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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 October, 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 press release of Nordic
American Tanker Shipping Limited (the "Company") issued on
October 15, 1997 relating to a cash distribution to shareholders
of record as of October 27, 1997.
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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FOR IMMEDIATE RELEASE
NORDIC AMERICAN TANKER SHIPPING LIMITED
ANNOUNCES FIRST CASH DISTRIBUTION
$.30 PER SHARE
Contact: Niels Erik Feilberg
Ugland Nordic Shipping ASA
Tel: 011-47-33-46-86-08
Hamilton, Bermuda, October 15, 1997. Nordic American
Tanker Shipping Limited ("NATS") (ASE: NAT) (OSE: NAT) announced
that its Board of Directors has declared its first cash
distribution, in the amount of $.30 per share. The cash
distribution will be payable on or about November 10, 1997, to
shareholders of record as of October 27, 1997. The declaration
of the cash distribution follows receipt by NATS of its first
payment of charter hire from BP Shipping Ltd., a subsidiary of
The British Petroleum Company plc. BP Shipping charters three
newly built Suezmax oil tankers (two of which have been delivered
from the builder and the third of which is to be delivered in
December of this year) from NATS on a "hell and high water" basis
for a minimum 7-year term. Commencing in January, 1998, pursuant
to the charters the charter hire payable by BP Shipping will be
the greater of a guaranteed minimum rate or a spot market related
rate. The first payment by BP Shipping was at the guaranteed
minimum rate. Charter hire was payable for all three tankers.
Currently, spot market rates are generally higher than the
guaranteed minimum rate, although there can be no assurance that
this situation will continue when BP Shipping's next charter hire
payment is set. The charters are guaranteed by British
Petroleum. NATS is managed by Ugland Nordic Shipping ASA of
Sandefjord, Norway, a publicly traded company which is listed on
the Oslo Stock Exchange, under a Management Agreement with a term
of 15 years
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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: October 16, 1997 By: /s/Herbjorn Hansson
___________________
Herbjorn Hansson
President and Chief
Executive Officer
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01318002.AR1
