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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 August, 1997
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
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein is a copy of the Report to the
Warrantholders for the quarter ended June 30, 1997 of Nordic
American Tanker Shipping Limited (the "Company"), as the same was
first mailed on August 4, 1997 to the holders of the Company's
Warrants each to Purchase One Common Share. Such report contains
certain unaudited financial information and is being furnished to
such holders pursuant to Section 15 of the Warrant Agreement dated
as of September 19, 1995 among the Company, Nordic American
Shipping A/S and Chase Mellon Shareholder Services LLC (formerly
Chemical Mellon Shareholder Services LLC.)
ADDITIONAL INFORMATION
The British Petroleum Company p.l.c. 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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NORDIC AMERICAN TANKER SHIPPING LIMITED
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
June 30, 1997
OVERVIEW
In September 1995, the Company offered and sold to the
public 11,731,613 Warrants at the initial public offering price of
$5.00 per Warrant. The exercise price of a Warrant is $10.21.
Prior to the Exercise Date (September 30, 1997), the Company is
not expected to have any operations other than certain limited
operations related to the acquisition of the Vessels, which are
under construction by the Builder and certain activities in
connection with the exercise of the Warrants.
Pursuant to the Charters, the Charterer has agreed to
charter each Vessel for a period commencing on the earlier of the
Exercise Date and the delivery date of such Vessel (currently
expected between August and December 1997) from the Builder and
ending on a date approximately seven years after the Exercise
Date. Each Charter is subject to extension at the option of the
Charterer for up to seven successive one-year periods upon at
least twelve months' prior notice to the Company of each such
extension. The obligation of the Charterer to pay charterhire for
each Vessel will commence on the Exercise Date regardless of
whether, or when, such Vessel is delivered. During the term of
each Charter (including any extension thereof) the Charterer is
obligated to pay (i) the Base Rate, which is charterhire at a
fixed minimum daily rate of $13,500 per Vessel per day, payable
quarterly in advance and (ii) Additional Hire, to the extent spot
charter rates exceed certain levels, payable quarterly in arrears
commencing in January 1998. The amount of Additional Hire, if any,
will be determined by the Brokers Panel, and may vary quarterly.
The Company has announced that the Board of Directors is
considering submitting to its shareholders a proposal following
the Exercise Date to amend the Company's Bye-laws in order to
permit the Company to incur debt to be used primarily to fund a
dividend to shareholders at some time following the exercise of
the Warrants. The decision whether to submit such proposal will
not be made until after the Exercise Date, and holders of Warrants
should not assume that such proposal will be submitted by the
Board of Directors. The Company is required by its agreements
prior to the Exercise of the Warrants on September 30, 1997 to
prepare and distribute a prospectus to the registered Warrant
Holders of the Company covering the common shares that are
issuable on exercise.
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RESULTS OF OPERATIONS
The Company had no revenue for the period from January 1,
1997 through June 30, 1997 (the "Report Period"). The Company
does not expect to have any revenues until the Exercise Date,
after which time its revenues will consist of the charterhire
payable under the Charters.
Expenses during the Report Period were $214,412. Such
expenses resulted from accrual of a portion of the management fee
(the "Management Fee") paid to the Manager and the payment of the
insurance premium in respect of the Company's directors' and
officers' and liability insurance. There can be no assurance,
however, that the Company will not have other cash expenses or
contingent liabilities for which reserves will be required.
The Company had no income tax liabilities for the Report
Period.
LIQUIDITY AND CAPITAL RESOURCES
Total assets and total shareholder's equity of the
Company at March 31, 1997 was $51,385,267 compared to $51,493,839
at March 31, 1997. The change was due to the accrual of the
Management Fee and insurance premium described above.
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BALANCE SHEET INFORMATION
June 30, 1997
ASSETS
Cash and cash on deposit $ 70,261
Deferred Management Fee $ 0
Prepaid insurance $90,246
Vessels under construction $ 51,224,760
Total assets $51,385,267
SHAREHOLDER'S EQUITY
82,237 common shares, par value $ 822
$0.01 per share, outstanding
50 million authorized
12,000 class B shares, par value $ 12,000
$1.00 per share authorized and
outstanding
11,731,613 warrants to purchase $51,160,363
common shares, net
Additional paid-in capital $ 999,180
Deficit $ (787,098)
Total equity $51,385,267
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INCOME STATEMENT INFORMATION SIX MONTHS ENDED
June 30, 1997
Revenue $ 0
Management Fee Expense $124,658
Insurance Expense $ 89,754
Net Loss $214,412
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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: August 12, 1997 By: /s/Herbjorn Hansson
___________________
Herbjorn Hansson
President and Chief
Executive Officer
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01318002.AP9
