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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 February 1998
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 notice to shareholders of
Nordic American Tanker Shipping Limited (the "Company") issued on
February 17, 1998, setting forth certain tax information for
United States taxpayers who make a "Qualified Electing Fund"
election with respect to their shareholdings in the Company in
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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February 17, 1998
To: The Shareholders of
Nordic American Tanker Shipping Limited
That Are United States Taxpayers
As you are aware, Nordic American Tanker Shipping
Limited ("Nordic American") is a "Passive Foreign Investment
Company" ("PFIC") for United States federal income tax purposes.
The following is a PFIC annual information statement for the
taxable year of Nordic American beginning on January 1, 1997 and
ending on December 31, 1997. This statement is being provided so
that you may report your pro rata share of Nordic American's
income in the event that you have elected to treat Nordic
American as a "qualified electing fund" ("QEF") under the
applicable provisions of the United States Internal Revenue Code.
This statement should be attached to your IRS Form 8621,
"Return by a Shareholder of a Passive Foreign Investment Company
or Qualified Electing Fund". In order to assist you in
completing Form 8621, the address of Nordic American is: Cedar
House, 41 Cedar Avenue, Hamilton HM 12, Bermuda.
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PFIC Annual Information Statement
1. This Information Statement applies to the taxable year of
Nordic American Tanker Shipping Limited ("Nordic American")
beginning on January 1, 1997 and ending on December 31, 1997
(the "Taxable Year").
2. (i) Your pro rata share of the ordinary earnings of Nordic
American for the Taxable Year may be determined as
follows:
(a) If you owned the same number of Nordic American
shares from January 1, 1997 through December 31,
1997, multiply the number of such Nordic American
shares by $0.3406.1
(b) If you did not own Nordic American shares for the
entire period beginning January 1, 1997 and ending
December 31, 1997, multiply the number of shares
you owned by $0.3406, divide the result by 365, and
multiply by the number of days during 1997 that you
held such shares.2
(c) If you owned different numbers of Nordic American
shares at different times during 1997, perform the
calculation specified in (b) above separately for
each lot of shares owned.
____________________
1. It is not clear whether a warrant to acquire a Nordic
American share should be treated as a share for these
purposes. The per share amount set forth above was computed
by treating the warrants as shares. If the warrants are not
treated as shares, the per share amount would be $0.0858
since the issuance of shares pursuant to the warrant exercise
occurred on October 1, 1997.
2. As noted in note 1, it is not clear whether a warrant to
acquire a Nordic American share should be treated as a share
for these purposes. If warrants are treated as shares you
would make this calculation based on the number of days
during 1997 that you owned warrants or shares. For example,
if warrants are treated as shares and you acquired 100
warrants on July 1, 1997, acquired shares on October 1, 1997
by exercising the warrants, and held the shares throughout
the remainder of 1997, your pro rata share of Nordic
American's ordinary earnings would be $17.17 (i.e. 100 x
$0,3406 x 184/365. However, if the warrants are not treated
as shares, your pro rata share of Nordic American's ordinary
earnings for 1997 would be $8.58 (i.e. 100 x $0.3406 x
92/365).
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(ii) Your pro rata share of the net capital gain of Nordic
American for the Taxable Year is zero.
3. The amount of cash and fair market value of other property
distributed or deemed distributed by Nordic American during
the Taxable Year is as follows:
Cash: See note3
Fair Market Value of Property: 0
4. Nordic American will permit you to inspect and copy Nordic
American's permanent books of account, records, and such
other documents as may be maintained by Nordic American that
are necessary to establish that PFIC ordinary earnings and
net capital gain, as provided in section 1293 (e) of the
Internal Revenue Code, are computed in accordance with U.S.
income tax principles.
NORDIC AMERICAN TANKER SHIPPING
LIMITED
Date: February 17, 1998 By: /s/ Herbjorn Hansson
_____________________________
Title: CHAIRMAN
THIS INFORMATION IS PROVIDED IN ORDER TO ASSIST THOSE
SHAREHOLDERS WHO HAVE MADE A QEF ELECTION WITH RESPECT TO NORDIC
AMERICAN IN MAKING CERTAIN PFIC CALCULATIONS, AND DOES NOT
CONSTITUTE TAX ADVICE. THOSE SHAREHOLDERS ARE ADVISED TO CONSULT
THEIR OWN TAX ADVISORS CONCERNING THE OVERALL TAX CONSEQUENCES
ARISING IN THEIR OWN PARTICULAR SITUATIONS UNDER UNITED STATES
FEDERAL, STATE LOCAL OR FOREIGN LAW OF THE OWNERSHIP OF COMMON
SHARES.
____________________
3. On November 10, 1997, Nordic American made a distribution of
$0.30 per share to shareholders of record on October 27,
1997. Nordic American's earnings and profits for the Taxable
Year exceeded the amount of the distribution. Accordingly,
100% of the distribution represents a dividend and no portion
of the distribution is a return of capital.
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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: February 24, 1998 By: /s/ Herbjorn Hansson
_________________________
Herbjorn Hansson
President and Chief
Executive Officer
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