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 October, 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
Attached hereto is a copy of an earnings release issued
by Nordic American Tanker Shipping Limited (the "Company") on
October 15, 2001.
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.
2
FOR IMMEDIATE RELEASE
Nordic American Tanker Shipping Ltd. (NAT) - (AMEX: NAT) (OSE:
NAT) announces good results and dividend payment despite falling
tanker markets
As of 09/30/01 (per 3rd quarter 2001) NAT had an operating profit
of $18.9 m as against $17.1 m during the same period last year.
The net profit was $17.8 m as against $15.9 m in the same period
last year.
The result enables the company to pay a 4th quarter 2001 dividend
of $0.55 per share. Including the dividend for the 4th quarter
of 2001 the total dividend paid in 2001 is $3.87 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 4th quarter 2001 dividend
of $0.55 will be paid on or about November 15th to shareholders
on record as of October 26th 2001. The next dividend payment from
NAT will be declared in January 2002.
Whilst the market for Suezmax tankers in the third quarter 2001
remained relatively strong, it was down compared to the second
quarter of 2001. The results of the NAT's three suezmax tankers,
which are on contract to BP Shipping, are directly linked to spot
market developments.
Average T/C rate for the NAT vessels was $28.668 per day in the
third quarter of 2001, compared to $35,088 per day in the second
quarter of 2001 and $ 51,607 per day in the first quarter of
2001. In year 2000 the average T/C rates were $59,059 per day in
the fourth quarter, $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.
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 third quarter of 2001 compared to the
same quarter last year are as follows:
3
INCOME STATEMENT INFORMATION
All figures in USD
1/1-9/30 1/1-9/30 3rd Qtr. 3rd Qtr. 1/1-31/12
2001 2000 2001 2000 2000
_________________ ________ ________ ________ ________ _________
Revenue 24,463,388 22,622,976 5,566,283 10,944,036 36,577,262
Ship Broker
Commissions (1387,207) (138,713) (46,576) (46,576) (185,288)
Management Fee
Expense (187,500) (187,500) (62,500) (62,500) (250,000)
Insurance Expense (52,499) (63,750) (17,501) (21,250) (82,500)
Other Expenses (28,772) (26,550) (4,779) (16,290) (40,791)
Depreciation (5,123,280 (5,123,280) 1,707,760) (1,707,760) (6,831,040)
__________ ___________ __________ __________ __________
Net Operating
Income 18,933,130 17,083,183 3,727,167 9,089,660 29,187,643
Financial Income 175,500 183,384 30,632 75,177 277,552
Financial
Expenses (1,335,415) (1,337,906) (448,364) (448,350) (1,796,231)
___________ ___________ _________ _________ __________
Net Financial
Items (1,159,915) (1,154,522) (417,732) (373,173) (1,518,679)
Net Profit 17,773,215 15,928,661 3,309,435 8,716,487 27,668,964
__________ __________ _________ _________ __________
Earnings per Share 1,83 1,64 0,34 0,90 2,85
Cash Flow per Share 2,36 2,17 0,52 1,07 3,55
4
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 the commencement in 1997 has
been as follows:
Period 1997 1998 1999 2000 2001
-------------------------------------------------------------
1st Quarter 0.40 0.32 0.34 1.41
2nd Quarter 0.41 0.32 0.45 1.19
3rd Quarter 0.32 0.35 0.67 0.72
4th Quarter 0.30 0.30 0.36 1.10 0.55
-------------------------------------------------------------
Total USD 0.30 1.43 1.35 2.56 3.87
-------------------------------------------------------------
Balance sheet for Nordic American Tanker Shipping Ltd per 9.30.01
and 12.31.00 (figures in USD)
09.30.01 12.31.00
Vessels 143,451,765 148,575,045
Current assets 1,920,472 10,344,534
Cash deposits 1,007,813 1,922,925
_______________________________________________________
Total assets 146,380,050 160,842,504
_______________________________________________________
Shareholders's equity 116,346,220 130,799,004
Long term debt 30,000,000 30,000,000
Accrued interest 33,830 43,500
_______________________________________________________
Total liabilities &
equity 146,380,050 160,842,504
_______________________________________________________
5
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: October 15, 2001 By:/s/ Herbjorn Hansson
--------------------------
Herbjorn Hansson
President and
Chief Executive Officer
6
01318002.BA0