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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 March, 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
March 2, 1999 relating to the provision of tax information for
1998 required by its U.S. shareholders who have made a "QEF"
election.
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FOR IMMEDIATE RELEASE
NORDIC AMERICAN TANKER SHIPPING LIMITED
ANNOUNCES FILING OF TAX INFORMATION WITH SEC
Contact: Niels Erik Feilberg Gary J. Wolfe
Ugland Nordic Shipping ASA Seward & Kissel LLP
Tel: 011-47-33-42-15-00 Tel. 212-574-1223
Hamilton, Bermuda, March 2, 1999. Nordic American Tanker
Shipping Limited (the "Company") (AMEX--NAT; OSE--NAT) announced
today that it had filed via EDGAR with the Securities and Exchange
Commission the tax information for 1998 required by its U.S.
shareholders who have made a "QEF" election. The statement sets
forth amounts of 1998 distributions that are deemed dividends and
return of capital. The Company also intends to mail such
information to U.S. shareholders later this week or early next
week.
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[LOGO]
Nordic American
Tanker Shipping Limited
Cedar House
41 Cedar Avenue
P.O. Box HM 1179
Hamilton HM EX, Bermuda
February 26, 1999
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, 1998 and
ending on December 31, 1998. 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.
You should keep this statement in your records, but,
unlike last year, you do not need to attach this statement 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, 1998 and ending on December 31, 1998
(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, 1998 through December 31,
1998, multiply the number of such Nordic American
shares by $0.511544.
(b) If you did not own Nordic American shares for the
entire period beginning January 1, 1998 and ending
December 31, 1998, (i) multiply the number of
shares that you owned at any time during the period
beginning January 1, 1998 and ending December 28,
1998 (the date that Nordic American repurchased
some of its shares pursuant to a tender offer) by
the product of $0.001399 times the number of days
during such period that you held such shares;
(ii) multiply the number of shares you owned at any
time during the the period beginning December 29,
1998 and ending December 31, 1998 by the product of
$0.001702 times the number of days during such
period that you held such shares; and (iii) add the
results of steps (i) and (ii) above.1
(c) If you owned different numbers of Nordic American
shares at different times during 1998, perform the
calculation specified in (b) above separately for
each lot of shares owned.
(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 the fair market value of other
property distributed or deemed distributed by Nordic
American during the Taxable Year is as follows:
_____________________
1. For example, if you acquired 100 shares on July 1, 1998 and
held them throughout the remainder of 1998, your pro rata
share of Nordic American's ordinary earnings would be $25.83
(i.e., 100 x $0.001399 x 181 plus 100 x $0.001702 x 3).
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Cash: See note2
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 to
establish that Nordic American's ordinary earnings and net
capital gain are computed in accordance with U.S. income tax
principles, and to verify these amounts and your pro rata
shares thereof.
NORDIC AMERICAN TANKER
SHIPPING LIMITED
Date: February 26, 1999 By: 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 OF
THE OWNERSHIP OF COMMON SHARES ARISING IN THEIR OWN PARTICULAR
SITUATIONS UNDER UNITED STATES FEDERAL, STATE, LOCAL OR FOREIGN
LAW.
_____________________
2. On February 10, 1998, Nordic American made a distribution of
$0.40 per share to shareholders of record on January 27,
1998. On May 12, 1998, Nordic American made a distribution
of $0.41 per share to shareholders of record on April 27,
1998. On August 12, 1998, Nordic American made a
distribution of $0.32 per share to shareholders of record on
July 27, 1998. On November 12, 1998, Nordic American made a
distribution of $0.30 per share to shareholders of record on
October 27, 1998. The total amount of the distributions
exceeded the sum of Nordic American's earnings and profits
for the Taxable Year and Nordic American's earnings and
profits accumulated in prior years. Accordingly, 39.55% of
the February distribution is a dividend and 60.45% of the
distribution is a non-taxable return of capital. With
respect to each of the other three distributions, 35.70% of
the distribution is a dividend and 64.30% of the distribution
is a non-taxable 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: March 2, 1999 By: /s/Herbjorn Hansson
___________________
Herbjorn Hansson
President and Chief
Executive Officer
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01318002.AV9
