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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 April, 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
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein is a copy of the report to shareholders
for the quarter ended March 31, 1999 containing certain unaudited
financial information and a Management's Discussion and Analysis
of Financial Condition and Results.
ADDITIONAL INFORMATION
BP Amoco p.l.c., the successor corporation to the merger
between the British Petroleum Company p.l.c. and Amoco Corp.,
files annual reports on Form 20-F 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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MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS AS OF
March 31, 1999
Overview
In September 1995, Nordic American Tanker Shipping
Limited (the "Company") offered and sold to the public 11,731,613
warrants (each, a "Warrant") at the initial public offering price
of $5.00 per Warrant. The exercise price of a Warrant was
$10.21. Prior to September 30, 1997 (the "Exercise Date"), the
Company did not have any operations other than certain limited
operations related to the acquisition of three modern double hull
150,000 dead weight tonne suezmax tankers (the "Vessels"), which
were delivered in the last half of 1997. The Vessels were built
at Samsung Heavy Industries.
On September 30, 1997, all of the outstanding Warrants
of the Company were exercised at an exercise price of $10.21 per
Warrant. The Company received a total of $119,779,768.73 by
issuing a total of 11,731,613 new common shares (the "Shares").
On November 30, 1998, the Company's shareholders approved a
proposal to allow the Company to borrow money for the purpose of
repurchasing its Shares. On December 28, 1998, the Company
purchased 2,170,244 Shares through a "Dutch Auction" self-tender
at a price of $12.50 per Share. In addition, the Company paid
$715,000 in transaction costs. After the repurchase, a total of
9,706,606 Shares are in issue, down from 11,813,850 Shares.
BP Shipping Ltd (the "Charterer") agreed to charter each
Vessel for a period of seven years from September 30, 1997. Each
Charter is subject to extension at the option of the Charterer
for up to seven successive one-year periods. During the term of
each Charter (including any extension thereof) the Charterer is
obligated to pay (i) the Base Rate, which is charterhire at a
fixed minimum daily rate of $13,500 per Vessel per day
(timecharter ("T/C") equivalent of $22,000 per day), payable
quarterly in advance and (ii) Additional Hire, to the extent spot
charter rates exceed certain levels, payable quarterly in
arrears, from January 1998. The amount of Additional Hire for
each quarter, if any, will be determined by the Brokers Panel.
On January 4, 1999, the Company received $3,645,000 in
Base Hire from the Charterer for the period from January 1 to
March 31, 1999. In April 1999, the Brokers Panel in London
determined that there would be no Additional Hire for the period
January 1 to March 31, 1999. The total charterhire for the
period was thus $3,645,000 or $13,500 per day per Vessel (T/C
equivalent of $22,000 per day per Vessel).
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On March 30, 1999, the Company received $ 3,685,000 in
Base Hire from the Charterer for the period from April 1 to
June 30, 1999.
Results of Operations
The Company's revenues from the charterhire for the
period January 1 to March 31, 1999 derived from the Base Hire of
$3,645,000 ($13,500 per day per Vessel).
Net costs during the period were $2,238,334 of which
three months depreciation of the Vessels constitutes $1,707,760.
Liquidity and Capital Resources
Total assets of the Company at March 31, 1999 were
$167,367,830 compared to $166,045,090 at December 31, 1998. Cash
held at March 31, 1999 was $6,696,878.
Dividend payment
Based on the minimum Base Hire for the 1st quarter of
1999, from January 1 to March 31, the Board of Directors declared
in January 1999 a dividend of $3,106,114 or $0.32 per Share,
which was paid to shareholders in February 1999.
Based on the minimum Base Hire for the 2nd quarter of
1999, from April 1 to June 30, the Board of Directors declared in
April 1999 a dividend of $3,106,114 or $0.32 per Share, to be
paid to shareholders in May 1999.
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BALANCE SHEET INFORMATION
March 31, 1999
ASSETS
Cash and cash on deposit $ 6,696,878
Prepaid finance charges $ 83,255
Prepaid insurance $ 58,333
Vessels $ 160,529,364
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Total Assets $ 167,367,830
LIABILITIES
Prepaid Hire $ 3,685,500
Accounts Payable $ 14,416
Accrued Interest on Bank Loan $ 41,437
Dividend payable $ 3,106,114
Long Term Debt $ 30,000,000
SHAREHOLDER'S EQUITY
9,706,606 Common Shares, par value $ 97,066
$0.01 per share, outstanding
50 million authorized
Other Shareholder Equity $ 130,423,297
Total liabilities & equity $ 167,367,830
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INCOME STATEMENT INFORMATION THREE MONTHS ENDED
March 31, 1999
Revenue $ 3,645,000
Ship Broker commission $ (45,562)
Management Fee Expense $ (62,500)
Insurance Expense $ (25,000)
Other Expenses $ (8,541)
Depreciation $ (1,707,760)
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Net Operating Income $ 1,795,637
Net financial items $ (388,971)
Net profit $ 1,406,666
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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 28, 1999 By: /s/Herbjorn Hansson
Herbjorn Hansson
President and Chief
Executive Officer
6
01318002.AW4
