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Commission File No. 1-13944
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 April, 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 the press release of
Nordic American Tanker Shipping Limited (the "Company") issued on
April 15, 1998 relating to a cash distribution in the amount of
$0.41 on or about May 12, 1998, to shareholders of record as of
April 27, 1998.
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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Ugland Nordic Shipping
FOR IMMEDIATE RELEASE
NORDIC AMERICAN TANKER SHIPPING LTV (NAT) - ANNOUNCES DIVIDEND
OF USD 0.41.
Hamilton, Bermuda, April 15, 1998. Nordic American Tanker
Shipping Limited ("NAT") (American Stock Exchange: NAT) (Oslo
Stock Exchange: NAT) announced that its Board of Directors has
declared a dividend of USD 0.41 for the second quarter of 1998.
The dividend will be paid on or about May 12, 1998 to
shareholders of record as of April 27, 1998.
For the first quarter of 1998, SP Shipping has paid UST)
1,223,699 as additional hire for the 3 suezmax tankers owned by
NAT on charter to BP Shipping. The hire rate for the first
quarter has been calculated in accordance with the charter with
BP Shipping at USD 26,532/day/ship. This is USD 4,532 in excess
of the guaranteed minimum hire rate payable by BP Shipping of USD
22,000/day/ship.
Background
Management is very pleased to observe the continued strong
results from the NAT fleet of modern double-hulled suezmax ships.
The decision to declare the dividend payment for the second
quarter in the amount of USD 0,471 is a consequence of NAT having
received additional hire for the first quarter of 1996 and a hire
payment for the second quarter of 1998 which 13 based upon the
agreed minimum rate.
The additional hire for the tankers in each 3-month period is
calculated based upon market conditions for similar tankers,
applying an agreed formula. The minimum hire is paid in advance
every quarter, while the additional hire is paid in arrears every
quarter.
In July 1998 BP Shipping will pay hire for the third quarter of
1998 based upon the minimum rate. Whether there will be any
additional hire for the second quarter of 1998 payable at that
time will be dependent upon market conditions for suezmax tankers
on the routes which are included in the hire formula between NAT
and SP Shipping.
The structure of paying the minimum hire rate in advance every
quarter and a possible additional hire rate in arrears each
quarter has been agreed to continue through the charter period of
minimum 7 years and maximum 14 years.
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The charters with BP Shipping are guaranteed by it;s parent
company, The British Petroleum Company plc.
A portion of the dividend paid by NAT may be deemed return at
capital for U.S. income tax purposes.
The Oslo listed Ugland Nordic Shipping (UNS), holding 15W of NAT'
a outstanding common shares, is manager of NAT.
Contacts: Herbjorn Hansson/
Niels Erik FeilbezS
Ugland Nordic Shipping ASA
Sandefiord, Norway
Tel.: (47)-33-42 15 00
Fax : (47)-33-42 15 45
Gary J. Wolfe
Seward & Kissel
New York, USA
Tel.: (1)-212-574-1223
Fax : (1)-212-480-8421
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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: April 20, 1998 By: /s/ Herbjorn Hansson
_________________________
Herbjorn Hansson
President and Chief
Executive Officer
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01318002.AU6
