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 January 2002
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
January 10, 2002.
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.
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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 12/31/01 (full year 2001) NAT had an operating profit of
$21.0 m as against $29.2 m during the same period last year. The
net profit was $19.4 m as against $27.7 m in the same period last
year. Operating profit in the 4th quarter of 2001 was $2.1 m as
against $12.1 m in the same period last year. The net profit in
the 4th quarter of 2001 was $1.6 m as against $11.7 m last year.
The relative significant decrease in the earnings in the 4 th
quarter 2001 compared to the same period in year 2000 is a result
of that the tanker rates were exceptionally high in the fall of
year 2000.
The result enables the company to pay a 1st quarter 2002 dividend
of $0.36 per share. The total dividend paid in 2001 was $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 1st quarter
2002 dividend of $0.36 will be paid on or about February 15th to
shareholders of record as of January 25th 2002. The next dividend
payment from NAT will be declared in April 2002.
The market for Suezmax tankers in the fourth quarter 2001was down
compared to the third quarter of 2001. The 4th quarter 2001 time
charter (T/C) equivalent was $22,617 compared to $28,668 in the
third quarter of 2001. The results of the NAT's three Suezmax
tankers, which are on contract to BP Shipping, are directly
linked to the general spot market for Suezmax tankers.
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.
Under the contracts with BP Shipping, NAT achieves rates that
correspond to the spot market for modern Suezmax tankers, but not
below $ 22,000 per day (T/C equivalent), which is the agreed
minimum rate with BP Shipping.
The quarterly T/C equivalent since 1999 has been as follows:
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Period 1999 2000 2001
-------------------------------------------------------
1st Quarter 22,000 26,079 51,607
2nd Quarter 22,000 33,701 35,088
3rd Quarter 22,000 48,153 28,668
4th Quarter 22,000 59,059 22,617
NAT has 9.706.606 shares in issue.
The results for 2001 compared with the same period last year, and
the fourth quarter of 2001 compared to the same quarter last year
are as follows:
INCOME STATEMENT INFORMATION
All figures in USD
1/1 - 31/12 1/1 - 31/12 4th Qtr. 4th Qtr.
2001 2000 2001 2000
----------------------- ------------ ----------- --------- ---------
Revenue 28,359,568 36,577,262 3,896,180 13,954,286
Ship Broker Commissions (184,781) (185,288) (46,574) (46,575)
Management Fee Expense (250,000) (250,000) (62,500) (62,500)
Insurance Expense (72,333) (82,500) (19,834) (18,750)
Other Expenses (31,406) (40,791) (2,634) (14,241)
Depreciation (6,831,040) (6,831,040) (1,707,760) (1,707,760)
---------- ---------- ---------- ----------
Net Operating Income 20,990,008 29,187,643 2,056,878 12,104,460
Financial Income 189,244 277,552 13,744 94,168
Financial Expenses (1,793,776) (1,796,231) (458,361) (458,325)
---------- ---------- --------- ----------
Net Financial Items (1,604,532) (1,518,679) (444,617) (364,157)
---------- ---------- --------- ----------
Net Profit 19,385,476 27,668,964 1,612,261 11,740,303
---------- ---------- --------- ----------
Earnings per Share 2.00 2,85 0,17 1,21
Cash Flow per Share 2,70 3,55 0,34 1,39
The quarterly dividend paid since the commencement in 1997 has been as
follows:
Period 1997 1998 1999 2000 2001 2002
------------------------------------------------------------
1st Quarter 0.40 0.32 0.34 1.41 0.36
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
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Balance sheet for Nordic American Tanker Shipping Ltd per
12.31.01 and 12.31.00 (figures in USD)
12.31.01 12.31.00
Vessels 141,744,005 148,575,045
Current assets 283,61 10,344,534
Cash deposits 630,868 1,922,925
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Total assets 142,658,488 160,842,504
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Shareholders's equity 112,619,822 130,799,004
Long term debt 30,000,000 30,000,000
Accrued interest 38,666 43,500
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Total liabilities & equity 142,658,488 160,842,504
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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: January 10, 2002 By:/s/ Herbjorn Hansson
--------------------------
Herbjorn Hansson
President and
Chief Executive Officer
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01318002.BA3