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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 1
Name of Issuer: Nordic American Tanker Shipping Limited
Title of Class of Securities: Common Shares
CUSIP Number: G65773106
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Herbjorn Hansson, c/o Ugland Nordic Shipping ASA,
Thor Dahls gt. 1-3, P.O. Box 54, 3201 Sandefjord, Norway
(Date of Event which Requires Filing of this Statement)
February 19, 1999
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule
13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in
a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. G65773106
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
UGLAND NORDIC SHIPPING ASA
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
3. SEC USE ONLY
4. SOURCE OF FUNDS*
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) of 2(e)
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Norway
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH:
7. SOLE VOTING POWER
1,993,771
8. SHARED VOTING POWER
9. SOLE DISPOSITIVE POWER
1,993,771
10. SHARED DISPOSITIVE POWER
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,993,771
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.54%
14. TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
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The purpose of this Amendment No. 1 to the previously filed
Schedule 13D is to report that the ownership of Ugland Nordic
Shipping ASA (the "Reporting Person") in the Common Shares, $.01
par value (the "Shares"), of Nordic American Tanker Shipping
Limited (the "Issuer") has increased. The ownership of the
Reporting Person has increased from 14.9% to 20.54% of the total
Shares outstanding.
Item 1. Security and Issuer
No change.
Item 2. Identity and Background
No change.
Item 3. Source and Amount of Funds or Other Consideration
As of the date hereof, the Reporting Person is deemed to
beneficially own 1,993,771 Shares. All 1,993,771 Shares
are held by the Reporting Person. All of the Shares
were purchased in open market transactions.
42,000 Shares were purchased on February 19, 1999 at a
price of $11.00 per Share for an aggregate purchase
price of $462,000. 10,000 Shares were purchased on
February 24, 1999 at a price of $11.00 per Share for an
aggregate purchase price of $110,000. 11,500 Shares
were purchased on March 3, 1999 at a price of $11.00 per
Share for an aggregate purchase price of $126,500.
150,000 Shares were purchased on March 5, 1999 at the
price of $11.375 per Share for an aggregate purchase
price of $1,706,250. Additionally, 8,800 Shares were
purchased on March 8, 1999 at a price of $11.125 per
Share for an aggregate purchase price of $97,900. The
source of funds for the purchase of the Shares is the
working capital of the Reporting Person. No funds were
borrowed to purchase any of the Shares.
Item 4. Purpose of Transactions
No change.
Item 5. Interest in Securities of Issuer
As of the date hereof, the Reporting Person is deemed to
be the beneficial owner of 1,993,771 Shares. As of the
date hereof, there were 9,706,606 Shares outstanding.
Therefore, the Reporting Person is deemed to
beneficially own 20.54% of the outstanding Shares. The
Reporting Person has the power to vote, direct the vote,
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dispose of or direct the disposition of all the Shares
that it is deemed to beneficially own. All transactions
in the Shares effected by the Reporting person since the
most recent filing on Schedule 13D were effected in
open-market transactions and are set forth in Exhibit 1.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
No change.
Item 7. Material to be Filed as Exhibits
1. A description of the transactions in the Shares
that were effected by the Reporting Person.
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Signature
The undersigned, after reasonable inquiry and to the
best of its knowledge and belief, certifies that the information
set forth in this statement is true, complete and correct.
UGLAND NORDIC SHIPPING ASA
By: /s/ Herbjorn Hansson
Herbjorn Hansson
President and Chief
Executive Officer
March 15, 1999
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Exhibit 1
SCHEDULE OF TRANSACTIONS
Price Per Share
Date Shares Purchased (excluding commission)
____ ________________________ _________________
4/22/98 1,000 NOK 125
4/28/98 1,000 NOK 124
4/30/98 1,000 NOK 120
4/30/98 1,000 NOK 119
4/30/98 1,000 NOK 118
5/4/98 1,000 NOK 119
5/4/98 1,000 NOK 118
5/4/98 1,000 NOK 123
5/13/98 1,000 NOK 115
2/19/99 42,000 $11.00
2/24/99 10,000 $11.00
3/4/99 11,500 $11.00
3/5/99 150,000 $11.375
3/8/99 8,800 $11.125
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01318002.AW0
