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Commission File No. 1-13944
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 July, 2000
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
July 7, 2000 relating to a cash distribution in the amount of
$0.67 on or about August 14, 2000, to shareholders of record as
of July 27, 2000.
ADDITIONAL INFORMATION
BP Amoco p.l.c., the successor company to the merger
between Amoco Corp. and The British Petroleum Company p.l.c.
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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NORDIC AMERICAN TANKER SHIPPING LTD (NAT) (AMEX:NAT)(OSE:NAT). -
THE STRONG TANKER MARKET HAS TURNED OUT A SOLID PROFIT. NAT
ANNOUNCES THE HIGHEST QUARTERLY DIVIDEND SINCE THE INCEPTION OF
THE COMPANY. $0.67 PER COMMON SHARE.
Summary
The market for Suezmax tankers strengthened during the second
quarter of 2000, particularly in May and June. NAT's three
suezmax tankers which are on contract to BP Shipping, take
immediate advantage of the improved market conditions.
Average T/C rate for the NAT vessels was $33,701 pr day in the
second quarter of 2000 against $26,079 per day in the first
quarter of 2000. The market has improved further at the beginning
of the third quarter of 2000.
The strong market gives a solid base for the highest quarterly
dividend NAT has paid since the beginning in October 1997.
Dividend 1.Q. 2000 : $0.34
Dividend 2.Q. 2000 : $0.45
Dividend 3.Q. 2000 : $0.67
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The dividend of $0.67 will be paid on or about August 14 to
shareholders of record as of July 27, 2000.
NAT has 9,706,606 shares in issue.
The results for the first six months of 2000 and the second
quarter of 2000 compared with the same periods last year are as
follows:
June 30, 2000 June 30, 1999 2q 00 2q 99
USD
Revenue 11,678,940 7,330,500 6,879,873 3,685,500
Misc. exp. 269,897 302,749 115,898 161,146
Depreciation 3,415,520 3,415,520 1,707,760 1,707,760
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Operating profit 7,993,523 3,612,231 5,056,215 1,816,594
Financial exp. 781,349 784,620 385,780 395,649
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Net profit 7,212,174 2,827,611 4,670,435 1,420,945
The improved market conditions are reflected in the net profit in
the second quarter of 2000 which is more than 3 times higher than
in the same period in 1999.
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The contracts for the NAT vessels are drawn up in a way that
secures income 365 days a year for the vessels and no off-hire.
The contracts with BP Shipping commenced on October 1, 1997 and
runs for minimum 7 years and maximum 14 years if all options are
declared.
NAT will always achieve rates that correspond to the spot market
for modern suezmax tankers, but will not be below $22,000 per day
(T/C equivalent), which is the agreed minimum rate with BP
Shipping.
The quarterly dividend since the 1998 has been as follows:
1.Q. 1998: $0.40
2.Q 1998: $0.41
3.Q 1998: $0.32
4.Q 1998: $0.30 All 1998 :$1.43
1.Q. 1999: $0.32
2.Q 1999: $0.32
3.Q 1999: $0.35
4.Q 1999: $0.36 All 1999 :$1.35
1.Q. 2000: $0.34
2.Q 2000: $0.45
3.Q 2000: $0.67 Ytd 2000 :$1.46
Ugland Nordic Shipping ASA (UNS), an Oslo Stock Exchange listed
company holding 22.8% of the shares in NAT, is the manager of
NAT.
Sandefjord, Norway, July 7th 2000
Contacts: Herbjorn Herbjorn Hansson
Niels Erik Feilberg
Ugland Nordic Shipping ASA
Sandefjord, Norway
Tel.: (47)-33-42 15 00
Fax : (47)-33-42 15 45
Gary J. Wolfe
Seward & Kissel LLP
New York, USA
Tel.: (1) 212-574-1223
Fax : (1) 212-480-8421
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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: July 7, 2000 By: /s/ Herbjorn Hansson
_________________________
Herbjorn Hansson
President and Chief
Executive Officer
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01318002.AX7
