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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 May, 1999
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 May 21,
1999 relating to the expected increase in its minimum dividend.
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FOR IMMEDIATE RELEASE
May 21, 1999
NORDIC AMERICAN TANKER SHIPPING LTD (NATS)
MINIMUM DIVIDEND EXPECTED TO INCREASE FROM $1.29 TO $1.35 PER YEAR
PER SHARE
NATS (the "Company") owns 3 modern double hull 150,000 dwt suezmax
tankers. The vessels are on contracts to BP Shipping up to
September 2004. Each contract is subject to extension at the
option of charterer for up to 7 successive one year periods.
During the term of each charter, the charterer is obligated to pay
the base rate of $22,000 per day (T/C equivalent) or the market
rate for similar tankers, if the market rate is above the minimum
of $22,000 per day.
On November 30, 1998 the Companys shareholders approved an
amendment of the Companys bye-laws to allow the Company to incur
debt of $30.0 mill in order to repurchase part of its common
shares.
On December 28, 1998 the Company completed a Dutch Auction.
Pursuant to the Dutch Auction the Company purchased 2,107,244 of
its outstanding common shares. The repurchase price per common
share was $12.5. Based on the number of repurchased common shares
and the minimum rate from the charters, the minimum dividend per
share increased from $1.20 to $1.29 per common share per year.
After repurchasing the 2,107,244 common shares and paying related
expenses, the Company has remaining on hand approximately $2.9
mill.
On May 12, 1999 the shareholders General Meeting amended the bye-
laws of the Company to allow the Directors of the Company to
increase the normal quarterly dividend paid to shareholders by use
of the remaining funds. Based on unused borrowings of $2.9 mill
and 9,706,606 outstanding common shares the Board of Directors
estimates that the Company will increase its regular quarterly
dividend by $0.015 for the next 5.5 years. Minimum dividend will
thus increase from $1.29 to $1.35 per common share per year.
Ugland Nordic Shipping ASA, the Manager of the Company, owns
2,043,771 common shares, constituting approx. 21.06% of the
Company.
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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: May 26, 1999 By: /s/Herbjorn Hansson
___________________
Herbjorn Hansson
President and Chief
Executive Officer
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01318002.AW5
