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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 January, 2001
NORDIC AMERICAN TANKER SHIPPING LIMITED
(Translation of registrant's name into English)
[B 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
January 10, 2001 announcing results for the period ended
December 31, 2000 and its dividend for the first quarter of 2001.
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) ANNOUNCES RECORD HIGH RESULTS AND DIVIDEND PAYMENT
As of 12/31/00 NAT had an operating profit of $29.2 in as against
$7.4 m during the same period last year. The net profit as of
12/3 1/00 was $27.7 m as against $5.8 m as of 12/31/99. For the
fourth quarter isolated the operating profit was $12.1 m ($ 1.9
in) and the net profit was $11.7 m ($1.5 m).
The strong tanker market enables the company to pay a 1st quarter
2001 dividend of $1.41 per share. In year 2000 the company paid a
total dividend of $2.56 per share as against $1.35 per share in
1999. The dividend of $1.41 will be paid on or about February
15th to shareholders on record as of January 26 1h 2001. The next
dividend payment from NAT will be declared in April 2001.
The market for Suezmax tankers in the fourth quarter strengthened
even further compared to the third quarter of 2000. 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 $59,059 per day in the
fourth quarter of 2000 against $48,153 per day in the third
quarter, $33,701 per day in the second quarter and $26,079 per
day in the first quarter. At the beginning of the first quarter
of 2001 rates remain strong.
NAT has 9.706.606 shares in issue.
The results for the year 2000 and the fourth quarter of 2000
compared with the same periods last year are as follows:
USD 12.31.00 12.31.99 0400 0499
Revenue 36,577,262 14,782,500 13,954,286 3,726,000
Misc. exp. (558,579) (596,285) (142,066) (136,036)
Depreciation (6,831,040) (6,831,039) (1,707,760) (1,707,759)
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Operating
profit 29,187,643 7,355,176 12,104,460 1,882,205
Net financial
exp. (1,518,679) (1,580,500) (364,157) (391,428)
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Net profit 27,668,964 5,774,676 11,740,303 1,490,777
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Earnings
per share $2.85 $0.59 $1.21 $0.15
Cash flow
per share $3.55 $1.30 $1.39 $0.33
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The improved market conditions are reflected in the net profit of
the 4th quarter 2000 which is eight times higher than for the
same period in 1999.
The contracts for the NAT vessels are drawn up in a way that
secures income 365 days a year or the vessels and no off-hire.
The contracts with BP Shipping commenced on October 1, 1997 and
run 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 modem 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 paid since 1998 has been as follows:
Q1 1998: $0.40
Q2 1998: $0.41
Q3 1998: $0.32
Q4 1998: $0.30 All 1998 :$1.43
Q1 1999: $0.32
Q2 1999: $0.32
Q3 1999: $0.35
Q4 1999: $0.36 All 1999 :$1.35
Q1 2000: $0.34
Q2 2000: $0.45
Q3 2000: $0.67
Q4 2000: $1.10 All 2000 :$2.56
Q1 2001 $1.41
Balance sheet for Nordic American Tanker Shipping Ltd per 12.31
(figures in USD)
12.31.00 12.31.99
Vessels 148,575,045 155,406,085
Current assets 10,344,534 143,228
Cash deposits 1,922,925 2,507,017
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Total assets 160,842,504 158,056,330
Shareholder's equity 130,799,004 127,987,997
Long term debt 30,000,000 30,000,000
Accrued interest 43,500 77,333
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Total liabilities
& equity 160,842,504 158,056,330
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Ugland Nordic Shipping ASA (UNS), an Oslo Stock Exchange listed
company holding 18.8% of the shares in NAT, is the manager of
NAT.
Sandefjord, Norway, January 10, 2001
Contacts: Herbjorm Hansson or
Niels Erik Feilberg
Ugland Nordic Shipping ASA
Sandeflord, Norway
Tel: (47)-33-42 15 00,
Fax: (47)-33-42 15 45
Gary J. Wolfe
Seward & Kissel
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: January 10, 2001 By: /s/ Herbjorn Hansson
_________________________
Herbjorn Hansson
President and Chief
Executive Officer
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01318002.AY7
