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 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
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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
Attached hereto is a copy of an earnings release
issued by Nordic American Tanker Shipping Limited (the "Company")
on July 8, 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.
[LOGO]
Nordic American Tanker Shipping Ltd. (NAT) - (AMEX: NAT)
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(OSE: NAT) announces good results and dividend payment despite
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low tanker markets
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As of 06/30/02 (per 2nd quarter 2002) NAT had an operating profit
of $3.6 m as against $7.9 m during the same period last year. The
net profit per June 30, 2002 was $2.8 m as against $7.2 m in the
same period last year. The decrease in the earnings in the first
half of 2002 compared to the same period in year 2001 is a result
of spot tanker rates having been high during the first half of
year 2001.
The result for the 2nd quarter 2002, enables the company to pay a
3rd quarter 2002 dividend of $0.33 per share. Including the
dividend for the 3rd quarter of 2002, the total dividend paid so
far in 2002 is $1.03 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 3rd quarter 2002 dividend of $0.33 will be paid on or about
August 15th to shareholders of record as of July 26th 2002. The
next dividend payment from NAT will be declared in October 2002.
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 spot market for Suezmax
tankers in the second quarter of 2002 (not the NAT vessels) was
below the agreed minimum rate with the charterer BP Shipping. The
spot market rate in the second quarter was at the same level as
the first quarter of 2002. The 2nd quarter 2002 time charter
(T/C) equivalent for the NAT vessel was the agreed minimum rate
of $22,000 which was the same as in the first quarter of 2002.
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.
The quarterly T/C equivalent for the NAT vessels has since 1999
been as follows:
Period 1999 2000 2001 2002
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1st Quarter 22,000 26,079 51,607 22,000
2nd Quarter 22,000 33,701 35,088 22,000
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 the first quarter of 2002 compared to the same
quarter last year, the last quarter of 2001 and the full year of
2001, are as follows:
INCOME STATEMENT INFORMATION
Allfigures in USD
1/1-6/30 1/1-6/30 2nd Qtr. 2nd Qtr. All
2002 2001 2002 2001 2001
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Revenue 7330500 11 678940 3685500 7258087 28359568
Ship Broker Commissions (91631) (92 137) (46069) (46069) (184781)
Management Fee Expense (125000) (125000) (62500) (62500) (250000)
Insurance Expense (42000) (42500) (21000) (17499) (72333)
Other Expenses (18356) (10260) (2505) (14536) (31406)
Depreciation (3415 520) (3415 520) (1 707760) (1707760) (6831 040)
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Net Operating Income 3637992 7993523 1 845665 5409723 20990008
Financial Income 11468 108207 5326 55232 189244
Financial Expenses (882348) (889556) (451 938) (443538) (1 793776)
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Net Financial Items (870880) (781 349) (446611) (388306) (1 604532)
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Net Profit 2767113 7212174 1399054 5021417 19385476
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Earnings per Share 0,29 0,74 0,14 0,52 2,00
Cash Flow per Share 0,64 1,09 0,32 0,69 2,70
The quarterly dividend paid since the commencement in 1997 has
been as follows:
Period 1997 1998 1999 2000 2001 2002
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1st Quarter 0.40 0.32 0.34 1.41 0.36
2nd Quarter 0.41 0.32 0.45 1.19 0.34
3rd Quarter 0.32 0.35 0.67 0.72 0.33
4th Quarter 0.30 0.30 0.36 1.10 0.55
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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
6.30.02 and 12.31.01 (Figures in USD)
6.30.02 12.31.01
Vessels 138,328,485 141,744,005
Current assets 64,195 283,615
Cash deposits 229,626 630,868
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Total assets 138,622,306 142,658,488
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Shareholder's equity 108,592,261 112,619,822
Long term debt 30,000,000 30,000,000
Current liabilities 30,045 38,666
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Total liabilities & equity 138,622,306 142,658,488
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Ugland Nordic Shipping AS (UNS), domiciled in Norway and holding
10.3 % of the shares in NAT, is the manager of NAT.
Sandefjord, Norway, July 8, 2002
Contacts: Herbj0rn Hansson or Niels Erik Feilberg
Ugland Nordic Shipping AS, 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
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 8, 2002 By:/s/ Herbjorn Hansson
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Herbjorn Hansson
President and
Chief Executive Officer
01318.0002 #335730