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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 January, 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
January 14, 1998 relating to a cash distribution to shareholders
of record as of January 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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January 14, 1998
FOR IMMEDIATE RELEASE
Contact: Herbjorn Hansson
Ugland Nordic Shipping ASA
Sandefjord, Norway
Tel: 011-47-33-46-86-08
NORDIC AMERICAN TANKER SHIPPING LTD (NAT) - ANNOUNCES DIVIDEND OF
USD 0.40
Hamilton, Bermuda, January 14, 1998. Nordic American Tanker
Shipping Limited ("NAT") (ASE: NAT) (OSE: NAT) announced that its
Board of Directors has declared a dividend of USD 0.40 for the
first quarter of 1998. The dividend will be paid on or about
February 10, 1998 to shareholders of record as of January 27,
l998.
For the fourth quarter of 1997, BP Shipping has paid
USD 1,499,380 as additional hire for the 3 Suezmax tankers owned
by NAT on charter to BP Shipping. The hire rate for the 4th
quarter has been calculated in accordance with the charter with
BP Shipping at USD 27,432/day/ship. This is USD 5,432 in excess
of the guaranteed minimum hire rate payable by BP Shipping of
USD 22,000/day/ship.
Background
In September 1997, NAT received hire in advance from BP Shipping,
based upon the minimum rate of USD 22,000/day for the fourth
quarter of 1997.
The decision to declare the dividend payment by NAT in the amount
of USD 0.40 is a consequence of NAT having received additional
hire for the fourth quarter of 1997 and a hire payment for the
first quarter of 1998 which is 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 April 1998 BP Shipping will pay hire for the second quarter of
1998 based upon the minimum rate. Whether there will be any
additional hire for the first quarter of 1998 payable at that
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time will be dependent upon market conditions for Suezmax tankers
on the routes which are included in the hire formula between NAT
and BP 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 and is expected to be continued through
the charter period of minimum 7 years and maximum 14 years.
The charters with BP Shipping are guaranteed by its parent
company, The British Petroleum Company plc.
A portion of the dividend paid by NAT may be deemed return of
capital for U.S. income tax purposes.
Ugland Nordic Shipping (UNS), holding 15% of NAT's outstanding
common shares, is manager of NAT.
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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: January 14, 1998 By: /s/ Herbjorn Hansson
_________________________
Herbjorn Hansson
President and Chief
Executive Officer
5
01318002.AS4
