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 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 October 16, 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.
FOR IMMEDIATE RELEASE
Nordic American Tanker Shipping Ltd. (NAT) - (AMEX:NAT) (OSE:NAT) announces
dividend payment despite low tanker markets
As of 09/30/02 (per 3rd quarter 2002) NAT had an operating profit of $5.5m as
against $18.9m during the same period last year. The net profit per September
30, 2002 was $4.2m as against $17.8m in the same period last year. The decrease
in the earnings in the first nine months of 2002 compared to the same period in
year 2001 is a result of tanker rates were high during the first nine months of
year 2001.
The result for the 3rd quarter 2002, enables the company to pay a 4th quarter
2002 dividend of $0.32 per share. Including the dividend for the 4th quarter of
2002, the total dividend paid in 2002 is $1.35 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 4th quarter 2002
dividend of $0.32 will be paid on or about November 15th to shareholders of
record as of October 25th 2002. The next dividend payment from NAT will be
declared in January 2003.
Under the contracts with BP Shipping, NAT achieves rates that correspond to the
spot market for modem 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 third quarter of 2002 (not the NAT vessels) was below
the agreed minimum rate with the charterer BP Shipping. The spot market rate in
the third quarter was at the same level as the second quarter of 2002. The 3rd
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 and second 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
--------------------------------------------------------------------------------
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 22,000
4th Quarter 22,000 59,059 22,617
NAT has 9.706.606 shares in issue.
The results for the third quarter of 2002 compared to the same quarter last year
and the full year of 2001, are as follows:
INCOME STATEMENT INFORMATION
All figures in USD
1/1-9/30 1/1-9/30 3rd Qtr. 3rd Qtr. All
2002 2001 2002 2001 2001
----------------------- ----------- ----------- ----------- ----------- -----------
Revenue 11,056,500 24,463,388 3,726,000 5,566,283 28,359,568
Ship Broker Commissions (138,206) (138,207) (46,575) (46,576) (184,781)
Management Fee Expense (187,500) (187,500) (62,500) (62,500) (250,000)
Insurance Expense (63,000) (52,499) (21,000) (17,501) (72,333)
Other Expenses (33,381) (28,772) (15,024) (4,779) (31,406)
Depreciation (5,123,280) (5,123,280) (1,707,760) (1,707,760) (6,831,040)
----------- ----------- ----------- ----------- -----------
Net Operating Income 5,511,133 18,933,130 1,873,141 3,727,167 20,990,008
Financial Income 16,836 175,500 5,368 30,632 189,244
Financial Expenses (1,327,121) (1,335,415) (444,773) (448,364) (1,793,776)
----------- ----------- ----------- ----------- -----------
Net Financial Items (1,310,285) (1,159,915) (439,406) (417,732) (1,604,532)
----------- -------------------------- ----------- -----------
Net Profit 4,200,848 17,773,215 1,433,735 3,309,435 19,385,476
----------- -------------------------- ----------- -----------
Earnings per Share 0.43 1.83 0.15 0.34 2.00
Cash Flow per Share 0.96 2.36 0.32 0.52 2.70
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 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 0.32
--------------------------------------------------------------------------------
Total USD 0.30 1.43 1.35 2.56 3.87 1.35
--------------------------------------------------------------------------------
Balance sheet for Nordic American Tanker Shipping Ltd per 9.30.02 and 12.31.01
(Figures in USD)
9.30.02 12.31.01
Vessels 136,620,725 141,744,005
Current assets 39,575 283,615
Cash deposits 191,491 630,868
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Total assets 136,851,791 142,658,488
==================================================================
Shareholder's equity 106,822,791 112,619,822
Long term debt 30,000,000 30,000,000
Current liabilities 29,000 38,666
------------------------------------------------------------------
Total liabilities & equity 136,851,791 142,658,488
==================================================================
October 14, 2002
Contacts: Gary J. Wolfe
Seward & Kissel, New York, USA
Tel: (1) 212-574-1223, Fax: (1) 212-480-8421 or
Niels Erik Feilberg
Ugland Nordic Shipping AS, Norway
Tel: (47)-33-42 15 00, Fax: (47)-33-42 15 45
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 17, 2002 By:/s/ Herbjorn Hansson
----------------------------
Herbjorn Hansson
President and
Chief Executive Officer
01318.0002 #356655