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 January 2003
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 a press release of Nordic
American Tanker Shipping Limited (the "Company") issued as of January 23,
2003.
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.
[NATS LOGO]
Nordic American Tanker Shipping Ltd. (NAT) - (AMEX: NAT) (OSE: NAT)
announces results in 4th quarter with higher dividend payment due to
stronger tanker market.
As of December 31, 2002 (full year 2002) NAT had an operating profit of
$10.6 million as against $21.0 million during the same period last year.
The net profit as of December 31, 2002 was $8.8 million as compared to
$19.4 million in the same period last year. The decrease in earnings in
2002 as compared to 2001 is a result of tanker rates being higher in 2001.
Net profit in the fourth quarter of 2002 was $4.6 million as compared to
$1.6 million in the fourth quarter of 2001.
Stronger tanker rates and the results for the fourth quarter of 2002 has
enabled the Company to pay a 1st quarter 2003 dividend of $0.63 per share.
The total dividend paid in years 2002 and 2001 were $1.35 and $3.87 per
share, respectively. The 1st quarter 2003 dividend of $0.63 will be paid
on or about February 24th to shareholders of record as of February 4th
2003. The next dividend payment from NAT will be declared in April 2003.
Under 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 fourth quarter of 2002 (not the NAT
vessels) was above the agreed minimum rate with the charterer BP Shipping.
The 4th quarter 2002 time charter (T/C) equivalent for the NAT vessel was
$33,868 per day compared to $22,000 in the first, second and third
quarters 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 a minimum of 7 years
and a maximum of 14 years if all options are declared.
The quarterly T/C equivalent for the NAT vessels has been as follows since
1999:
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 33,868
NAT has 9,706,606 shares in issue.
The results for the fourth quarter of 2002 and full year 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 - 12/31 1/1 - 12/31 4th Qtr. 4th Qtr.
2002 2001 2002 2001
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Revenue 18 057 989 28 359 568 7 001 489 3 896 180
Ship Broker Commissions -184 781 -184 781 -46 575 -46 574
Management Fee Expense -250 000 -250 000 -62 500 -62 500
Insurance Expense -86 667 -72 333 -23 667 -19 834
Other Expenses -90 381 -31 406 -57 000 -2 634
Depreciation -6 831 040 -6 831 040 -1 707 760 -1 707 760
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Net Operating Income 10 615 120 20 990 008 5 103 987 2 056 878
Financial Income 21 409 189 244 4 573 13 744
Financial Expenses -1 789 261 -1 793 776 -462 140 -458 361
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Net Financial Items -1 767 852 -1 604 532 -457 567 -444 617
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Net Profit 8 847 268 19 385 476 4 646 420 1 612 261
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Earnings per Share 0,91 2,00 0,48 0,17
Cash Flow per Share 1,62 2,70 0,65 0,34
The quarterly dividend paid since the commencement in 1997 has been as
follows:
Period 1997 1998 1999 2000 2001 2002 2003
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1st Quarter 0.40 0.32 0.34 1.41 0.36 0.63
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
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Total USD 0.30 1.43 1.35 2.56 3.87 1.35
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Balance sheet for Nordic American Tanker Shipping Ltd as of December 31, 2002
and December 31, 2001
(Figures in USD)
12/31/02 12/31/01
Vessels 134,912,965 141,744,005
Current assets 3,388,811 283,615
Cash deposits 277,783 630,868
Total assets 138,579,559 142,658,488
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Shareholder's equity 108,363,097 112,619,822
Long term debt 30,000,000 30,000,000
Current liabilities 216,462 38,666
Total liabilities &
equity 138,579,559 142,658,488
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January 22, 2003
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: January 23, 2003 By:/s/ Herbjorn Hansson
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Herbjorn Hansson
President and
Chief Executive Officer
01318.0002 #379294