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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 August, 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
Attached hereto is a copy of the quarterly report of
Nordic American Tanker Shipping Limited (the "Company") for the
period ended June 30, 2000.
ADDITIONAL INFORMATION
BP Amoco Plc files annual reports on Form 20-F (File No.
1-6262) 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)
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS AS OF
JUNE 30, 2000
Overview
In September 1995, the Company offered and sold to the public
11,731,613 Warrants at the initial public offering price of $5.00
per Warrant. The exercise price of a Warrant was $10.21. Prior to
the Exercise Date (September 30, 1997), the Company did not have
any operations other than certain limited operations related to
the acquisition of the Vessels, of which all three were delivered
in the last half of 1997. The Company now owns three modern
double hull 150,000 dwt suezmax tankers. 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. 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 2,107,244
Shares through a "Dutch Auction" self-tender offer 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. The Company
funded the repurchase with the proceeds of a long-term loan from
a syndicate of international lenders in the total amount of
$30,000,000.
BP Shipping Ltd (the "Charterer") has 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 (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 3, 2000 the Company received $3,685,500 in Base
Hire from the Charterer for the period from January 1 to March
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31, 2000. In April 2000 the Broker Panel determined that the
Additional Hire for the period January 1 to March 31, 2000 was
$1,113,567 i.e. $4,079 per day per Vessel.
On April 3, 2000 the Company received $3,685,500 in Base Hire
from the Charterer for the period from April 1 to June 30, 2000.
In July 2000 the Broker Panel determined that the Additional Hire
for the period April 1 to June 30, 2000 was $3,194,373 i.e.
$11,701 per day per Vessel.
On July 3, 2000 the Company received $3,726,000 in Base
Hire from the Charterer for the period from July 1 to September
30, 2000.
Results of Operations
The Company's revenues from the Charter Hire for the period
January 1 to June 30, 2000 derived from the Base Hire of
$7,330,500 ($13,500 per day per Vessel)and the determined
Additional Hire of $4,348,440 ($8,008 per day per Vessel). Total
Charter Hire for the period from January 1 to June 30 was
$11,678,940 or $21,508 per day per Vessel (T/C equivalent of
$30,008 per day per Vessel).
Net costs during the Report Period were $4,466,766 of which
six months depreciation of the Vessels constitutes $3,415,520.
Net profit during the Report Period was $7,212,174.
Liquidity and Capital Resources
Total Assets of the Company at June 30, 2000 were
$157,561,595 compared to $158,056,330 at December 31, 1999. Cash
held at June 30, 2000 was $2,283,060.
Dividend Payment
Based on the minimum Base Hire for the 1st quarter of 2000,
from January 1 to March 31 2000, the Board of Directors declared
in January 2000 a Dividend of $3,300,268.54 or $0.34 per Common
Share. The dividend was paid to Shareholders in February 2000.
Based on the Additional Hire of $1,113,567 for the 1st
quarter of 2000 and the minimum Base Hire for the 2nd quarter of
2000, from April 1 to June 30, the Board of Directors declared in
April 2000 a Dividend of $4,367,973 or $0.45 per Common Share.
The dividend was paid to Shareholders in May 2000.
Based on the Additional Hire of $3,194,373 for the 2nd
quarter of 2000 and the minimum Base Hire for the 3rd quarter of
2000, from July 1 to August 31, the Board of Directors declared
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in July 2000 a Dividend of $6,503,426 or $0.67 per Common Share
to be paid to Shareholders in August 2000.
Total declared Dividend per July 2000 is so far $14,171,645
or $1.46 per Common Share. Minimum Dividend for the entire 2000
will thus be $1.80 per Common Share.
The table below illustrates the historical development of the
Dividend per Common Share:
Period 1997 1998 1999 2000
------------------------------------------------
1st Quarter 0.40 0.32 0.34
2nd Quarter 0.41 0.32 0.45
3rd Quarter 0.32 0.35 0.67
4th Quarter 0.30 0.30 0.36
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Total USD 0.30 1.43 1.35
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<TABLE>
NORDIC AMERICAN TANKER SHIPPING LTD. (NAT)
INCOME STATEMENT INFORMATION
All figures in USD
<CAPTION>
1/1 - 6/30 1/1 - 6/30 2nd Qtr. 2nd Qtr. 1/1 - 12/31
2000 1999 2000 1999 1999
-------------------------- ----------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Revenue 11,678,940 7,330,500 6,879,873 3,685,500 14,782,500
Ship Broker Commissions (92,137) (91,631) (32,148) (46,069) (184,781)
Management Fee Expense (125,000) (125,000) (62,500) (62,500) (250,000)
Insurance Expense (42,500) (50,000) (21,250) (25,000) (97,500)
Other Expenses (10,260) (36,118) 0 (27,577) (64,004)
Depreciation (3,415,520) (3,415, 520) (1,707,760) (1,707,760) (6,831,039)
----------- ----------- ----------- ------------ -----------
Net Operating Income 7,993,523 3,612,231 5,056,215 1,816,594 7,355,176
Financial Income 108,207 102,288 57,736 50,000 220,732
Financial Expenses (889,556) (886,908) (443,516) (445,649) 1,801,232)
----------- ----------- ----------- -----------------------Net
Financial Items (781,349) (784,620) (385,780) (395,649) 1,580,500)
----------- ----------- ----------- -----------------------Net
Profit 7,212,174 2,827,611 4,670,435 1,420,945 5,774,676
----------- ----------- ---------- ---------- ----------
</TABLE>
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BALANCE SHEET INFORMATION
All figures in USD
Jun. 30 Dec. 31
2000 1999
-------------------- ------------ ------------
ASSETS
Vessels 151,990,565 155,406,085
Prepaid Finance charges 65,155 72,395
Prepaid insurance 28,333 70,833
Accounts receivables 3,194,482 0
Cash and cash on deposit 2,283,060 2,507,017
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Total Assets 157,561,595 158,056,330
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LIABILITIES
Other Shareholder Equity 127,425,862 127,881,931
SHAREHOLDER'S EQUITY
9,706,606 Common Shares, 97,066 97,066
par value $.01 per share,
outstanding 50 million
authorized
Long Term Debt 30,000,000 30,000,000
Accrued Interest 38,667 77,333
----------- -----------
Total liabilities & equity 157,561,595 158,056,330
----------- -----------
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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: August 1, 2000 By:/s/ Herbjorn Hansson
----------------------------
Herbjorn Hansson
President and
Chief Executive Officer
8
01318002.AY0
