Niels Erik Feilberg
Ugland Nordic Shipping ASA, Norway
Tel: (47)-33-42 15 00, Fax: (47)-33-42 15 45
or
Gary J. Wolfe
Seward & Kissel, New York, USA
Tel: (1) 212-574-1223, Fax: (1) 212-480-8421
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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: July 11, 2001 By: /s/ Herbjorn Hansson
_________________________
Herbjorn Hansson
President and Chief
Executive Officer
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