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 April 2002
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
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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 an earnings release issued by Nordic
American Tanker Shipping Limited (the "Company") on April 12, 2002.
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.
FOR IMMEDIATE RELEASE
NORDIC AMERICAN TANKER SHIPPING LTD. (NAT) - (AMEX: NAT) (OSE: NAT) ANNOUNCES
GOOD RESULTS AND DIVIDEND PAYMENT DESPITE LOW TANKER MARKETS
As of 03/31/02 (1st quarter 2002) NAT had an operating profit of $1.8 m as
against $9.8 m during the same period last year. The net profit for the first
quarter 2002 was $1.4 m as against $9.4 m in the same period last year. The
significant decrease in the earnings in the 1st quarter 2002 compared to the
same period in year 2001 is a result of tanker rates being exceptionally high
during the winter of year 2001.
The result for the 1st quarter 2002, enables the company to pay a 2nd quarter
2002 dividend of $0.34 per share. Including the dividend for the 2nd quarter of
2002, the total dividend paid so far in 2002 is $0.70 per share. The total
dividend paid in 2001 was $3.87 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 2nd quarter
2002 dividend of $0.34 will be paid on or about May 15th to shareholders of
record as of April 26th 2002. The next dividend payment from NAT will be
declared in July 2002.
Under the contracts with BP Shipping, NAT achieves rates that correspond to the
spot market for modern Suezmax tankers, but not below $ 22,000 per day (T/C
equivalent), which is the agreed minimum rate with BP Shipping. The spot market
for Suezmax tankers in the first quarter of 2002 (not the NAT vessels) were
below the agreed minimum rate with the charterer BP Shipping. The market rate
was down compared to the fourth quarter of 2001. The 1st quarter 2002 time
charter (T/C) equivalent for the NAT vessel was thus $22,000 compared to $22,617
in the fourth quarter of 2001.
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 run for minimum 7 years and maximum 14 years if
all options are declared.
The quarterly T/C equivalent for the NAT vessels has since 1999 been as follows:
Period 1999 2000 2001 2002
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1st Quarter 22,000 26,079 51,607 22,000
2nd Quarter 22,000 33,701 35,088
3rd Quarter 22,000 48,153 28,668
4th Quarter 22,000 59,059 22,617
NAT has 9,706,606 shares in issue.
The results for the first quarter of 2002 compared to the same quarter last
year, the last quarter of 2001 and the full year of 2001, are as follows:
INCOME STATEMENT INFORMATION
All figures in USD
1st Qtr. 1st Qtr. 4th Qtr. 1/1 - 12/31
2002 2001 2001 2001
----------------------- -------- ---------- --------- ----------
Revenue 3 645,000 11,639,018 3,896,180 28,359,568
Ship Broker Commissions (45,562) (45,562) (46,574) (184,781)
Management Fee Expense (62,500) (62,500) (62,500) (250,000)
Insurance Expense (21,000) (17,499) (19,834) (72,333)
Other Expenses (15,851) (9,457) (2,634) (31,406)
Depreciation (1,707,760) (1,707,760) 1,707,760) (6,831,040)
----------- ----------- ---------- -----------
Net Operating Income 1,792,327 9,796,240 2,056,878 20,990,008
Financial Income 6,142 89,636 13,744 189,244
Financial Expenses (430,410) (443,513) (458,361) (1,793,776)
----------- ----------- ---------- -----------
Net Financial Items (424,268) (353,877) (444,617) (1,604,532)
----------- ----------- ---------- -----------
Net Profit 1,368,059 9,442,363 1,612,261 19,385,476
----------- ----------- ---------- -----------
Earnings per Share 0.14 0.97 0.17 2.00
Cash Flow per Share 0.32 1.15 0.34 2.70
The quarterly dividend paid since the commencement in 1997 has been as follows:
Period 1997 1998 1999 2000 2001 2002
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1st Quarter 0.40 0.32 0.34 1.41 0.36
2nd Quarter 0.41 0.32 0.45 1.19 0.34
3rd Quarter 0.32 0.35 0.67 0.72
4th Quarter 0.30 0.30 0.36 1.10 0.55
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Total USD 0.30 1.43 1.35 2.56 3.87
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Balance sheet for Nordic American Tanker Shipping Ltd per 3.31.02 and 12.31.01
(Figures in USD)
3.31.02 12.31.01
Vessels 140,036,245 141,744,005
Current assets 88,815 283,615
Cash deposits 406,651 630,868
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Total assets 140,531,711 142,658,488
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Shareholder's equity 110,493,478 112,619,822
Long term debt 30,000,000 30,000,000
Current liabilities 38,233 38,666
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Total liabilities & equity 140,531,711 142,658,488
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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: April 12, 2002 By:/s/ Herbjorn Hansson
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Herbjorn Hansson
President and
Chief Executive Officer
01318.002 #317443