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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 February, 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 a letter from the Company
dated February 25, 2000, containing certain information relating
to the Company's status as a "Passive Foreign Investment Company"
for those shareholders who elect to treat the Company as a
"qualifying electing fund" or "QEF" for United States income tax
purposes.
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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Cedar House
41 Cedar Avenue
P.O. Box HM 1179
Hamilton HM EX, Bermuda
February 25, 2000
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, 1999 and ending
on December 31, 1999. 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 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 EX, 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, 1999 and ending on
December 31, 1999 (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, 1999 through
December 31, 1999, multiply the number of such
Nordic American shares by $0.325409.
(b) If you did not own Nordic American shares for
the entire period beginning January 1, 1999
and ending December 31, 1999, multiply the
number of shares that you owned by $0.325409,
divide the result by 365, and multiply by the
number of days during 1999 that you held such
shares.1
(c) If you owned different numbers of Nordic
American shares at different times during
1999, 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:
Cash: See note2
_________________________
1For example, if you acquired 100 shares on July 1, 1999 and
held them throughout the remainder of 1999, your pro rata
share of Nordic American's ordinary earnings would be
$16.40 (i.e., 100 x $0.325409 x 184/365).
2On February 12, 1999, Nordic American made a distribution
of $0.32 per share to shareholders of record on January 27,
1999. On May 12, 1999, Nordic American made a distribution
of $0.32 per share to shareholders of record on April 29,
1999. On August 12, 1999, Nordic American made a
distribution of $0.35 per share to shareholders of record
on July 27, 1999. On November 12, 1999, Nordic American
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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 25, 2000 By: /s/ Herbjorn Hansson
-------------------------
Name: 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.
_________________________
made a distribution of $0.36 per share to shareholders of
record on October 27, 1999. 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, 24.10% of each distribution is a dividend and
75.90% of each 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: February 28, 2000 By: /s/ Herbjorn Hansson
_______________________
Herbjorn Hansson
President and
Chief Executive Officer
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