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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 October, 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
Enclosed is unaudited financial information accompanied
by a Management's Discussion and Analysis of Financial Condition
and Result of Operations for the interim period ended
September 30, 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-K 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
SEPTEMBER 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 31, 2000. In April 2000 the Broker Panel determined that
the Additional Hire for the period January 1 to March 31, 2000
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was $1,113,458 i.e. $4,079 per day per Vessel. The hire rate for
the 1st quarter was thus $26,076 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
$3,194,315 i.e. $11,701 per day per Vessel. The hire rate for the
2nd quarter was thus $33,701 per day per vessel.
On June 30, 2000 the Company received $3,726,000 in Base
Hire from the Charterer for the period from July 1 to September
30, 2000. In October 2000 the Broker Panel determined that the
Additional Hire for the period July 1 to September 30, 2000 was
$7,218,203 i.e. $26,153 per day per Vessel. The hire rate for the
3rd quarter was thus $48,153 per day per vessel.
On October 2, 2000 the Company received $3,726,000 in
Base Hire from the Charterer for the period from October 1 to
December 31, 2000.
Results of Operations
The Company's revenues from the Charter Hire for the
period January 1 to September 30, 2000 derived from the Base Hire
of $11,097,000 ($13,500 per day per Vessel) and the determined
Additional Hire of $11,525,976 ($14,022 per day per Vessel).
Total Charter Hire for the period from January 1 to September 30
was $22,622,976 or $27,521 per day per Vessel (T/C equivalent of
$36,021 per day per Vessel).
Net costs during the Report Period were $5,539,793 of
which nine months depreciation of the Vessels constitutes
$5,123,280.
Net profit during the Report Period was $15,928,661.
Liquidity and Capital Resources
Total Assets of the Company at September 30, 2000 were
$159,774,656 compared to $158,056,330 at December 31, 1999. Cash
held at September 30, 2000 was $2,205,030.
Dividend Payment
Based on the minimum Base Hire for the 1st quarter of
2000, from January 1 to March 31, 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.
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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 September 30, the Board of Directors
declared in July 2000 a Dividend of $6,503,426 or $0.67 per
Common Share to be paid to Shareholders in August 2000.
Based on the Additional Hire of $7,218,203 for the 3rd
quarter of 2000 and the minimum Base Hire for the 4th quarter of
2000, from October 1 to December 31, the Board of Directors
declared in October 2000 a Dividend of $10,677,267 or $1.10 per
Common Share to be paid to Shareholders in November 2000.
Total declared Dividend per October 2000 is so far
$24,848,934 or $2.56 per Common Share.
The table below illustrates the historical development
of the Dividend per Common Share:
Period 1997 1998 1999 2000
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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 1.10
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Total USD 0.30 1.43 1.35 2.56
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[CAPTION]
NORDIC AMERICAN TANKER SHIPPING LTD. (NAT)
INCOME STATEMENT INFORMATION
All figures in USD
<TABLE>
<CAPTION>
1/1 - 9/30 1/1 - 9/30 3rd Qtr. 3rd Qtr. 1/1 - 12/31
2000 1999 2000 1999 1999
--------------------------- ------------ ----------- ----------- ------------- ------------
<S> <C> <C> <C> <C> <C>
Revenue 22,622,976 11,056,500 10,944,036 3,726,000 14,782,500
Ship Broker Commissions (138,713) (138,206) (46,576) (46,575) (184,781)
Management Fee Expense (187,500) (187,500) (62,500) (62,500) (250,000)
Insurance Expense (63,750) (75,000) (21,250) (25,000) (97,500)
Other Expenses (26,550 (59,543) (16,290) (23,425) (64,004)
Depreciation (5,123,280) (5,123,280) (1,707,760) (1,707,760) (6,831,039)
Net Operating Income 17,083,183 5,472,971 9,089,660 1,860,740 7,355,176
Financial Income 183,384 154,672 75,177 52,384 220,732
Financial Expenses (1,337,906) (1,343,744) (448,350) (456,836) (1,801,232)
----------- ----------- ----------- ------------ -----------
Net Financial Items (1,154,522) (1,189,072) (373,173) (404,452) (1,580,500)
----------- ----------- ----------- ------------ -----------
Net Profit 15,928,661 4,283,899 8,716,487 1,456,288 5,774,676
----------- ----------- ---------- ---------- ----------
Earnings per Share 1.4 0.44 0.90 0.15 0.59
Cash Flow per Share 2.17 0.97 1.07 0.33 1.30
</TABLE>
BALANCE SHEET INFORMATION
All figures in USD
Sept. 30 Dec. 31
2000 1999
-------------------- ------------ ------------
ASSETS
Vessels 150,282,805 155,406,085
Prepaid Finance charges 61,535 72,395
Prepaid insurance 7,083 70,833
Accounts receivables 7,218,203 0
Cash and cash on deposit 2,205,030 2,507,017
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Total Assets 159,774,656 158,056,330
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LIABILITIES
Other Shareholder Equity 129,638,923 127,881,931
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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
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Total liabilities & equity 159,774,656 158,056,330
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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: October 10, 2000 By: /s/Herbjorn Hansson
___________________
Herbjorn Hansson
President and Chief
Executive Officer
6
01318002.AY2
